China-Peru FTA Postponed
Economy April 12th, 2010
“The treaty will not apply because the January 15 as previously planned because the government of China’s internal work,” he said in a television broadcast without mentioning the reason lain.Menlu Jose Garcia Belaunde said that it will be announced soon.
Last week the Peruvian Trade Minister Martin Perez said that the agreement, signed in April and ratified last month, will be effective January 15, 2010, two weeks earlier than scheduled.
The deal will bring major changes to the tariffs of more than 90 percent of goods from China electronic products to the machine until the minerals and fish products Peru, Xinhua news agency writes.
Based on this agreement, the two countries also pledged to further open service sector and give them a good service to investors.
China has become the largest trading partner to two of the mineral-rich Peru after the United States.
While Peru is one of the producers of copper, tin and gold.
The bilateral trade value to the two countries reached about 6.46 billion U.S. dollars in the first 10 months of last year, according to figures published by the Ministry of Commerce of China.
Won & ringgit led Asian currencies strengthen
Forex April 12th, 2010
Asian currencies rose, led by the South Korean won and Malaysian ringgit prompted speculation the Federal Reserve will keep interest rates low to stimulate demand for high-yield assets in emerging markets.
The strengthening of the won and the ringgit occur every day throughout the week. The appreciation continued as the impact of the Fed’s decision Open Market Committee last month that was launched yesterday, to extend the stimulus package to sustain economic recovery. Export performance of Taiwan and Malaysia is estimated to rise for the month of both.
“Expectations that the U.S. appears to raise rates, but invites a lot of arguments, as they are not solid recovery. Action to sell U.S. dollars occurs in response to the news and would encourage regional currencies,” said Zaki Mokhtar, head of foreign exchange spot trading on the RHB Bank Bhd Kuala Lumpur.
Won rose 0.3% to 1133 at 12:30 pm in Seoul, which had touched the highest level in 15 months of 1129.42.
Malaysian ringgit reached the highest position in 6 weeks at 3.3620, and rose 0.2% continues to 3.3710 per U.S. dollar. Philippine peso also gained 0.3% to 45.895 Taiwan dollars and increased 0.1% to NT $ 31,833.
John Lipsky senior International Monetary Fund (IMF) said the institution is likely to raise 2010 global growth estimate later this month, from 3.1% position.
The median estimate of economists surveyed showed exports to Taiwan in December jumped 45% from the previous year and Malaysia rose 3% for 3 months.
South Korean Won continues to strengthen for the fifth day, the longest movement in almost 4 months, along with the improvement in export performance which triggered the entry of foreign investors borong local shares.
Samsung Electronics Co., the largest semiconductor manufacturers in Asia, as well as flat screens and mobile phones, recording Fourth quarter earnings of about 3.7 trillion won (U.S. $ 3.3 billion). In fact, the same period last year, the company still suffered losses.
“South Korean Won support payments from the state improved. Despite the strengthening occurred in March 2009, but we believe it is fundamentally the won is still undervalued,” said Leong Wai Ho, an economist at Barclays Plc in Singapore.
The Bank of Korea said the interest rate policy will support economic growth even as the central bank should maintain the imbalance caused by low interest rates. According to the 14 economists surveyed, Governor Lee Seong Tae believed to hold interest rates at 7 days 7% tomorrow.
Philippine peso rose to the highest position in 16 months at 45.72 per dollar two days ago, due to speculation the U.S. dollar bond sale by the government worth U.S. $ 1.5 billion. This action sparked buying of the local currency.
“We go back to see the strengthening of the peso,” said Antonio Espedido, treasurer at China Banking Corp. in Manila.
Indonesia plans to sell bonds worth U.S. $ 4 billion, and Vietnam is looking for funds amounting to U.S. $ 1 billion.
Rupiah strengthened 0.1% to 9230 per dollar today, after yesterday rose to 1.4%. Thai Baht is also strong 0.1% to 33.14 yuan and China are not much changed at 6.8277
Sinopec refineries operate again in Hainan
Company Info April 12th, 2010
China Petroleum & Chemical Corp., China’s largest oil refinery, will start operating again plant capacity 160,000 barrels per day in the island of Hainan at the beginning of next month.
Sinopec’s refineries were shut down temporarily to undergo treatment in early December. Steps were taken to maximize oil production soon after the facility was in operation again, said an executive who did not want to be named.
Parent company had not decided the date of the operation must return the factory. Facility was operating with full capacity since May because of increasing demand, said an official in November.
Kartika added 3 aircraft
Company Info April 12th, 2010
PT Kartika Airlines decided to bring the three types of aircraft from the Boeing 737-300 and B737-500 on this year, following the postponement of delivery unit 15 Sukhoi Superjet 100 aircraft worth U $ $ 448 million.
Corporate Secretary Division Head of PT Kartika Airlines Sutendi Boyke said the decision was to increase the fleet after the manufacturer Superjet 100 first flight delayed delivery from 2011 to 2012.
“To get Superjet 100 delivery delay, we will bring three aircraft this year,” he said yesterday.
Issuers raise profit expectations of Wall Street yesterday
Stock Report April 12th, 2010
A number of indices in the U.S. stock market recorded a profit outlook following a global economic recovery strengthened after China’s import data record into evidence.
A total of 30 of total 47 index of Wall Street are monitored by Bloomberg verdant. The Dow Jones Industrial Average rose 0.43% to as low as 10,663.99 at the close of the afternoon New York time.
Index Standard & Poor’s 500 rose 0.17% to as low as 1146.98, the highest in six trading days. This index has risen 2.9% since December 31, 2009, the beginning of the best years since 2006. Stock index rose after Alcoa Inc., the largest aluminum producer in the U.S., rose 2.5% before the financial report came out before the closure kuartalannya exchanges. Performance of the company missed analyst estimates.
Caterpillar Inc. shares jumped 6.3% following the trade data with China. Citigroup Inc. shares climbed 1.1% after the Saudi Arabian billionaire Prince Alwaleed bin Talal, who is the biggest individual shareholder in the company, said the worst was over for the bank’s third-largest by assets in the country.
“Aeda economic momentum, and there is momentum [announcement] net profit issuers. Financier revise their estimate of real GDP growth during the quarter IV/2009, means the net income number would also be better. If sales rose, the profit machine back to work again, “said James Paulsen, who manages funds worth U.S. $ 375 billion as chief investment strategist at Wells Capital Management in Minneapolis.
