Booming service industries can be a powerful engine for economic growth and job creation in Asia, but the sector’s true potential remains blocked by restrictions and red tape, a new ADB report claims. “A slew of regulations restrict competition and hamper the development of the services sector, affecting everything from the corner shops to mobile telephones,” said Changyong Rhee, ADB’s Chief Economist. “These barriers need to be dismantled so that everyone, particularly the region’s poor, can seize the opportunities of growth.” Services now account for almost half of developing Asia’s output, according to the ADB. The sector contributed about two-thirds of the growth recorded in India between 2000 and 2010, and more than 40% in China. Services have also been a massive source of jobs, employing 34% of the region’s workers, and thus … [Read more...] about ADB suggests Asia slashes red tape to unleash service sector
Market asia
SE Asia Stocks-Philippines falls over 1 pct; Vietnam hits fresh 10-year closing high
Philippine shares dropped over 1 percent on Thursday, underperforming other Southeast Asian stock markets, while Vietnam extended gains to a fresh 10-year closing high.The Philippine Stock Exchange PSEI Index declined as much as 2 percent, its biggest since March 2017, before closing 1.2 percent lower."The weakness on Wall Street could have been a catalyst for a profit-taking from the global rally seen across most regions," said Fio De Jesus, an equity research analyst with RCBC Securities in Manila.The three major U.S. stock indexes ended lower overnight after a choppy trading session as investors worried that China would slow U.S. government bond purchases and that U.S. President Donald Trump would end a key trade agreement.Asian shares ex-Japan also dropped due to concerns about rising U.S. protectionism, while bonds rebounded after China's regulator said a report about Beijing slowing or halting of its U.S. bond buying was possibly wrong.Losses were largely broad-based in the … [Read more...] about SE Asia Stocks-Philippines falls over 1 pct; Vietnam hits fresh 10-year closing high
SE Asia Stocks-Vietnam hits fresh 10-year closing high; others muted
Most Southeast Asian stock markets were subdued on Wednesday, in line with regional Asian shares, while Vietnam extended gains for a third session to hit a new 10-year closing high.Asian shares ex-Japan slipped 0.5 percent after six straight days of gains, that had taken them within a stone's throw from the record high touched in November 2007.Vietnam shares settled 0.4 percent higher, after gaining as much as 1.2 percent, marking their twelfth session of gains in thirteen.The index got a boost from financial and energy stocks, with Vincom Retail JSC ending 6 percent up and Petrovietnam Gas Joint Stock Corp adding 1 percent.Foreign and domestic inflow into the market rose, with the macroeconomic environment being stable, said Bui Nguyen Khoa, senior analyst at BIDV Securities Company."The Vietnam Index may see new peaks in the first quarter of 2018."In Singapore, index heavyweight Jardine Matheson Holdings Ltd fell 2.4 percent, dragging the FTSE Straits Times index down.The index … [Read more...] about SE Asia Stocks-Vietnam hits fresh 10-year closing high; others muted
Most Asia markets down after New Year rally but Hong Kong runs on
Strong economic fundamentals and corporate earnings as well as optimism about the impact of Donald Trump's massive US tax cuts have helped fuel a global advance to record or multi-year highs.However, some analysts say the surge has also been propelled by a fear of missing out, and with the next round of company reports about to kick off traders are taking a breather before making their next moves."You have to ask yourself what has changed really in these first six trading days of 2018, which has so materially driven prices higher?" asked Greg McKenna, chief market strategist at AxiTrader."For me, the rally is starting to feed on itself, or people's fear of not participating in the upside, despite the fact that I also believe the global growth outlook and the impact of US tax cuts is a positive."Tokyo ended the morning session 0.2 per cent down, Sydney shed 0.5 per cent, while Singapore and Seoul each gave up 0.3 per cent. Wellington lost 0.7 per cent and Taipei 0.2 per cent.However, … [Read more...] about Most Asia markets down after New Year rally but Hong Kong runs on
SE Asia Stocks-Philippines hits record high; Vietnam extends gains
Philippine shares jumped the most in a year on Tuesday, hitting a record high on foreign buying, while Vietnam climbed for a second straight session to a fresh ten-year high. Asian shares ex-Japan were nearly flat in afternoon trade, after paring gains and pulling away from the cusp of a record high. "Asian markets are driven by the return of Japanese investors from their holiday break. So, we can see buying from those sources," said Manny Cruz, an analyst at Asiasec Equities Inc in Manila. Philippine shares closed 2 percent up at a record high of 8,923.72, with foreign investors net buying equities worth 1.42 billion pesos ($28.22 million). Financials and industrial stocks accounted for more than half of the gains, with SM Prime Holdings Inc and International Container Terminal Services Inc closing up 3.4 percent and 2.5 percent, respectively. "Buying from foreign funds is heightened by the fact that recently President Rodrigo Duterte signed a tax reform program that would spur … [Read more...] about SE Asia Stocks-Philippines hits record high; Vietnam extends gains
Việt Nam ranks 2nd in Asia in relationship fulfilment: survey
HCM CITY — Việt Nam took second spot out of nine Asian countries and territories surveyed for the 2017 Prudential Relationship Index, which was released in HCM City on Saturday. It got a PRI score of 79/100, a four-point decrease from the previous survey in 2016, indicating that relationships fulfil 79 per cent of people’s needs and expectations. While having easygoing and supportive partners continued to be important to Vietnamese, the survey revealed that humour plays a significant role in relationships, with 66 per cent of those surveyed wanting to find a partner who makes them laugh or smile. People in Việt Nam are increasingly conscious about the effect of technology on their lives and personal relationships. Sixty two per cent believed that the time spent on smart phones has a negative impact on their dynamics with the family – the highest proportion of all the markets surveyed. According to the study, children were the leading cause of arguments … [Read more...] about Việt Nam ranks 2nd in Asia in relationship fulfilment: survey
Despite 2nd fastest wage bump in Asia, Vietnamese workers barely make ends meet
Asian workers are expected to enjoy the highest real wage rise in the world in 2018, thanks to a growing economy and changes in the region’s economic structure, the Nikkei Asian Review reported. Vietnam is expected to see wage growth of 4.6 percent in 2018, making the country the second best performer in the region after India, according to a recent survey conducted by human resources company Korn Ferry, which tracks 20 million workers in 25,000 organizations in 110 countries. Salaries in Vietnam are growing strongly as private consumption has emerged as an engine of growth along with manufacturing exports, even though concerns remain over the country’s rising private debts and signs of property market bubble, said HSBC. Despite the sharp rise, average wages for laborers in Vietnam remain low, failing to meet their basic daily expenses. The average wage for a laborer in Vietnam reached VND5.5 million ($247.7) per month in the last quarter of 2017, up 7.8 percent … [Read more...] about Despite 2nd fastest wage bump in Asia, Vietnamese workers barely make ends meet
Vietjet improving regional rank with first A321neo in Southeast Asia
The happy news on New YearTan Son Nhat International Airport became more colourful in the first days of 2018 as the red of Vietjet’s fleet gained a richer hue after the landing of the A321neo (new engine option).This A321neo is the first and only aircraft in Southeast Asia which is equipped with Pratt & Whitney’s GTF jet engines. This superior engine was launched in 2016 and Vietjet became the only carrier in Vietnam and Southeast Asia to already put them in use for the benefit of its customers.In general, there is not much difference in the shapes of the A321neo and the A320neo, however, customers will see the difference at the first glance at the interior.Notably, fitted out with 230 comfortable leather seats and high-quality carpeting, the first five rows of Vietjet’s spacious new A321neo have been specially designed to accommodate passengers flying Skyboss, the airline’s premium service.The aircraft’s interior also features a unique … [Read more...] about Vietjet improving regional rank with first A321neo in Southeast Asia
European stock markets smash records in oil-fuelled rally
"It's onwards and upwards for global stock markets," said Lee Wild, head of equity strategy at online stockbroker Interactive Investor."With economic data underpinning forecasts for strong global growth in 2018, traders are happy to keep buying risk assets."The Dow shot past 25,000 - and was still comfortably clear of that milestone approaching midday in New York - as strong US private-sector hiring datasparked an extension of the stocks rally seen in the wake of enactment of US tax reform.'BRAVE TRADER'"Donald Trump may or may not have the biggest nuclear button in the world, but his country does currently have one of the strongest equity indices," said James Hughes at AxiTrader."It's currently a brave trader who bets against the strength in stock markets over the short to medium term as the juggernaut rolls on," he said.London's benchmark FTSE 100 shares index of top companies also scored a record-high intra-day peak in afternoon deals, hitting 7,702.51 at one point, before … [Read more...] about European stock markets smash records in oil-fuelled rally
Most Asian markets rise as 2018 rally extends
Dealers are now turning their attention to the release later in the day of key U.S. jobs data, which is expected to show the world's top economy continuing to improve. A forecast-smashing reading Thursday on private take-ups boosted optimism, which had already been bolstered by U.S. tax cuts, healthy corporate profits and strong manufacturing figures from around the world. Global markets powered ahead in 2017 as economies showed long-running improvements after years of faltering. Greg McKenna, chief market strategist at AxiTrader, said in a note that data from the manufacturing and services sectors "suggests economic strength across the globe remains robust". He noted that an index of world factory activity was at its highest level in seven years. On Wall Street the Dow ended above 25,000 for the first time, leading records across Wall Street. In Tokyo the Nikkei ended up 0.9 percent at a 26-year high following its more than three percent jump Thursday, while Sydney added 0.7 … [Read more...] about Most Asian markets rise as 2018 rally extends