India’s economy struggles

NEW DELHI, 1 April 2013: India’s current account deficit hit a record 6.7% of GDP in the last quarter, official data showed on last Thursday, underscoring the nation’s weak finances.

The worse-than-expected deficit for the three months to December stemmed mainly from large oil and gold imports and weaker exports amid the global economic downturn.

The figures were more bad news for the Congress-led government which is struggling to stimulate India’s economy, whose growth for the financial year to 31 March 2013 is expected to be 5% — the weakest pace in a decade.

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SQ pilots on unpaid leave

SINGAPORE, 8 January, 2013: Singapore Airlines has asked its captains to volunteer for unpaid leave amid a global economic slowdown that has dented long-haul travel demand, the airline said Saturday.

The move came nearly a year after the company — considered a bellwether for the full-service airline industry — made a similar offer to its first officers.

The airline has also frozen its intake of cadet pilots as part of a slew of cost-cutting measures.

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Ninh Binh needs more policy

NINH BINH, 6 December 2012: Vietnam’s deputy Prime Minister Vu Van Ninh urged this northern province to introduce policies, over the next three years, to tap tourism potential, particularly around the Red River Delta region.

“The province should continue to improve investment policies, foster administrative reforms and improve infrastructure facilities in order to attract more investment capital,” he said during a press briefing earlier this week.

The deputy PM added: “Improving the quality of human resources and resolving difficulties facing investors are also necessary.”

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Cambodia’s PM eyes Japanese investment

PHNOM PENH, 3 December 2012: Cambodian Prime Minister Hun Sen expects the country to attract more Japanese tourists and investors to help improve the country tourism and economy.

The PM said last week he was encouraging more Japanese investors and tourists by heightening bilateral ties.

“Japan and Cambodia are known for having strong diplomatic ties, however, relationships in trade, investments, and tourism are still minor.”

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Talking through an economic crisis

BANGKOK, 10 July 2012: The Thai Chamber of Commerce and the Board of Trade of Thailand will host a seminar on the current world economic crisis with presentations from experts, 24 July, at the JW Marriott Hotel, Bangkok.

Themed Global Economic Problem: Crisis or Opportunity for Thailand, the seminar will be a wakeup call to evaluate the current economic situation worldwide.

It will start with a presentation from MFC Asset Management Plc chairman, Narongchai Akaraseranee on “the Global Economic Crisis in 2012”.

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Myanmar gains Singapore know-how

SINGAPORE, 1 February 2012: Myanmar signed an agreement with Singapore, Monday, seeking the financial centre’s help as the country emerges from political and economic isolation after decades of military rule.

President Thein Sein arrived Sunday for a four-day state visit to the city-state accompanied by a top-level delegation which included business leaders and top ministers in charge of economic portfolios.

Thein Sein met with Prime Minister Lee Hsien Loong Monday to witness the signing by their foreign ministers of an agreement under which Singapore will provide training for reforms in the legal, banking and financial sectors.

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Cambodia’s economy expands

PHNOM PENH, 15 December 2011: Cambodian Prime Minister Hun Sen on Wednesday said the country’s economy would grow by about 7% in 2011 despite the agricultural damage caused by unusually heavy flooding.

Cambodia’s deadliest floods in over a decade, triggered by heavy rains in August and September, killed at least 247 people and destroyed nearly one tenth of the nation’s rice paddies.

“I would like to confirm that although the agricultural sector growth is at zero percent, Cambodia’s economic growth rate will be around seven percent this year,” Hun Sen said during a graduation ceremony in Phnom Penh.

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Democrats attack PM flood plan

BANGKOK, 10 November 2011 – Thailand’s opposition lashed out Wednesday at Prime Minister Yingluck Shinawatra’s financial plans for dealing with the worst floods in half a century, saying the economy was under threat.

Her main rival Abhisit Vejjajiva, leader of the Democrat Party, urged Yingluck to forgo certain populist spending policies such as help for first-time home and car buyers and to divert the money to flood victims.

“The government has not reviewed and prioritised the economy and therefore, is jeopardising the next phase of economic management,” said the former premier, who was replaced by Yingluck after a July election defeat.

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Singapore shaves expectations

SINGAPORE, 21 October 2011 – Singapore must get used to slower economic growth in the next 10 years as it faces tougher global competition and tightens the inflow of foreign workers, Prime Minister Lee Hsien Loong said Thursday.

Constraints of space and a small population will also limit the city-state’s ability to maintain the exceptionally high growth rates it has achieved in the past, Lee said in a speech in parliament.

“Our growth is likely to slow down. Our economy is more developed, it can’t expand in the same… way it used to – seven to eight percent a year effortlessly year after year,” said Lee. Read more

Flood impact on Thai economy

BANGKOK, 13 October 2011 – The State Railways of Thailand says flood damage will cost it Bt76.7 million in lost revenue after it was forced to stop all services on the northern line late last month.

SRT governor, Yutthana Tubcharoen, said since 26 September to 10 October it cancelled 306 train services on the northern line including 580 cargo trains, the segment that makes the most revenue.

“We are down Bt43.2 million and of that Bt33.5 million is the loss on cargo trains,” he said. Read more

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