Targeted strategies to boost exports being devised — With exports remaining sluggish, the Commerce Ministry is devising targeted strategies to improve the situation next year. (Bangkok Post, 22/8/16)
Economic corridor transport projects expected to go to Cabinet soon — DEPUTY Prime Minister Somkid Jatusripitak expects to propose the transport-system projects to serve the planned East Economic Corridor to the Cabinet in October.
Cabinet backs Sino-Thai high-speed railway deal – AFTER A LONG DELAY, the Sino-Thai high-speed railroad scheme looks set to shift into gear by year-end with Thailand funding all of the civil engineering work. (The Nation, 24/08/1
FPO says target won’t be achieved — The government’s investment budget disbursement for this fiscal year, ending Sept 30, will fall short of its 87% target, a senior official at the Finance Ministry says. (Bangkok Post, 25/8/16)
Fischer Signals 2016 Rate Hike With Economy Nearing Fed Goals — Federal Reserve Vice Chairman Stanley Fischer signaled that a 2016 rate hike is still under consideration, saying the U.S. economy is already close to meeting the central bank’s goals and that growth will gain steam. “We are close to our targets,” Fischer said in a speech at the Aspen Institute in Aspen, Colorado on Sunday. “Looking ahead, I expect GDP growth to pick up in coming quarters, as investment recovers from a surprisingly weak patch and the drag from past dollar appreciation diminishes,” he added, without giving explicit views on his rate outlook. (Bloomberg, 22/8/16)
Iraq Will Boost Oil Exports After Agreement on Kirkuk Fields — Iraq, OPEC’s second-biggest producer, will increase crude exports by about 5 percent in the next few days after an agreement to resume shipments from three oil fields in Kirkuk. Shipments will increase by about 150,000 barrels a day as exports resume from the Baba Gorgor, Jambour and Khabbaz fields, Fouad Hussein, a member of the oil and energy committee of the Kirkuk provincial council, said by phone Sunday. The three oil fields are operated by the state-run Northern Oil Co. but their export pipeline is controlled by the semi-autonomous Kurdistan Regional Government. (Bloomberg, 23/8/16)
Japan to float 2.7tn yen in bonds for stimulus spending — TOKYO — Japan looks to issue 2.75 trillion yen ($27.3 billion) in construction bonds to fund stimulus spending in a supplementary budget devised Monday. The budget contains 4.11 trillion yen in general-account spending, primarily on infrastructure, public works and policies to address Japan’s demographic challenges. Plans for direct state spending total 4.52 trillion yen, including 402.3 billion yen for ongoing recovery from the March 2011 earthquake and tsunami disaster in the northeast. The cabinet is to adopt the plan Wednesday, and send it for legislative approval during this autumn’s Diet session. (Asi an Nikkei, 23/8/16)
US crude settles 2.77 pct lower at $46.77 amid EIA report of inventory build — Oil prices extended losses on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. U.S. crude stockpiles rose by 2.5 million barrels to a total of 523.6 million barrels in the week through Aug. 19 as refinery inputs decreased and gasoline production fell, according to the Energy Information Administration. Analysts had expected a 455,000-barrel fall. (CNBC, 25/8/16)
U.S. existing home sales decline, prices still strong — U.S. home resales fell more than expected in July after four straight months of strong gains, as a lack of inventory limited choice for buyers, but further price rises suggested the housing market remained on solid ground. Existing home sales declined 3.2 percent to an annual rate of 5.39 million units last month, the NAR said. It blamed the drop in sales on the dearth of properties on the market, which lifted the median house price 5.3 percent from a year ago. (Reuters, 25/8/16
Fed’s Esther George: Interest rates should go higher, but gradually — Kansas City Federal Reserve President Esther George, a voting member on the central bank’s policymaking panel, told CNBC it’s time to increase interest rates. In the interview that aired on Thursday, George said any tightening should be gradual. “I do think it is time to move that rate. It doesn’t mean I favor high rates. It doesn’t mean I think it needs to happen rapidly.” (CNBC, 26/8/16)
