China places first order for Thai rice under last Dec’s G2G deal. CHINA has agreed to place the first purchase order for 100,000 tonnes of Thai rice under a government-to-government (G2G) contract for a total of one million tonnes, which was signed last December. (The Nation, 12/10/16)
All satellite assets to move to infra fund. THE NEW Ministry of the Digital Economy for Society plans to move all satellite assets after their concessions expire to the planned telecom infrastructure fund. (The Nation, 12/10/16)
Tougher Trade Competition Act due in 2017. THE Commerce Ministry expects the amended version of the Trade Competition Act to come into force by the middle of next year, with its provisions aimed at ensuring fair play and controlling bad business behaviour. (Bangkok Post, 13/10/16)
Land and buildings tax draft bill due for NLA check. A draft bill on the land and buildings tax is headed for deliberation by the National Legislative Assembly after passing a review by the Council of State, according to Deputy Finance Minister Wisudhi Srisuphan. (Bangkok Post, 13/10/16)
Kuroda Signals BOJ May Delay Hitting Inflation Target to 2018. Governor Haruhiko Kuroda gave the clearest signal yet that the Bank of Japan may postpone the forecast date for achieving its 2 percent inflation target to 2018, even with economic growth set to accelerate next year. “It may take slightly more months to reach the 2 percent inflation rate” than the current forecast to hit it in the coming fiscal year, Kuroda said in an interview with Bloomberg Television’s Francine Lacqua on the sidelines of an annual gathering of finance chiefs in Washington. “We have to carefully study all relevant statistics before we review the forecast. So we may change, we may not change.” (Bloomberg, 10/10/16)
China service sector growth slows in September, but remained at solid clip: Caixin PMI. China’s services sector created jobs at the fastest pace in seven months in September as new business picked up, even though the overall rate of growth was little changed from August, a private survey showed. The Caixin/Markit services purchasing managers’ index (PMI) slipped fractionally to 52.0 in September on a seasonally adjusted basis from 52.1 in August, but remained well above the 50-mark that separates growth from contraction on a monthly basis. (CNBC, 10/10/16)
US created lower-than-expected 156,000 jobs in September. Job creation edged lower in September as the labor market showed there still may be room to run. Nonfarm payrolls increased 156,000 for the month and the unemployment rate ticked up to 5 percent, the Bureau of Labor Statistics reported Friday. Economists surveyed by Reuters had expected 176,000 new jobs and the jobless rate to hold at 4.9 percent. The total was a decline from the upwardly revised 167,000 jobs in August (compared with the original number of 151,000). (CNBC, 10/10/16)
Russians and Saudis Pledge Joint Effort to Limit Oil Production. Saudi Arabia and Russia, the world’s two largest crude oil producers, said they’re ready to cooperate to limit output, helping send prices to a one-year high in London. Russia is willing to join OPEC’s efforts to stabilize the market, which would require either a freeze or a cut, President Vladimir Putin said on Monday at the World Energy Congress in Istanbul. Many producers outside the group have expressed a willingness to cooperate on output caps, said Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih, who added that he was “optimistic” there’ll be a deal that could lift prices as high as $60 by year-end. (Bloomberg, 11/10/16)
Fed Minutes Point to Rate Hike ‘Relatively Soon’. U.S. central bankers debating the merits of raising interest rates last month described the decision as a close call, with several saying a rate hike was needed “relatively soon,” minutes of the September meeting showed. “Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon if economic developments unfolded about as the committee expected,” the minutes from the Sept. 20-21 gathering in Washington showed. “It was noted that a reasonable argument could be made either for an increase at this meeting or for waiting for some additional information on the labor market and inflation.” (CNBC, 13/10/16)
Disappointing China trade data spurs fears recovery may be faltering. China’s September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-lived. (Reuters, 14/10/16)
