CHINA TO TRIAL FDI IN INTERBANK BOND MARKET
China will allow foreign investors to directly invest in the country’s interbank bond market on a trial basis starting September. - Reuters
FOREIGN DIRECT INVESTMENT TO MEXICO NEARLY $18 BILLION IN FIRST HALF OF 2020
Foreign direct investment (FDI) to Mexico during the first half of 2020 was $17.97 billion, according to preliminary figures published by the economy ministry. The figure represented a 0.7% decrease compared with the same period last year, the ministry said. - USA News
CHINA JULY FDI +15.8 % Y/Y IN YUAN TERMS
Foreign direct investment into China rose 0.5% in the first seven months of this year from a year earlier, to 535.65 billion yuan ($77.16 billion). In July alone, FDI jumped 15.8% from a year earlier, to 63.47 billion yuan, Zong Changqing, director of the foreign investment department at the ministry told a news conference.
($1 = 6.9424 Chinese yuan renminbi).
INDIA TO INVEST $1.46 TRILLION TO LIFT ECONOMY
India’s prime minister said his country has done well in containing the coronavirus pandemic and announced $1.46 trillion in infrastructure projects to boost the sagging economy. The key lesson India learned from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said. - AP
UAE, ISRAEL TO SIGN BILATERAL DEALS ON AREAS INCLUDING TOURISM, DIRECT FLIGHTS
Delegations from the United Arab Emirates and Israel will meet during the coming weeks to sign bilateral agreements on areas including energy, tourism, direct flights, investment, security, communication and technology. Israeli company TeraGroup has signed an agreement with Emirati company, APEX National Investment, to conduct coronavirus research.- US News
VIETNAM COURTS EU INVESTMENT IN MEDICAL AND DRUG SUPPLY CHAINS
Vietnam is seeking to build on its new free trade agreement with the European Union to expand foreign investment in medical equipment and pharmaceuticals, with the government positioning the country as an alternative production base to China. Vingroup, the country's largest conglomerate has announced a partnership with Ireland-based medical device company Medtronic to produce components in Vietnam. - Nikkei Asian Review
AFTER ‘WORST RECESSION’ IN MALAYSIA’S HISTORY, STRONG ECONOMIC RECOVERY EXPECTED IN 2021
Malaysia economic recovery in the second half of this year is expected to be gradual before bouncing back on its feet next year, having experienced its “worst recession” recently, the Fitch Group’s research unit said. Fitch Solutions Country Risk and Industry Research has decided to revise its forecast of real GDP or economic growth for Malaysia at -4.5 per cent for 2020, down from the previous figures of -2.8 per cent. It also revised its 2021 forecast for Malaysia’s real GDP from the previous 5.7 per cent to a more positive 6.3 per cent. - Malay Mail
TAIWAN TO FURTHER FREE UP ECONOMY, AIMING TO BECOME ASIAN FINANCIAL HUB
Taiwan will further liberalise its economy and offer more financing products, aiming to become an Asian financial and asset management hub, President Tsai Ing-wen said, pitching the island at a time of turmoil in next-door Hong Kong. Export-dependent Taiwan, which already has a very open economy, is trying to diversify away from its traditional reliance on trade with China, its largest trading partner. - Thomson Reuters
JAPAN’S ECONOMY SHRINKS AT RECORD RATE AS CORONAVIRUS HITS WORLD’S THIRD LARGEST ECONOMY
Japanese GDP has fallen at a record rate as the world’s third largest economy suffered amid the coronavirus pandemic.The Asian nation saw GDP fall 7.8% in the April to June quarter, or 27.8% on an annualised basis. Japan had already slumped into recession before the virus crisis. - Evening Standard
ORACLE ENTERS RACE TO BUY TIKTOK’S U.S. OPERATIONS
Oracle has entered the race to acquire TikTok, the popular Chinese-owned short-video app that President Trump has vowed to shut down unless it is taken over by a U.S. company by mid-November. The tech company has held preliminary talks with TikTok’s Chinese owner, ByteDance, and is considering purchasing the app’s operations in the U.S., Canada, Australia and New Zealand. Oracle is working with a group of U.S. investors who already own a stake in ByteDance, including General Atlantic and Sequoia Capital. - LA Times
INDIA URGES AUTO COMPANIES TO CUT ROYALTIES TO FOREIGN PARENTS
India's commerce minister has asked automakers to find ways to reduce royalty payments to foreign parent companies for use of technology or brand names, two sources told Reuters, in an effort to boost local investment and reduce outflows. In India's competitive auto market, top-selling carmakers Maruti Suzuki and Hyundai Motor's local units pay millions of dollars in royalties to parent companies in Japan and South Korean for using their technology and brand to build and sell cars..
SAUDI FUND DITCHES BLUE-CHIP STOCKS, ADDS ETFS
Saudi Arabia’s $325 billion sovereign-wealth fund continued buying U.S. stocks as it hunted for opportunities in the COVID crisis, largely exited the blue-chip positions it bought in the first quarter. The Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, disclosed stakes worth $10.1 billion at the end of the second quarter, according to a regulatory filing. This included holdings in exchange-traded funds tied to the utilities and materials sectors. It also boosted its stake in Suncor Energy Inc. and Carnival Corp. - Bloomberg
MAZDA-TOYOTA BOOSTS INVESTMENT IN ALABAMA PLANT BY $830M
Mazda Toyota Manufacturing, the new joint-venture between the two auto companies, on Thursday announced an additional $830 million investment in its new Alabama plant.
- KSL Salt Lake City