Facebook business pages closer to becoming online shops

Facebook pages moved closer to replacing small business websites Tuesday, announcing features designed to make it easier for shops to hawk their wares. 

PHOTO: EPA

SEP 9, 201512:30 PM

[SAN FRANCISCO] Facebook pages moved closer to replacing small business websites Tuesday, announcing features designed to make it easier for shops to hawk their wares.

Changes to business pages at the leading social network included raising the profile of features that allow customers to take actions such as booking an appointment or browsing, and allowed for more customized approaches to layouts.

"We're adding new features to pages to make it easier for the more than 45 million active businesses on Facebook to highlight important information and reach their goals," the social network said in an online post.

The new features were particularly tuned for mobile devices, which have become preferred tools for accessing Facebook.

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Business pages can also now feature sections and tabs to showcase merchandise or professional services.

"So now, for example, a spa can add their services menu to their page or highlight the line of products they sell, helping people get to know their business faster," Facebook said.

Updates were also intended to make it easier for people to exchange messages with businesses, according to the social network.

AFP

  
 

China changes GDP data calculation method to improve accuracy

China's statistics bureau said on Wednesday it has changed the way quarterly gross domestic product data is calculated, a move it calls a step to adopt international standards and improve the accuracy of Chinese numbers. 

PHOTO: BLOOMBERG

SEP 9, 20151:09 PM

[BEIJING] China's statistics bureau said on Wednesday it has changed the way quarterly gross domestic product data is calculated, a move it calls a step to adopt international standards and improve the accuracy of Chinese numbers.

There has long been widespread scepticism about the reliability of Chinese data, especially as the government has sought to tamp market expectations of a protracted slowdown in the world's second-largest economy.

The move by the National Bureau of Statistics (NBS) comes after China said in July its annual growth rate in the second quarter was 7.0 per cent, the same as in January-March. Many economists believe the April-June pace was lower.

The combined economic output of China's provinces has long exceeded that of the national level compiled by the bureau, raising suspicion that some growth-obsessed local officials have cooked the books.

Now, China is calculating GDP based on economic activity of each quarter to make the data "more accurate in measuring the seasonal economic activity and more sensitive in capturing information on short-term fluctuations", the NBS said.

Previously, China's quarterly GDP data, in terms of value and growth rates, was derived from cumulated figures rather than economic activity of that particular quarter, the bureau said.

The new methodology - in line with that of major developed countries - will pave the way for China to adopt the International Monetary Fund's Special Data Dissemination Standard (SDDS) in calculating GDP, it said.

The bureau, which has revised some historical quarterly GDP figures for 2014 and prior years retrospectively, said it will publish third-quarter GDP data, due out on Oct. 19, based on the new methodology.

The NBS has revised down year-on-year economic growth rates for every quarter last year by 0.1 percentage points, following its revision on Monday of the 2014 annual economic growth rate to 7.3 per cent from 7.4 per cent.

The bureau has also revised down growth rates in the first two quarters of 2012 by 0.1 percentage points respectively and revised up the fourth quarter by 0.1 percentage points.

For 2015, China is targeting annual economic growth of"around" 7 per cent, which would be the weakest expansion in a quarter of a century.

REUTERS

     

BOJ Shirai: Negative rate on excess reserves risks hurting market functions

Bank of Japan board member Sayuri Shirai said the central bank has maintained a positive interest rate on excess reserves parked at the BOJ because a negative rate may harm the intermediary function of financial institutions. 

PHOTO: REUTERS

SEP 9, 20159:40 AM

[TOKYO] Bank of Japan board member Sayuri Shirai said the central bank has maintained a positive interest rate on excess reserves parked at the BOJ because a negative rate may harm the intermediary function of financial institutions.

Mr Shirai, speaking at a panel discussion in Brussels on Tuesday, said the possibility of cutting the rate on excess reserves could not be ruled out but such a move should be properly discussed taking into account the differences in market structures around the world.

Mr Shirai, in a text of the speech issued on Wednesday, also said that once a rising price trend takes hold from the latter half of the current fiscal year to next March, inflation expectations would head gradually towards 2 per cent.

REUTERS

      

Abe pledges 2016 corporate tax cut as investment stays sluggish

Japanese Prime Minister Shinzo Abe pledged to follow through with a corporate-tax cut, a day after government data underscored businesses' reluctance to ramp up domestic investment. 

PHOTO: EPA

SEP 9, 201510:03 AM

[TOKYO] Japanese Prime Minister Shinzo Abe pledged to follow through with a corporate-tax cut, a day after government data underscored businesses' reluctance to ramp up domestic investment.

In a message read out at a Bank of America Merrill Lynch event in Tokyo, Mr Abe said he would lower the effective corporate tax rate of about 35 per cent by at least 3.3 percentage points next year and will "aim to go beyond that if possible." "We will push forward in reducing the rate down into the twenties over several years, bringing it to a level that compares favorably in the international context," Mr Abe said. "We will change Japan into a country that is able to keep growing. Placing the economy as my highest priority, I will move forward steadily, step by step, on the roadmap for achieving this goal." Gross domestic product shrank at an annualised 1.2 per cent in the three months through June from the first quarter, with businesses reducing investment in a rebuff to Mr Abe's call for Japanese companies to deploy their record cash holdings and a surge in profits into capital spending. But with more than 70 per cent of Japan's companies not paying income tax, the government also needs more companies to become profitable.

Mr Abe's administration plans to continue lowering the levy over about five years to under 30 per cent. The finance ministry estimates it is currently the second highest among Group of Seven nations.

BLOOMBERG

Bangkok suspect handed device to shrine bomber: police

Mieraili Yusufu (centre), one of the suspects arrested by police in connection with the Bangkok bombing. 

PHOTO: EPA

SEP 9, 201512:10 PM

[BANGKOK] A key suspect in last month's deadly Bangkok blast handed the backpack bomb over to a man in a yellow T-shirt later seen placing it at a shrine in the heart of the city, Thai police said Wednesday.

"This is the area where he met the man in a yellow shirt to exchange the backpack," national police spokesman Prawut Thavornsiri told reporters as the suspect, Yusufu Mieraili, was led on a re-enactment of his movements outside a Bangkok railway station.

Mieraili is one of two foreign nationals who have been charged with involvement in the blast, which tore through a religious shrine killing 20 people, mostly ethnic Chinese tourists from across Asia.

Police say Mieraili has confessed to playing a central role in the operation, although his motive remains unclear.

The 25-year-old, who was arrested last week in possession of a Chinese passport, was taken Wednesday morning on a re-enactment of his alleged movements on the day of the August 17 blast.

Outside Hua Lamphing station, police said he handed a "heavy backpack" to a man later seen on security footage apparently placing the same bag at the shrine moments before the blast.

After making the exchange, Prawut said Mieraili was then ordered to travel to the shrine to take photos of the aftermath of the bomb.

But when he got there his view was blocked by a pillar so he left, Prawut added.

During the re-enactment, which was covered by a large media scrum, Mieraili wore a bulletproof vest.

AFP

     

Asian currencies rebound as global stocks rally boosts sentiment

A rebound in global equities spurred demand for Asian currencies, with the Malaysian ringgit and Indonesia's rupiah rising from 17-year lows.

PHOTO: BLOOMBERG

SEP 9, 201511:58 AM

[HONG KONG] A rebound in global equities spurred demand for Asian currencies, with the Malaysian ringgit and Indonesia's rupiah rising from 17-year lows.

A recovery in Chinese shares and weekend comments from central bank Governor Zhou Xiaochuan that a rout in the nation's stocks is almost over helped boost sentiment, reducing appetite overnight for the relative safety of the dollar. Currencies of commodity-producing countries such as Malaysia also climbed as a measure of raw materials rose for a second day.

"The dollar was a little bit softer overnight," said Andy Ji, a Singapore-based currency strategist at Commonwealth Bank of Australia. "The Chinese market is a little bit firmer and that helps as well." South Korea's won advanced from a five-year low and the Thai baht rallied from its weakest level in six years as the Bloomberg Dollar Spot Index dropped 0.4 per cent overnight. The MSCI Asia-Pacific Index of shares rose 3.2 per cent, headed for its biggest gain since 2011.

The ringgit snapped a five-day loss as Brent crude extended its rebound to 15 per cent over the past two weeks. The currency is the worst performing in Asia over the past 12 months as the price of the commodity halved amid a global supply glut. Malaysia, which is the region's only major net oil exporter, has also been hurt by slowing economic growth in China, a looming US interest-rate increase and a domestic political scandal.

The Bloomberg Commodity Index, which includes crude, took its two-day gain to 1.4 percent.

"Asian currencies including the ringgit are tracking better risk sentiment and higher Brent overnight," said Christopher Wong, a Singapore-based senior currency analyst at Malayan Banking Bhd. "Volatility remains high in the ringgit." In South Korea, the government revealed an unprecedented 2016 budget on Tuesday to revive growth in Asia's fourth-biggest economy, after exports slumped in August by the most since 2009. Sixteen of 18 economists surveyed by Bloomberg see the Bank of Korea keeping the seven-day repurchase rate at 1.5 per cent on Friday, while two forecast a 25 basis-point reduction.

"The gain in the won is in line with other currencies with a weaker dollar overnight," said James Huh, an economist at Samsung Securities Co in Seoul. "We expect the BOK to keep the benchmark rate unchanged as it can still wait and see for several months. The budget is a positive." Taiwan's dollar led the gains, rising 1.4 per cent, followed by a 0.7 per cent advance in the won. The ringgit strengthened 0.7 per cent, the baht 0.4 per cent and the rupiah 0.2 per cent. The Philippine peso was little changed, while the yuan fell 0.09 per cent.

BLOOMBERG

    
 

AIIB to grow to 70 members soon, sees first projects early 2016

The fledgling Asian Infrastructure Investment Bank's membership will increase by about a fifth to 70 "soon," the president-designate of the China-backed bank said. 

PHOTO: REUTERS

SEP 9, 201511:35 AM

[BEIJING] The fledgling Asian Infrastructure Investment Bank's membership will increase by about a fifth to 70 "soon," the president-designate of the China-backed bank said.

"We do have quite a number of countries waiting outside to join," said Jin Liqun, speaking in Seoul on his first overseas visit since becoming the bank's president-designate. "I'd expect very soon we will have more than 70 countries." Jin declined to name any of the potential members that may join the 57 founders.

China is creating the first multilateral investment bank in a generation to finance infrastructure projects, frustrated that it only has a small say in US- and Western European-dominated financial institutions such as the World Bank and the International Monetary Fund.

The US and its Asian ally, Japan, declined to join the AIIB, raising concerns about transparency and governance. Even so, countries including the UK, Germany and Australia signed up.

"The door keeps open for Japan and the US to become members of the AIIB, and I think we will continue to have dialog," he said.

The bank will focus on quality, not the quantity of projects, and will promote the "green economy," Mr Jin said. The AIIB will start to fund projects in early 2016. North Korea is a country that the AIIB would like to help, Jin said.

China is the biggest AIIB shareholder with an initial capital subscription of US$29.8 billion and 26.06 per cent of its voting rights, according to the articles of agreement. India, Russia, Germany and South Korea round out the top five.

BLOOMBERG

    
 

China finance minister targets fiscal policy, infrastructure to support economy

A laborer works at a construction site of an amusement park next to new property buildings in Hefei, Anhui province, on Aug 1, 2015. 

PHOTO: REUTERS

SEP 9, 20159:06 AM

[SHANGHAI] China will strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system to support the economy, the Ministry of Finance said, joining other steps by authorities to re-energise sputtering growth.

The ministry will accelerate major construction projects, bring in private financing through increased use of the public private partnership (PPP) model, standardize the management of local government debt and reform taxes, it said in a statement late on Tuesday.

Chinese policymakers have stepped up efforts to revive an economy growing at its slowest pace in decades, with a 40 percent plunge in mainland stock markets since mid-June roiling global financial markets.

On Tuesday, data showed China's imports tumbled in August, raising concerns about the health of the world's second-largest economy and its contribution to global growth. "We will accelerate the implementation and improvement of proactive fiscal policy and related measures, do timely fine tuning, and speed up reform measures to support stable growth and promote continued healthy economic development," the finance ministry statement said.

Government departments have joined Beijing's efforts to support the economy. The National Development and Reform Commission (NDRC) approved two railway projects on Tuesday with a total value of nearly 70 billion yuan (S$15.6 billion), the latest move to support infrastructure projects to boost growth.

The People's Bank of China (PBOC), the central bank, has also conducted a slew of monetary easing measures since the end of last year, cutting interest rates several times and banks'required reserve ratios (RRR).

REUTERS

    
 

US mulling more help to stanch refugee crisis

US President Barack Obama's administration on Tuesday said it was looking at further measures to address the Syrian refugee crisis, amid criticism the world's largest economy is not doing enough. 

PHOTO: REUTERS

SEP 9, 20157:26 AM

[WASHINGTON] US President Barack Obama's administration on Tuesday said it was looking at further measures to address the Syrian refugee crisis, amid criticism the world's largest economy is not doing enough.

"The administration is actively considering a range of approaches to contribute to the solution to this very difficult challenge," said White House spokesman Josh Earnest.

The measures could include more funding to help house and feed refugee camps in Jordan, Turkey and other countries, and admitting more refugees into the United States.

Mr Earnest said the administration is looking "to see exactly what the administration and the country can do to help our allies and partners in Europe deal with this significant and growing humanitarian situation."

Any augmented support would likely need the support of the Republican-controlled Congress, where there are deep concerns about Islamic State group militants posing as refugees.

Since fighting erupted in 2011 the UN High Commissioner for Refugees has recommended 17,000 Syrians for resettlement in the United States.

By the end of this month, it will have accepted around 1,800.

Traditionally, the United States has led the world in accepting and resettling large numbers of those fleeing persecution. But refugee advocates warn it has fallen behind on Syria.

National Security Council spokesman Peter Boogaard defended the US role, saying the United States was the single largest donor to the Syrian crisis.

"The United States has provided over US$4 billion in humanitarian assistance since the Syrian crisis began, and over US$1 billion in assistance this year," he said.

Brutal conflicts in Syria, Iraq, Libya and a host of other nations have caused a surge in people fleeing for Europe.

More than 380,000 migrants and refugees have reached Europe via the Mediterranean since the start of the year, according to UN estimates.

The deaths of hundreds, including a small Kurdish boy who washed up dead on Europe's shores, has led to calls for rich nations - particularly in Europe - to do more to legally settle those displaced by war.

AFP