China: Beijing to raise minimum wage 21% in 2011 as inflation quickens
Beijing will raise the minimum wage by 20.8% in 2011, becoming the latest local government to lift pay in a country where inflation is running at the fastest clip in more than two years. The increase to RMB1,160 (USD175) a month from RMB960, the second boost this year, will take effect on 1 Jan 2011, according to a statement from the Beijing Human Resources and Social Security Bureau. The city will also raise pension and unemployment benefits, the agency said. (Bloomberg)
Taiwan: May raise interest rate to damp inflation, home prices
Taiwan will probably increase borrowing costs for the third time this year to curb gains in property prices and tackle accelerating inflation. Governor Perng Fai-nan will raise the benchmark interest rate by 0.125 percentage point to 1.625%, according to all 14 economists in a survey. Perng boosted the rate by the same amount in June and September from a record-low 1.25%. (Bloomberg)
Japan: Consumer prices fall as deflation persists
Japan’s consumer prices fell for a 21st month in November, a sign sustained deflation may prompt the central bank to revise its price projections. Consumer prices excluding fresh food declined 0.5% from a year earlier, the statistics bureau said in Tokyo. That compared with a median 0.6% drop predicted by 28 economists surveyed by Bloomberg News. (Bloomberg)
US: Confidence falls on concern over jobs
Confidence among US consumers unexpectedly fell in December, restrained by concern that jobs will remain scarce in 2011. The Conference Board’s confidence index unexpectedly fell to 52.5, lower than the most pessimistic forecast of economists surveyed by Bloomberg News, figures from the New York-based research group showed. Another report showed home values dropped more than economists projected. (Bloomberg)
Malaysia: South Korea slaps duties on Malaysian plywood
The Korean Trade Commission has imposed anti-dumping duties on the import of Malaysian plywood, ranging from 5% to 38%, for three years. The decision was based on a probe that nine Malaysian plywood exporters were allegedly selling their products below production cost. Malaysian plywood exporters got a temporary relief three months ago when South Korea decided to defer its anti-dumping duties by reversing an earlier ruling to slap punitive duties ranging from 5% to 34%. (StarBiz)
China: Industrial profits rise 49% Chinese industrial companies’ profits rose 49.4% in the 11 months through November y-o-y, putting pressure on the central bank to add to this year’s two interest-rate increases. Income climbed to RMB3.88trn (USD585bn) That compared with a 7.8% gain in the same period in 2009 and an increase of 55% in January through August. Industrial companies’ sales gained 31.8% in the 11 months through November to RMB62.4trn. (Bloomberg)
Taiwan: Limit cuts on bank’s holdings of currency derivatives
Taiwan’s central bank said it will rein in limits on the use of exchange-rate derivatives to combat currency speculation by foreigners. Banks’ holdings of non-deliverable forwards and options in the Taiwan dollar will be limited to 20% of their positions in the local currency with immediate effect, down from the previous ceiling of 33.3%. Deliverable forwards are exempt from the restrictions as they are used by local companies to protect earnings against exchange-rate fluctuations. (Bloomberg)
UK: December home prices fall for sixth month
UK house prices fell for a sixth month in December and will extend their decline in 2011 on weak demand and tighter mortgage-lending conditions, according to Hometrack Ltd. The average cost of a home fell 0.4% m-o-m, and prices will drop a further 2% in 2011, the property researcher said. Demand for homes, measured by the change in new buyers registering with real-estate agents, fell 4.8% m-o-m, the biggest drop since Jan 2009 and the sixth consecutive monthly decline. The number of homes for sale fell 1.5%. (Bloomberg)
US: Retailers’ holiday sales increase 5.5%
US retailers’ 2010 holiday sales jumped 5.5% for the best performance in five years. Retail sales, excluding autos, rose to USD584bn from 5 Nov through 24 Dec, compared to a 4.1% gain last year. Apparel sales grew the fastest in the 50 days before Christmas, with an 11% gain, more than 10 times the pace of last year. Sales of jewelry accelerated 7.2%, more than twice as fast as in 2009. Luxury sales rose 6.7%, compared with 0.9% in 2009. Consumer electronics sales increased 1.2% after falling 4.6% a year earlier. Furniture climbed 3.8% after a 2.2% drop last year. (Bloomberg)
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