International News 21/05
-
Singaporean exports declined by 9.3% in April, representing the most significant contraction to the Americas market.
Singapore's non-oil domestic exports (NODX) experienced a 9.3% year-on-year decline in April, primarily due to a decrease in non-electronic products, particularly pharmaceuticals. This decline was less severe than the predicted 10% drop, but followed a significant 20.8% contraction in March. On a monthly seasonally adjusted basis, NODX saw a 7.6% increase in April, recovering from an 8.5% decline in March. However, exports to Singapore's major markets showed a decline overall in April. The largest contraction was observed in exports to the United States, with a 40.6% decline compared to the previous year. This was largely attributed to reduced exports of pharmaceuticals, processed foods, and telecommunications equipment.
Potential Philippine Central Bank Interest Rate Cut.
The Philippine central bank has indicated that it may reduce interest rates in early August, in response to the latest inflation and economic growth figures. This represents a shift from the central bank's previous stance of maintaining unchanged rates for five consecutive meetings. BSP Governor Eli Remolona has indicated that the bank is now less hawkish and that the rate cut is expected to occur before the Fed's rate hike. The last occasion on which the central bank reduced interest rates was on 19 November 2020. Furthermore, the BSP has revised its inflation forecast for the year to 3.8% from 4%, while slightly increasing its economic growth projection to 3.7% from 3.5%. In April, the annual inflation rate in the Philippines rose for the third consecutive month, reaching 3.8%. The average inflation rate for the first four months of the year was 3.4%.
https://internasional.kontan.co.id/news/potensi-penurunan-bunga-bank-sentral-filipina
Honda Motor has announced a significant increase in its investment in the electric vehicle business, with a total investment of US$ 65 billion.
Honda Motor has announced plans to double its investment in electric vehicles and software to US$65 billion over the next 10 years. This is more than double the initial projection. Toshihiro Mibe, the CEO of Honda, acknowledged that the company was relatively late in entering the electric vehicle market and that it had prioritised ensuring reliable battery supply and achieving cost reductions and performance improvements before focusing on software-defined vehicles. Consequently, Honda is set to significantly ramp up its investment in software development in order to bolster its capabilities in this area. The company has recently unveiled its intention to inject US$11 billion into a new electric vehicle and battery production facility in Ontario, Canada, in line with its expansion plans in the North American market.