Arab Today, arab today asia business confidence falters on china
Last Updated : GMT 00:17:14
Arab Today, arab today
Arab Today, arab today

Asia business confidence falters on China

Arab Today, arab today

Arab Today, arab today Asia business confidence falters on China

Hong Kong - AFP

Asia has been a ray of sunshine in the global economic gloom, but a confidence survey released Wednesday shows the region’s executives are starting to worry as China’s growth slows and exports sink. The YPO Global Pulse Index for Asia declined 1.8 points to 60.1 in the latest quarterly survey, its lowest level since it began three years ago. The pollsters at the Young Presidents’ Organization (YPO), a not-for-profit network of 20,000 chief executive officers, said Asia’s confidence level showed a marked decline from previous years. “During the first several quarters of the survey, Asian confidence averaged nine points higher than the global confidence index reading,” the YPO said in a statement. Terry O’Connor, chief executive officer of retailer Courts Asia and chair of the YPO Singapore Chapter, said the results pointed to slower growth for a region that has so far weathered the global economic headwinds. “Evidence of that trend accumulated during the past several months, as China reported that second quarter GDP growth fell to 7.6 percent, the Singapore economy actually declined last quarter, and South Korea and Japan both cut their full-year forecasts,” he said. “Nevertheless, it is important to note that the forecast is for a slower pace of growth, not a contraction by any means.” The Global Index dropped 4.1 points to 59.7 in the July 2012 survey, following three quarters of rising confidence. The United States recorded the sharpest drop of 5.1 points to 60. Confidence amongst young executives in the European Union slipped 2.8 points to 52.0, reflecting the ongoing debt crisis in the eurozone. In Asia, confidence levels ranged from a high of 70 in Thailand and the Philippines to lows of near 50 in Japan and South Korea. In China, CEO confidence “plummeted” almost seven points to the upper 50s. The results were based on responses from 1,659 chief executive officers in the first two weeks of July, including 193 in Asia. Most YPO members are aged between 35 and 50, and to join candidates must be 44 or younger. Carlyle Asia Investment Advisors Managing Director Patrick Siewert, a 56-year-old member of the YPO’s Hong Kong chapter, said uncertainty about the drivers of future growth was “very, very high”. “I would observe that though many industry bodies have been predicting relatively good growth rates, that is going to begin to be spotty,” he told AFP, referring to six straight quarters of slowing growth in China. “People have been hanging on these medium-term growth rates for quite a while but now the numbers are coming in quite a bit softer than people would have expected.” A former president of Coca-Cola Asia, Siewert said the region would find it difficult to sustain a confidence premium over the rest of the world in light of soft demand from Europe and the United States for its exports. Disappointing initial public offerings on regional stock exchanges, especially in Hong Kong, also hit confidence, he said. “The IPO markets were very indiscriminate and there were a lot of companies that were IPOed that shouldn’t have IPOed in the last five to seven years,” he said. Investment banks had ramped up their underwriting divisions but “now that capability is running in place or being laid off”. On the bright side, Siewert said mergers and acquisitions were “alive and well” as cashed-up Western companies sought growth in Asia, and Chinese companies hunted bargains in the United States and Europe. “You’re seeing Chinese companies going to the US and Europe because prices are low, and you’re seeing European and North American companies who have cash coming to Asia to buy growth,” he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asia business confidence falters on china Arab Today, arab today asia business confidence falters on china

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday