Connect with us

World

Volkswagen delivered 10.8 million vehicles in 2018, eyes world no.1 spot

Published

on

Volkswagen said the ongoing trade dispute with the United States had dampened the business climate in China, its most important market, over the second half of 2018.

Volkswagen’s head of sales, Christian Dahlheim, said in a webcast on Friday that he expected demand in China to remain stable in 2019, although the first quarter would be challenging.

Separately, Dahlheim said the German carmaker did not foresee a significant financial impact in 2019 from the implementation of the new WLTP emissions standard, which cost the company 1 billion euros ($1.2 billion) in 2018.

Volkswagen Group said December deliveries fell 8.4 percent, to 916,200 vehicles, from 999,900 a year earlier.

December group deliveries to China dropped by 12.5 percent year-on-year, the Wolfsburg-based carmaker said, adding deliveries also fell by 5.6 percent in Europe and by 3.4 percent in the United States.

Source link

World

Asia is resilient, ready to weather economic turbulence

Published

on

The Asia Pacific CEO of Credit Suisse is bullish on Asia’s growth.

“I’m very excited about the region … the entrepreneurs are very resilient, the people are resilient — hardworking, and I think that’s the biggest asset that the region has to continue to grow,” Helman Sitohang told CNBC at the Credit Suisse Asian investment Conference in Hong Kong on Monday.

“One thing which is very exciting about the region is the ability to adapt, to really adjust to the changes etc., and then come back,” Sitohang said. “The region has resilience of the people, the resilience of the entrepreneurs, to adapt.”

He says the region’s adaptability is whyso many entrepreneurs have been flocking to its shores. According to Sitohang, Asia is home to the highest number of entrepreneurs.

Asked if there were opportunities for Asia in the ongoing trade conflict between the U.S. and China, Sitohang said: “In every shift of resources, there’s always somebody that will benefit.”

He said Southeast Asia would likely be a beneficiary.

“I don’t think it’s a loss for China either as well, because China obviously has other parts that they can contribute and also adapt, and the country has amazingly been able to continue to grow at a strong pace,” Sitohang added.

Source link

Continue Reading

World

Palang Pracharat Party and Pheu Thai Party

Published

on

It’s “quite likely” that Thailand’s next government will be formed through a coalition, a senior government official told CNBC on Monday, as initial tallies came following Sunday’s long-awaited election after five years of military rule.

Panitan Wattanayagorn, a security advisor to Thai Deputy Prime Minister Prawit Wongsuwan, said that officials in the pro-military Palang Pracharat Party and Pheu Thai Party — linked to self-exiled former premier Thaksin Shinawatra — are in discussions and also “talking to all parties.”

Speaking to CNBC’s Sri Jegarajah in Bangkok, Panitan said: “It seems quite likely that the next government will be a coalition party between one big party and maybe two important, medium-sized parties.”

The vote is shaping up as a contest between three groups:

  • A pro-military camp that includes the Palang Pracharat Party — led by current cabinet members in the military regime.
  • An anti-military group that comprises the Pheu Thai Party and the newly founded Future Forward Party.
  • Parties that are neutral or undecided about how they will align themselves.

The last group includes the Bhumjaithai Party, whose vote is said to be crucial to swinging the election’s final outcome.

Panitan, who is also a professor at the Chulalongkorn University, said: “It seems quite likely that Bhumjaithai will be a decisive force.”

“The final analysis is whoever gains the majority of the seats will form the government,” he added, “so Bhumjaithai will be very hard at work today and over the next few days to make sure that they coordinate and communicate with all supporters.”

His comments come as Thailand’s Election Commission reported the numbers on Monday with 94 percent of votes counted: Palang Pracharat was leading the popular vote with 7.69 million votes, while the Pheu Thai Party was next with 7.23 million votes.

The numbers released were for the popular vote, but those do not reflect parliamentary seats won. Pheu Thai could still take the lion’s share of those, because of its concentrated popularity in the north and northeast of the country.

The ruling junta repeatedly postponed general elections after it overthrew an elected government in 2014.

The Sunday vote will determine 500 members of the House of Representatives, the lower chamber of Thailand’s legislative branch. The junta will appoint the 250-member Senate, or the upper house.

None of the parties are expected to single-handedly win enough seats in the House to form a government. Therefore, the 250 appointed senators will join their colleagues in the House to select the next prime minister to lead the next government.

Based on a Reuters tally of partial results of the 350 constituency seats contested on Sunday, Pheu Thai was on track to win at least 129 and Palang Pracharat at least 102.

— CNBC’s Yen Nee Lee and Reuters contributed to this report.

Source link

Continue Reading

World

Indonesia can spur growth with Fed rate hike pause: Sri Mulyani

Published

on

People enter the Bank Indonesia headquarters in Jakarta, Indonesia, on Thursday, Nov. 16, 2017. 

Graham Crouch | Bloomberg | Getty Images

People enter the Bank Indonesia headquarters in Jakarta, Indonesia, on Thursday, Nov. 16, 2017. 

The Federal Reserve‘s pause in interest rate hikes is a relief for many emerging economies, and represents an opportunity for Indonesia to accelerate growth, the Asian country’s finance minister told CNBC on Monday.

“For us … this is an opportunity to actually accelerate the growth, but we really have to be very careful,” Sri Mulyani Indrawati told CNBC at the Credit Suisse Asian Investment Conference in Hong Kong.

“Because this pause in increasing rates is also showing that the global economy environment is not good. So we really have to be very careful in seeing this signal,” she added.

The U.S. central bank surprised investors by adopting a sharp dovish stance last Wednesday, projecting no further interest rate hikes this year, and justifying its more temperate outlook by cutting 2019 growth outlook for the world’s largest economy.

Meanwhile, a raft of weak economic data around the world also stoked recession fears.

Germany’s manufacturing activity dropped to its lowest level in more than six years in March, according to data from IHS Markit; while in the euro zone as a whole, manufacturing fell to its lowest level since April 2013.

The halt in rate hikes — and the Fed signalling in January that it will be “patient” with monetary policy — is “relieving pressure” for many emerging economies, Sri Mulyani said. That’s especially welcome for Indonesia, Southeast Asia’s largest economy, as it suffers from capital outflows, she said.

Source link

Continue Reading

Trending