|
ANZ Emerging Asia Economics: Pacific Monthly Update |
|
Monday, 21 December 2009 15:41 |
|
The intent of this publication is to keep clients abreast of economic and market developments in the region at a higher frequency than our current flagship Pacific Quarterly report. We will continue to publish the latter around mid-month in February, April, August and November, and will publish the Pacific Monthly Update during the in-between months. As always, feedback on our research products is most welcome. Alex Sinton ANZ
Highlights
Inflation pressures remain generally benign across the region. The exception is Fiji, where the effects of the devaluation continue to drive inflation higher.
Trade flows remain depressed with double-digit declines the norm in all countries reporting data this month.
In contrast, tourism flows are starting to look better on a sequential basis, although the picture is far from uniformly bright across the Pacific.
Pacific currencies have generally held steady against the USD over the past month, but have weakened against AUD. ANZ Pacific Monthly Update – December 2009
Key Data Releases and Commentary
|
|
Last Updated on Monday, 21 December 2009 16:16 |
|
Read more...
|
|
NEW ZEALAND GIVES $20 MILLION TO SOLOMONS SCHOOLS |
|
Thursday, 17 December 2009 15:27 |
|
Today, the Solomon Islands Government and Government of New Zealand signed a new three year funding arrangement of SB$165 million [US$20 million] to improve the quality of basic education and to ensure all Solomon Islands children can go to school. The signing of this arrangement builds upon the strong partnership that already exists between the two countries to improve education in Solomon Islands.
|
|
Read more...
|
|
|
PNG LNG to meet global energy demand |
|
Thursday, 17 December 2009 15:37 |
|
PORT MORESBY, PNG ----- With the global energy demand forecasted to triple by 2030, the PNG LNG project will be an important supply source to meet future demands, particularly in the growing Asia Pacific region.
Following ExxonMobil Corp and its partners final approval on Tuesday to the $15 billion liquefied natural gas (LNG) project, it will pave the way for the project to start shipments in 2014.The project sanction or (Final Investment Decision –FID) is pending completion of sale agreements with LNG buyers and finalisation of financing arrangements, after which construction activity would begin in 2010.
“With global demand for LNG forecast to nearly triple by 2030, the PNG LNG project will be an important supply source to meet this future demand, particularly for the economies in the fast growing Asia Pacific region,” Neil Duffin, president of ExxonMobil Development Company, said in a statement to Reuters.
The widely expected approval comes just three months after the massive A$43 billion ($39 billion) Gorgon LNG project in Western Australia was given the go-ahead by Chevron Corp.
It will pave the way for Exxon and partners, including Australia’s Oil Search and Santos and Japan’s Nippon Oil Corp, to seek additional gas to expand the plant’s 6.6 million tonnes per year capacity, which could boost its profitability.
Analysts have considered it to be a forerunner among the 16 planned LNG projects in the Asia-Pacific region, after Exxon secured deals to underpin its capacity.
“PNG LNG expansion will be the next key area of growth given the large resource base available,” said Neil Beveridge, a senior analyst at Bernstein Research.
P/Courier
|
|
Last Updated on Monday, 21 December 2009 16:20 |
|
Read more...
|
|
VANUATU BUDGETS $3 MILLION TO HOST PACIFIC FORUM |
|
Thursday, 17 December 2009 15:21 |
|
WELLINGTON, New Zealand (Radio New Zealand International, Dec. 15, 2009) – The Vanuatu parliament approved an allocation of US$3.1 million to host next year’s Pacific Islands Forum. The finance minister, Sela Molisa, says the money will be used to cover the expenses of the participation of 16 members countries at the summit starting from their arrival until their departure.The date of the summit has not been announced yet.
Australia is the Forum chair since hosting the annual gathering in Cairns in August. Fiji, which has the headquarters of the Forum secretariat, was suspended this year [after] its military-led government reneged on a promise to hold elections two and half years after the last coup.
|
|
Read more...
|
|
|
