Asia

Each year APICTA recognises the best in innovation from across the Asia Pacific ICT community. This year’s event, hosted for the first time by Brunei, promises to break new ground.

While analysts had forecast a 5.4 percent expansion, growth has actually been recorded as being 7.1 percent higher than at the same time last year. These latest figures reinforce the fact that the Philippines has had one of the better performing economies in the region throughout 2012.

Observers have reacted positively to the news, with many stating that these robust numbers suggest that the Philippines will likely exceed its target of achieving six percent growth over the fiscal year.

The acquisition, worth $5 billion, represents the state-controlled producer’s largest overseas purchase and comes at a time when ONGC is looking to increase production to fuel India’s growing economy.

At present, India imports almost 80 percent of the oil it requires. This is due to the fact that its refining capacity has outgrown the oil output locally.

According to a recent report, China's apparent* oil demand rose 6.6 percent year over year in October to 41.28 million metric tons (mt), or an average 9.76 million barrels per day (b/d).

The Platts analysis of recent Chinese government data showed October’s apparent demand was the third highest on record, slightly lower than the record 9.8 million b/d in September and the 9.77 million b/d seen in February this year.

The latest data follows a rise in fixed asset investment, industrial production and retail sales in October.

In response to the news back in September that overall economic growth had fallen to a three-year low the Chinese authorities have since introduced numerous measures in a bid to revive growth. This has included the lowering of interest rates and the move by the central bank to cut the amount of money that financial institutions need to keep in reserve to try and boost lending.

This deal will see Sinopec acquire one fifth of the OML 138 oil block. This block includes the Usan oilfield, which began producing in February, and is jointly owned alongside Chevron, Exxon and Nexen.

The move comes after Beijing approved a £1 billion joint venture between the company and Chery Automobile. This milestone deal will initially see JLR construct a plant close to Shanghai, which will open in 2015.

A joint statement released by the Chinese and British companies said: "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.”

For the second time in 2012 China will raise its Qualified Foreign Institutional Investor (QFII) quota, once the current limit of $80 billion is reached. At the same time it will raise the limit for investors seeking to put funds raised overseas into the country’s markets.

This year, DHL Express Pakistan was recognised by its parent company as the best performing operation in Asia, and independently judged the best company to work for in Pakistan. Managing director Sarfaraz Siddiqui walks down memory lane to explain how, in just four and a half years, his staff have earned such accolades.