TOKYO: Japan's
economy grew by 0.3 percent in the three months to June from the
previous quarter, the government said Monday, the country's fourth
consecutive rising quarter but at a slower pace than before.
The
data from the Cabinet Office came in significantly weaker than market
expectations for a 0.7 percent increase, as exports slowed due to weaker
global growth amid the eurozone crisis.
It also marked a sharp contrast from a brisk 1.3 percent increase in the January-March period.
The
government has taken a series of steps to spur growth, including
offering incentives for fuel-efficient vehicle purchases and measures to
rebuild the northern region hit by last year's deadly earthquake and
tsunami.
But Japan's economy has faced headwinds caused by
Europe's debt crisis, which has slowed growth worldwide, while a high
yen has made Japanese exports less competitive in overseas markets.
Last
week, the government downgraded its views on consumer sentiment and
machinery orders, while the Bank of Japan effectively cut its
assessments on exports and factory production.
SINGAPORE: Despite a
global slowdown, exports from the United Kingdom to Singapore rose 11
per cent on-year to S$7.13 billion in 2011.
With prospects in the
Eurozone becoming bleaker, Singapore remains a key market for Britain
not just as a trading partner but as a jump-off point for the smaller
companies it wants to bring to Asia.
Consumer electronics firm
Dyson is among the more than 700 British firms with operations in
Singapore where it operates its research and development unit for its
digital motors, bladeless fans and hand dryers.
Dyson's products are sold in over 50 countries and it invests S$2 million a week to develop new technology.
The UK Trade and Investment (UKTI) believes such strength in high technology will open doors for British firms in Asia.
It
sees potential in markets like Indonesia, Malaysia and Thailand where
firms can bring their expertise in transport systems, architecture and
design.
Nick Baird, chief executive of UKTI, said: "The key
message to companies is that they need to diversify where the
international activity is. Although Britain has been very successful
among developed countries... we take only 1.2 per cent of the imports of
the major emerging economies of the world. We have to address that. We
have to take more British companies exporting to and investing in the
growth regions of the world."
A spike in British investments in the region could boost business for UK firm Faithful+Gould.
The construction consultancy firm set up in Singapore in 1988 to help clients venturing into the Far East.
Faithful+Gould's
regional director Martin Riddett, said: "Asia is an important market
for a lot of clients nowadays and growing so, especially with the
economic situations in Europe and the United States not being so good.
So as the clients are looking to invest in Asia more and more, we
support them in helping them make good value of their projects."
The UKTI said it plans to work closely with Singapore via joint trade missions to tap new markets in China and Myanmar.
Singapore
is the UK's largest trading partner in Southeast Asia. The two
country's similarity as an open, transparent and highly-regulated
economy makes it easier for UK firms to start business in Singapore, the
UKTI said.
On the other hand, Singaporean firms have also made
headway with their investments in the UK, particularly in the areas of
integrated utilities and services, renewal energy, banking and
financials and food & beverages.
Mr Baird believes the spate
of financial scandals, like the LIBOR fixing, should not have an impact
on the attractiveness of Britain as an investment destination, adding
that London remains a key financial centre that is interconnected with
Asia and the world.
