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Kiwoom Asset Management Launches Secured Overnight Financing Rate ETF Tracking Solactive Index
June 20, 2023--Solactive is pleased to announce its first engagement with Kiwoom Asset Management as they join forces to introduce a new exchange-traded fund (ETF) that tracks the Solactive SOFR Daily Total Return Index.
The HEROES US Dollar SOFR Active (Synth) ETF, through its daily cumulative return strategy, presents investors with the opportunity to participate in attractive yields offered by the SOFR rate.
With the launch of this ETF, Kiwoom aims to provide financial market participants with a flexible and efficient tool to earn interest in line with the SOFR rate. The newly launched HEROES US Dollar SOFR Active (Synth) ETF has been listed on 20 June 2023 on the Korea Stock Exchange, under the stock code 460270.KS.
The SOFR (Secured Overnight Financing Rate) itself is a benchmark interest rate that is based on transactions in the US Treasury repurchase market. It is considered a more reliable benchmark rate than the London Interbank Offered Rate (LIBOR) since it is based on observable transaction data rather than estimated borrowing rates. The SOFR rate is used for USD denominated derivatives and loans, and it is gradually replacing LIBOR as the benchmark interest rate.
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Source: Solactive
Come July 3, NSE IFSC-SGX Connect to start 21-hour trading in 2 sessions
June 20, 2023--NSE IFSC-SGX Connect of the NSE International Exchange (NSE IX) on Monday unveiled a new and refreshed brand identity of GIFT Nifty as a part of full-scale transition of SGX Nifty to Gift Nifty on July 3, 2023.
The new identity of Gift Nifty signifies the unique opportunity and new direction for the international investors to participate in India’s growth story to access Nifty products through NSE IX at GIFT City. The new look of Gift Nifty is aligned with the flagship index NIFTY 50, which reflects the growth story of Indian equity markets.
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Source: navjeevanexpress.com
Invesco takes the regulatory steps to expand its ETF business in Japan
June 20, 2023--Invesco Capital Management LLC, an investment adviser managing an extensive family of exchange-traded funds (ETFs), announced today that our global ETF business has prioritized an initiative to offer a Japanese investor base better access to five of its leading United States (US) listed ETFs.
Invesco Capital Management LLC (ICM), in partnership with Invesco Asset Management Japan Limited., (Invesco Japan) has expanded the reach of Invesco's ETF & Indexed Strategies business in Japan.
ICM with cooperation from Invesco Japan has completed the required notification process with local Japanese regulators in order to make five US-listed ETFs available to Japanese investors. For this purpose, Invesco has bolstered its client facing service in Japan.
"We are thrilled to have the opportunity to expand Invesco's global ETF business into Japan," said Anna Paglia, Managing Director, Global Head of ETFs and Indexed Strategies, Invesco.
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Source: Invesco Ltd
National Bureau of Statistics of China-National Economy Continued to Recover in May
June 15, 2023--In May, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments firmly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy on all fronts, accelerated efforts to foster a new pattern of development, and focused on promoting the high-quality development of economy.
As a result, the policies and measures to stabilize growth, employment and prices continued to take effect, the production and demand recovered steadily, employment and prices were generally stable and the transformation and upgrading was further advanced. The national economy sustained the recovery momentum.
1. Service Sector Grew Fast and Contact-intensive and Gathering-based Services Continued to Improve.
In May, the Index of Services Production increased by 11.7 percent year on year, 1.8 percentage points lower than that of the previous month. Specifically, that of accommodation and catering, leasing and business services, wholesales and retails and information transmission, software and information technology services grew by 39.5 percent, 14.0 percent, 13.2 percent and 12.9 percent year on year respectively. In the first five months, the Index of Services Production increased by 9.1 percent year on year, 0.7 percentage point faster than that of the first four months. In the first four months, the business revenue of service enterprises above the designated size went up by 6.9 percent year on year. In May, the Business Activity Index for Services was 53.8 percent, and the Business Activity Expectation Index for Services was 60.1 percent. Specifically, the Business Activity Index for railway transportation, water transportation, air transportation, telecommunication, broadcast, television and satellite transmission services, and Internet, software and information technology services stayed within the high expansion range of 60 percent and above.
2. Industrial Production Grew Steadily and Equipment Manufacturing Grew Fast.
In May, the total value added of industrial enterprises above the designated size grew by 3.5 percent year on year, 2.1 percentage points lower than that of the previous month, or up by 0.63 percent month on month. In terms of sectors, the value added of mining declined by 1.2 percent year on year, manufacturing went up by 4.1 percent and the production and supply of electricity, thermal power, gas and water grew by 4.8 percent.
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Source: National Bureau of Statistics of China
South Korean retail investors join global move to ETFs
June 14, 2023--Rise in assets last year to $60bn helped offset 8.8% decline in mutual funds AUM
South Korean retail investors are showing a greater appetite for exchange traded funds in lieu of mutual funds, coinciding with a push to loosen regulations and spearhead product innovation, according to a Cerulli report.
Macroeconomic headwinds that affected markets globally last year resulted in broad South Korea fund industry assets plunging 5.8 per cent to Won341tn ($261bn) from Won361.9tn in the previous year, data compiled by Cerulli show.
By contrast, ETFs fared much better during the period, realising a 6.1 per cent increase in assets from Won74tn in 2021 to Won78.5tn.
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Source: ft.com
Priority Reforms Key for Sustaining Growth and Achieving China's long-term goals-World Bank Report
June 14, 2023--China's economic activity bounced back in the first quarter of 2023 with the removal of mobility restrictions and a surge in spending on services. However, growth momentum has slowed since April, indicating that China's recovery remains fragile and dependent on policy support, according to Sustaining Growth through the Recovery and Beyond, the latest China Economic Update released today by the World Bank.
China's GDP growth is projected to rise to 5.6 percent in 2023, led by a rebound in consumer demand. Capital spending in infrastructure and manufacturing is expected to remain resilient. Meanwhile, external demand is expected to remain soft with weak global growth impacting exports.
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Source: worldbank.org
Adventure and Cultural tourism will deliver bigger returns for the Pacific: World Bank
June 14, 2023--The Pacific region has a unique opportunity to redefine its tourism industry and foster more inclusive and sustainable growth, according to a new report by the World Bank.
With the unprecedented disruptions caused by the COVID-19 pandemic, focusing on developing higher value tourism markets, such as adventure and cultural tourism, can provide Pacific governments and their private sectors with more environmentally and economically sustainable sources of growth.
By 2019, international arrivals in the Pacific had doubled over the two preceding decades, with the region attracting 1.8 million tourists, generating annual revenue of US$2.4 billion. Over that time this industry provided jobs for more than 71,000 people across the region, while contributing to reduced poverty and increased employment opportunities for women. In 2020 however, revenue dropped by 81 percent following region-wide border closures.
The Future of Pacific Tourism report, launched today, examines tourism trends and future opportunities in eleven Pacific Island countries-including the Federated States of Micronesia, Fiji, Kiribati, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu-before and after the pandemic. By examining these trends, the report offers new insights into the economic impacts of the tourism sector.
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Source: worldbank.org
CSOP AM ETF aims to profit from shift away from China factories
June 11, 2023--The fund will focus on India and south-east Asian retail as well as technology, cars and component producers
CSOP Asset Management is gearing up to launch what it claims will be Singapore's first exchange traded fund focusing on the technology industry across south-east Asia and India.
The fund firm is aiming to raise up to $30mn by June 20, when the ETF will officially list on the Singapore bourse, with a longer-term goal of hitting $100mn in assets within the first year.
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Source: ft.com
IMF Working Paper-Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency
June 9, 2023--Summary:
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements;
(iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
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Source: imf.org
IMF-Malaysia: 2023 Article IV Consultation-Press Release and Staff Report
June 1, 2023-Summary:
Malaysia registered a strong economic recovery in 2022, backed by its well diversified economy, sound policy frameworks, and commodity exporter status. While monetary policy started a gradual post-pandemic normalization, record costly spending on fuel subsidies broadly kept inflationary pressures suppressed in 2022.
Meanwhile, the new national unity government has signaled its commitment to the reform priorities outlined in the Twelfth Malaysia Plan (12MP) and the 2023 Budget to propel the economy toward net-zero greenhouse gas emissions and high-income status.
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Source: imf.org
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