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Japan approves $182 bln economic package
December 5, 2013--Japanese Prime Minister Shinzo Abe's cabinet approved a $182 billion economic package on Thursday to pull the economy out of deflation, but doubts remain about the economic impact.The package has a headline value of 18.6 trillion yen ($182 billion), which is an exaggerated figure as the bulk of the package includes loans from government-backed lenders and spending by local governments that was already scheduled.
The core of the package is 5.5 trillion yen in spending measures Abe ordered in October to bolster the economy ahead of a national sales-tax hike in April, and the government does not have to sell new debt to fund this spending. The package has raised concerns that Japan's government has not broken away from the stop-gap measures and piecemeal policymaking that some say has hampered long-term growth. "Market participants want the government to focus even more energy on economic policy," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. "Some of these items, like reconstruction from the earthquake, were already scheduled and don't really constitute an economic strategy."
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Source: Todays Zaman
China bars banks from handling bitcoins
December 5, 2013--Bitcoins suffered a new setback after China's central bank said Thursday its banks and payment systems are barred from handling the virtual currency.
The central bank said bitcoins did not qualify as a currency but private individuals still are allowed to trade them at their own risk.
Bitcoins are created, distributed, and authenticated independently of any bank or government. Their relative anonymity holds out the promise of being able to spend money across the Internet without scrutiny.
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Source: Miami Herald
Singapore: Detailed Assessment of Implementation-IOSCO Objectives and Principles of Securities Regulation
December 5, 2013--EXCUTIVE SUMMARY
Overall compliance with the International Organization of Securities Commissions (IOSCO)
Principles is generally high, although the a ssessors identified some vulnerabilities which need to be resolved. The Monetary Authority of Singapore’s (MAS') enforcement philosophy as regards securities markets and the financial intermediaries active therein is cogent,
outcomes-focused and well developed.
Its enforcement statistics indicate that it has a
reasonable success rate in the cases it brings.
The Securities and Futures Act (Cap. 289) (SFA) provides an effective framework to enable
the sharing of information and cooperation between MAS and foreign regulators on supervisory and enforcement matters. There is a reasonable level of protection of sharehol
ders in Singapore and accounting and auditing standards are high.
Singapore devotes considerable resources to ensuring that its standards and their application match global best practice. The regulation of collective investment schemes places strong emphasis on MAS’s gatekeeper role and MAS seeks to ensure that it is well informed about all sectors of this market including hedge funds managed from and offered for sale in Singapore.
Self-regulationby exchanges remains an integral part of the regulatory framework. There are no restrictions on foreign firms operating in Singapore. although the a ssessors identified some vulnerabilities which need to be resolved. The Monetary Authority of Singapore’s (MAS') enforcement philosophy as regards securities markets and the financial intermediaries active therein is cogent, outcomes-focused and well developed. Its enforcement statistics indicate that it has a reasonable success rate in the cases it brings. The Securities and Futures Act (Cap. 289) (SFA) provides an effective framework to enable the sharing of information and cooperation between MAS and foreign regulators on supervisory and enforcement matters. There is a reasonable level of protection of shareholders in Singapore and accounting and auditing standards are high. Singapore devotes considerab le resources to ensuring that its standards and their application match global best practice. The regulation of collective investment schemes places strong emphasis on MAS’s gatek eeper role and MAS seeks to ensure that it is well informed about all sectors of this ma rket including hedge funds managed from and offered for sale in Singapore. Self-regulation by exchanges remains an integral part of the regulatory framework. There are no restrictions on foreign firms operating in Singapore.
CASS: 2013 economic blue book published
December 5, 2013--China's top think tank published its Economic Blue Book in Beijing on Wednesday. The book suggests the government should maintain a stable fiscal policy and prudent monetary policy next year despite expectations for slower economic growth.
Allowing a slower but healthier growth rate-that's the message from the annual economic blue book released by the Chinese Academy of Social Sciences
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Source: cntv.cn
PSE eyes more products to sustain stock market's growth momentum
December 4, 2013--The operator of the country's sole stock seeks to sustain the growth momentum in market activity through investor-friendly rules and products.
The newly-introduced Philippine Stock Exchange (PSE) and the Singapore Exchange (SGX) index futures and soon-to-be-launched shariah list, as well as several new rules will stimulate investor appetite, its top official said.
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Source: The Philippine Star
SGX, HKEx to promote internationalisation of renminbi
December 4, 2013--Two of Asia's biggest exchanges, the Singapore Exchange (SGX) and the Hong Kong Exchanges and Clearing (HKEx) will cooperate to promote the internationalisation of the renminbi.
The Singapore Exchange (SGX) and the Hong Kong Exchanges and Clearing (HKEx) on Wednesday signed a memorandum of understanding (MOU) to leverage each other's strengths and capture more of Asia's growth.
Often compared and regarded as rivals, SGX and HKEx surprised the market with a new collaboration covering the areas of new technology, regulation, and joint product development.
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Source: Channel News Asia
China's consumer sentiment rises for 4th straight month
December 3, 2013--CHINA'S consumer sentiment rose for the fourth consecutive month in November, as optimism about the economy's future followed the recent pick-up in economic activity, a private report showed today.
The monthly measure of consumer confidence rose to 96.6 in China last month from 95.7 in October, posting the highest reading since June, Market News International (MNI), a unit of Deutsche Boerse Group, said in a report today.
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Source: shanghaidaily.com
First domestic ETF climbs on market debut
December 2, 2013--The country's first ever domestic exchange-traded fund (ETF), which aims to track the country's main stock market index, climbed nearly 1 percent on its market debut on Monday, defying recent weakness in the broader market.
First Metro Philippine Equity Exchange Traded Fund Inc was up 0.8 percent in morning trade against its net asset value per share of 99.20 pesos. The Philippine Stock Exchange's 30-stock main index was up around 0.1 percent at noon break.
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Source: Manila Bulletin
Bosera AM targets globall, HK expansion
The HK subsidiary is set to list offshore renminbi ETFs in Hong Kong and New York and is in talks with global partners. It is also seeking to double its staff in Hong Kong to 40.
December 2, 2013--The offshore arm of Chinese fund house Bosera is to launch RQFII exchange-traded funds in Hong Kong and New York, while it is also in partnership talks with institutions in Europe and the US.
Bosera Asset Management(International)'s global expansion drive comes as it sets out to double the size of its Hong Kong team to 40 through the addition of investment and sales staff.
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Source: Asian Investor
SSE: Five Measures for Reform of New Share Issuance
December 2, 2013--On November 30, the China Securities Regulatory Commission (CSRC) issued the "Opinions on Further Propelling the Reform of the New Share Issuance System" (the "Opinions" for short). After learning and discussing the "Opinions", cadres and employees of the Shanghai Stock Exchange (SSE) said that the "Opinions", which embodied common concerns of all market participants and absorbed all the wits of market players, would exert significant transformational influence on the reform and development of the capital market, and consolidate the institutional foundation for the sound growth of the capital market.
The SSE spokesman said that the "Opinions" responded in the field of the capital market the major viewpoint of "We should make markets play decisive roles in allocation of resources" put forward at the 3rd plenary session of the 18th CPC Central Committee. The "Opinions" took "New Share Issuance" as a key point to trigger the reform and development of the capital market. With the fundamental orientation of marketization and legal construction, the "Opinions" for the first time combed the significant relation between the government and the market in new share issuance. In the principle of "Each party of the market has fulfilled their functions", the "Opinions" considerably enriched and perfected the contents and measures for the construction of the new share issuance system. With an aim to protect legal rights and interests of investors, the "Opinions" propelled the capital market to stress the concept of value investing and revitalize the investment function.
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Source: Shanghai Securities News
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