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Bureaucrats told they can steal a little
August 10, 2012--A provincial minister in India's most populous state has sparked a scandal after suggesting to bureaucrats that they could "steal a little" if they performed well in their duties.
Shivpal Singh Yadav, in charge of housing and construction in northern Uttar Pradesh state, on Friday hastily withdrew the offer he made a day earlier during a meeting with government employees which was also attended by journalists.
Yadav is an uncle to the state chief minister Akhilesh Yadav, whose Samajwadi Party stormed into power on an anti-graft platform in elections held in graft-ridden Uttar Pradesh in March.
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Source: FIN24
Australian Ethical picks Russell Investments for administration
August 9, 2012--Australian Ethical Investment has chosen Russell Investments to provide administration for its fund.
Russell Investments, whose assets under management are currently A$155 billion globally and A$20 billion in Australia, will provide services such as processing contributions, making benefit payments and generally managing the administration of the fund for members.
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Source: Asset Servicing Times
India's shock fall in industrial output
August 9, 2012--India's industrial production contracted by a shock 1.8% from a year earlier in June, as manufacturing output shrank in Asia's third-largest economy, official figures showed on Thursday,
The data underscored the massive job ahead for India's new pro-market finance minister, P. Chidamabaram, who pledged this week to "restart the growth engine" of India's sharply slowing economy.
Manufacturing output, which accounts for three-quarters of the index of industrial production, fell 3.2% from a year earlier in June, according to the government data.
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Source: FIN24
Thailand to Modify SET50 Index Futures
August 8, 2012--Thailand's Futures Exchange (TFEX), part of The Stock Exchange of Thailand group, plans to modify its SET50 Index Futures and Options, as well as introduce Sector Index Futures in October
In particular, the contract specifications of SET50 Index Futures and Options will be modified. For SET50 Index Futures, the two nearest monthly contracts will be added on top of existing four quarterly contracts, resulting in six contract months in total.
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Source: Securities Technology Monitor
All derivatives contracts start trading as usual today
August 8, 2012--We deeply apologize to our market users and related parties for any inconvenience which may have been caused by yesterday's trading halt.
All derivatives contracts will soon start trading as per usual today.
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Source: Tokyo Stock Exchange (TSE)
Macro Matters-China CPI: Ready for a rebound!
August 8, 2012--China's headline CPI dropped to 1.8% in July from 2.2% in June. As we projected earlier, this is the bottom of the year, and headline CPI will rebound from this point. By the year-end, headline CPI will likely rise to about 3.5%, and China will enter negative real interest rate territory.
The rising headline CPI will squeeze room for further monetary easing, and we think the window for another interest rate cut is already closed. From this point, policy will have to weigh more on the fiscal side; particularly those public investment projects that help promote medium-term sustainable growth.
Headline CPI fell below 2% as we projected earlier, but will rebound from this point
view the China CPI: Ready for a rebound! report
Source: Mirae Asset Management
S.Korea to start taxing Kospi 200 futures, options in 2016
August 8, 2012--South Korea will start taxing popular stock price index options and futures transactions from 2016 as part of changes to tax rules following an annual review, the finance ministry said on Wednesday.
The government will levy a 0.001 percent tax on the value of Kospi 200 futures contracts and a 0.01 percent tax on the premiums for Kospi 200 option contracts starting Jan. 1, 2016, the Ministry of Strategy and Finance said in a statement.
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Source: Reuters
Shanghai eases ETF rules in expansion drive
August 8, 2012--The city's stock exchange moves to allow more than one ETF manager to track the same index to foster greater competition and sustainable market growth.
The Shanghai Stock Exchange (SSE) is striving to spur growth in its exchange-traded funds market by allowing several ETF managers to track the same index concurrently.
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Source: Asian Investor
TSE Base price and daily price limits for newly listing ETF(1574)
August 8, 2012--The base price, etc. of MAXIS TOPIX Risk Control (10%) ETF (Code: 1574), which are scheduled for initial listing on August 9
is as follows:
MAXIS TOPIX Risk Control (10%) ETF (Code: 1574)
[Trading Unit: 10 units]
Base Price JPY 1,000
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Source: Tokyo Stock Exchange
SSE Releases "Guidelines for Development and Innovation of Fund Products"
August 8, 2012--With a view to implementing the requirement of Chairman Guo Shuqing for promoting fund management companies to accelerate the transition to modern wealth management institutions and supporting them to develop fund products meeting risk return demands of different investors in a market-oriented and customer-centered approach, the Shanghai Securities Exchange (SSE) has recently published and implemented the "SSE Guidelines for Development and Innovation of Fund Products" after having solicited opinions from fund companies for several times.
The guidelines will ease a restriction on the development of only one ETF product for one index.
The Guidelines defines basic requirements and procedures for fund companies developing SSE-listed regular and innovative products to encourage and support them in product development and business innovation.
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Source:Shanghai Securities News
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