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'Shocked’ Indian Regulator to Review Initial Share Sale Rules
December 29, 2011-- India’s capital market regulator is reviewing the initial public offering process to stop companies from raising funds using falsified information, after seven firms were found to have violated rules.
The Securities and Exchange Board of India will take some “immediate measures” following its investigation into the seven IPOs, Chairman U.K. Sinha said today. The regulator barred the companies from raising more money from the capital markets, according to separate rulings posted on its website.
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Source: Bloomberg Business Week
China, Japan unveil deals to tighten finance ties
December 25, 2011--Chinese and Japanese leaders have unveiled initiatives to tighten financial links between East Asia's economic giants and sometime rivals - measures that could expand use of China's tightly controlled currency abroad.
During a visit to Beijing by Japanese Prime Minister Yoshihiko Noda, the two governments said in a surprise announcement Sunday they will encourage use of their own currencies in bilateral trade, which now is conducted mostly in US dollars. They also agreed to support the sale of bonds denominated in China's yuan by Japanese companies in Tokyo and foreign markets and by the state-owned Japan Bank of International Cooperation in mainland China's markets, which are closed to most foreign investors.
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Source: Todays Zaman
India set to launch infrastructure push
December 23, 2011--Manmohan Singh, India’s prime minister, is set to launch a fresh push to restart many of his nation’s most important stalled infrastructure projects.
The decision, taken at a meeting on Thursday of about a dozen big industrialists including Ratan Tata of the Tata Group and Mukesh Ambani of Reliance, follows concern over falling confidence levels in India’s slowing economy.
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Source: FT.com
China: EU carbon tax could spark trade war
December 22, 2011--China on Thursday criticised a decision by Europe’s highest court to charge airlines for carbon emissions on flights to and from Europe, calling it a “green barrier” that could spark a trade war.
“This is a trade barrier in the name of environmental protection and will strike a wide blow to passenger benefits and the international airline industry,” the state-run Xinhua News Agency said in a signed commentary.
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Source: FIN24
Japan forecasts 2.2% growth next year
December 22, 2011--Japan’s economy will expand 2.2% in the fiscal year starting in April, the government said on Thursday, as housing investment picks up following a devastating earthquake and as subsides spur consumption and capital expenditure.
The Cabinet Office issues economic forecasts in December for the following fiscal year, and its figures provide the basis for the government to compile its annual budget.
The government is expected to decide on its draft budget for fiscal 2012/13 in the coming days.
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Source: FIN24
Japan warns of economic standstill
December 21, 2011--Japan’s central bank offered a bleaker view of the economy and the government warned of worsening business sentiment as exports slumped, adding to evidence of the pain Europe’s debt crisis is inflicting on global growth and Japan’s recovery prospects.
But in a sign Japan’s tattered finances leave it with little room for more fiscal stimulus, Rating and Investment Information (R&I) stripped the country of its AAA status, the first downgrade by a domestic credit rating agency.
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Source: FIN24
Fukushima decommissioning to take 30-40 years
December 21, 2011--Japan said on Wednesday it aims to decommission the tsunami-stricken Fukushima nuclear power plant over 30-40 years, as it unveiled the next phase in its cleanup plan for the complex.
After months of efforts Japan said last week that the Fukushima reactors were in a state of cold shutdown, when water cooling them is stable below boiling point, and that radiation at the plant’s boundaries could now be kept at low levels.
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Source: FIN24
India holds rates steady on growth concerns
December 15, 2011--India's central bank held key interest rates steady Friday as it struggles to foster growth amid high inflation, disappointing businesses who were looking for more drastic action.
The Reserve Bank of India kept the short-term lending rate, or repo rate, at 8.5 percent and the reverse repo rate - the rate it pays to banks for deposits, at 7.5 percent. The bank also kept the cash reserve ratio for commercial lenders unchanged.
"Downside risks to growth have clearly increased," the bank said in a statement. "However, it must be emphasized that inflation risks remain high."
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Source: Todays Zaman
HKEx Plans to Start After-Hours Futures Trading in the Second Half of 2012
December 15, 2011--Hong Kong Exchanges and Clearing Limited (HKEx) will proceed with a revised version of its proposal and start after-hours futures trading (AHFT) in the second half of 2012 after market support was found in a consultation.
HKEx published today (Thursday) its consultation conclusions on AHFT. The consultation paper, which was published in May of this year, drew 455 responses comprising of submissions from Exchange Participants (EPs) / Clearing Participants (CPs), professional and industry associations, market practitioners and individuals.
More than three-quarters of the respondents (353 out of 455, or about 78 per cent) supported the proposal, including 67 futures market EPs which accounted for 80 per cent of Hang Seng Index futures and H-shares Index futures market trading in the first half of this year.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
HKEx to IntroduceHSI Volatility Index Futures on 20 February
December 15, 2011--Hong Kong Exchanges and Clearing Limited (HKEx) will introduce trading of HSI Volatility Index (VHSI) Futures on Monday, 20 February 2012.
The VHSI, which is compiled by Hang Seng Indexes Company Limited, measures the expected volatility of Hang Seng Index (HSI) over the next 30 days implied by HSI options prices. The VHSI is calculated based on the Chicago Board of Options Exchange’s Volatility Index (VIX) methodology with modifications, taking into account the trading characteristics of the HSI options market.
“VHSI is a direct reflection of the level of short term volatility in the Hong Kong stock market and VHSI Futures give investors a convenient and cost-effective way to hedge and manage volatility exposure,” said HKEx’s Head of Trading Calvin Tai. “We expect they will attract interest from investors and complement the existing options related investment products both in exchange traded and OTC markets.”
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
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