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Korean Investment Corporation Selects FTSE Index Strategies for Diversification
June 14, 2011--FTSE Group (“FTSE”), the award winning global index provider, continues to expand relationships with top-tier asset allocators in Asia and is pleased to confirm that the Korean Investment Corporation (“KIC”) has selected three FTSE index strategies to help diversify its Public Markets investment program. KIC focused on three FTSE developed non market-cap weighted index strategies and is expected to implement some combination of these strategies in 2011.
KIC was established as Korea’s Sovereign Wealth Fund in 2005 with the principle mission to protect and grow capital with an appropriate level of risk for the wealth of future generations of the country. Assets under management were reported to be USD 37 billion as of end of 2010.
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Source: FTSE
India: Further reforms must ensure strong growth is long-lasting and benefits all
June 14, 2011-India’s economy has ranked among the best performers over the past decade, and poverty has been falling faster than in many other emerging economies. India now has the opportunity to move towards sustained and socially inclusive double-digit growth if the right policies are put in place, according to a new OECD report.
Presenting the Economic Survey of India in New Delhi, OECD Secretary-General Angel Gurría said: “Policymakers are to be commended on the remarkable catch-up achieved in recent years, making India one of main driving forces of the global economy.” He added: “The priority given to more socially inclusive economic growth is appropriate and further reforms are needed to achieve it.” Read speech.
To ensure strong growth continues and is sufficiently inclusive, the government needs to target public expenditure better on the poor. Although high growth has reduced poverty, progress could have been faster, the OECD says. Hundreds of millions of people still live below the official poverty line. Malnutrition and poor health are still widespread. Against this backdrop, the report advocates a strengthened welfare system and improved access to health care. Government spending on health is only around 1% of GDP - among the lowest rates in the world. Private health care provision is increasing but quality is highly variable. Better regulation and oversight is needed.
view the Economic Survey of India 2011
Source: OECD
JP Morgan and BlackRock have launched a Same Day Settlement platform in Asia Pacific
June 14, 2011--The Asian Same Day Settlement service, which is provided by JP Morgan's transfer agency business, will provide BlackRock's institutional clients based in Asia with the opportunity to process trades during Asian business hours and to receive the same day use of the funds.
The service will initially be available for BlackRock's two key USD cash funds, the ICS Institutional US Dollar Liquidity Fund and the ICS Institutional US Treasury Fund.
BlackRock head of International Cash Mark Stockley said the Asian Same Day Settlement service is intended to provide their institutional clients with greater flexibility.>read more
Source: BBR
IMF Working paper-ASEAN5 Bond Market Development: Where Does it Stand? Where is it Going?
June 13, 2011--Summary: Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this? And does this mean that domestic markets have not, in fact, developed? The paper argues that bond market growth has been held back by a sharp fall in investment rates, which has left firms with little need for bond borrowing.
Even so, markets have developed in other ways, to such an extent that substantial amounts of foreign portfolio investment have begun to flow into ASEAN5 bonds. These developments have important ramifications. With the investor base growing and infrastructure investment likely to rise, ASEAN5 bond markets could expand rapidly over the next decade, holding out the prospect that the region could finally achieve "twin engine" financial systems.
view the IMF Working paper-ASEAN5 Bond Market Development: Where Does it Stand? Where is it Going?
Source: IMF
China inflation at 34-month high on rising food prices
June 13, 2011--Inflation in China hit its highest level in 34 months despite the government's efforts to rein in rising prices.
Consumer prices in China rose by 5.5% in May, compared with the same month last year, according to the National Bureau of Statistics.
Food prices continued to be the biggest factor as they surged by 11.7%
The rising cost of food and commodities have pushed up the cost of living and become a hot political issue in China.
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Source: BBC.com
Bank of Korea Raises Benchmark Interest Rate to 3.25% to Tame Inflation
June 10, 2011-The Bank of Korea raised interest rates for a third time this year to rein in inflation that has exceeded its target range and curb record household debt.
Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3.25 percent from 3 percent, following quarter-percent increases in January and March, the central bank said in a statement in Seoul today. Kim said the decision was unanimous. Eight of 17 economists surveyed by Bloomberg News predicted the decision with the rest expecting no change.
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Source: Bloomberg
Overview of major banks' financial results as of March 31, 2011
June 10, 2011--Following the announcements by major banks, etc. of their financial results as of March 31, 2011, the FSA has compiled the figures, etc. announced by these banks
view the Overview of major banks' financial results
as of March 31, 2011
view the Financial Statements of Major banks; March 31, 2011
Source: FSA Japan
Turf lock on commodity ETFs
June 10, 2011-- The Securities and Exchange Board of India (Sebi) and the Forward Markets Commission (FMC) have reached an understanding that the capital markets regulator will not clear any more commodity asset-based exchange traded funds (ETFs) till they sort out their disagreement over who should regulate the product.
At present, ETFs come under Sebi’s purview.
The FMC, which is the regulator for the commodity futures markets, has argued that it has the right to regulate gold and silver exchange traded funds since the underlying asset is a commodity which comes under its bailiwick.
FMC chairman B.C. Khatua told reporters here today that the two regulators had agreed to resolve their differences through dialogue.
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Source: The Telegraph
SSE Fundamental Indexes to Be Launched(
June 9, 2011--To further enhance the SSE index family as well as to provide new analysis tool and underlying instrument for investors,
Shanghai Stock Exchange and China Securities Index Co Ltd announced that the SSE Fundamental Indexes are to be launched on July 1, 2011.
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Source: Shanghai Securities News
ASX launches free online ETF courses
June 9, 2011--The Australian Securities Exchange (ASX) has launched seven new and free online courses designed to help investors understand exchange-traded funds (ETFs).
ETFs and exchange-traded commodities (ETCs) invest in a portfolio of securities, providing investors with
diversification in a single transaction. They can be bought and sold on exchange just like shares. The expanding range of ETFs and ETCs allows investors to gain exposure to Australian companies, overseas stocks, listed property, currencies and precious metals, including gold.
Tony Hunter, ASX Head of Education, said: “The new ASX courses explain the essentials of investing in ETFs and explain how ETFs traded on ASX work.
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Source: ASX
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