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OECD -Japan's economic outlook following the 11 March 2011 Earthquake
April 19, 2011--- The 11 March 2011 Great East Japan Earthquake was the strongest ever recorded in Japan and triggered the country’s worst disaster of the post-war era. The earthquake and accompanying tsunami resulted in an enormous loss of human life, as well as massive economic damage. A preliminary report by the government estimated the damage to social infrastructure, housing and private firms’ fixed capital at between 3.3% and 5.2% of 2010 GDP.
In addition to the usual risks related to the strength of world trade, exchange rates and commodity prices, there is great uncertainty about developments in Japan, including the duration of electricity shortages, the problems at the Fukushima nuclear plant and the size and timetable of government reconstruction spending. Consequently, the timing and strength of an economic rebound is exceptionally difficult to forecast.
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Source: OECD
Power Saving Action Plan At Tokyo Stock Exchange
April 18, 2011--Due to the impact of Great East Japan Earthquake, an extremely serious situation regarding the supply and demand of electricity is expected this summer. The government has announced a “Framework of Countermeasures for Supply and Demand of Electricity in Summer” to illustrate the fundamental perspectives and the direction for countermeasures related to supply and demand of electricity this summer.
The Tokyo Stock Exchange (TSE) will endeavor to continue assuring stabilized market operation, while also enacting countermeasures for power saving, such as turning down the lights and air conditioners in the office and the Arrows market center, in light of the circumstances above. The TSE will review operations including suspending Arrows tours, seminars and events on week days (seminars on holidays will be under consideration). The TSE is also planning to make comprehensive efforts such as encouraging its employees to take vacations in the summer, introduction of summer hours (moving forward of working hours(*)) and SETSUDEN biz (cool biz revised for saving power).
(*) The trading hours will remain the same as current hours.
Source: TSE
Power Saving Action Plan At Tokyo Stock Exchange
April 18, 2011--Due to the impact of Great East Japan Earthquake, an extremely serious situation regarding the supply and demand of electricity is expected this summer. The government has announced a Framework of Countermeasures for Supply and Demand of Electricity in Summer to illustrate the fundamental perspectives and the direction for countermeasures related to supply and demand of electricity this summer.
The Tokyo Stock Exchange (TSE) will endeavor to continue assuring stabilized market operation, while also enacting countermeasures for power saving, such as turning down the lights and air conditioners in the office and the Arrows market center, in light of the circumstances above. The TSE will review operations including suspending Arrows tours, seminars and events on week days (seminars on holidays will be under consideration). The TSE is also planning to make comprehensive efforts such as encouraging its employees to take vacations in the summer, introduction of summer hours (moving forward of working hours(*)) and SETSUDEN biz (cool biz revised for saving power).
(*) The trading hours will remain the same as current hours.
Source: TSE
Assets under Gold ETFs up nearly three fold
April 17, 2011--The Assets under Management (AUM) for Gold Exchange Traded Funds (Gold ETFs) has jumped nearly three-fold to Rs 4,400 crore during the last fiscal, which shows that appetite for buying virtual gold is slowly gaining popularity among domestic investors.
The assets under management (AUM) for Gold ETFs has grown to Rs 4,400 crore as on March 31, 2011, as compared to Rs 1,590 crore on the same day last year, according to data compiled by the Association of Mutual Funds in India (AMFI).
Investors in India, the world’s largest consumer of gold, have traditionally been buying physical gold. With steep rise in prices, some of them are shifting towards buying “virtual gold” i.e. Gold ETFs.
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Source: Business Line
China raises banks' reserves again
April 17, 2011--China's central bank said on Sunday that it would raise lenders' required reserves by 50 basis points, the seventh time since October.
The move increases the required reserve ratio for the country's biggest banks to a record 20.5%, another step in the government’s campaign to absorb liquidity and control inflation.
It will lock up about 350 billion yuan ($53.6bn) of cash that banks would otherwise be able to lend, making it an important tool for slowing money growth.
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Source: FIN24
China acts after inflation rises
April 15, 2011--China has imposed strict price controls on basic consumer items and is expected to allow faster appreciation of its currency in the coming months after annual inflation in the country reached its highest level in nearly three years in March.
In a speech this week to the governing State Council, Chinese Premier Wen Jiabao said Beijing would, along with other policy measures, “further improve the yuan exchange rate mechanism and increase yuan exchange rate flexibility to eliminate inflationary monetary conditions”.
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Source: FT.com
Money Managers in China Brew Own Hedge Fund Industry
April 15, 2011--China is taking baby steps to develop its hedge fund industry as domestic money managers rush to roll out products armed with the country's one-year-old derivatives market, creating a fertile ground for its own version of industry legends George Soros or John Paulson.
More hedging tools and growing demand from its nearly half a million millionaires will fuel China's home-grown hedge funds, boosting the prospects for the $380 billion asset management industry in the world's second largest economy, home to the second highest number of the rich in Asia.
Source: Reuters
China grows by 9.7%, inflation heating up
April 15, 2011--China said on Friday its economy grew at a robust but slightly slower pace in the first quarter of 2011 while inflation accelerated despite efforts to rein in soaring food and property prices.
Gross domestic product in the world's second-largest economy expanded by 9.7% on year in the first three months of the year, the National Bureau of Statistics said -- beating Dow Jones Newswires' estimate of 9.5%.
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Source: FIN24
HSBC marks Asia-Pacific ETF foray with Greater China funds launch
April 14, 2011--HSBC marked its foray into the Asian exchange traded funds market with the launch of a series of Greater China-focused funds, pitting itself against established players such as Blackrock and State Street Global Advisors.
Europe's largest lender, HSBC Holdings Plc , which has a significant presence in emerging markets, said in a statement that it would offer investors funds that track MSCI indexes in China, Hong Kong and Taiwan.
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Source: Reuters
Korean stocks outshine lacklustre Asia-Pacific
April 14, 2011--Seoul bucked the flat-to-lower trend across much of the Asia-Pacific region, taking the Kospi Composite index of South Korean stocks to a fresh closing high.
The Kospi index rose 0.9 per cent to 2,141.06, in spite of suffering an early sell-off related to options expiries. Its performance helped lift the FTSE Asia Pacific index by 0.2 per cent to 263.81.
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Source: FT.com
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