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South Asia and Food Price Crisis
March 24, 2011--While South Asia navigated the financial crisis better than most regions, the region suffered the worst in terms of trade deterioration during previous food and fuel crises. With global food and fuel prices rising again, South Asia will be affected disproportionally. Regional inflation is already high and countries have limited fiscal space to maneuver.
About 75% of South Asia’s poor live in rural areas and agriculture sector employs about 60% of the labor force. The region has made enormous strides during and after green revolution in improving agricultural productivity. The revolution allowed the region to lift millions of people out of poverty. Agricultural growth during this period reduced poverty by raising farm incomes, increasing the demand for rural labor, and reducing food prices. In recent years, however, agricultural growth in South Asia has been less than 3%, far below the growth rates of other economic sectors.
The continuing increase in world food prices and the fact that the region is net importer of food has brought agriculture into focus in many South Asian countries.
view the
Food Price Increases in South Asia: National Responses and Regional Dimensions report
Source: World Bank
South Korea ETF Market May More Than Double, Samsung Asset Management Says
March 21, 2011--South Korea’s exchange-traded funds market may more than double in size within two years on increased investor demand, Samsung Asset Management Co. said.
The value of ETF assets in South Korea, the fourth-biggest market for the products in Asia, may expand to 15 trillion won ($13.4 billion), said Kim Dunam, head of the ETF management team at Samsung Asset, the nation’s biggest provider of ETFs. That compares with 6.6 trillion won currently, bourse data show.
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Source: Bloomberg
Impact of quake on Japan's growth likely to be 'temporary': 'Limited impact' on strong regional economy, says World Bank East Asia and Pacific Economic Update
March 21, 2011 –Japan’s real GDP growth will slow, but the slowdown will likely be temporary, as a result of the earthquake and tsunami and growth should start picking up after mid-2011 as reconstruction efforts get underway, says the World Bank in its latest East Asia and Pacific Economic Update released today. While it is still too early for a full assessment, Japan’s past experience suggests an accelerated reconstruction effort, and the short term impact on the economies of developing East Asia is likely to be limited.
The report, titled Securing the Present, Shaping the Future, was finalized in the weeks prior to the disaster in Japan. In new research prepared since the quake and tsunami struck Japan, the World Bank provides preliminary analysis on the implications for the region with a focus on trade and finance. However, the analysis points to uncertainties and ongoing challenges posed by the unfolding situation involving nuclear reactors in Japan.
"Clearly given Japan's importance in East Asia, the tragic events unfolding will be felt in the region. But it's far too early to give an accurate assessment of the likely damages,” said Vikram Nehru, World Bank Chief Economist for the East Asia and Pacific region. "At this stage, we expect the economic impact of this disaster on the East Asian region to be fairly short-lived. In the immediate future the biggest impact will be in terms of trade and finance. We expect growth in Japan will pick up as reconstruction efforts accelerate."
view report-East Asia and Pacific Economic Update - Securing the Present, Shaping the Future
view the The recent earthquake and tsunami in Japan: implications for East Asia
Source: World Bank
Intervention pulls yen back from record high
March 18, 2011--The yen fell sharply from a record high against the dollar this week after the Group of Seven richest nations committed to intervene together to sell the currency.
This represented the first such co-ordinated intervention since major central banks joined forces to support the euro in 2000.
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Source: FT.com
Junk-rated loans and bond deals pulled amid Tokyo jitters
March 17, 2011--Around $11bn of junk-rated corporate loans and bond deals have been cancelled amid heightened market volatility and rising borrowing costs after the earthquake and tsunami in Japan last week.
Spreads on the Bank of America Merrill Lynch index of high-yield bonds – a benchmark for junk bond prices – have widened around 30 basis points since last Friday to 516bp over US Treasuries, back to levels from mid-January
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Source: FT.com
Goldman Sachs Just Bought An Indian Fund Manager That Specializes In ETFs
March 16, 2011--Goldman Sachs Asset Management has purchased an India-based money manager, Benchmark Asset Management.
Benchmark is a "big provider of exchange-traded funds," according to the WSJ, and has about $700 million AUM.
BAM's main portfolio is gold exchange-traded funds.
No concrete details are known about the terms of the acquisition, including the big question -- how much are they paying -- but it's supposed to close this year.
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Source: Business Insider
Eleven KRX Listed Companies Included To FTSE4Good Global Universe
March 16, 2011--According to FTSE, eleven KRX listed companies will be newly included to the FTSE4Good Global Universe after the index company performed annual review of its indices: Amorepacific Corp., Samsung Electro-Mechanics, KB Financial Group, Busan Bank, Dongbu Insurance, Daegu Bank, Halla Climate Control, Hyundai Hysco, Woongjin Coway, Daum Communications, and NHN.
Those South Korean companies that are listed on KOSPI Market, the main board of the KRX, met the constituent criteria of the index, which is designed to measure the performance of companies that meet globally recognized corporate responsibility standards and to facilitate investment in those companies. The changes will be effective from close of business on March 18, 2011.
Source: KRX
Indonesia Economy: Good first quarter in 2011 but risks lie ahead
March 16, 2011 - Indonesia’s economic development during the first quarter of 2011 seems to be a déjà vu of 2008. Strong economic momentum coupled with a rise in commodity prices resembling conditions three years ago is why the World Bank’s first Indonesia Economic Quarterly for 2011 is titled “2008 Again?”.
The report launched at the Paramadina Graduate School on March 16 has two main messages. First, Indonesia’s economy is growing strong, exceeding expectations made in the fourth quarter of 2010 and well above the average for the last ten years. World Bank growth forecast for 2011 has been upgraded to 6.4 percent, with a possibility of further increase to 6.7 percent in 2012. Balance of payments inflows are strong, foreign direct investment has increased, reaching record levels.
The second main message from the report, despite this bright outlook, Indonesia should take note of risks that lie ahead. Many global commodity prices are back at or above their 2008 peaks. Shubam Chauduri, Lead Economist of World Bank Indonesia, explained that a rise in commodity price may bring a positive impact to the country’s GDP as a whole because Indonesia is a commodity economy. “However, risks lie for poor households who may be greatly affected by the sharp increase of living costs,” he warned. Rising food price inflation also pose a risk to progress on poverty reduction. Shubham added, at the global level the World Bank estimates that recent rises in food prices will lead to 44 million more people entering poverty.
read moreview the IMF Working paper-Indonesia economic quarterly : 2008 again?
Source: World Bank
Asian Hedge Fund Assets Rise 15% To US$152.3 Bln In 2010
March 15, 2011--Asian hedge funds' assets grew 15% in 2010 to US$152.3 billion, as liquidity flowed into the region, according to a survey conducted by trade publication AsiaHedge. Last year, hedge fund asset growth in Asia in the second half was double growth in the first half, AsiaHedge said in a statement Tuesday.
The allocations have gone not just to large international hedge fund brand names with Asia investments, but also to a much wider base of home-grown Asian managers. "Several of the post-crisis start-ups had built up decent track records by mid-2010, and were well poised for gaining these allocations as the capital moved back into Asia," says Aradhna Dayal, editor of AsiaHedge in Hong Kong. "The result has been nothing short of a cascading effect and many of the mid-size funds have seen very quick scale-ups in the second half of 2010. Hong Kong emerged as the top location choice for Asian hedge funds last year, according to the statement.
Source: Wall Street Journal Interactive
SSE Urges Members to Better Investor Protection
March 15, 2011--The Shanghai Stock Exchange (SSE) has recently announced the result of self-examination and visiting research on its members' investor education efforts, which aims to urge its member units to earnestly implement relevant business requirements and share the experience and practical measures of investor education.
Respect for and realization of investors' legitimate rights and interests, including the right to know and the right to choose, are directly related to the implementation of relevant requirements of regulators as well as the efforts in investor suitability management, investor education and customer service by the securities companies and their business departments, which are the backbone of the front-line investor education efforts. The self-examination and visiting research on investor education initiated by the SSE is designed to strengthen the management over and standardize the operation of its members for better investor protection. On the one hand, members of the SSE were urged to well perform their duties to improve investor education and service quality. On the other hand, qualified investors cultivation was speeded up by exploring effective investor education modes and measures, enhancing working experience summarization and communication, and pooling industry-wide efforts.
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Source: Shanghai Stock Exchange (SSE)
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