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Japan’s Quest for Growth: Exploring the Role of Capital and Innovation-IMF Working Paper
December 17 2010--Summary: As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as increased investment by domestically-oriented firms. What policies could be adopted to help firms adjust to the imperatives of the post-crisis global economy and boost medium-term growth? Using disaggregated data, this paper investigates the determinants of investment and R&D spending by Japanese firms.
The results suggest that policies could usefully focus on four areas. First, raising the return on investment, including through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in innovative areas and more risk-based lending. And fourth, reducing excess leverage and supporting corporate restructuring to enable new investments to flourish.
Inflation is under control, says Chinese regulator
December 17, 2010--China is unlikely to face runaway price rises next year and Beijing has already had some success in reining in inflation, according to the country’s top banking regulator.
Analysts said Liu Mingkang’s remarks reflected Beijing’s official inflation forecast and helped explain why the government has not yet moved to raise interest rates, in spite of persistent and accelerating price rises in recent months.
HKEx Publishes Consultation Paper on Review of the Code on Corporate Governance Practices and Associated Listing Rules
December 17, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) published a consultation paper today (Friday) on proposed changes to the Code on Corporate Governance Practices (the Code) and certain Listing Rules relating to corporate governance.
“This consultation paper is part of our ongoing initiative to promote the development of higher corporate governance standards. Our proposed changes are also generally in line with international best practice,” said Mark Dickens, HKEx’s Head of Listing. “We also propose revising some Listing Rules that may be impractical or burdensome to the market or may not meet their intended corporate governance purpose.”
The Code was introduced in January 2005. Since then, market conditions locally and overseas have changed, and HKEx believes an update to the Code and the related Rules is warranted.
Under the proposals, some Code Provisions (CPs) have been promoted to Rules because of their importance and many Recommended Best Practices (RPBs) have been upgraded to CPs. While issuers are required to abide by the Rules, they continue to have the flexibility to comply with the CPs. If issuers decide not to adopt a CP, they must explain the reasons for the decision in their corporate governance report. For RBPs, issuers are encouraged, but not required, to state whether they have adopted them.
HKEx Publishes Consultation Paper on Proposed Changes to the Requirements for Listing Debt Issues to Professional Investors Only
December 17, 2010--Hong Kong Exchanges and Clearing Limited (HKEx) published a consultation paper today (Friday) on proposed changes to the requirements for debt securities for professional investors only (currently referred to in the Rules as listing by selective marketing.)
The proposals include:
Presenting the Rules in more accessible language.
Unifying the definition of professional investor in the Rules with the definition in the Securities and Futures Ordinance.
Removing provisions relevant only to retail investors from the eligibility requirements for applicants.
Replacing the current detailed disclosure requirements in listing documents with an obligation to include information that is customary for offers of debt securities to professionals. Existing requirements to include responsibility and disclaimer statements in prescribed forms and a statement limiting distribution of the offering circular to professionals will be retained.
Streamlining the application procedures for applicants and the vetting and approval procedures within the Listing Division.
Removing provisions relevant only to retail investors from continuing obligations.
HKEx Exchange to streamline its document requirements
December 15, 2010--The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has decided to amend the Listing Rules to remove the requirements for issuers to file printed documents with the Exchange. The Rule amendments will become effective on 1 January 2011.
The changes are part of our continuing efforts to streamline our document requirements and to reduce paper consumption” said Mark Dickens, the Head of Listing.
Under the amended Rules issuers will no longer be required to submit printed copies of various documents to the Exchange, including:
Financial reports;
Takeover documents;
Thai bourse revises SET50 & SET100 Index constituents for H1/2011
December 15, 2010--The Stock Exchange of Thailand (SET) has selected eligible securities as the constituents of the SET50 and SET100 indices for H1/2011 (January 1- June 30). The review was based on market capitalization for Q3/2010 and trading data of eligible securities during December 1, 2009 to November 30, 2010, SET Group Head, Products Business & Development, Ms. Kesara Manchusree said.
There are six newcomers in the SET50: BTS Group Holdings PCL (BTS), Dynasty Ceramic PCL (DCC), Kiatnakin Bank (KK), Robinson Department Store PCL (ROBINS), Sahaviriya Steel Industries PCL (SSI), and Sri Trang Agro-Industry (STA). There are also three newcomers in the SET100: Siam Global House PCL (GLOBAL), Kulthorn Kirby PCL (KKC), and Stars Microelectronics (Thailand) PCL (SMT)
The SET50 Index is composed of the top 50 eligible securities and the SET100 from the top 100, with 5 securities in the replacement list of each index.
For details on the selection criteria and method of calculation, please see www.set.or.th/set50 or call S-E-T Call Center 0 2229 2222
China bank to launch fund of funds
Decmber 15, 2010--China Development Bank, the state-owned lender that owns part of the UK’s Barclays Bank, is set to launch the country’s first private equity fund of funds in a sign of how rapidly the Chinese private equity industry is maturing.
With direct approval from the State Council, China’s cabinet, the fund of funds is scheduled to raise a total of Rmb60bn ($9bn), providing a huge boost to the burgeoning domestic private equity sector.
Wen brings finance to cement India ties
December 15, 2010--China has launched a bold financial plan to deepen its economic engagement with neighbouring India in a bid to strengthen ties between the world’s fastest growing large economies
On his first visit to New Delhi for five years, Wen Jiabao, China’s premier, said his 300-strong business delegation had struck $16bn worth of deals with Indian partners, underwritten by finance from Chinese banks
Change Of Name: CIMB FTSE Xinhua China 25 To CIMB FTSE China 25
December 14, 2010--Bursa Malaysia announces the change in the name of an exchange-traded fund (“Fund”):
Old Name: CIMB FTSE XINHUA CHINA 25
Old Stock Short Name : CIMBX25
New Name:CIMB FTSE CHINA 25
New Stock Short Name: CIMBC25
The Fund's units will be traded and quoted under the new name with effect from 9:00 a.m., Thursday, 16 December 2010. The stock number remains unchanged.
DB Global Equity Index & ETF Research: Asia Pacific ETP Market Weekly Review
December 13, 2010--Market Overview
There are 250 equity based ETFs in the Asia Pacific region with 346 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.34% of the whole market, whilst China has the largest market share by turnover with 38.45%.
There were six new listings, including one cross listing, last week. Samsung Inv Trust Mg launched an ETF on the Korea SE tracking the Maekyung FnGuid Core Consumer Index. Blackrock launched four ETFs tracking S&P/ASX Small Ord. Index, S&P/ASX 20 Index, MSCI Australia 200 and S&P/ASX Dividend Opp. Index, on Australia SE. BOCI - Prudential Asset Man Ltd cross listed an ETF on Taiwan SE tracking the SSE 50 China Index
Turnover
Monthly average daily turnover declined 6.7% in the last week. Turnover for the previous week was USD 1,383m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 252m accounting for 18.2% of total turnover.
Assets Under Management
AUM remained at about the same level in the previous week. AUM as of December 10th was USD 75.1 bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 7.8bn.
