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Bursa Malaysia Extends CBRS Research Scheme To Address Market's Need For Investment Information - Listed Companies Covered Under CBRS To Enjoy Greater Profiling And Visibility
Listed companies covered under CBRS to enjoy greater profiling and visibility
October 20, 2010--CMDF-Bursa Malaysia Research Scheme (CBRS) has embarked on its third phase this month after a successful run since its inception five years ago. CBRS, which is open to participation by all companies listed on Bursa Malaysia, is aimed at ensuring that under-researched companies get adequate research coverage by analysts. This will ultimately support the Exchange's continuous call to facilitate informed investing via wider research coverage.
Bursa Malaysia's Chief Executive Officer, Dato' Yusli Mohamed Yusoff said, "Research coverage has an impact on trading activity and liquidity as it plays an important role in conveying the company's growth and business plans. As the market places high regard for research reports, we see the value of companies being researched having better opportunities of gaining investor attention."
The market feedback for the scheme has been positive with requests for more in-depth coverage. The CBRS reports will contain analyses and views on company fundamentals including industry prospects, its business and management, performance, earnings outlook and competitive landscape. This will give investors better appreciation of its content while facilitating comparison where applicable.
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Source: Bursa Malaysia
Axis Mutual Fund launches Axis Gold ETF
October 20, 2010--Axis Mutual Fund has launched Axis Gold ETF, an open ended Gold Exchange Traded Fund. The scheme offers investors the opportunity to invest in Gold without actually bearing the risk of storage and safekeeping. Investors will get 99.5% purity at prevailing market prices.
The investment objective of the Scheme is to generate returns that are in line with the performance of gold. Domestic price of gold will be the benchmark for the scheme.
Mr. Rajiv Anand, MD & CEO, Axis AMC while speaking about Axis Gold ETF said, “We endeavour to offer the entire spectrum of products to our investors to choose from. We have tried to gradually add to our bouquet of products ranging from fixed income, equity, hybrid and now gold. Axis Gold ETF is an effective investment instrument to diversify the portfolio.”
The New Fund Offer (NFO) open for subscription from October 20, 2010 to November 03, 2010. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.
During New Fund Offer period, each unit of the scheme will be issued at a face value of Rs 100 plus premium equivalent to the difference between the allotment price & the face value of Rs 100.
The minimum application amount during NFO for retail investor is Rs 5000 and in multiples of Rs 1 thereafter. For Authorized Participants: 1 kilogram (KG) gold per application and in multiples of 1 kilogram (KG) gold thereafter. The gold should be of finesses of 995 parts per 1000, i.e. 99.5%. Post the NFO period units of the scheme will be listed on the National Stock Exchange and can be traded like equity shares.
The entry and exit load charge will be nil for the scheme.
The scheme will allocate 95% - 100% of assets in gold with medium risk profile. It would further allocate upto 5% of assets in money market instruments with low to medium risk profile. The cumulative gross exposure through gold, money market instruments and derivative positions, if any, shall not exceed 100% of the net assets of the scheme. Cash or cash equivalents with residual maturity of less than 91 days shall be treated as not creating any exposure.
The schemes performance will be benchmarked against Domestic Price of Gold.
The scheme will be managed by Anurag Mittal.
Source: Money Control
China's economic growth slows to 9.6%
October 20, 2010--China's economic growth slowed to 9.6% in the third quarter from the same period a year earlier, the National Bureau of Statistics reported Thursday. The result compared to 10.3% growth in the second quarter
and was just slightly above a 9.5% average forecast from a survey reported by Dow Jones Newswires. Consumer prices for September rose 3.6% year-on-year, as expected by the Dow Jones survey, ticking up from a 3.5% gain in August. Producer prices were up 4.3%, matching August's increase and coming in above a 4.1% forecast.read more
Source: FT.com
East Asia and Pacific Economic Update - Robust Recovery, Rising Risks October 2010
October 19, 2010--KEY FINDINGS
A ROBUST RECOVERY
Developing East Asia’s growth has rebounded rapidly. Output has recovered to above pre-crisis levels throughout the region, expanding at near pre-crisis rates in some countries. Real GDP growth is estimated to rise 8.9% in 2010, up 0.2% from our previous forecast, and in line with the average growth rate during 2000-2008.
China remains the regional leader with an expansion of 9.5%. For the first time in a decade, five other countries are projected to expand by 7 percent or more (Thailand, Malaysia, Lao PDR, Mongolia, and PNG). Private sector investment is driving growth again, confidence is on the rise, and trade flows have returned to pre-crisis levels.
With output gaps closing and private investment recovering strongly, authorities in most East Asian countries are cautiously unwinding their stimulus measures. Fiscal deficits are likely to remain higher than before the crisis, at least for a while. Their gradual reduction over time allows the authorities to address infrastructure gaps made more urgent by the crisis and maintain social safety nets to protect the poor, and provides an appropriate defense against subdued prospects for advanced economies.
...WITH RISING RISKS
Capital inflows have risen sharply this year, driven by abundant global liquidity in search of yield, combined with expectations of stronger growth in the region than abroad.
read more of the press release
view executive summary-October 2010 East Asia and Pacific Economic Update
view the full report-Robust Recovery, Rising Risks
Source: World Bank
ADB Prices First International Renminbi Bond
October 19, 2010-- The Asian Development Bank (ADB) today priced the first international bond denominated in renminbi. The bond, issued in Hong Kong, China, carries a 10-year bullet maturity and will provide a critical long-term pricing reference for other borrowers.The bond received strong investor demand and was more than 2 times oversubscribed, leading ADB to increase the size of the issue from CNY1 billion to CNY1.2 billion.
Since the People's Republic of China (PRC) sanctioned sales of renminbi-denominated bonds in Hong Kong, China in 2007, there have been about 30 issues of bonds and Certificates of Deposit totaling approximately CNY49 billion. Most bonds issued so far have had a tenor of 2 to 3 years with the longest maturity being 5 years. ADB's issue also marks the first offshore renminbi bond from a "AAA" rated entity and the first by a supranational borrower.
"This bond will act as a useful benchmark for other potential borrowers, helping develop the offshore renminbi bond market into an important source of funding for borrowers as well as an investment destination," said Bindu Lohani, Vice President (Finance and Administration) at ADB.
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Source: Asian Development Bank (ADB)
China feels strain in rush to save energy
October 18, 2010--To understand China’s current energy-saving frenzy, look no further than a recent cartoon: A black-sleeved arm marked “energy target” presses down on a terrified little official, who in turn yanks on a lever to cut electricity supplies to citizens and businesses alike.
“Under this pressure, I have to apply the brakes and curb electricity,” the quaking official yells.
The caricature depicts the panic that China’s energy efficiency drive has instilled in local governments across the country, and the desperate measures they are taking as a result.
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Source: FT.com
Thailand an ideal gateway to India and China
October 18, 2010--When Nissan held a ceremony at its car plant outside Bangkok in June it marked a milestone for Thailand’s export industry: for the first time a Japanese company would build a Japanese-designed vehicle outside Japan for export back to the home market.
Nissan’s decision to build the March compact car in Thailand is part of a growing trend for Japanese manufacturers to view the country not just as an outpost to serve the 550m people of south-east Asia, but also as a jumping-off point to make products for the vast and growing markets of China and India, as well as for Japan itself.
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Source: FT.com
BNY Mellon and the Shanghai Stock Exchange Collaborate to Bring BNY Mellon's DR Indices to China
BNY Mellon's DR Indices now available as the basis for Exchange Traded Funds in China
October 18, 2010--BNY Mellon, the global leader in asset management and securities servicing, and the Shanghai Stock Exchange (SSE), the principal exchange in the People's Republic of China, have signed a memorandum of understanding (MOU) to collaborate on exchange-traded funds (ETFs) based on the BNY Mellon Depositary Receipt (DR) Indices to be traded on the Shanghai Stock Exchange. The MOU grants exclusivity to the SSE for the listing of ETFs which utilize the BNY Mellon DR Indices as a benchmark within the People's Republic of China.
"Our innovative DR Indices are the basis for many 'first to market' ETFs representing the emerging and frontier markets," said Gregory Roath, head of Asia-Pacific for BNY Mellon's Depositary Receipts business. "The inclusion of Chinese single-listed ADRs in our indices will enable potential ETF sponsors to offer an investment product that includes offshore listed Chinese companies such as Baidu, Netease, Home Inns and Ctrip. These companies, which trade exclusively in DR form outside of China, are often left out of many other major indices."
BNY Mellon's Roath added: "An ETF product based on the DR Indices would enable Mainland Chinese investors to gain real exposure to foreign traded equities and allow them to trade these in Chinese renminbi on the principal Chinese exchange. Our DR Indices are an innovative and exciting product, and we are delighted to be leading the way in bringing them to the Chinese markets."
BNY Mellon offers the most comprehensive suite of DR indices, available to investors since 1998. As the only real-time index to track all American and global DRs traded on the New York Stock Exchange, NYSE Amex and NASDAQ, the BNY Mellon ADR Index has become a widely followed international benchmark. Calculated on a continuous basis throughout the trading day, the BNY Mellon ADR Index is capitalization-weighted and adjusted for free-float using Dow Jones' Indexes methodology.
Altogether, BNY Mellon produces over 140 indices reaching all corners of the world. They are divided into four families covering regions, markets, sectors and countries: the BNY Mellon ADR Index (U.S. exchange-traded), the BNY Mellon GDR Index (London exchange-traded (LSE)), the BNY Mellon DR Index (U.S. and LSE exchange-traded) and the BNY Mellon Classic ADR Index (U.S. exchanged-traded and OTC). The BNY Mellon Composite Depositary Receipt Index, the "Super Index," encompasses all types of DRs.
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
Source: BNY Mellon
Axis Bank launches Infrastructure Index
October 14, 2010--Axis Bank today launched the Axis Infra Index (AII), designed to convey a 'summary composite assessment' of investor confidence in infrastructure segments in the country. The Axis Infra Index is the first of its kind in India, intended to facilitate interpretation of capex, financial, policy, regulatory, tax and other associated developments which influence investor confidence. Trends in the Index signal the relative overall improvements in operating conditions and fundamentals of segments.
The index was launched here. Speaking on the occasion Mrs Shikha Sharma, MD and CEO, Axis Bank, said, ''Axis Bank is one of the largest institutions in the infra financing space, with deep experience in debt syndication, project advisory services and structured finance. Axis Bank has developed strong capabilities in understanding and acting upon the evolving complexities of the infra segments. The Axis Infra Index intends to encapsulate this experience to develop and launch a unified metric to track the activity level in the sector.'' Mr Varadarajan Srinivasan, Executive Director, Corporate Banking, Axis Bank, said, ''Axis Bank is eminently suited to interpret the quantitative and qualitative nature of the implications of regulations and policy governing the complex environment. As a Bank, we have the bandwidth and competence to understand the intricacies of the industry and our funding solutions are built taking into account the various sensitivities of each project.'' Infrastructure financing involves projects with large outlays having long gestation periods till revenue visibility, operating in a complex regulatory and policy environment.
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Source: New India123.com
Singapore widens currency trading band
October 13, 2010--Singapore’s central bank surprised markets on Thursday by widening the band in which it lets the Singapore dollar trade in order to cope with global market volatility, propelling the currency to a record high.
It also increased the slope of the trading band but kept the centre unchanged, sparking a rally in the Singapore dollar to as high as S$1.2886 per US dollar from S$1.30 before the announcement and adding to broader selling of the US currency.
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Source: FT.com
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