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Thailand to cool inflows with bond tax
October 12, 2010--Thailand is introducing a tax on foreign holdings of bonds, the latest in a string of attempts by emerging economies to curb destabilising capital inflows amid fears of a global currency war.
The Thai cabinet on Tuesday imposed a 15 per cent withholding tax on capital gains and interest payments for government and state-owned company bonds, a clear signal that it would take tough measures to curb inflows of “hot money”.
A surge of money into Thailand has driven the baht to its highest against the dollar since just before the Asian crisis of 1997-1998.
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Source: FT.com
South Africa's Standard Bank (SBKJ.J) said on Monday it will act as the first metal provider, participating dealer and market maker for a Hong Kong-based firm that plans to launch a new gold exchange-traded fund ( ETF).
October 11, 2010--The Value Gold ETF, to be listed on the Hong Kong Stock Exchange, is expected to be launched in early November, subject to final approval by regulators, Standard Bank said in a statement.
An official at Sensible Asset Management, a joint venture between China's Ping An (2318.HK) and Value Partners, which manages the fund, declined to comment.
The underlying physical gold would be held at Hong Kong's Precious Metals Depository, Standard Bank said.
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Source: Reuters
OSE Partners With GlobeNewswire for the JASDAQ Market
Partnership to Boost NASDAQ OMX Corporate Solutions and JASDAQ Client Services
October 11, 2010--Osaka Securities Exchange Co., Ltd (OSE), operator of the JASDAQ market, and The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced a strategic alliance for OSE to be the first Asian exchange marketing partner of GlobeNewswire (GNW) and the NASDAQ OMX suite of products. OSE and NASDAQ OMX will further explore adding additional services to this mutually beneficial partnership.
The partnership allows OSE to implement new corporate services for JASDAQ listed companies to support their globalization efforts, while providing expanded opportunity for NASDAQ OMX to further target the burgeoning Asian market. This alliance will build upon NASDAQ OMX's established presence in the region, and will further its goal of providing the technology that enables communication worldwide.
The GNW service allows JASDAQ listed companies to broadcast their corporate information to major US news distribution channels (such as Dow Jones, AP, The Wall Street Journal, Bloomberg, New York Times, Yahoo! Finance, and Google, AOL, etc.) while delivering corporate information to more than 80 countries worldwide. GNW also enables JASDAQ listed companies to reach customized targets, focusing on specific regions and industries.
OSE will operate a "NASDAQ Service Desk" in the JASDAQ division at its Tokyo Branch, to assist JASDAQ listed companies with this new distribution product offering.
"The partnership with OSE marks another step in GlobeNewswire's plan to bolster Corporate Solutions across Asia while providing JASDAQ listed companies the ability to reach a broader international audience," said Demetrios N. Skalkotos, Senior Vice President of Global Corporate Services, NASDAQ OMX.
"One of our main focuses at JASDAQ is internationalism. Our partnership with GNW will provide our clients with better worldwide communications than ever before, further enhancing our service offerings and creating a more attractive market for our listed companies," said Manabu Matsumoto, Deputy of President, OSE.
Source: NASDAQ OMX
Vanguard Investments launches property ETF
October 11, 2010--Vanguard Investments Australia has announced the expansion of its range of exchange-traded funds (ETFs) by launching the Vanguard Australian Property Securities Index ETF (VAP).
VAP will join the Vanguard Australian Shares, All World ex-US shares and US Total Market Shares Index ETFs seeking to track the S&P/ASX 300 A-REIT Index.
Robyn Laidlaw, Vanguard’s ETF product manager, said in an environment where costs are playing an increasingly important role, investors are “gravitating toward transparent investment options at minimal cost”.
VAP is a share class of Vanguard’s Australian Property Securities Index Fund, which was established in October 1998 with over $2 billion in funds under management.
Source: Money Management
Formulation of “Action Plan for Invigoration, etc. of Financial/Capital Markets and Financial Industry
October 8, 2010--The Financial Services Agency (FSA) is set to work in earnest to formulate the “Action Plan for the Invigoration, etc. of Financial/Capital Markets and Financial Industry”, which is “one of the matters to be implemented in FY2010” in the timetable of the New Growth Strategy (Cabinet Decision dated June 18, 2010), according to the policy described below.
[Reference] Timetable of New Growth Strategy (Cabinet Decision dated June 18, 2010)
VII. Financial Strategy
2. Financial sector that supports growth and also attains self-growth
(1) Establish Japan’s status as a main market in Asia
Formulate an action plan for the invigoration, etc. of financial/capital markets and financial industry.
1. The financial sector is expected to fulfill the following roles in economic growth:
(1) Back up and support real economy and enterprises; and
(2) Lead economy as a growing industry itself.
2. By the end of the year, the FSA will formulate an action plan that summarizes the measures to be taken in the future to develop an environment for Japan’s financial sector to properly fulfill the two roles described above.
view Agendas of Action Plan
Source: FSA Japan
JSE ends lower on strong dollar vs euro
October 7, 2010--China sold a record $24.3bn in short-term Japanese bills in August, suggesting that their hefty buying earlier this year was not aimed at diversification into the yen as some had speculated.
Chinese investors had bought a net Y2,300bn in Japanese bills and bonds between January and July.
The surge in bond buying had triggered speculation China may be diversifying its foreign reserves away from the euro and the dollar, adding to concerns about a recent surge in the Japanese currency that is threatening Japan’s fragile economic recovery.
| Code | 1547 (ISIN JP3047260009) | 1548 (ISIN JP3047270008) | 1549 (ISIN JP3047280007) |
| Name | Listed Index Fund US Equity (S&P500) | Listed Index Fund China H-share (Hang Seng China Enterprises) | Listed Index Fund S&P CNX Nifty Futures (India Equity) |
| Trading Unit | 10 units | 10 units | 10 units |
| Underlying Index | S&P 500 | Hang Seng China Enterprises Index | SGX S&P CNX Nifty Index Futures |
With these listings, there will be a total of 96 ETFs listed on the Tokyo market, bringing us closer to the goal of 100 listed ETFs by the end of fiscal year 2010, as laid out in the Medium-Term Management Plan. The TSE will continue working to diversify the ETF market and improve the convenience of our market for all investors.
Source: Tokyo Stock Exchange
HSBC Plans Its First Persian Gulf Shariah ETFs This Year: Islamic Finance
October 6, 2010--HSBC Holdings Plc, the second-largest underwriter of Islamic bonds, plans to start its first Shariah- compliant exchange traded funds in the Persian Gulf, a region that is struggling to lure international investors.
ETFs may help local markets attract some of the $49.4 billion that EPFR Global says poured into emerging market stock funds this year. Restrictions on foreign participation in Gulf markets range from bans to caps on ownership. Investors have sidestepped most countries in the Middle East and North Africa during a recent surge in capital inflows to emerging markets because of debt restructurings, the International Monetary Fund said in a report released yesterday.
The funds will give overseas investors greater access to the region’s markets, Razi Fakih, deputy chief executive officer of HSBC’s Islamic unit in Dubai, said in a telephone interview Oct. 5. National Bank of Abu Dhabi PJSC started the Gulf’s first non-Shariah compliant ETF in March, followed by Falcom Financial Services’ Islamic fund in Saudi Arabia that month.
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Source: Bloomberg
Wen warns against renminbi pressure
October 6, 2010--Forcing Beijing to revalue its currency would lead to a “disaster for the world”, Wen Jiabao, China’s premier, has warned amid increasing tensions over efforts by governments and central banks to hold down their exchange rates.
Speaking in Brussels, Mr Wen hit back at international criticism of China’s currency policy, saying that acceding to demands for a faster rise in the renminbi could cause social unrest in China.
“Do not work to pressurise us on the renminbi rate,” Mr Wen said, departing from prepared remarks. He said Chinese export companies had very small profit margins, which could be wiped out by actions such as the currency import tariffs the US Congress is threatening to impose.
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Source: FT.com
HK eclipses rivals as the place to list
October 6, 2010--The up-to-$20.5bn initial public offering of AIG’s prized Asian business is the talk of the town in Hong Kong, but alongside that juggernaut there are dozens of other companies flocking to list in the city.
So great is the wave of listings that Hong Kong is on track for the second year in a row to eclipse its rivals Shanghai, London, and New York as the world’s biggest centre for IPOs.
But as Hong Kong stock prices surge to within striking distance of their 2009 peak, sucking in more and more investors, there are concerns among some fund managers that the market is getting too hot.
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Source: FT.com
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