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Bursa Malaysia Scores Another First With Inaugural Foreign Sukuk Listing By GE Capital
November 30, 2009--Bursa Malaysia today announced the inaugural foreign listing of USD500 million sukuk issued by GE Capital. The five-year Islamic bond is structured based on the globally accepted Shari'ah principle of Sukuk Al Ijara.
Dato' Yusli Mohamed Yusoff, Chief Executive Officer of Bursa Malaysia said, "The offering of sukuk by GE Capital is in line with our efforts to internationalise Bursa Malaysia as the Islamic investment centre. We are very excited to witness the first foreign sukuk listing on Bursa Malaysia and hope to see more foreign issuance of bonds or sukuk listed here in the near future."
Bursa Malaysia registered its first sukuk listings by Petronas and Cagamas in August this year.
Malaysia is known to be the world's largest sukuk issuance centre where more than 60% of sukuk outstanding globally are originated here. It hosts the world's largest sukuk market at an estimated USD66 billion as at end of June 2009, and remains a key driver of growth for the Malaysian Islamic market.
Source: Bursa Malaysia
Changes in Handling of Stock Prices Used for Indices and Revise the start time of index calculation
November 30, 2009-Changes will be made to the handling of stock prices used for indices in conjunction with amendments to the trading rules coinciding with the launch of arrowhead scheduled for January 4, 2010 and revise the start time of index calculation.
Contents of the changes and revisions are as follows.
1. Details of changes
(1) Changes in Handling of Stock Prices Used for Indices
The following changes will be made to the handling of stock prices used for indices in conjunction with amendments to the trading rules coinciding with the launch of arrowhead scheduled for January 4, 2010.
Before changes:
(1) Special indicative price
(2) Contract price
(3) Base price for index calculations as obtained by the priorities shown below
a. Ex-rights theoretical price
b. The latest special indicative price up to the preceding day
c. The latest contract price up to the preceding day Any stock subject to a trading halt is included at the last price before the halt.
After changes:
(1) Special indicative price or sequential trade quote
(2) Contract price
(3) Base price for index calculations as obtained by the priorities shown below
a. Ex-rights theoretical price
b. The latest special indicative price or sequential trade quoteup to the preceding day
c. The latest contract price up to the preceding day
For more details of revisions to trading rules at the time of launching "arrowhead"
Source: Tokyo Stock Exchange
EU fails to win Chinese commitment to revalue currency
Novembre 29, 2009--The European Union failed Sunday to win a commitment from China for an "orderly and gradual appreciation" of its national currency, the yuan. Talks between a trio of EU financial leaders, Chinese Premier Wen Jiabao and the Chinese Central Bank and Foreign Ministry chiefs ended without agreement on the issue.
"I can't say that I am more optimistic than I was before," said Euro Group president Jean-Claude Juncker after the discussions in the eastern Chinese city of Nanjing.
"An orderly and gradual appreciation would be in the interest of China and the global economy," said Juncker, who is also prime minister of Luxembourg.
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Source: Earth Times
中国欧盟商会发布关于遏制中国工业产能过剩的研究报告
2009年11月26日。中国欧盟商会于11月26日发布了关于中国工业产能过剩问题的研究报告。这本名为《中国产能过剩研究—成因、影响和建议》的报告由中国欧盟商会与罗兰•贝格国际管理咨询公司共同合作完成，是第一本关注中国工业产能利用率问题的行业性报告。这本60页的报告详细分析了中国六大核心产业目前所面临的产能过剩问题，研究了其成因和影响。研究表明，中国政府最近实施的遏制产能过剩的政策是积极的第一步。在华的欧盟商界认为中国在这方面应再接再厉，就此总结了中国欧盟商会1400多家会员企业的知识和经验，针对如何遏制这一问题，提供了数十条参考建议。
中国欧盟商会主席伍德克评论道：“我们的研究表明，产能过剩的影响是微妙而又深远的，影响着数十个行业，在中国乃至全世界范围内，破坏着经济的增长。在中国国内，过剩的产能降低利润率，阻碍创新，妨碍真正优秀的本土企业的涌现。而在国际上，产能过剩明显加剧了中国与其主要贸易伙伴间的贸易压力。这一研究的目的是提供解决方案，这不仅关乎广大中国企业及工业的发展，而且也有利于全球经济体系的完善。中国繁荣昌盛，我们所有人都获益匪浅。”
该研究报告总结指出产能过剩是抑制中国经济可持续发展的主要因素，阐述了产能过剩如何导致了经济资源的浪费、不良贷款的累积以及环境问题的加剧。研究进一步论证，某些行业内的过剩产能导致公司利润减少，用于研发的资金也随之缺乏，由此阻碍着中国的行业创新。研究同时表明，由于欧美各国的储蓄率上升、进口需求下降，产能过剩是中国目前与其贸易伙伴之间贸易压力加剧、反倾销案层出不穷的驱动因素之一。
在这些研究结果的基础上，针对如何通过转变政策重点，如何继续降低经济增长对投资和出口的依赖，《中国产能过剩研究—成因、影响和建议》总结出了数十条参考建议，其中包括：
下载调查报告完整版本，请点击： 中文版研究报告
Source: European Union Chamber of Commerce China
Overcapacity in China: Causes, Impacts and Recommendations
November 26, 2009--The European Union Chamber of Commerce in China launched a unique new study examining the impact and influence of industrial overcapacity in China on 26th November. Entitled Overcapacity in China: Causes, Impacts and Recommendations, the study is the first ever industry-led report on industrial capacity utilization in China and is published in partnership with Roland Berger Strategy Consultants. The sixty-page study offers a detailed analysis of the causes and effects of overcapacity across six key Chinese industries. The study has found that the recent measures taken by the Chinese authorities to curb overcapacity are a positive first step. However, the European business community in China sees further possibilities for improvement and drawing on the knowledge and experience of the European Chamber’s 1,400 member companies, provides a series of recommendations on how this problem can be curbed.
Said European Chamber President Joerg Wuttke, "Our study shows that the impact of overcapacity is subtle but far reaching, affecting dozens of industries and damaging economic growth not only in China but worldwide. Domestically, excess capacity squeezes profit margins, hampers innovation and prevents the emergence of true local champions, while on the global stage its influence is clearly seen in the rise in trade tensions between China and its major trading partners. This study, then, aims to offer solutions that will benefit not only Chinese companies and Chinese industry in general, but the whole global economic system. When China prospers, we all benefit."
The study concludes that overcapacity is a major factor holding back China's sustainable economic development and traces its impact as a driving force in economic resource waste, a rise in non-performing loans (NPLs) and environmental problems. The study further argues that excess capacity in certain sectors is holding back Chinese innovation by reducing company profits, meaning that less funding is made available for R&D. Moreover, as US and European savings rates rise and imports drop, the study findings show that overcapacity is one of the drivers of the current rise in trade tensions and anti-dumping cases between China and its trade partners.
View Report: Overcapacity in China: Causes, Impacts and Recommendations
Source: European Union Chamber of Commerce China
India could buy rest of IMF gold on offer
November 25, 2009--India is open to buying more gold from the International Monetary Fund following its purchase of 200 tonnes earlier this month, the Financial Chronicle newspaper said on Wednesday, helping to drive gold prices to an all-time high.
But India's central bank governor, Duvvuri Subbarao, declined to comment on whether the bank would buy more gold from overseas, however.
The paper said that subject to acceptable conditions, India's central bank could well buy the balance of the initial 403.3 tonnes, or one-eighth of the IMF's total gold holdings, that the Fund had planned to sell.
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Source: MineWeb
Sri Lanka buys 10 tonnes of IMF gold
November 26, 2009--The International Monetary Fund said on Wednesday it had sold 10 tons of gold to the Central Bank of Sri Lanka, using Monday's market prices for the transaction.
In a statement, the IMF said proceeds were equivalent to $375 million, adding the sale was part of 403.3 tons approved by its executive board in September 2009. The fund has already sold 202 tons of gold to the Reserve Bank of India and the Bank of Mauritius.
Media reports on Wednesday that India was open to buying more gold from the IMF helped push the price of gold to a record. Gold traded at $1,186.30 an ounce at 2 p.m. (1900 GMT) in New York.
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Source: MineWeb
DB Index Research -- Weekly ETF Reports -- Asia-Pacific
November 25, 2009--Highlights
Market Overview
There are 193 equity based ETFs in the Asia Pacific region with 252 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.39% of the whole market, whilst China has the largest market share by turnover with 48.01%.
There were 5 new listings in the last week. BGI listed 5 new ETFs on the Hong Kong Stock Exchange.
Turnover
Monthly average daily turnover declined 5.9% in the last week. Turnover for the previous week was USD 962m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 263m accounting for 27.4% of total turnover.
Assets Under Management
AUM declined 1.9% in the previous week. AUM as of Nov 23rd were USD 59.9bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker, managed by BGI, with AUM of USD 6.5bn
To request a copy of the report click here
Source: Aram Flores and Shan Lan -DB Index Research
Barclays Capital Launches Global Stimulus Fund
November 20, 2009--Barclays Capital, the investment banking division of Barclays Bank PLC and a leading provider of retail structured products globally, has launched the Global Stimulus Fund in Singapore on November 4, 2009.
The Fund aims to provide long-term capital appreciation by investing in a diversified pool of exchange traded funds (“ETFs”) comprising the Global Stimulus Portfolio (“Portfolio”).
The selected ETFs represent sectors and/or markets that are expected to appreciate in the long-term, including as a result of economic policies of governments globally.
Following the financial crisis, governments around the world have introduced large fiscal stimulus packages to aid in the recovery of the global economy. These packages include tax cuts and investments in various sectors to encourage continued workforce employment and consumer spending.
The Global Stimulus Fund’s investors have the potential opportunity to participate in the global recovery story. Barclays Capital estimates that global growth approached 4% in Q3 2009 and forecasts 4%-plus growth to be sustained in Q4 2009 and Q1 2010. This would represent one of the fastest periods of sustained growth in the past two decades.
The Fund’s broad coverage of ETFs under various sectors will provide investors with diversified portfolio risk and the advantages of continuous liquidity and transparency in pricing.
Indicative initial weights of sectors and/ or markets in the Portfolio
China banks prepare to raise capital
November 24, 2009-China’s banks are preparing to raise tens of billions of dollars in additional capital to meet regulatory requirements following an unprecedented expansion of new loans this year, according to people familiar with the matter.
China’s 11 largest listed banks will have to raise at least Rmb300bn ($43bn) to meet more stringent capital adequacy requirements and maintain loan growth and business expansion, according to estimates from BNP Paribas.
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Source: FT.com
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