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Goldman Sachs to Acquire 100% of China Securities Joint Venture
December 8, 2020--Firm is first global bank to seek full ownership of its securities business in the country
Goldman Sachs Group Inc. is moving to acquire 100% ownership of its securities joint venture in China, deepening its investment in the world's second-largest economy after partnering with a domestic brokerage for 17 years.
The New York-based bank is applying with Chinese regulators to take full control of Goldman Sachs Gao Hua Securities Co. and has signed an agreement to acquire the 49% share of the venture it doesn't own, according to an internal memo seen by The Wall Street Journal.
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Source: wsj.com
Grab-Singtel and Ant Group win digital bank licenses in Singapore
December 4, 2020--Grab-Singtel and Ant Group win digital bank licenses in Singapore. Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.
Singapore on Friday granted four firms, including Ant Group and Grab, licenses to run digital banks in the Southeast Asian country, in a move that would allow the tech giants to expand their financial services offerings.
The nation's central bank, Monetary Authority of Singapore (MAS), said it applied a "rigorous, merit-based process" to select a strong slate of digital banks. As these digital banks start their pilot operations, MAS said it will review whether more companies could be granted this license.
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Source: techcrunch.com
Rash of bond defaults tests China's fixed income fund market
December 4, 2020--New risks exposed as government retreats from implicit guarantee for debts of risky state-owned companies
China's fast growing $15tn onshore bond market has been rattled by a wave of defaults by state-owned enterprises that threaten to expose systemic weaknesses across the financial system of the world's second-largest economy.
More bond defaults are expected to follow as Beijing has indicated that it is no longer prepared to help state-owned debtors that run into trouble. But the ending of China's deeply entrenched system of implicit government guarantees has left investors struggling to price credit risks.
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Source: FT.com
China's ESG ratings tarnish its allure for sustainable investors
November 30, 2020--Sustainable investing and the opening up of China's once closed markets are two of the hottest investment trends. But the world's second-largest economy has the worst environmental social and governance (ESG) ratings of any major nation and the two approaches may be on a collision course.
As of July, foreign portfolio investors had poured $374bn
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Source: ft.com
Hang Seng Tech ETF to Launch in Singapore
November 27, 2020--Debut in the future only days following the suspension of Ant Groups IPO in Hong Kong and Shanghai
Lion International Investors and OCBC Securitieshave partnered to start Singapores' first technology-focused echange traded investment, rolling on a ETF that tracks the recently launched Hang Seng Tech list, that has currently spawned a host of new items in Hong Kong.
The launch of this ETF comes simply days following the suspension system of the very predicted preliminary public offering of Ant Group that had been set to debut in both Hong Kong and Shanghai, along with the introduction of stricter antitrust laws and regulations in Asia, which analysts advise may significantly dampen buyer interest when it comes to method.
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Source: ft.com
India suffers first recession in decades
November 27, 2020--India has plunged into recession for the first time in nearly a quarter of a century as the pandemic continues to weigh heavily on Asia's third biggest economy, which economists warn will struggle to recover from the slump.
Official data published on Friday showed gross domestic product for the July-September quarter fell by 7.5% compared to the same period last year, when the economy was growing by more than 4%.
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Source: cnn.com
Vanguard's exit from Asia mandates rattles feeder fund partner
November 26, 2020--Executive complains of lack of clarity about future intentions from US manager.
The abrupt decision by Vanguard to cut ties with many large institutional investors in Asia has left at least one feeder fund business partner in the region.
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Source: ft.com
Mystery glitch shuts down the ASX halting Australia's $1.7TRILLION stock market
November 15, 2020--The Australian Securities Exchange has announced glitch has stopped trade
A statement was issued via Twitter just before 11am apologising for 'disruption'
BHP, Commonwealth Bank shares had stopped trading shortly after 10am open
CMC Markets strategist Michael McCarthy said share infrastructure 'stressed'
ASX managing director Dominic Stevens issued an apology after market closed
The issue remained unresolved by 4pm when the market had closed for the day
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Source: dailymail.co.uk
RCEP: Asia-Pacific nations sign world’s biggest trade pact
November 15, 2020--The China-backed RCEP deal excludes the US and will account for 30 percent of the world's economy and population.
China and 14 other countries have agreed to form the world's largest free trade bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the coronavirus pandemic.
The Regional Comprehensive Economic Partnership, or RCEP, was signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations (ASEAN).
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Source: aljazeera.com
China Construction Bank sells US$3 billion worth of debt on blockchain
November 11, 2020--First from a Chinese bank, the US$3 billion digital certificates of deposit set to be traded on a digital exchange in Labuan, Malaysia using bitcoin
Blockchain is making stocks and bonds more accessible to retail investors
China Construction Bank has partnered with Hong Kong-based fintech company Fusang to launch the sale of US$3 billion worth of debt on a blockchain, the first digital security issued by a Chinese bank on the technology.
Blockchain has made issuing conventional financial instruments, such as equities and bonds, possible at much lower costs as fewer financial intermediaries are involved in the process.
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Source: scmp.com
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