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China insists Trump sanctions will not deter foreign investors
December 16, 2020--Nasdaq announced on Friday it would follow FTSE Russell and S&P on exclusions from indices
China has spoken out against the Trump administration's recent sanctions on Chinese military-linked companies, dismissing the idea that their recent removal from key global indexes could have an impact on foreign investors' appetite for open market investment.
Wang Wenbin, a Beijing-based spokesman for China's Foreign Ministry, told reporters Monday that recent decisions by indexing companies to exclude the securities of these sanctioned companies would not hold global investment away.
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Source: FT.com
Cambodia Economic Update, Dec 2020: Cambodian Economy Hit Hard by Pandemic But Projected to Recover in 2021
December 15, 2020--Key findings:
While the Cambodian economy continues to suffer from the impacts of the COVID-19 pandemic, there are signs that economic activity is beginning to pick up. The economy is projected to contract by 2 percent in 2020, but is expected to bounce back and grow by 4 percent in 2021.
With the easing of social distancing measures, domestic economic activity is gradually returning to normal. Consumption is being partly underpinned by unprecedented government intervention, while inflation remained subdued.
FDI inflows to projects in non-garment industries and agriculture have been rising, likely attracted by Free Trade Agreements, according to the report.
Although total manufacturing exports have been hit by the pandemic, exports of bicycles, electrical parts, and vehicle parts and accessories are rising, and exports of rice and other agricultural commodities have surged. Domestic tourists have supported a partial recovery of the travel and tourism industry.
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Source: World Bank
Australia issues negative-yielding debt for first time
December 10, 2020--Investors will pay to lend country money following short-term treasury auction.
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Source: FT.com
A silver lining for ageing Asia
December 8, 2020--An ageing population is generally bad news for growth prospects, but Japan and Taiwan offer important lessons.
Many Asian economies will age more rapidly over the next several decades, including Hong Kong, Japan, mainland China, Singapore, South Korea, Taiwan and Thailand.
Asia's working-age population peaked in 2015 and will gradually decline at an accelerating rate in the coming decades.
By 2050, the elderly population in these countries on average is expected to increase to 27% from 7% in 1995.
Reduced labour supply creates a drag on growth, but this can be mitigated by higher labour participation, investment in capital-intensive sectors, and government policies that address productivity.
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Source: bruegel.org
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
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