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Mystery of $2bn of loans backed by fake gold in China
June 29, 2020--Nasdaq-listed Kingold's play for trove of property stymied by corruption probe
More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry Inc. with pure gold as collateral and insurance policies to cover any losses.
Kingold is the largest privately owned gold processor in central China's Hubei province. Its shares are listed on the Nasdaq stock exchange in New York. The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.
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Source: asia.nikkei.com
Singapore investors to climate stress test, record engagements under draft green rules
June 26, 2020--New rules will require Singaporean investors to develop climate scenario analysis capabilities and engage portfolio companies over climate change risks, while debtors lagging on environmental risk management may see their borrowing costs increase.
The Monetary Authority of Singapore (MAS), the island state's de facto central bank, has published a framework to manage environmental risks, which it expects to be adopted by the financial institutions it regulates.
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Source: responsible-investor.com
ASX users urge Australian exchange to delay blockchain project
June 25, 2020--ASX is under pressure to push back an ambitious plan to use blockchain technology to clear and settle trades in Australian equities because customers are worried about the implications of the rollout.
Computershare, one of the main share registry companies in Australia, told the Financial Times it was seeking a two-year delay in implementation because the project to overhaul critical systems lacked clarity.
The company said it had not been given the necessary technical, operational and regulatory information on how the new system would operate or the fees that would be charged by the ASX for existing and new service.
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Source: technocodex.com
World Bank Malaysia Economic Monitor (June 2020): Surviving the Storm
June 24, 2020--The COVID-19 crisis has severely impacted Malaysia's economy, with growth dramatically declining during the first quarter of 2020.
Overall growth slowed to 0.7%, as a result of movement control orders to curb the spread of the pandemic.
Private consumption moderated in the first quarter, with heavy impacts seen in retail, travel, leisure and recreational spending, as well as spending on durable goods.
Investment contracted for the fifth consecutive quarter, with declines in both private and public investment.
Exports have continued to see negative growth amid plunging external demand.
In 2020, Malaysia's GDP is projected to decline by 3.1 percent this year from 4.3% in 2019, mainly reflecting a sharp slowdown in economic activity during the first half of 2020.
While household expenditure and business investment spending are expected to improve gradually, they are likely to remain subdued throughout the year due to high levels of uncertainty.
view the IMF Malaysia Economic Monitor, June 2020: Surviving the Storm
Source: World Bank
Singapore exchange suffers run of delistings
June 18, 2020--Companies continue to desert SGX as trading slows and prices languish
Singapore's stock exchange is on course for another dismal year of delistings as scarce liquidity and governance scandals undermine its efforts to compete with regional rival Hong Kong.
Nine companies have dropped off the Singapore Exchange this year, or are in the process of doing so, according to Dealogic data, while just five companies have listed, putting this on track to be the second year in a row when more businesses have left the market than joined.
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Source: FT.com
China's Power Giants Prepare for World's Biggest Carbon Market
June 11, 2020--Crucial data on historical emissions needs to be resubmitted
Nation is racing to meet launch deadline amid pandemic delays
China's state-owned power giants have been asked to prepare reports on historical emissions that officials will use to set up the world's largest carbon market, according to people familiar with the request.
The China Electricity Council has asked firms for submissions by July, said the people, who asked not to be identified because the information isn't public. The council will use the data to help determine the number of carbon allowances power generators can vie for when the market launches.
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Source: bloomberg.com
CSOP Asset Management licenses Solactive Gold 1-Day Rolling Futures Index for 2x leveraged Gold ETP
June 9, 2020--For Millenniums, Gold has acted as a reliable store of value. Its unique color and properties have made it an ideal candidate in the creation of earlier standardized forms of money.
Unlike Fiat currencies in times of economic distress, and just like the precious metal itself, Gold's value does not corrode. In the context of capital markets, this has led Gold to become an important safe-haven asset, protecting investors during inflationary and deflationary periods, as well as acting as a crucial portfolio diversifier. Now, as markets are again experiencing turbulences during the Covid-19 crisis, demand for the precious metal also increased significantly, resulting in a solid positive return year to date. In order to enable investors to benefit from this price movement, CSOP Asset Management licensed the Solactive Gold 1-Day Rolling Futures Index for their 2x leveraged Gold ETP. The ETP caters to different types of investors, allowing them to, e.g., tactically hedge or diversify their portfolios.
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Source: Solactive AG
UPDATE 2-Japan's economy braces for worst postwar slump despite capex gains in Q1 GDP
June 8, 2020--Revised Q1 GDP annualised -2.2% vs preliminary -3.4%
Capex revised up but private consumption slumps
Economy seen to mark deep slump in Q2
Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.
A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally.
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Source: Reuters
SGX reports market statistics for May 2020
June 8, 2020--SDAV rises as reopening of economies lifts sentiment in equity markets
Derivatives gain amid increased portfolio demand in FX, commodities
Singapore Exchange (SGX) today released its market statistics for May 2020. The reopening of economies around the world lifted sentiment in equity markets, even as the COVID-19 pandemic continue to cloud the outlook for global growth.
The exchange's derivatives franchise gained amid increased portfolio demand in foreign exchange (FX) and commodities.
Securities daily average value (SDAV) on SGX rose 37% year-on-year (y-o-y) in May to S$1.51 billion, while total securities market turnover value climbed 17% y-o-y to S$27.2 billion. The market turnover value of exchange-traded funds (ETF) jumped 73% y-o-y to S$302 million, as the SPDR(R) Straits Times Index ETF traded nearly three times higher y-o-y at S$88 million on the back of S$57 million in net inflows during the month. The increases in market turnover, as well as reduced volatility, were driven in part by optimism from economic stimulus as more countries emerge from lockdown.
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Source: Singapore Exchange (SGX)
Greater disclosure to open doors for China green investors
June 5, 2020--Chinese stock exchanges set to bolster ESG reporting guidelines to attract foreign interest
When East Capital invests in a Chinese company, the asset manager runs through a checklist of 60 questions designed to gauge the target's environmental, social and governance (ESG) credentials.
But for Karine Hirn, co-founder and chief sustainability officer of the emerging markets-focused group, the ability to compare companies is still limited by a familiar issue in China: data.
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Source: FT.com
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