Lead Stories
As Nikkei Hits Highest Since 1992, Some Say Party Has Just Begun
By Min Jeong Lee – Bloomberg
Blue-chip stock gauge rose for 16 days in record-beating rally; Abe election, earnings, foreign buyers seen propelling gains
It’s pick-a-number time for Japanese stock bulls after the Nikkei 225 Stock Average zoomed past 22,666.80 on Tuesday to close at the highest since 1992.
https://goo.gl/VZqgoz
Hong Kong Traders Get Vertigo as Stocks Whipsaw to Decade-High
By Richard Frost – Bloomberg
Hong Kong’s Hang Seng Index is back on top, but jitters are building. The city’s stock traders may be forgiven for feeling a little nauseous after the benchmark equity gauge swung more than 3 percent in two sessions. Concern China will step up deleveraging sent the index tumbling 1.6 percent early in Monday trading before investor hunger for technology shares helped erase the loss by the close.
https://goo.gl/48Fvd5
China Reinvents Literature (Profitably); Online serials have become a new art form — and business model.
By Adam Minter – Bloomberg
Smartphones may be killing print in China, but they’re revolutionizing literature. Last year, 333 million Chinese read fiction written for their phones and other devices, according to government data. Some is written by hobbyists and some by professionals. Increasingly, though, it’s hard to tell the difference, as China’s “online literature” morphs into a $1.3 billion industry.
https://goo.gl/jo4Uge
Businesses brace for the unexpected on Trump’s Asia tour
Kelvin Chan – Financial Post
Some businesses in Asia are bracing for the unexpected as President Donald Trump traverses the region and meets with the leaders of major U.S. trading partners. Exporters are apprehensive, given Trump’s penchant for unpredictability, his vehement dislike for swollen U.S. trade deficits, and his threats to rip up trade deals.
https://goo.gl/tbBnkh
Donald Trump’s zero-sum folly threatens trade in Asia; The president is in thrall to dangerous misconceptions about deficits
FT
Realistically, as far as trade is concerned, the most that Asian governments can hope for from Donald Trump’s visit to the region is that he does not do any significant damage. So far, his interventions have been ignorant but not substantively harmful. But a president in possession of serious misconceptions always retains the potential to cause havoc.
https://goo.gl/1XL8W7
It’s Harder for Trump to Use China’s Yuan as a Punching Bag Now
Bloomberg News
Currency has gone from loser to gainer during Trump’s term; As candidate, Trump claimed it was kept weak to boost trade
China’s yuan was a regular target for Donald Trump, the candidate. But when he touches down in Beijing this week for his first visit to the nation as U.S. president, he’ll find a lot has changed.
https://goo.gl/pogvMx
Exchange News
HKEX: Our 2016 Annual Report has won the Gold Award in the General Category of the 2017 HKMA Best Annual Reports Awards.
ASX on a gallop but it might be wise to hold your horses
Elizabeth Knight – SMH.com.au
Had you blinked around 11am you would have missed one of the most significant events in Australian capital markets in years – the stock market hit the 6000-level, the highest it has been since the global financial crisis.
https://goo.gl/igtMQr
SGX reports market statistics for October 2017
SGX
Securities – Total Securities market turnover value was at S$24.0 billion, up 10% month-on-month (m-o-m) and up 22% year-on-year (y-o-y), over 21 trading days. There were 20 trading days in September 2017 and 21 in October 2016.
Derivatives – Total Derivatives volume was 14.9 million, down 7% month-on-month (m-o-m) and up 29% year-on-year (y-o-y).
https://goo.gl/MEVMWa
HKEX TO INTRODUCE REALTIME DVP FOR NORTHBOUND STOCK CONNECT TRADING ON 20 NOVEMBER
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) announced today (Monday) that Realtime Delivery versus Payment, or Real-time DVP, money settlement in Renminbi, Hong Kong dollars and US dollars will be introduced for the Northbound related transactions of Stock Connect, its mutual market access programmes with the Shanghai and Shenzhen stock exchanges, on 20 November 2017.
https://goo.gl/2bZ9i2
FinTech News
Bitcoin proves hard to kill in China; Over-the-counter market for cryptocurrency grows after authorities close exchanges
Gabriel Wildau in Shanghai – FT
Chinese investors are still trading bitcoin and buying initial coin offerings, suggesting authorities in Beijing are struggling to clamp down on cryptocurrencies just weeks after announcing that public exchanges would be shut down.
https://goo.gl/YwaFiW
Singapore Is Coaxing Competing Banks to Collaborate on Fintech
By Chanyaporn Chanjaroen , Haslinda Amin , and Andrea Tan – Bloomberg
Banks in Singapore that are used to competing against one another are finding ways to collaborate in the fintech space — under the encouragement of the Monetary Authority of Singapore.
https://goo.gl/6rT9Kq
Investing News
Private equity turns to Asia’s frontier markets for growth; Recent exits have given high returns for groups such as Warburg Pincus and TPG
Henny Sender – FT
When Jeffrey Perlman, Southeast Asia head of Warburg Pincus, suggested to his New York partners that they commit $200m for a minority stake in Vincom Retail, a mall developer in Vietnam, there was some scepticism.
https://goo.gl/6UY8fb
Mainland China
Financial crime a priority for China’s police under new boss Zhao Kezhi; Public security ministry vows to come down hard on those who put the nation’s financial security at risk
Frank Tang – South China Morning Post
China will redouble its efforts to combat financial wrongdoings – from illegal fundraising to stock market manipulation – in a bid to safeguard “national financial security” as demanded by President Xi Jinping earlier in the year, the Ministry of Public Security said on Tuesday.
https://goo.gl/LYZs5R
Chinese police to step up crackdown on financial crime
Reuters Staff
Chinese police will intensity a crackdown on financial crime to safeguard national security and fend off financial risks, the public security ministry said in an online statement on Tuesday.
https://goo.gl/YaNpwP
Broadcom-Qualcomm deal expected to face China challenge; Beijing regulators likely to want to protect domestic semiconductor groups
Emily Feng in Beijing and Louise Lucas in Hong Kong – FT
A proposed tie-up between rival semiconductor manufacturers Broadcom and Qualcomm is expected to come under particular regulatory scrutiny in China as authorities there look to protect domestic players in a key industrial sector.
https://goo.gl/twmFoi
China plans easing foreign holding, partner choice for securities ventures – sources
Sumeet Chatterjee – Reuters
China plans to allow global banks to take a stake of up to 51 percent in their onshore securities ventures for the first time and tie up with local non-financial firms, people familiar with the matter said.
https://goo.gl/KRcphg
Hong Kong
Hong Kong is the world’s top city for international visits
By PAN PYLAS, ASSOCIATED PRESS
Hong Kong remains the world’s most visited city by international travelers in spite of strained relations with neighboring China, industry experts said Tuesday.
https://goo.gl/Svhp1H
SWIFT to underpin Hong Kong’s faster payments network
IBS Intelligence
is set to provide the Hong Kong financial community with its enterprise messaging and gateway solution. SWIFT’s solution for the Hong Kong Faster Payments System (FPS) will provide banks with the opportunity to leverage a single platform, Alliance Messaging Hub (AMH) to connect to FPS using ISO 20022-based financial
https://goo.gl/dnkjMt
Indonesia
After WhatsApp threat, Indonesia steps up Internet obscenity purge
Financial Express
Indonesian authorities say they will block access to the popular WhatsApp instant messaging app if it doesn’t remove sexually explicit content.
https://goo.gl/XpyorG
Dubai Financial Market welcomes delegation from Indonesian Stock Exchange
Reuters
The visit underlines Indonesia’s interest in learning from Dubai’s successes in developing Islamic capital markets.
https://goo.gl/sb2wNj
Singapore
Singapore Central Banker sees echo of web bubble in fintech hype
By Chanyaporn Chanjaroen, Andrea Tan and Haslinda Amin – Economic Times
Be selective. That’s the message Monetary Authority of Singapore Managing Director Ravi Menon has for pundits and investors trying to navigate the wave of technology euphoria sweeping the financial services industry.
https://goo.gl/qHYt4R
Vietnam
Vietnam’s neighbors, ASEAN, targeted by hackers: report
Reuters Staff
A hacking group previously linked to the Vietnamese government or working on its behalf has broken into the computers of neighboring countries as well as a grouping of Southeast Asian nations, according to cybersecurity company Volexity.
https://goo.gl/RKmMCs
Thailand
Thailand banks to deliver enhanced cross-border payments experience to their customers
PR Newswire
SWIFT announces today that 3 major Thai banks, Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank are part of over 120 banks around the globe that are now live or planning to implement SWIFT’s Global Payments Innovation (gpi). Together, these Thai banks represent over 70% of cross-border payments flow for Thailand.
https://goo.gl/r63Y2u
Taiwan
Taiwan’s Biotech Boom
By Michelle Maskaly – Phamexec.com
Move over Silicon Valley, there is a new biotech hotspot looking to attract the best and brightest—and it’s not in the US.
https://goo.gl/3x5vhs
Police uncover phone call scam masterminded by Taiwan, China syndicates
TheMalaysianInsight.com
POLICE have uncovered cases of fraud committed through fake telephone calls, purportedly from financial institutions or the force itself, masterminded by syndicates in Taiwan and China.
https://goo.gl/pnRm4g
South Korea
Trump calls on North Korea to ‘come to the table and make a deal’; US president hails progress on Pyongyang threat but warns military force still an option
Demetri Sevastopulo and Bryan Harris in Seoul – FT
Donald Trump has urged North Korea to “come to the table and make a deal”, as he hailed US progress in countering the threat from Pyongyang in comments marking a departure from his typically fiery rhetoric.
https://goo.gl/VsCr9x
South Korea imposes sanctions on 18 North Koreans, a day before Trump visit
Christine Kim – Reuters
South Korea imposed unilateral sanctions on 18 North Koreans on Monday, barring any financial transactions between those sanctioned and any South Koreans, as part of international efforts to dry up Pyongyang’s illegal cash flows.
https://goo.gl/sFTcMr
South Korean prosecutors raid Woori Bank HQ in hiring probe; Authorities look into allegations state-run groups illicitly hired relatives of officials
Song Jung-a in Seoul – FT
South Korean prosecutors have raided the headquarters of Woori Bank, one of the country’s leading lenders, as part of a broad probe into state-run companies’ alleged illicit hiring of the children of influential officials.
https://goo.gl/xynSpx
Philippines
Philippine banks face tougher cyber rules
CentralBanking.com
The Central Bank of the Philippines (BSP) has launched more stringent cyber security guidelines on information security management, highlighting the roles of banks’ top management and board members.
https://goo.gl/Kbia6N
India
India asks industrialised nations to declare their financial commitments under Paris Climate pact
By Urmi Goswami, ET
India has asked industrialised countries to provide clear indications of the amount of public funding that will be made available as part of their financial commitments under the Paris Agreement.
https://goo.gl/tFA7iH
India home to 2,19,000 millionaires: Capgemini report
Financial Express
India is home to the fourth largest population of millionaires in the Asia Pacific region with 2,19,000 ultra-rich individuals with a combined wealth of USD 877 billion, says a report.
https://goo.gl/qRLq6s
India Cracks Open Iran Sea Route to Afghanistan
Financial Tribune
India is in talks with Iran to begin interim operations at a port in southeast Iran, officials say, proceeding cautiously on developing the facility at a time when the incumbent US administration has laid out an aggressive new approach toward Tehran.
https://goo.gl/18MNLU
Wall of money chasing India stocks shows investor euphoria alive
By Ameya Karve – Economic Times
As Indian stock markets breach record highs, investor appetite for risk remains unabated.
https://goo.gl/tV7YXz
Is doing business in India really easier now?
Financial Express
Prime Minister Narendra Modi’s efforts in building India’s global appeal for investors seems to have finally yielded returns in terms of the country’s performance in the World Bank Doing Business rankings.
https://goo.gl/8wfjEh
India to contribute $100 million to UN partnership fund
Financial Express
India has pledged an additional USD 100 million towards the UN partnership fund, significantly scaling up it support to sustainable development projects across the developing world.
https://goo.gl/KqkS2t
Australia
How Australia leads mobile disruption of banking and financial services
ITBrief.com.au
As digitisation transforms financial services, traditional banks are facing increasing competition from disruptive app-centric fintech newcomers. The result is an avalanche of people turning to mobile apps for their financial services.
https://goo.gl/DjtTJP
Australia’s PictureWealth seeks financial advisory clients for its ‘welfie’-taking personal finance app
By: Helen Burggraf – International Investment
Australia’s PictureWealth seeks financial advisory clients for its ‘welfie’-taking personal finance app
An Australian start-up is setting out its stall to market an app to the international financial advisory community that it says will help its members to help their clients to better visualise their financial situation, by enabling them to create “welfies”.
https://goo.gl/qtBA7V
The post Asia Pacific Financial News from John Lothian News – November 7, 2017 appeared first on John Lothian News (JLN).