Lead Stories
Shares Plummet as Investors Lose Faith in Asia’s Top Stock
By Jeanny Yu – Bloomberg
Semiconductor Manufacturing plunges most since February 2014; Stock had almost doubled since beginning of September
Investor confidence in top stock Semiconductor Manufacturing International Corp. is starting to turn, with the shares plummeting 15 percent in the wake of disappointing earnings.
https://goo.gl/doj5Nq
One of Asia’s largest banks says bitcoin is ‘a ponzi scheme’; David Gledhill, group chief information officer at DBS, one of Asia’s largest banks, said he believes bitcoin is a ponzi scheme
Nyshka Chandran – CNBC
One of Asia’s largest banks is of the opinion that bitcoin is currently a financial scam.
https://goo.gl/GgTZpG
Natixis plans to double Asia Pacific assets to $100 billion in three years
Umesh Desai, Marius Zaharia – Reuters
Natixis Global Asset Management, a unit of French bank Natixis SA (CNAT.PA), aims to double its funds under management to $100 billion in the Asia Pacific region over the next three years, using a combination of organic and inorganic growth strategies.
https://goo.gl/FTkq3N
Exchange News
SGX Welcomes Xin Hua Securities Limited as Derivatives Trading Member
SGX
Singapore Exchange (SGX) today welcomed Hong Kong-based Xin Hua Securities to its derivatives market as a Trading Member.
https://goo.gl/YMdwof
FinTech News
Roundtable: Asia trade finance leaders mull fintech future
FINBARR BERMINGHAM – GTReview
Every year, GTR gathers some of the most influential names in Asian trade finance to discuss the challenges the market faces. This year, we met in Singapore and needless to say, fintech, regulation and deal flow were high on the agenda.
https://goo.gl/NhpLdB
Nomura selects eight Fintech start-ups under its India programme
Financial Express
Eight start-ups showcased their range of solutions here on Wednesday as part of the ‘Voyager-Nomura FinTech Partnership’ programme in India launched by Asian financial services group Nomura, a statement said here.
https://goo.gl/EPRqMt
Regulatory News
CFTC Finds Statoil ASA Attempted to Manipulate the Argus Far East Index, a Propane Benchmark, to Benefit Statoil’s NYMEX-cleared Swaps Position; Norwegian Energy Company Ordered to Pay a $4 Million Civil Monetary Penalty
CFTC
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Statoil ASA (Statoil), an international energy company headquartered in Stavanger, Norway. The CFTC Order finds that from as early as October 2011 through November 2011, Statoil attempted to manipulate the Argus Far East Index (FEI) in order to benefit Statoil’s physical and financial positions, including Statoil’s NYMEX-cleared over-the-counter swaps which settled to the Argus FEI. The Order requires Statoil to pay a $4 million civil monetary penalty and orders Statoil to cease and desist from violating Section 9(a)(2) of the Commodity Exchange Act (CEA).
https://goo.gl/bZXhcw
Investing News
As Selloff Extends in Japan Stocks, One Prominent Buyer Is Back
By Keiko Ujikane – Bloomberg
The Bank of Japan is buying local stocks again after sitting out most of October and the first few days of November, which saw the benchmark Topix index close at the highest since 1991.
https://goo.gl/kioiuU
A Top Asia Fund Manager Says This Stock Selloff Is a Time to Buy
By Harry Suhartono and Livia Yap – Bloomberg
Alan Richardson says it’s just profit-taking before year-end; His Samsung Asean Equity Fund has beaten 97% of peers
As the stock selloff extended in Asia on Wednesday, one top money manager was anything but concerned.
https://goo.gl/k2SHsi
Japan
Japan records best run of growth since 2001; Economy expands at annualised pace of 1.4% in third quarter
Robin Harding in Tokyo – FT
The Japanese economy grew at an annualised pace of 1.4 per cent in the third quarter of 2017 as the country recorded its longest run of unbroken expansion since 2001.
https://goo.gl/uYDQ4H
Japan’s banks look southeast; Low interest rates and slim pickings at home entice behemoths into the region
Nikkei
Japan’s manufacturing industries have been enjoying record profits thanks to a combination of stringent cost controls, growth in global trade and a weakening yen. Yet, the banking industry remains under a cloud, with the latest round of interim results — announced this month — producing a very mixed bag in terms of performance.
https://goo.gl/SXLu2f
Japan Shows Its Economy Can Grow Even as the Population Shrinks
By Yoshiaki Nohara and James Mayger – Bloomberg
Don’t write off Japan yet. Despite its aging and shrinking population, the country has chalked up seven straight quarters of economic growth. And taken on a per capita basis, Japan is holding its own with other global economic heavy weights.
https://goo.gl/LxUKZG
Mainland China
Opinion: Why China’s financial system is safer than you may think
South China Morning Post
The shadow banking sector has been blamed for many ills, but the pitiful savings rates offered by state lenders have left savers with few options
https://goo.gl/H1n7V6
China is about to take the entire global economy for a wild ride
Linette Lopez – Business Insider
For now, Wall Street is wailing about a lack of volatility in global markets. Give it a few weeks, and that will all change.
https://goo.gl/8vryn5
One of China’s hottest companies rebuffs criticism about transparency
Saheli Roy Choudhury – CNBC
Despite public criticism about a lack of transparency in some practices, Ant Financial is doing things the right way, a senior executive at the company said Wednesday.
https://goo.gl/GzLe9y
Why China’s Bond Selloff Isn’t Luring Back Their Biggest Holder
By Justina Lee – Bloomberg
Banks seen staying put on debt amid policy pressures; Sovereign yields have risen to three-year high this week
Banks — the most powerful group in China’s bond market — may hold the key to reversing the nation’s sovereign debt selloff. Problem is, government policy is keeping them at bay.
https://goo.gl/t7V12j
Hong Kong
Hong Kong-Singapore blockchain trade platform to go live in 2019
FINBARR BERMINGHAM – GTR
A cross-border blockchain solution for trade finance between Hong Kong and Singapore is to go live in early-2019, according to the Monetary Authority of Singapore (MAS).
https://goo.gl/PXHdDB
Singapore
Collaborative Initiative for Green Finance in Singapore
UN Environment
Singapore’s strengths as a financial centre, track record in environmental protection and connections to the region makes it well-positioned to move forward with Green Finance. This is not only for the better protection of the environment, but also for the opportunities that Green Finance has to offer in developing a greener and more sustainable future economy for Singapore.
https://goo.gl/75Y1UB
Singapore’s MAS announces US$19.8mil grant to promote AI, data analytics in financial sector
By Digital News Asia
The Monetary Authority of Singapore (MAS) announced details of a new S$27million (US$19.84 million) artificial intelligence and data analytics (AIDA) grant under the Financial Sector Technology and Innovation (FSTI) Scheme.
https://goo.gl/F5S2TM
Iran, Singapore Resolving Banking Ties
Financial Tribune
Iran and Singapore called for resolving banking issues to boost trade. In a meeting with the head of Iran Chamber of Commerce, Industries, Mines and Agriculture, Singapore’s Ambassador to Iran Ong Keng Yong said, “We are currently working to come up with a suitable solution to establish banking relations between Singapore and Iran,” the official news portal of ICCIMA reported.
https://goo.gl/4nDKNe
Arun Jaitley on Singapore visit to attract investments
Financial Express
Finance minister Arun Jaitley on Tuesday left for a two-day visit to Singapore to showcase investor-friendly reforms undertaken by the government and seek investments.
https://goo.gl/ErtJQx
A US trading firm is setting up shop in Singapore to dominate the bitcoin market in Asia
South China Morning Post
DRW’s Asian-outpost will be based in Singapore, but will serve all of Asia and enable the firm to operate as a global, around-the-clock business
https://goo.gl/9DbjjQ
Vietnam
Accountants warned on marginalisation
Viet Nam News
As digital technology transforms businesses and economies across the globe and increasingly affects the accountancy profession, it is imperative for members to equip themselves with the skills to deliver higher-value services or risk becoming marginalised by automation and artificial intelligence.
https://goo.gl/x8cAFD
Thailand
Asean banks’ long road to regional financial integration begins at home
By Bianca Cuaresma – Business Mirror
In Photo: Asean leaders attend the opening session of the 20th Asean Japan Summit at the Philippine International Convention Center in Manila on Monday.
THE Philippine banking industry is recognized as having one of the world’s most resilient banking systems, having withstood old and recent volatilities. Nevertheless, monetary authorities are leaving no stone unturned for local lenders as a laundry list of regulatory reforms awaits banks meant to enhance their competitiveness in the regional market.
https://goo.gl/a4PGYY
Taiwan
Taiwan has 13th most millionaires of any country
Focus Taiwan
Taiwan has 381,000 individuals with a net worth of US$1 million or above, the 13th most of any country in the world, according to the latest edition of the Global Wealth Report by the Credit Suisse Research Institute (CSRI).
https://goo.gl/6sysxV
South Korea
South Korea postpones university exam after rare earthquake
Christine Kim, Cynthia Kim – Reuters
South Korea postponed its annual university entrance exam by a week on Wednesday after a rare earthquake rattled the country, shaking buildings and causing damage but no deaths.
https://goo.gl/aiJbQf
Economists Cautious About South Korea in 2018
Financial Tribune
The South Korean economy may be decoupled from robust global economic recovery next year, held back by a slump in domestic demand and uncertainties in external conditions, local economists say.
https://goo.gl/zwSboi
Philippines
Philippines is last piece of ASEAN puzzle for CIMB
Rappler.com
Malaysian banking giant CIMB Group seeks a license to operate in the Philippines to complete its market positioning as an ‘ASEAN bank’
https://goo.gl/WS33DB
Malaysia
Financial Carnival to raise awareness on financial services
TheBorneoPost
The Sarawak Financial Carnival, the first to be organised by Bank Negara Malaysia (BNM) in the state, will include ‘pocket talk’ sessions to raise public awareness on financial services and sound financial management.
https://goo.gl/kvEhVU
India
India set to be ‘extremely attractive’ place for business: Arun Jaitley
MoneyControl
Speaking at the Singapore Fintech Festival, Jaitley said the ongoing process of digitisation was a result of Aaadhar scheme coupled with financial inclusion, post demonetisation followed by the massive exercise on the improvement in the digital eco-payment system as well as the introduction of the Goods and Services Tax from July 1, 2017.
https://goo.gl/inEYFA
Deadly Air Pollution Becomes a Common Enemy for Rivals India and Pakistan
By Chris Kay and Iain Marlow – Bloomberg
South Asian cities are reeling from an air pollution crisis; Pakistan’s Lahore, India’s Delhi among polluted urban areas
From his office in the smog shrouded city of Lahore, environment official Saif Anjum pores over reams of pollution data and lists the actions being taken by Pakistan’s largest province to combat the toxic air. He said they have arrested hundreds of crop-burning farmers and closed construction sites and industrial furnaces.
https://goo.gl/KXkGSq
ATM Withdrawal in India: Demonetisation forced consumers to change; surprising trend emerges
Financial Express
The survey on ATM usage by consumers in India found that while cash has remained the predominant mode of payment for household payments, other digital options have picked up momentum.
https://goo.gl/qsreBM
Jeff Bezos bets on India: Amazon invests Rs 2900 crore more in Indian business
Financial Express
Amazon has invested another Rs 2,900 crore ($443 million) in its India unit as part of its commitment to invest $5 billion to expand its Indian business.
https://goo.gl/cUW8Am
Indians Need Tools to Succeed; The country can’t take off until it improves its human capital.
By Mihir Sharma – Bloomberg
If India is to live up the expectations of its own people and become a successful middle-income country in a few decades, the country has multiple problems to solve — its sclerotic politics, its clogged infrastructure, its choked judicial system, its lack of investable capital, its interfering and inefficient state. But perhaps the greatest hurdle is its poor stock of human capital. Without better education, health and skills, India won’t be able to build a middle class and its efforts to become the next China can’t succeed.
https://goo.gl/bXtxBP
Australia
Australia’s Santos target of proposed investor takeover bid
Reuters
A consortium of global energy investors has approached Australian oil and gas major Santos Ltd with a proposal for an all-cash takeover worth A$11 billion ($8.34 billion), media reported on Thursday.
https://goo.gl/PPYkQN
The post Asia Pacific Financial News from John Lothian News – November 15, 2017 appeared first on John Lothian News (JLN).