Regional News

Asia Headed Towards Becoming Largest Corporate Market by 2015

December 29, 2011
By

Global consulting firm McKinsey & Co released a report stating that global corporate and investment banks will get almost 50% of their revenues (around $799 billion) from Asia by 2015. The leading countries will be China and India. In 2010, the revenues originating in Asia constituted nearly 33%, or $442 billion. The report, entitled ‘Asia: The Future of Corporate and Investment Banking’, stated: “The surprisingly strong economic health of Asian economies in 2010 saw the risk-adjusted corporate and investment...

Read more »

East Asian Giants Strengthen Financial Ties

December 26, 2011
By

Japanese Prime Minister Yoshihiko Noda recently visited Beijing to meet with China’s leaders. The two governments revealed a surprising plan to use their own currencies in bilateral trade, instead of in U.S. dollars, as part of an effort to strengthen financial ties between the two economic giants. The pledges came as a shock; the countries are competitively the second and third largest economies in the world. They also struggle with political issues regarding territory and other disagreements. The East...

Read more »

Yahoo In Talks to Sell Asian Shares

December 22, 2011
By

Yahoo, a major U.S.-based internet company, may sell a significant amount of its Asian investments. According to inside sources, the plan can put $17 billion on the holdings, putting the value of the Asian stakes at more than the entire company’s worth as of September. The transaction will be discussed at a board meeting later today, as part of an intensive review of the company following the departure of former chief executive Carol Bartz. One source, who is directly...

Read more »

North Korean’s Kim Jong Il’s Death Sends Asian Stocks Tumbling

December 19, 2011
By

The shocking death of North Korea’s leader has sent Asian stocks tumbling, deepening concerns regarding the financial market. Kim Jong Il’s death was announced last night in Pyongyang, the North Korean capital. Stability in the region has been compromised, and the reclusive regime will now undergo a major change in leadership. South Korea’s Kospi index initially fell 4.1%, but later regained to trade 3.1% at 1,782.50. The won also slid 1.6% against the dollar. Aside from that common safe...

Read more »

Citigroup Plans to Hire More Staff and Boost Trade Finance Services in Asia

December 15, 2011
By

Anthony Nappi, head of global transaction services at Citigroup, said the bank is now looking to increase its staff and boost its trade finance service business in Asia. “Trade finance is a key area for us- we are going to hire more trade transactors because a business perspective trade has been the outstanding performer for us,” he told Dow Jones Newswires. “My own personal aspiration,” he said, “is to double the size of the business every three to five...

Read more »

Thailand Remains Popular Investment Focus

December 1, 2011
By

World Bank country director Annette Dixon stated that Thailand is still an investment hotspot at a press conference this week. “Globally and regionally, Thailand remains an attractive investment destination. We won’t expect a lot of business to relocate,” she said, adding that the government should work to support the flood recovery efforts as opposed to populist policies. The Bank of Thailand has been urged to reduce the policy rate to strengthen the economy in the past. Dixon said that...

Read more »

China’s Factor Sector Drops to Three-Year Low

November 24, 2011
By

China’s factory sector decreased dramatically, the most in 32 months, in fact, as the economy continues to weaken and concerns regarding a global recession heighten. The severe fall in the HSBC flash PMI from 51 to 48 this past month reflects domestic weakness as a result of less output and new orders, even as exports increase. The flash PMI was the lowest since 2009. Added to the already unstable world economy, the news has sent financial markets into a...

Read more »

Asian Currencies Fall Amid Investors’ Borrowing Costs Concerns

November 17, 2011
By

As financiers worry that borrowing costs in Europe will worsen the debt crisis, South Korea’s won and Indonesia’s rupiah set a falling trend in Asian currencies. The won declined after bonds from France, Belgium, Spain and Austria climbed to the highest premiums since the euro was established, and the rupiah fell to its lowest since September. “We think Asian currencies will depreciate by the end of the year because of the euro-zone fiscal crisis,” explained Dariusz Kowalczyk of Credit...

Read more »

Intel Capital Invests in 10 Asian Companies

November 15, 2011
By

Intel Capital recently announced its $40 million worth of investments in ten Asian companies. The investments include eight in companies from China, India, Japan and South Korea, as well as two planned in Taiwan. “Technology adoption and innovation is an accelerating global phenomenon, and Asian entrepreneurs from both mature and emerging markets are on the cutting edge of this trend,” said Intel Capital president Arvind Sodhani. “These ten companies offer unique technology- from remote security solutions to interactive cloud-based...

Read more »

Asian Stocks Fall as Greek Prime Minister Steps Down

November 10, 2011
By

Asian stocks suffered a blow as Greek Prime Minister George Papandreou agreed to leave his post and Italian PM Silvio Berlusconi fought to maintain his advantage in face of the parliamentary vote. HSBC Hodings, Europe’s primary lender, slipped 1% in Hong Kong, while Takeda Pharmaceutical Co. fell 2.3%. Cnooc Ltd. fell 2.2% after the Chinese oil explorer’s BP Plc purchase in Argentina fell through. The MSCI Asia Pacific Index lost 0.4% in Tokyo, with approximately three shares falling for...

Read more »