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In This List

China considers replacing HK chief; India banks face US$50B shortfall says Fitch

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


China considers replacing HK chief; India banks face US$50B shortfall says Fitch

GREATER CHINA

* China is considering replacing Hong Kong chief executive Carrie Lam with an interim leader amid ongoing violent protests in the city, the Financial Times reported, citing people briefed on the plan. The government could appoint Lam's successor, who will cover the remainder of her term until 2022, by March 2020. Norman Chan, former head of the Hong Kong Monetary Authority, is said to be one of the potential candidates.

* UBS Group AG expects to receive approval to fully own its Chinese unit UBS Securities Co. Ltd. by 2020. The Swiss financial group became the first foreign bank allowed by China to own a 51% majority stake in the subsidiary in 2018. The group added in its third-quarter earnings results that it plans to reimburse wealth management clients in Hong Kong and Singapore that it may have overcharged between 2008 and 2015.

* Bank of Shanghai Co. Ltd. obtained the People's Bank of China's approval to issue 20 billion yuan of Tier 2 capital bonds in two years. The bonds will be traded in the country's interbank bond market after the completion of the issuance.

* The IMF warned that Taiwan's insurance sector could face significant pressure should the U.S. interest rate continue to decline or the U.S. dollar depreciates against the New Taiwan dollar given the industry's large investment in U.S. dollar-denominated bonds, the United Daily News reported. The island's insurance bureau said the sector's investment in U.S. dollar-denominated fixed income securities totaled NT$13.67 trillion as of Aug. 31.

JAPAN AND KOREA

* Sompo Japan Nipponkoa Asset Management Co. Ltd. reported a 58% year over year increase in ESG investments as of the end of March, The Nikkan Kogyo Shimbun reported. The company's total assets under management recently reached ¥117.4 billion. According to a global ESG investment advocacy group, ESG investments in Japan totaled ¥2 trillion in 2018.

* Japan Bank for International Cooperation signed a memorandum of understanding with European Bank for Reconstruction and Development to promote geo-environmental conservation and technological innovation, The Nikkan Kogyo Shimbun reported. The two organizations aim to boost collaboration in environmental protection and related syndicated loans for Central and Eastern Europe, Central Asia and North Africa, among other regions.

* Mizuho Securities Co. Ltd. investment firm, New Frontier Capital Management Co.,Ltd., established a ¥200 million fund with Russia's Da Vinci Capital, The Nikkei reported. The fund will invest in Russian venture companies, and is backed by sovereign fund Russia Venture Co.

* Insured losses from Typhoon Hagibis are expected to range from US$8 billion to U$16 billion, according to catastrophe risk modeler AIR Worldwide. Hagibis made landfall in Japan on Oct. 12.

* Data from South Korea's Financial Supervisory Service showed that JPMorgan Chase & Co. and France-based Société Générale SA profited from the sale of derivatives-linked funds tied to German government bond yields that put investors at high risk, The Korea Herald reported. The companies reportedly earned a combined commission income of about 8 billion won for designing the products that were sold through Woori Financial Group Inc. unit Woori Bank.

ASEAN

* Bank Indonesia could lower the minimum reserve requirements for banks to address tight liquidity in the sector, Bisnis Indonesia reported. The central bank's board is set to meet on Oct. 23 and Oct. 24.

* Bangko Sentral ng Pilipinas monetary board member Bruce Tolentino said they expect banks to immediately apply the lower reserve requirement ratio when it takes effect in November, given its early announcement, BusinessWorld reported. Tolentino said the central bank will keep an eye on how banks respond to the third round of rate cuts in 2019. The central bank had so far reduced the rate by 300 basis points this year, and could further lower it depending on data to be released in November and December.

* Malaysia's Bank Muamalat Malaysia Bhd. and Syarikat Jaminan Kredit Perumahan Bhd. inked an agreement to establish the Smart Mortgage-SJKP house financing scheme, Bernama reported. Bank Muamalat assigned 70 million ringgit to the scheme and SJKP will guarantee it.

SOUTH ASIA

* A stress test conducted by Fitch Ratings revealed that Indian banks would face a capital shortfall of approximately US$50 billion by fiscal 2021 in case a systemic crisis hits the country's non-bank financial company sector. India's NBFC sector is already US$7 billion short of the capital required to meet a 10% weighted average common equity Tier I ratio. The gap would rise to about US$50 billion by fiscal 2021 under the stress scenario.

* Reserve Bank of India granted Vreedhi Financial Services a nonbanking finance company license, The Economic Times reported. The company plans to build a digital lending business by the 2020 financial year.

* Ujjivan Small Finance Bank Ltd. received approval from the Securities and Exchange Board of India for its 12 billion rupee IPO, the Press Trust of India reported.

* Indian fintech firm Crediwatch Information Analytics Pvt. Ltd. said it raised US$3.2 million in a Series A funding round, Mint reported. ARTIS Labs led the round and Abstract Ventures (5882333) participated in it. The company will mainly use the funds raised for its Trust Score product, which helps financial services assess credit risks.

AUSTRALIA AND NEW ZEALAND

* Canada-based Canaccord Genuity Group Inc. completed its acquisition of 100% of the issued share capital of Australian company Patersons Securities Ltd. through Canaccord Financial Group (Australia) Pty Ltd. Patersons Securities will be named Canaccord Genuity Patersons Ltd. Canaccord's existing capital markets business in Australia will continue as Canaccord Genuity (Australia) Ltd.

* The Australian Competition and Consumer Commission is planning to start a public review of the proposed merger between Australian Finance Group Ltd. and Connective Group Pty Ltd., The Australian reported. The transaction is expected to create the biggest broker network in Australia.

* Scott Ramsay, head of institutional sales in Melbourne at RBC Capital Markets LLC, is joining Ord Minnett Ltd on Oct. 28, The Australian Financial Review reported. Ramsay is expected to work closely with mining analyst Dylan Kelly. The appointment brings the Australian asset manager's emerging companies sales team in Hong Kong and Australia to 10 staff.

IN OTHER PARTS OF THE WORLD

Middle East & Africa: KFH Q3 profit rises YOY; Visa to open new HQ in Dubai; Ghana aims to go cashless

Europe: UBS Q3 profit falls 16%; Santander unit sells for $1B; BNP buys Allfunds stake

Latin America: Clash over Bolivia election results; Chile extends scope of state of emergency

North America: Raymond James cuts trading fees; Puerto Rico banks in deal

Global Insurance: Calif. blocks Applied Underwriters deal; Dallas tornadoes; Centene earnings

Janna Estares, Sally Wang, Sarun Saelee, Cathy Hwang, Emi White and Aditya Suharmoko contributed to this report.

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