The most read financial stories in S&P Global Market Intelligence's Asia-Pacific coverage include Alibaba affiliate's acquisition of MoneyGram, while editors' picks feature a feng shui prediction on global markets in the Year of the Rooster.
1. South Korean court slaps Deutsche Bank with 8.55B won compensation payment
The Seoul Central District Court has ordered Deutsche Bank AG to pay 8.55 billion South Korean won to six plaintiffs of a class-action suit for losses it caused through the manipulation of stock prices. Deutsche Bank lowered the price of KB Kookmin Bank's stock by selling its shareholding in the South Korean bank prior to the expiry date of the products in August 2009.
2. Report: ANZ to unveil details of wealth unit sale in 5 weeks
Australia & New Zealand Banking Group Ltd. is expected to issue an information memorandum regarding the proposed sale of its wealth unit in five weeks. Zurich Insurance Group Ltd. and AIA Group Ltd. are said to be among the interested parties.
3. Swiss Re, XL Catlin obtain regulatory approval to begin ops in India
Swiss Re Ltd. and XL Catlin received permission from India's Insurance Regulatory and Development Authority to set up branches in Mumbai. Swiss Re's branch will be known as Swiss Reinsurance Co. Ltd., India branch, while XL Catlin's operation in the country will be a branch office of XL Insurance Co. SE.
4. Report: Global suitors weigh bid for Siam Commercial Bank's insurance biz
Siam Commercial Bank PCL is seeking formal bids for its insurance business. Prudential Plc, AIA Group and Manulife Financial Corp. are said to be among the interested parties.
5. Alibaba affiliate to acquire MoneyGram in $880M deal
MoneyGram International Inc. will merge with China-based Ant Financial Services Group, a digital financial services provider and parent of global mobile payment platform Alipay. The transaction is valued at about $880 million for all of MoneyGram's common and preferred shares.
1. Japanese banks with Mexican ops wary of shift in US trade policy
Japan's megabanks will be watching developments in North American trade policy closely as Donald Trump begins his four-year term as president. The lenders, which face low margins at home, have been following in recent times their automaker clients to Mexico, which is used as a manufacturing base serving the U.S. market. Any negative shift in trade relations between the U.S. and Mexico under the Trump administration could have worrying ripple effects for these megabanks.
2. Data Dispatch Asia-Pacific: Vietnamese bank's shares surge on China buy talk as ownership cap may be lifted
Shares in Saigon Thuong Tin Commercial Joint Stock Bank, Vietnam's fourth-largest listed lender by assets, have surged on speculation that it is a takeover target, as national authorities indicate they could waive a 30% cap on foreign ownership in some cases in a plan to revamp the country's underbanked financial sector.
3. The Asia Angle: Markets should be wary of the Year of the Rooster's crow, feng shui masters say
Superstitious followers of the financial markets may be wary of years ending with "7," as years past have seen some serious upheaval. However, Louie Shum Chun-ying, CEO of Hong Kong-based Sincere Securities Ltd. and an expert in feng shui matters, attributes the shockwaves to the financial markets to the "ding" celestial stem in the Chinese zodiac, rather than the number "7."
4. Data Dispatch Asia-Pacific: Loan growth worries likely hurt Japan's megabanks in fiscal Q3
Facing sluggish growth both at home and abroad and under pressure from a relatively stronger yen, Japan's megabanks are expected to report double-digit profit declines for their fiscal third quarter. Net income at Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. is expected to decline by almost 20% year over year in the quarter ended Dec. 31, 2016, according to mean estimates from S&P Capital IQ, an offering of S&P Global Market Intelligence.
5. Data Dispatch Asia-Pacific: Pakistan bourse likely to continue 2016's 'dream run'
After a stellar 2016, Pakistan's stock market's bull run is expected to continue into 2017 thanks to a convergence of favorable factors. Chief among those factors are the upswing in the "investability" of the Pakistani equity market, the stock exchange's demutualization and the country's improving economic outlook, analysts in Pakistan told S&P Global Market Intelligence.