Themost-read financial stories in S&P Global Market Intelligence'sAsia-Pacific coverage include a story about Sompo Holdings' acquisition ofEndurance Specialty, while editors' picks feature how the Philippine president'svolatile comments have added to investor uncertainty in the country.
1. Endurance discloses termination fee for Sompo deal
Endurance Specialty Holdings Ltd. will pay atermination fee of $204.9 million if Endurance's board changes itsrecommendation of the companies' merger or Endurance agrees to anotheracquisition offer. It would also cover Sompo's merger-related expenses up to$15.8 million.
2. National Australia Bank completes sale of stake in life insurancebiz to Nippon Life
NationalAustralia Bank Ltd. completed the sale of an 80% stake in its lifeinsurance business to Nippon LifeInsurance Co. for A$2.4 billion. The bank will retain a 20% stakein the new life insurance business and retain full ownership of the existinginvestments business.
3. Indiacentral bank cuts policy rates amid falling inflation
The Reserve Bank of India cut policy rates amid an improvinginflation outlook. The central bank slashed the policy repo rate under theliquidity adjustment facility by 25 basis points to 6.25% from 6.5%.The reverse repo rate under the liquidity adjustment facility was adjusted to5.75% and the marginal standing facility rate and the bank rate to 6.75%.
4. Dai-ichi Life completes shift into holding company structure
Dai-ichiLife Holdings Inc. completed its transition into a holding companystructure, effective Oct. 1. With the completion of the transition, Dai-ichiLife Insurance Co. Ltd. became Dai-ichi Life Holdings Inc.
5. 23banks join SBI Holding's blockchain consortium
An additional 23 banks have joined 's consortium toadopt a single platform capable of processing domestic and foreign moneytransactions using blockchain technology. The new members include ,Chugoku Bank Ltd.,North Pacific BankLtd. and YamagataBank Ltd.
1. UPDATE: Sompo expands US footprint with US$6.3B deal for EnduranceSpecialty
Sompo Holdings' acquisition of Endurance SpecialtyHoldings for about US$6.30 billion will help the Japanese company grow itsoverseas presence and compete with big global players. The deal for Endurance,Sompo's largest to date, will provide the Japanese insurer with an operatingbase in the U.S.
2. TheAsia Angle: Mega Financial to delay expansion ambitions as money launderingscandal continues to simmer
With its banking unit still reeling from a moneylaundering scandal that has claimed victims among management ranks, will likely slow down its overseas expansion plans.
3. DataDispatch Asia-Pacific: Philippine president's volatile comments add to investoruncertainty as peso falls
The Philippine president's expletive-laden outburstsin recent weeks, taking aim at targets including the U.S. president and theCatholic Church, have fanned an already volatile trading environment, with thelocal currency tumbling to new lows and investors fleeing the stock markets.
4. T&DHoldings' focus on senior market not a long-term panacea, analysts say
Tokyo-based T&D Holdings Inc.'s three-year plan to focus oninsurance sales to the senior population is an apt survival strategy in Japan'saging society in the short term, but the life insurer may ultimately need toexpand overseas to grow amid tough competition in a shrinking domestic market,according to analysts.
5. DataDispatch Asia-Pacific: Mongolia takes spotlight amid stable credit ratings inAsia-Pacific
The sovereign credit ratings of Asia-Pacific countriesremained relatively stable in the first three quarters of 2016, with Mongoliathe most notable exception, as its credit ratings moved deeper into junk statusamid increasing debt and a depreciating currency.