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Local mayor leads Philippine polls; BOJ divesting equities


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Local mayor leads Philippine polls; BOJ divesting equities

* Unofficialresults project Rodrigo Duterte, the mayor of Davao, the Philippines, to have wonthe country's presidential election, BBC News reported. With 90% of ballotscounted, Duterte led the national polls with about 39% of the votes.

* MossackFonseca sent a letter of apology to an unnamed Shanghai-based banking client followingthe Panama Papers data leaks, Reuters reported.It is not known whether the law firm sent similar letters to other companies affectedby the leak.

* TheSociety for Worldwide Interbank Financial Telecommunication has denied allegationsmade by Bangladesh officials that a technician from the company made the centralbank of Bangladesh vulnerable to hacking, which led to the US$81 million cyber heist,Reuters reported.


* China's68 trust companies saw combined net profit of 59.40 billion yuan in 2015, or 3.39million yuan per employee in the trust industry, Beijing Business Today reported. ChongqingInternational Trust Co. Ltd. realized an average net profit of 33.7 million yuanper employee in 2015.

* ThePeople's Bank of China has issued 270 payment licenses since 2011, of which 27 licensesare expired and are awaiting approval for reapplications, the Guangzhou Daily reported. However,the application processes for payment licenses have been suspended since March.

* China'scentral bank said all asset management products are qualified to enter the country'sinterbank bond market, Caixin reported. This willbring new funds to the interbank market and increase trade activity frequency, thepublication noted.

* China'sState Administration of Foreign Exchange said the inflow of direct investment fromoverseas investors to domestic financial institutions amounted to US$2.41 billionin the first quarter, while outflow was US$1.88 billion, Reuters reported.Meanwhile, the outflow of direct investment from domestic financial institutionsto overseas countries stood at US$3.06 billion, while inflow was US$1.28 billionduring the period.

* ZhouMubing, vice chairman of the China Banking Regulatory Commission, will become chairmanof Agricultural Bank of China Ltd.,Tencent Finance reported.

* Whilethe Chinese economy is unlikely to see a V- or U-shaped recovery in the next yearor two, it may see a flat L-shaped growth, the People's Daily reported, quoting an unnamed"powerful figure in authority."

* Taiwan'sMinistry of Finance said exports in April slid 6.5% year over year to US$22.25 billion,the 15th straight month in the longest stretch of retreat on record, the China Post reported.


* TheBank of Japan has begundivesting equities it purchased through 2002 to 2004 and 2009 to 2010 to ease anxietyover the weakening financial sector, The Nikkeireported.The BOJ is offsetting these divestments by purchasing more exchange-traded funds.The central bank in April off-loaded a total of ¥16.2 billion in book value andis planning to sell the remaining ¥1.3 trillion in the next 10 years.

* Abouta quarter of Japan's listed companies have reported record pretax profit for fiscal2015, due to an increase in foreign tourists and low resource prices, The Nikkei reported.

* willbe operating under its holding company, Nishi-Nippon Financial Holdings, startingOctober, The Nikkei reported.

* TheKorea Securities Depository said the country's total balance of derivative productsis steadily increasing in the midst of oil price and market volatility, marking102.352 trillion won as of May 4, The Dong-AIlbo reported.

* SouthKorea's six major banks have seen a sharp increase in mortgage-backed loans in Aprilas stricter, nationwide loan regulations took effect May 2, the Seoul Economy Newspaper reported.The monthly difference in loan balance for April was close to 3 trillion won andhas seen the biggest increase since 2010.

* SouthKorea's treasury bonds interest rate has hit the record lowest at 1.41%, as projectionsare emerging that the current benchmark rate of 1.5% is likely to be adjusted downagain at the central bank's May 13 monetary policy meeting, the Korea Economic Daily reported.


* ThaiDeputy Prime Minister Somkid Jatusripitak said a stable political situation is attractingforeign investors to Thailand, Daily Newsreported. Many large companiesare keen on investing in the country's infrastructure and setting up their internationalheadquarters in the country, the publication reported.

* Krungthep Turakij reported that Porametee Vimolsiri, secretary-generalof the Office of the National Economic and Social Development Board, said Thailandwill be able to escape the middle-income trap within 15 years if its annual GDPgrowth averages 4% to 5%. Otherwise, it would take more time to reach high-incomestatus.

* CEO Kostaman Thayibexpects lending growth to pick up in the second quarter as the bank continues tofocus on corporate loans, Kompas reported.

* is planninga rights issue in August, and expects to get fresh funds of 650 billion rupiah,Kompas reported,citing Corporate Secretary Lungguk Gultom.

* IndonesianPresident Joko Widodo is pushing his Cabinet to improve the economy and reach investmentgrade by S&P Global Ratings, The JakartaPost reported.S&P has not given an investment-grade rating to Indonesia.

* Moody'ssaid Islamic banks in Malaysia have shown higher growth stability and asset qualitycompared with Islamic banking in Indonesia despite similar macroeconomic challenges,Berita Harian reported.


* expects to provisionloans of 90 billion rupees during fiscal 2017-2018 amid expectations that assetquality pressure will continue, Business Standardreported.

* is the second mostvalued private lender in India with a market valuation of 1.31 trillion rupees,replacing Kotak Mahindra Bank Ltd.,the Press Trust of India reported.

* and Bangladesh Bankhave signed an agreementfor a long-term financing facility under an initiative by the central bank calledthe Financial Sector Support Project.


* TheAustralian Securities and Investments Commission banned a Western Australia-basedbroker for misleading clients with weak credit history by preparing applicationsin their guarantor's name without consent, TheAustralian reported.This is the fifth such ban placed by ASIC.

* BernieFraser, former governor of the Reserve Bank of Australia, criticized the unexpectedinterest rate cuts by the regulator on May 3 and cautioned that further monetarypolicy stimulus will fail to boost growth or bolster inflation, The Australian Financial Review reported.


* has 30 daysto decide if it will exerciseits right to "tag-along" for the sale of BTG Pactual Group's stake in Pan Seguros SA to CNPAssurances SA, Diario de Pernambucoreported May 7, citing the state-run broadcast service.

* , and are amongthe Brazilian banks benefitingfrom a recent court ruling that blocks states and municipalities from charging aservice tax on certain banking activities, ValorEconômico reported.

* BobDiamond, co-founder of Atlas MaraLtd., said the company is closing in on purchasing a bank in one of the seven African markets whereAtlas Mara already has a presence, Bloomberg News reported May 7.

* has Rocco DelGuercio CFO and treasurer.

S&P Global Ratings and S&PGlobal Market Intelligence are owned by S&P Global Inc.

Sally Wang, Sarun Saelee, CathyHwang, Emi White and Aditya Suharmoko contributed to this report.

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