Emerging Asia faces capital outflow risk as Fed signals rate hike

Chart of the Day: Hong Kong’s New Virtual Banks Bled Cash Last Year

Best performance in past three decades in Q4: Y Viswanatha Gowd, LIC Housing

Fisher: Broader Indexes Offer Better Stock Portfolio Benchmarks

Once you build a portfolio, use your benchmark to gauge your sector and industry tilts’ effectiveness. Photo: VCG How are you doing? How an investor’s portfolio is actually doing is often like the definition of beauty — determined in the eyes of the beholder. Even investors with eerily similar portfolios offer wildly different replies depending […]

Alibaba Victim of Huge Data Leak as China Tightens Security

Photo: Bloomberg (Bloomberg) — Alibaba Group Holding Ltd. was the victim of a months-long web-scraping operation by a marketing consultant that siphoned up sensitive data including usernames and phone numbers, according to a court case that wrapped in June. A central Chinese court ruled that an employee of a consultant that helps merchants on Alibaba’s […]

China's Everbright sues Italian businessmen over failed UK deal

Chinese state-owned brokerage Everbright Securities sued the two Italian former owners of defunct British sports media company MP & Silva (MPS), alleging fraudulent misrepresentation and breach of tax commitments. The company’s Everbright Capital Investment unit and Everbright Capital’s overseas investment vehicle Jinxin filed suit in London’s High Court of England and Wales seeking $661 million […]

MKIF acquires 2 gas utilities for W798b

A logo of Macquarie GroupMacquarie Korea Infrastructure Fund, which is listed on the Korea Exchange, has agreed to acquire the full 100 percent stake of two gas utilities for a combined 798 billion won ($714 million), a disclosure showed Wednesday. The gas utilities, Haeyang Energy and Seorabeol City Gas, distribute natural gas to ratepayers in South Jeolla […]

Krafton seeks up to W5.6tr in S. Korea’s largest IPO

PlayerUnknown’s Battlegrounds (PUBG Studio)South Korean game developer Krafton is looking to raise up to a record-high 5.6 trillion won ($5 billion) in an upcoming initial public offering on the Korea Exchange, which is likely to become the largest market debut here, a prospectus showed Wednesday. Krafton said that the IPO will lay a cornerstone for […]

Opinion: China’s Digital Yuan Wallet Designed to Meet Everyone’s Needs

Mu Changchun, director of the Digital Currency Research Institute at the People’s Bank of China (PBOC) speaks Friday at the Lujiazui Forum 2021 in Shanghai. Photo: Lujiazuiforum.org What is the digital yuan wallet? Just as an old-fashioned wallet holds paper cash and cards, a digital yuan wallet (数字人民币钱包) carries the digital yuan. Working under the […]

KDB’s W100b investment in Toss Bank meant to stop unicorn exodus: chief

(Viva Republica)Korea Development Bank’s plan to invest 100 billion won ($89.4 million) in the nation’s latest internet-only bank backed by Viva Republica, the operator of fintech app Toss, is meant to keep local unicorns in the local market, the head of the state-run bank said. The announcement follows the nation’s financial regulator’s decision last week […]

Regulators to look into PNB Housing Fin’s plan to raise Rs 4,000 crore from Carlyle, other entities

Reserve Bank of India as well as Sebi will look into various regulatory issues related to the proposed Rs 4,000 crore-investment by US-based private equity firm Carlyle and others in PNB Housing Finance, sources said on Monday. Last month, the board of PNB Housing Finance cleared a proposal to raise up to Rs 4,000 crore […]

MUFG India contributes $1 million towards COVID-19 relief in India

MUFG Bank, Ltd. (MUFG), a Japanese lending major, committed $1 million or Rs 7.5 crore towards COVID-19 relief and recovery efforts in India, the lender announced in a release. “COVID-19 has left a profound impact on countless lives around the world,” said Atsushi Deguchi, Regional Executive for India & Sri Lanka said. “Over these past […]

Hana Financial to launch asset manager in Singapore

caption / The headquarters of Hana Financial Group in Seoul (Yonhap Hana Financial Group said Monday that it has obtained a preliminary license from Singapore’s financial authorities to open an asset management company in the Southeast Asian country. The Monetary Authority of Singapore granted the partial approval Friday, though it hasn’t notified the banking giant […]

AsianInvestor to hold virtual forum on trends among Korean investors

A logo of AsianInvestorAsianInvestor, a Hong Kong-based publication dedicated to the investment activities of Asian asset owners, said Monday that it planned to offer a glimpse of the latest trends among Korean investors at a virtual event June 21-25. Institutional Investment Week Korea, the 14th event of its kind for Seoul investors, will focus on […]

Ravi Parthasarathy, ex-chief of IL&FS group, arrested

Ravi Parthasarathy, the former chief executive and chairman of debt-ridden Infrastructure Leasing & Financial Services Ltd (IL&FS), has been arrested by the Chennai police in connection with a cheating and fraud case registered by its Economic Offences Wing (EOW). Multiple agencies, including the Directorate of Enforcement (ED), the Serious Fraud Investigation Office (SFIO) and Delhi […]

MFIs 30-plus delinquency may rise to 14-16% in June: Report

With the collection efficiency impacted due to the COVID-19 related disruptions, microfinance institutions (MFIs) may feel asset quality pressures and their 30+ portfolio at risk (PAR) may rise to 14-16 per cent in June, Crisil Ratings said in a report. In the absence of a loan moratorium this year, more MFIs are likely to opt […]

BOK chief hints at rate hike this year

BOK Gov. Lee Ju-yeol (Yonhap) Bank of Korea Gov. Lee Ju-yeol said Friday that a key interest rate hike is plausible by the end of this year in step with economic recovery. “If our economy is expected to stage a modest recovery, (the BOK) will normalize the current easing of monetary policy in an orderly […]

US-based First Eagle cashes in W35b from Namyang Dairy

A logo of First Eagle Investment ManagementUS-based investment house First Eagle Investment Management and its mutual fund have cashed in a combined 35 billion won ($31.5 million) during a weeklong trade since late May from its investment in event-driven Namyang Dairy stock in South Korea, filings showed Friday. Shares of Namyang Dairy Products, hit a […]

Reliance Home Finance lenders staring at nearly 80% haircut

Lenders to Anil Ambani’s debt-laden Reliance Home Finance (RHFL) face the likelihood of up to 80 per cent haircuts on their advances, with the top two bidders offering a maximum of 23 per cent on Rs 11,200 crore of outstanding debt. Financial creditors to RHFL are effectively choosing between Hong Kong-based distressed asset specialist Ares […]

HSBC chooses duo to lead Asia growth charge as Wong bows out

HONG KONG — HSBC Holdings’ decision to anoint joint chiefs for Asia underlines the importance of the bank’s pivot to the region — and the role played by outgoing head Peter Wong in the past decade to bring the U.K.-headquartered bank closer to its Asian roots. HSBC on Monday named David Liao, head of global […]

Top Banking Watchdog Warns of China’s Growing Financial Risks

pictureGuo Shuqing, secretary of the Communist Party Committee of the People’s Bank of China and chairman of the China Banking and Insurance Regulatory Commission, delivers a speech via video to the 13th Lujiazui Forum in Shanghai on June 10, Photo: IC Photo China’s top banking regulator Guo Shuqing sounded the alarm bell over growing risks […]

Mizuho Bank president to step down due to system failures

TOKYO — Mizuho Bank President Koji Fujiwara will leave his position as early as the end of this month to take responsibility for the company’s recent widespread system glitches, Nikkei learned on Thursday. Fujiwara, 59, will also not assume the chairmanship for which he was appointed earlier this year. Group CEO Tatsufumi Sakai, 61, will […]

NH Financial sets up W150b ESG fund tied to Green New Deal

(NH Financial Group)South Korea’s NH Financial Group said Thursday it has created an environmental, social and governance fund worth 150 billion won ($134 million) to finance projects tied to the Green New Deal initiative. According to NH, the “NH-Amundi Green New Deal Infra ESG Fund” will offer an alternative investment portfolio that focuses on exposure […]

Koramco to buy green office building in eastern Seoul

An exterior view of East Central Tower (Koramco REITs & Trust)Koramco REITs & Trust said Thursday that it has been selected as the preferred bidder to buy an eco-friendly office building in eastern Seoul through its new blind pool fund. The investment target, East Central Tower, is a 42-story building with six underground floors and […]

You’ll see Religare back in action soon: Dr Rashmi Saluja

Dr Rashmi Saluja, Religare Enterprises , talks about the NBFC’s latest funding round. Edited excerpts: ET Now: Give us some details on this infusion of new funds and induction of new marquee names as shareholders. Dr Rashmi Saluja: We are raising Rs 570-odd crore to infuse not only in RFL but in other businesses of […]

Hana Bank issues $600m in ESG bonds

Hana Bank headquarters in central Seoul (Yonhap)Major South Korean lender Hana Bank said Thursday it has floated $600 million worth of environment, social and governance (ESG) bonds to help support vulnerable and eco-friendly projects. The dollar-denominated bonds will mature in five years and six months, and carry an annual interest rate of 1.25 percent, or […]

China's Sichuan Trust boss detained amid probe into missing billions

A Chinese businessman with family links to the eldest son of jailed former security czar Zhou Yongkang has been detained by police investigating the collapse of Sichuan Trust, which was taken over by the provincial government and banking regulator last year amid concerns it couldn’t repay 25.3 billion yuan ($3.9 billion) of investors’ money. Liu […]

Devendra Kumar resigns from directorship of SBI Cards and Payment Services

SBI Cards and Payment Services (SBI Card) on Wednesday said State Bank of India nominated director Devendra Kumar has resigned from its board. In a regulatory filing SBI Card said Devendra Kumar, Director (nominated by State Bank of India) has tendered his resignation from directorship of the company with effect from the close of business […]

Covid resets corporate credit scene as cautious companies rush to repay loans

Amid deep uncertainties triggered by Covid’s second wave, there has been a noticeable reset in priorities for many Indian companies, a report by SBI showed. A significant number of major corporate borrowers are seeking to deal with this uncertainty by cutting down on loans in order to reduce their debts, the research found. This cautious, […]

Aussie banks act as customers lose $400k to ‘Hope Business’ app scam

Consumers targeted by fake ‘wealth creation’ app.

DHFL lenders may move NCLT against guarantors

The season two of the legal tussle over DHFL is likely to begin with banks pursuing insolvency proceedings against personal guarantees given by the Wadhawan brothers — Kapil and Dheeraj — the promoters of the debt-saddled non-bank mortgage lender. Banks, sources said, have examined the possibility of moving the National Company Law Tribunal (NCLT) with […]

Newly Merged Internet Giant GoTo Appoints Veteran Finance Chief Ahead of Planned IPO

Jacky Lo GoTo Group, the company born from the merger of Indonesian tech giants Gojek and Tokopedia, has appointed finance veteran Jacky Lo as its chief financial officer (CFO) as it moves toward a planned IPO. The appointment, effective Monday, makes Lo the first CFO of GoTo Group, the largest e-commerce and online ride-hailing platform […]

Philippines steps up fintech push with two new digital banks

MANILA — The Philippine central bank has awarded two more digital banking licenses as regulators step up efforts to introduce fintech services in the Southeast Asian nation. Sequoia India-backed Tonik Digital Bank and UNO Bank, which bills itself as Southeast Asia’s “first full-spectrum digital bank,” have secured licenses, Philippine central bank Gov. Benjamin Diokno announced […]

[#WeFACE] Right investment can save ocean: IFC

Resort owner and dive instructor Carmela Sevilla shows a plastic trash she recovered underwater during a scuba diving activity in Bauan, Batangas, Philippines, Sunday. (Reuters-Yonhap)Asia has been the epicenter of the plastic crisis, as the source of the bulk of the plastic waste in the oceans. But the right investments can help reduce plastic waste […]

Indonesian shareholder drops $1.5b charge against KB over Bank Bukopin acquisition

A headquarters building of Bank Bukopin in Jakarta, Indonesia (KB Kookmin Bank)Seoul-based KB Kookmin Bank has steered clear of litigation in controlling Indonesian subsidiary Bank Bukopin, as its minority shareholder in Indonesia dropped all charges against South Korea‘s largest commercial bank, a filing showed Tuesday. Bosowa Corporindo, which was holding a 11.6 percent stake in […]

PBOC Considers First Applications for New Financial Holding Company License

The two companies are among the first to apply for the license after the PBOC set new rules in September for financial holding companies. Photo: VCG China’s central bank has begun reviewing applications for the license governing financial holding companies for the first time since it issued rules to tighten up oversight of nonfinancial conglomerates […]

Huawei Makes HarmonyOS Open Source to Boost It as Android Alternative

Since HarmonyOS was launched in 2019 as a countermeasure to U.S. sanctions, domestic software and hardware manufacturers have been reluctant to rely on a system controlled by Huawei. Photo: VCG Huawei Technologies Co. Ltd. has released its home-grown HarmonyOS to open-source developers, seeking to develop it further as a substitute for running everything from smartphones […]

Financial creditors may realise Rs 55,000-60,000 cr through IBC in FY22: Report

Financial creditors may realise Rs 55,000-60,000 crore in fiscal 2021-22 through successful resolution plans from the Insolvency and Bankruptcy Code (IBC), credit rating agency Icra has said. The realisation for financial creditors from the resolution of Corporate Insolvency Resolution Process (CIRP) under the IBC declined significantly in FY2021 with a total resolution amount of around […]

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