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Daily Dispatches – Philippines calls for Asian ratings agency

Asia needs a homegrown ratings agency

Asia needs a homegrown ratings agency

The island nation has called for the establishment of an Asian-focused ratings agency amidst rising concerns about the relevancy and dominance of the big three agencies, Fitch, S&P and Moody’s.

Finance Asia says that Philippines finance minister Cesar Purisima put forward the suggestion, saying the region needs an agency that understands its issues, and is not dominated by methodologies geared to the ‘old model’ of Western economies.

Singapore positioned to be alternative investment hub in Asia

Asian Investor says that more alternative fund administrators see the potential for the bigger hedge funds to base themselves in Singapore, with Equinoxe being the latest provider to set up in the city, opening an office this month.

Citi and JPMorgan put FX traders on leave amidst probe

Citigroup and JPMorgan Chase & Co are putting their top London currency dealers on leave after regulators probing the manipulation of foreign-exchange rates started investigating the traders’ use of an instant-message group, according to a report by Bloomberg.

Chinese banks bad loans surging

China’s top four banks posted their biggest increase in soured loans since at least 2010 as a five-year credit spree left companies with excess manufacturing capacity and slower profit growth amid an economic slowdown, Bloomberg reports.

Standard Bank of SA hives off $1 billion Asian portfolio

South Africa’s Standard Bank Group has agreed deals to sell its Asian loan portfolio worth around $1 billion to BNP Paribas SA BNPP.SA and others, sources told Reuters.

Africa’s biggest bank has been looking to sell the loans, which include financing of mining projects in Mongolia, Indonesia and other countries.

A return to the good times for China’s stock brokers

China’s top brokerage firms reported robust net-profit growth for the nine months ended in September, paving the way for full-year increases for the first time in four years, says the Wall Street Journal.

A booming domestic stock market that triggered higher trading volumes and boosted investment returns drove strong earnings at Citic Securities and Haitong Securities, the country’s top two brokerages by assets.

New Zealand’s surge in confidence

New Zealand’s business confidence came close to a 14-year high in October, while companies were a touch more optimistic about their own outlook, a bank survey reported on Thursday, Business Times says.

Two thirds of Singaporeans don’t expect to have much of a retirement

According to the latest Manulife Investor Sentiment Index, 69% of Singaporeans expect to continue in full-time or part-time work during so-called retirement. This is higher than the 55% average across the seven Asian markets surveyed, according to the Singapore Business Review.

 

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