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Daily Dispatches – Finally, the new funds passport for Asia-Pacific gets approval

South East Asia

Asia Pacific Economic Cooperation ministers from Australia, Singapore, New Zealand and South Korea have signed an agreement to develop a framework that will facilitate regional cross-border fund sales, according to AsianInvestor.

The Asia Region Funds Passport will allow fund managers working in one signed-up economy to sell their funds in other member economies. It is understood that other Asian economies will join at a later stage.

Money Management says that the new passport, which is the product of four years of deliberations, will be launched as a pilot project in 2016.

Fidelity’s fighting talk on CEO pay

The Financial Times reports that Fidelity, one of the world’s biggest fund managers, is taking aim at the long-term incentives of chief executives in an effort to tie executive pay more closely to the performance of the company.

Fidelity Worldwide Investment is a top 10 shareholder in a third of FTSE 100 groups as well as several European companies. It has issued a warning to 400 companies it invests in to reform pay policy or face votes against remuneration at annual meetings.

India’s new central bank chief poised for second rate rise

Reuters says that India’s central bank governor Raghuram Rajan may raise policy rates again after shocking markets by increasing them in only his first meeting. This could signal his tough stance on inflation, even at the cost of economic growth.

Consumer price inflation was 9.5% for August, meaning the cost of living is rising faster than the current repo rate of 7.5%.

“If he goes ahead and hikes further, which I think he might, then it might affect growth. But ultimately, if you have to bring down inflation, there is no other option,” said A. Prasanna, economist at ICICI Securities Primary Dealership Ltd in Mumbai, to Reuters.

Ernst & Young planning huge hiring spree in UK

Singapore’s Business Times quoted a weekend article in The Times saying E&Y is set to hire 3,700 people in Britain alone by the end of June 2014 to satisfy growing demand for business advice.

The firm, which currently has 11,000 employees in Britain, will take on 2400 professionals, including partners, and 1300 students spread almost equally across its assurance, tax, advisory and transactions units.

New JV to promote RMB products

Singapore Exchange (SGX) and Bank of China (BOC) announced that they have signed a memorandum of understanding (MOU) to cooperate in growing China’s financial markets, according to a report in the Singapore Business Review.

Under the MOU, SGX and BOC will explore joint development of Renminbi products and services, promotion of SGX products in China and educational programmes. BOC will also look into expanding its role in SGX’s markets.

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