The Organisation for Economic Cooperation and Development says growth is set to slow in Brazil, India and some other developing economies in the months ahead, but the momentum in developed economies will continue to pick up.
The Wall Street Journal reports that since the 2008 financial crisis, global economic growth has mainly been driven by large, developing economies.
But now the OECD’s leading indicators suggest that developed countries are likely to experience something of a revival as they recover from the effects of that crisis.
Meanwhile Chinese premier Li Keqiang, writing in the Financial Times, says that Asian countries will be resilient and China will continue to post sturdy growth. “… our economy will maintain its sustained and healthy growth and China will stay on the path of reform and opening up…Asian countries have learnt the lessons from the past and significantly enhanced their capabilities to fend off risks….China is confident that Asian countries are now better placed to cope.”
The annual conference hosted by the Hong Kong Institute of Bankers on Monday revealed the key issues identified by the region’s bank bosses.
Finance Asia reports that Anita Fung of HSBC’s Hong Kong operations said there was huge growth potential for China’s interbank bond market.
Gao Yingxin, deputy CEO of BOCHK, believed the Shanghai free trade zone would result in competition for Hong Kong but also opportunity in the long term.
Meanwhile Weber Lo, Citi’s Hong Kong and Macau CEO said there were 4-million high net worth individuals with US$12 trillion in investable assets, with Greater China accounting for one third. There are 45 private banks competing for the business.
Sebastien Paredes, CEO of DBS in Hong Kong said there was scope for intra-trade regional trade to grow, thanks to China’s growth and the removal of trade barriers.
The Wall Street Journal reports that real-estate developer Wang Jianlin has become China’s wealthiest man with the expansion of his commercial real-estate business Dalian Wanda Commercial Properties.
According to the latest estimates from Forbes Magazine, Wang is now worth US$14 billion, overtaking previously top-ranked beverage entrepreneur Zong Qinghou, with $11 billion.
The South China Morning Post reports that HSBC and Standard Chartered are expected to be among the first batch of foreign banks to offer a wide range of banking services in the mainland’s first free-trade zone in Shanghai.
Singapore Business says that three Singapore banks have ranked among the world’s top ten safest, with DBS coming in 3rd, Overseas-Chinese Banking Corp in 4th and UOB in 5th, according to latest rankings from Global Finance magazine.
Half of the Lion City’s 30 top earning chief executives’ pay comprise salaries and annual cash bonuses alone, with no long-term incentives (LTIs) to put the company on a sustained growth path, says the Business Times.
Piyush Gupta, DBS Group Holdings’ chief executive, tops the highest-paid list with SG$10.3 million, which included base pay of SG1.3 million, and short and long-term incentives of SG$9 million.