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BlackRock Wins Approval for China Wealth Management JV
May 14, 2021--BlackRock will own 50.1 percent of the joint venture, while China Construction Bank will own 40 percent.
China Banking and Insurance Regulatory Commission (CBIRC) has awarded BlackRock a license for its wealth management joint venture in China with Singapore sovereign investor Temasek and state-owned financial giant China Construction Bank, the U.S. fund house said on Wednesday.
"The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally" Larry Fink, BlackRock chairman and CEO, said in a statement.
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Source: finews.asia
BlackRock fee cut portends new Hong Kong ETF price skirmish
April 28, 2021--Management charges on the iShares FTSE A50 China ETF have been slashed from 0.99% to 0.35%
BlackRock's decision to slash fees on its flagship China A-share exchange-traded fund in Hong Kong, suggests the market is becoming more competitive and could spark a price war, some industry participants say.
BlackRock announced last month that the management fee on its Hong Kong-listed iShares FTSE A50 China ETF would be reduced by more than half to 0.35 per cent from 0.99 per cent per annum, effective on March 22.
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Source: ftchinese.com
China set to report first population decline in five decades
April 28, 2021--China is set to report its first population decline since the famine that accompanied Mao Zedong's Great Leap Forward in the late 1950s, reported the Financial Times.
The current fall in population comes despite the relaxation of strict family planning policies, which was meant to reverse the falling birth rate of the world's most populous country.
The latest Chinese census, which was completed in December but has yet to be made public, is expected to report the total population of the country at less than 1.4 billion, according to people familiar with the research, reported the FT. In 2019, China's population was reported to have exceeded the 1.4 billion mark.
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Source: chinaeconomicreview.com
IMF-Philippines: Financial System Stability Assessment-Press Release and Statement by the Executive Director for the Philippines
April 9, 2021--Summary:
GDP contracted by 9½ percent in 2020-a much steeper decline than during the Asian Financial Crisis (AFC)-but it is now recovering with the easing of containment measures and economic policy support. Banks are closely connected to the corporate sector through high credit exposures and conglomerate ownership linkages.
The Financial Action Task Force (FATF) may list the Philippines as a jurisdiction with serious Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) deficiencies in 2021. The country is also vulnerable to climate change (physical) risks, especially the destruction of physical capital from typhoons.
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Source: IMF
BetaShares Australian ETF Review-March 2021: Raise the Bat! Industry Blasts Through the $100B Mark
April 14, 2021--The Australian ETF industry now exceeds $100 billion in funds under management (FUM), topping the milestone figure for the first time just three months after the end of a record-breaking 2020. The milestone was met after a very strong month for growth, driven by a combination of asset price appreciation, a large unlisted fund conversion and solid net flows.
Market cap
ASX Exchange Traded Product market cap: $102.9B1- all time end of month high, breaking through the $100B milestone
Market cap change for month: 5.7%, $5.6B
Market cap growth for the last 12 months: 80%, + $45.7B -all time high, fastest yearly growth on record
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Source: betashares.com.au
Chinese Economy Grew More Than 18% in First Quarter
April 14, 2021--The year-over-year GDP growth rate will almost certainly trend lower in coming quarters
China's economy surged 18.3% in the first quarter from a year earlier, a record rate of growth that reflected the recovery from a deep coronavirus-induced trough in early 2020 and the continued momentum of the world's second largest economy.
The rate of gross domestic product growth in the first three months of 2021 was sharply higher than the 6.5% year-over-year growth recorded in the final quarter of 2020, though it fell short of the 19.2% growth expected by economists polled by The Wall Street Journal.
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Source: wsj.com
After a Strong Crisis Response, Asia Can Build a Fairer and Greener Future
April 13, 2021--In some Asia-Pacific countries, the unpleasant memory of the pandemic is receding; elsewhere, second or third waves of infections are raging. A recovery is underway, but the regional averages obscure wide differences within and across countries.
Everywhere, the pandemic has inflicted historic income losses borne mostly by the less advantaged: low-wage and informal workers, as well as youth and women. A region known for its trademark growth-with-equity model now runs the risk of entrenching excessive inequality. If policymakers do not act, they risk stunted opportunities, fragile growth, and even social unrest.
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Source: IMF
Indxx US Tech Top 10Index Licensed by Mirae Asset Global Investmentsfor an Exchange Traded Fund
April 9, 2021--Indxx is pleased to announce that the Indxx US Tech Top 10Index (the "Index"), has been licensed by South Korea based ETF Issuer Mirae Asset Global Investments as the underlying benchmark for the TIGER US Tech Top 10 INDXX ETF(Ticker: 381170 KS Equity), which began trading today. The Index (Ticker:IUST10T)tracks the performance of the top 10 largest tech-oriented companies that are listed on the NASDAQ Stock Exchange.
Rahul Sen Sharma, Managing Partner at Indxx said, "Technology companies have played a crucial role in helping organisations sail smoothly through the pandemic. These companies became the drivers of the recovery in 2020 and are well positioned for future growth. Our Index offers targeted exposure to technology giants at the epicenter of the global digital revolution.We are very excited to partner with Mirae AssetGlobalInvestments inbringing another tech themed product to the Korean market.”
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Source: Indxx
Asia-Pacific, the Gigantic Domino of Climate Change
March 25, 2021--Forget the poetic flap of a butterfly's wings in Beijing causing rain in Central Park. Climate issues in Asia-Pacific are measured in superlatives. The world's biggest population. Two of the three largest carbon dioxide-emitting countries and the largest share of emissions globally.
The most exposed to extreme weather events. Some of the smallest and most vulnerable countries. Also, the fastes-growing part of the global economy and many of the leaders in green technology.
Republic of Korea : 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Republic of Korea
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Source: IMF
MF Executive Board Concludes 2021 Article IV Consultation with Republic of Korea
March 25, 2021--Summary:
Korea entered the COVID-19 pandemic with sound macroeconomic fundamentals and a resilient financial system. The initial outbreak led to a sharp decline in economic activity and employment and generated substantial economic slack. With the help of an effective COVID-19 containment strategy and comprehensive economic policy response, the overall impact was smaller than in peers, with real GDP growth in 2020 of -1.0 percent.
The economy is projected to grow 3.4 percent in 2021, albeit at varying speeds across sectors, and with a high degree of uncertainty centered on the speed of normalization in the COVID situation. Public debt has risen and deficits have widened but remain at manageable levels. Credit continues to grow rapidly, financial markets have normalized quickly, and the financial sector has remained relatively sound to date despite the pandemic. The authorities are pursuing greener and more digital growth, along with a stronger social safety net, through the Korean New Deal.
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Source: IMF
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