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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
Better Managing Plastic Waste Could Combat Marine Pollution and Unlock Billions of Dollars for a Circular Economy: Southeast Asia
March 22, 2021-- A series of World Bank Group studies launched today examine the untapped economic opportunities to promote plastic circularity and address marine debris in Malaysia, the Philippines and Thailand.
Using a plastic value chain approach, the studies evaluate the plastics recycling industry and its role in supporting a circular economy and scaling up recycling efforts via targeted public and private sector interventions.
The country studies found that less than a quarter of plastics available for recycling in Malaysia, the Philippines, and Thailand are being recycled into valuable materials. More than 75% of the material value of the plastics is lost- the equivalent of $6 billion per year across the three countries -when single-use plastics are discarded rather than recovered and recycled, representing a significant untapped business opportunity if key market barriers can be addressed.
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Source: Worldbank.org
Bank of Japan backs away from ETF buying scheme
March 21, 2021--Bank of Japan Governor Haruhiko Kuroda said on Monday that the central bank would not stop buying exchange-traded funds (ETFs) or sell them as it tries to make its easing tools more flexible and sustainable under its yield curb control policy.
Speaking before the upper house financial committee, Kuroda said its review of ETF purchases would allow the BOJ to continue using easing policy "more flexibly and effectively."
The central bank removed an explicit guidance to buy ETFs at an annual pace of roughly 6 trillion yen ($55.13 billion) in a review of its policy tools unveiled on Friday.
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Source: reuters.com
Beijing seeks more information on VanEck China ETF plans
March 18, 2021--Move marks departure from previous stipulation that applicants simply be 'top ranking'
China's fund regulator has requested "explanations" from VanEck over its ETF plans in a communication that appears to mark a departure from Beijing's previous stipulation that applicants for fully owned fund management units should be "top ranking".
The China Securities Regulatory Commission issued an official document last Thursday detailing its feedback on VanEck's application, submitted on October 29, for a new retail fund management unit in the market.
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Source: FT.com
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