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☆ Asia's edge isn't just cheap labor, whether it's China, India or Japan, KKR says
▼ + stars: | 2023-10-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Now, whether it's China, India or Japan, the region's edge lies in industrial services, KKR's heads of global and Asia macro said in an October note. That investment conclusion comes after a recent trip to Singapore, China and Japan by New York-based Henry H. McVey, chief investment officer of KKR Balance Sheet. "The bid for infrastructure and logistics could accelerate even more meaningfully, we believe, in key markets such as India, China, Indonesia, the Philippines, Vietnam and even Japan," the KKR report said. That includes a $2 billion acquisition of a Mitsubishi-backed real estate manager in spring 2022.watch now"I think there are two big megathemes in Japan," KKR's McVey said in an interview Thursday. The other big trend in Japan, McVey said, is corporate reform that's boosting shareholder returns.

Persons: Henry H, McVey, Frances Lim, KKR's McVey, Fumio, haven't, Warren Buffett, Lim didn't, There's, Nisha Awasthi, Lim Organizations: Visual China, Getty, BEIJING, KKR, Mitsubishi, Hitachi Transport System, Logisteed, Hyatt Regency, Gaw Capital Partners, Wednesday, China Locations: China, Haikou, Hainan, India, Japan, Asia, Singapore, New York, Indonesia, Philippines, Vietnam, Hyatt Regency Tokyo, Gurugram, BlackRock, Mumbai, Pacific, Beijing, Hong Kong, Seoul, Shanghai, Sydney, Tokyo

☆ Morning Bid: Nervy bond bounce on soft jobs and oil
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +5 min

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Although both oil and bond yields calmed somewhat overnight, U.S. crude plunged by more than $5 per barrel on Wednesday. The tentative bond bid and shifting interest rate picture stopped the rot in stock markets too, with Wall St stocks rallying on Wednesday and the Nasdaq (.IXIC) staging its biggest daily gain since August. But in a sign of the nervousness, European stock markets stalled again and Wall St futures were back in the red. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Kevin McCarthy, Michael Barr, Mary Daly, Thomas Barkin, Loretta Mester, Lamb Weston, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Nasdaq, Wall, Metro Bank, U.S, Federal, San Francisco Fed, Richmond Fed, Cleveland Fed, Treasury, Brands, Constellation Brands, Reuters, Thomson Locations: New York City, U.S, Wall, York

☆ Asia stocks slump as bond selloff spooks markets
▼ + stars: | 2023-10-04 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The spike in Treasury yields lifted the dollar to new heights with only the yen showing some fight amid speculation the Japanese authorities might be intervening behind the scenes. The yen breached the 150-per-dollar level in the London afternoon on Tuesday before suddenly shooting to 147.3. There was no confirmation from Tokyo, where Japan's finance minister and top currency diplomat have made no direct comment on the move. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Brent crude futures were last steady at $90.87 a barrel, having hit an 11-month high of $97.69 last week.

Persons: Issei Kato, it's, Mel Siew, Ryota Abe, Kit Juckes, Tom Westbrook, Jamie Freed, Kim Coghill Organizations: U.S ., REUTERS, Japan's Nikkei, Muzinich, Co, Sumitomo Mitsui Banking Corporation, New Zealand, Federal, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, SINGAPORE, London, Pacific, Singapore, Taiwan, Malaysian

People flee following shots fired at the luxury Siam Paragon shopping mall, in Bangkok, Thailand, October 3, 2023. China is vital to that effort as the biggest source of foreign visitors to Thailand in pre-COVID years. 'SHOCKED'Chinese visitors accounted for 11 million of a record 39.9 million foreign tourists to Thailand in 2019, before the pandemic. Thailand recorded 20 million foreign tourist arrivals in the January to October period, who spent 839 billion baht ($22.58 billion). At the re-opened Siam Paragon mall, on a typically gridlocked thoroughfare, crowds were trickling back.

Persons: Devjyot, Srettha Thavisin, Thapanee Kiatphaibool, Somsong Sachaphimukh, Dong Peijian, Napat Wesshasartar, Thomas Suen, Robert Birsel Organizations: REUTERS, Rights, Police, Siam Paragon, Tourism Authority of, Tourism Council, Thomson Locations: Siam, Bangkok, Thailand, Rights BANGKOK, China, Myanmar, Asia's, Tourism Authority of Thailand, Thai, Southeast Asia

MANILA, Oct 4 (Reuters) - The Philippines is investigating a maritime incident to find out what killed three Filipino fishermen in a ramming incident that sank their boat in the South China Sea, its president said on Wednesday. "We assure the victims, their families, and everyone that we will exert every effort to hold accountable those who are responsible for this unfortunate maritime incident," Ferdinand Marcos Jr said on the X social media platform. Three Filipino fishermen died after their fishing boat was rammed by an unidentified foreign commercial vessel while crossing the South China Sea, the Philippine Coast Guard (PCG) said on Wednesday. "The incident is still under investigation to ascertain the details and circumstances surrounding the collision between the fishing boat and a still unidentified commercial vessel," Marcos said. The Philippine coastguard did not elaborate on the incident or provide details of the vessel it said had rammed the Filipino crew.

Persons: Ferdinand Marcos Jr, Marcos, Karen Lema, Mikhail Flores, Martin Petty, Gerry Doyle Organizations: Philippine Coast Guard, China's coastguard, Philippine coastguard, Thomson Locations: MANILA, Philippines, South China, China, Scarborough, British, United States, Manila

☆ Philippines looking into ramming incident in South China Sea
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +2 min

The Philippines is investigating a maritime incident to find out what killed three Filipino fishermen in a ramming incident that sank their boat in the South China Sea, its president said on Wednesday. "We assure the victims, their families, and everyone that we will exert every effort to hold accountable those who are responsible for this unfortunate maritime incident," Ferdinand Marcos Jr said on the X social media platform. Three Filipino fishermen died after their fishing boat was rammed by an unidentified foreign commercial vessel while crossing the South China Sea, the Philippine Coast Guard (PCG) said on Wednesday. "The incident is still under investigation to ascertain the details and circumstances surrounding the collision between the fishing boat and a still unidentified commercial vessel," Marcos said. The Philippine coastguard did not elaborate on the incident or provide details of the vessel it said had rammed the Filipino crew.

Persons: Ferdinand Marcos Jr, Marcos Organizations: Philippine Bureau of Fisheries, Aquatic Resources, Philippine Coast Guard, China's coastguard, Philippine coastguard Locations: Scarborough, South China, Philippines, China, British, United States, Manila

Cars for sale are parked at used car dealerships in Singapore October 17, 2022. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 ($183,000) in Singapore, compared with $28,855 in the U.S. A small, government-subsidised flat in Singapore costs about S$125,000. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. "As a family man, it doesn’t affect me much as Singapore still has a good and stable education system. ($1 = 1.3725 Singapore dollars)Reporting by Xinghui Kok; Editing by Miyoung Kim and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, COEs, Tan Ern Ser, Tan, Jason Guan, Guan, Xinghui Kok, Miyoung Kim, Gerry Doyle Organizations: REUTERS, Rights, Toyota Camry, Toyota Rush, COE, Singapore, Thomson Locations: Singapore, Rights SINGAPORE, U.S

SINGAPORE, Oct 3 (Reuters) - Singapore said it was expecting more arrests and seizures as the Asian financial hub investigates one of its biggest cases of suspected money laundering, in which the value of assets seized now stands at S$2.8 billion ($2 billion). The government will set up an inter-ministerial panel to review the anti-money laundering regime, reflecting learning points drawn from the case, she said. She was one of three cabinet ministers responding to almost 60 questions filed by lawmakers on the case. The case had been on the radar of police since 2021, after the filing of suspicious transaction reports by financial institutions, Teo said. "We started investigations because we suspected that offences had been committed in Singapore," Teo added.

Persons: Josephine Teo, Indranee Rajah, Teo, Xinghui Kok, Martin Petty, Clarence Fernandez, Alison Williams Organizations: Thomson Locations: SINGAPORE, Singapore, China

Fleeing shoppers were ushered by security guards from the mall into torrential rain and towards a road with heavy traffic. We saw all the people run, run, run, we didn't understand what was happening," said 26-year-old Shir Yahav from Israel, who was at a designer store at the time of the shooting. [1/6]People flee following shots fired at the luxury Siam Paragon shopping mall, in Bangkok, Thailand, October 3, 2023. The mall said it had evacuated shoppers and staff immediately, stressing safety was of the utmost importance. "Siam Paragon would like to express our deep apologies for the unexpected event," it said in a statement, adding the mall would reopen on Wednesday.

Persons: Torsak Sukvimol, Torsak, Yahav, Devjyot, handcuffing, Panu, Pasit, Napat, Artorn, Athit, Kanupriya Kapoor, Martin Petty, Gareth Jones Organizations: Siam, Police, Thai, Siam Paragon, National, REUTERS, Thomson Locations: Myanmar, BANGKOK, Bangkok, China, Israel, Thailand, Siam, Nakhon Ratchasima, Instagram, Sun

☆ Stocks make meandering start to quarter; yen hits near 1-year low
▼ + stars: | 2023-10-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The yen fell to within a whisker of 150-per-dollar and its weakness is a boon for exporters' and the pricing of their foreign earnings in yen. European futures rose 0.2%. Japanese stocks were also boosted by the Bank of Japan's quarterly Tankan survey, which showed an improvement in business sentiment. In the Treasury market 10-year yields rose 4 bps to 4.6124% and the two-year yield rose 3.7 bps to $5.0832%. Crude oil steadied after late-week fallsBrent December crude futures rose 16 cents, or 0.2%, to $92.36 a barrel.

Persons: Issei Kato, Christopher Wong, Brent, Kevin Buckland, Tom Westbrook, Edwina Gibbs, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Japan's Nikkei, Bank, Bank of Japan, Futures, Treasury, New, . West Texas, Thomson Locations: Tokyo, Japan, U.S, India, Hong Kong, China, Asia, Pacific, New Zealand, Singapore

The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.

Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran

☆ Is the party over? New data suggests revenge travel may be ending soon
▼ + stars: | 2023-10-02 | by ( Monica Pitrelli | Morgan Awyong | ) www.cnbc.com time to read: +5 min

New reports show that, after years of inflation and rising travel costs, travelers may finally be curtailing their travel plans. Interest to travel also fell in Canada and Russia (-4 percentage points each), the survey showed. Source: Morning ConsultAs to whether this suggests pent-up demand is ending: "Yes, our data suggests that is so," said Lindsey Roeschke, travel and hospitality analyst at Morning Consult. "We are sticking with our call that the U.S. will enter recession around the turn of the year," the report states. Intentions to visit North America fell 23 percentage points from 2022 — far eclipsing a drop in interest from South Korea (12 percentage points) and Japan (9 percentage points).

Persons: Lindsey Roeschke Organizations: Travel, Morning, Oxford Economics, Oxford, U.S Locations: Europe, France, Germany, Canada, Russia, North American, Asia, Pacific, Malaysia, United States, U.S, China, Hong Kong, Macao, North America, South Korea, Japan

☆ Philippines, allies kick off naval drills amid Asia-Pacific tension
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

Philippine Navy Flag Officer-in-Command Vice Admiral Toribio Adaci Jr. speaks during the opening ceremony of Exercise SAMA SAMA 2023, the annual bilateral exercise between the Philippine and U.S. Navy, at the Philippine Navy Headquarters, in Manila, Philippines, October 2, 2023. This year's "Sama Sama" drills are being held in the southern part of the island of Luzon, featuring naval exercises in areas such as anti-submarine warfare, air defence and search and rescue, the Philippine navy said. "With this show of force and active engagement of our allies and partners, 'Sama Sama' transcends mere military exercises," Philippine navy chief Rear Admiral Toribio Adaci said at the opening event. "It is a symbol of our enduring partnerships and our shared commitment to security and stability in the Asia-Pacific region." The West Philippine Sea refers to the portion of the South China Sea claimed by Manila.

Persons: Toribio Adaci, Jay Ereno, Karl Thomas, Thomas, Karen Lema, Mikhail Flores, Clarence Fernandez Organizations: Philippine Navy Flag, Command, Philippine, U.S . Navy, Philippine Navy Headquarters, REUTERS, Rights, Forces, United States, Navy's, South China, Manila ., Thomson Locations: Manila, Philippines, Rights MANILA, Britain, Canada, Japan, Beijing, Scarborough, China, South China, Luzon, Philippine, Asia, Pacific, West Philippine, South, United States, Australia, France, Indonesia, New Zealand

☆ SingTel to sell stake in Trustwave for $205 million
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

A view of Singtel's head office in Singapore May 12, 2016. REUTERS/Edgar Su/File Photo Acquire Licensing RightsOct 2 (Reuters) - Singapore Telecommunications (STEL.SI) on Monday said it entered into an agreement with MC2 Titanium, LLC to sell its stake in cyber security business Trustwave for $205 million. Southeast Asia's largest telecom firm began a strategic review of its 98% interest in Trustwave in 2021 after buying it for $770 million in 2015. The divestment comes after SingTel incurred an impairment charge of S$336 million ($245.92 million) on Trustwave in the second half of 2021. ($1 = 1.3663 Singapore dollars)Reporting by Nausheen Thusoo in Bengaluru; Editing by Lisa Shumaker and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, SingTel, Nausheen, Lisa Shumaker, Cynthia Osterman Organizations: REUTERS, Singapore Telecommunications, MC2, Thomson Locations: Singapore, Trustwave, Bengaluru

☆ South Korea September exports fall at mildest pace in 12 months
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

It was the 12th consecutive month of a decline in exports but the narrowest in the streak. Trade Minister Bang Moon-kyu said exports continued to improve and that they were now at the "inflection point" for a transition to growth. Imports fell 16.5% to $50.96 billion, also milder than the 22.8% drop the previous month and the median 17.6% forecast. As a result, the country posted a trade surplus of $3.70 billion in September. It was the fourth straight month in surplus and the widest since September 2021.

Persons: Asia's, Jihoon Lee, Leslie Adler, William Mallard Organizations: European Union, Trade, Thomson Locations: SEOUL, China, United States

☆ Taiwan aims to shed dirty power reputation with big wind push: Maguire
▼ + stars: | 2023-09-28 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

WIND POWERED GROWTHSolar power was Taiwan's largest source of renewable energy generation in 2022, with 10.69 terawatt hours (TWh) of electricity produced, compared to 3.53 TWh from wind. In comparison, fossil fuels generated 239 TWh of Taiwan's electricity last year, Ember data shows. REGIONAL REPERCUSSIONSDespite jitters from some developers, overall progress on Taiwan's wind projects continues, and new investments in major offshore ventures were announced just this month by Japanese trading house Mitsui & Co. The continued construction of Taiwan's renewable energy capacity has repercussions for both its domestic power sector and for global fossil fuel export markets. The country's famed semiconductor industry, the world's largest, is aiding the national push for greater renewable energy generation, and has set itself a goal of being powered by 100% green energy supplies by 2040.

Persons: Thomas Peter Acquire, Gavin Maguire, Simon Cameron, Moore Organizations: REUTERS, China, Global Energy Monitor, Japan's, Mitsui, Co, Reuters, Thomson Locations: Taiwan, Pingtan, Fujian province, China, LITTLETON , Colorado, Asia, South Korea, Japan, India, Taipei, Beijing, Kpler

☆ Who is Hui Ka Yan, Evergrande's billionaire boss who went from power circles to police surveillance?
▼ + stars: | 2023-09-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. A person close to Evergrande said Hui had stopped contacting staff over the past few days, while an industry source said he had become totally inaccessible. Evergrande grew to achieve 700 billion yuan ($95.8 billion) in annual sales by 2020. Outside mainland China, Hui mixed with Hong Kong tycoons. Without the country giving me a scholarship of 14 yuan every month, I could not have completed university," Hui said.

Persons: Hui Ka Yan, Bobby Yip, Yan, Hui, Evergrande, Xi Jinping, Cheng, tycoons, Cheng Yu Tung Organizations: Real Estate Group, REUTERS, Chinese Communist Party, China Evergrande, HK, Evergrande, Bloomberg, Reuters, Forbes, Hong, New, Party, Thomson Locations: Hong Kong, China, HONG KONG, Tiananmen, Guangzhou, Guangdong province, Henan

☆ India to hold top spot for economic growth but risks to downside remain: Reuters poll
▼ + stars: | 2023-09-27 | by ( Milounee Purohit | ) www.reuters.com time to read: +4 min

After a stellar 7.8% expansion last quarter, economic growth was expected to moderate to 6.4% this quarter and then drop to 6.0% in the October-December period before slowing to 5.5% in early 2024. "A lot of the drivers that drove the really strong growth from the middle of 2021 to last year have been exhausted. A weak external backdrop is weighing on Indian economic growth as well as sluggish private consumption and sluggish investment." A majority of economists, 22 of 36, who answered an additional question said the risks to their FY 2023/2024 GDP growth forecasts were skewed to the downside. Government measures should cool food prices in the coming months, but rising oil prices will likely place upward pressure on headline inflation."

Persons: Narendra Modi's, we're, Miguel Chanco, Alexandra Hermann, Milounee Purohit, Sujith Pai, Anant Chandak, Veronica Khongwir, Jonathan Cable, Sharon Singleton Organizations: Pantheon, Reserve Bank of India, That's, Oxford Economics, Thomson Locations: BENGALURU, India, Asia

[1/4] Bening Widayati, 40, sells clothes live on a social media platform inside her stall at the International Trade Center (ITC) mall in Jakarta, Indonesia, September 27, 2023. The government said the move, which takes effect immediately, is aimed at protecting offline merchants and marketplaces, adding that predatory pricing on social media platforms is threatening small and medium-sized enterprises. The move comes just three months after TikTok pledged to invest billion of dollars in Southeast Asia, mainly in Indonesia, over the next few years in a major push to build its e-commerce platform TikTok Shop. He warned of letting social media become an e-commerce platform, shop, and bank all at the same time. Indonesia Deputy Trade Minister Jerry Sambuaga earlier this month named TikTok's live streaming features as an example of people selling goods on social media.

Persons: Widayati, Willy Kurniawan, TikTok, China's ByteDance, Zulkifli Hasan, Zulkifli, Jerry Sambuaga, Fahmi, Edri, Dewi Kurniawati, Stefanno Sulaiman, Fransiska Nangoy, Stanley Widianto, Johan Purnomo, Kanupriya Kapoor, Alexandra Hudson, Miyoung Kim, Mark Porter Organizations: International Trade Center, REUTERS, Indonesia Trade, Wednesday, Reuters, Indonesia Deputy Trade, Research, BMI, HK, Lazada, Momentum Works, Thomson Locations: Jakarta, Indonesia, Southeast Asia, JAKARTA, Shop, TikTok, Europe, United States

☆ Philippines urges fishermen to keep up presence at China-held shoal
▼ + stars: | 2023-09-27 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +3 min

MANILA, Sept 27 (Reuters) - The coastguard of the Philippines urged the country's fishermen on Wednesday to keep operating at the disputed Scarborough Shoal and other sites in the South China Sea, pledging to step up patrols there despite an imposing Chinese presence. Philippine vessels were unable to maintain a constant presence but were committed to protecting the rights of fishermen inside the country's exclusive economic zone (EEZ), coastguard spokesperson Commodore Jay Tarriela said. China's response has been measured, with its foreign ministry advising Manila on Tuesday to avoid provocations and not cause trouble. Close to shipping lanes that transport an estimated $3.4 trillion of annual commerce, control of the shoal is strategic for Beijing, which claims sovereignty over most of the South China Sea. "The Scarborough Shoal is closer to the Philippines," said fisherman Pepito Fabros who had come ashore in the province of Zambales between trips to sea.

Persons: Jay Tarriela, Gilbert Teodoro, Tarriela, Pepito Fabros, Neil Jerome Morales, Adrian Portugal, Enrico dela Cruz, Martin Petty, Clarence Fernandez Organizations: coastguard, Beijing's, China's coastguard, Thomson Locations: MANILA, Philippines, Scarborough, South China, Bajo de Masinloc, Philippine, China, Beijing, Manila, Hainan, United States, Zambales

☆ JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024
▼ + stars: | 2023-09-26 | by ( Ira Dugal | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 26 (Reuters) - India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank. Global corporations like Apple Inc have stepped up production out of India while others like Tesla are in discussions to begin manufacturing in the country. "But the level at which enquiry and activity is picking up in India in substantial," Gori said. JPMorgan has expanded its investment banking team in India, adding two senior managing directors in the last 12 months. "I think we need to distinguish between the headlines and the day to day business because China has actually been exceptionally resilient."

Persons: Filippo Gori, Tesla, Gori, Ira Dugal, Mark Potter Organizations: JPMorgan, Asia Pacific, Reuters, Apple Inc, Thomson Locations: MUMBAI, India, Asia, Australia, Japan, China, Mumbai, Gori

☆ Philippines says no standoff with China after removal of floating barrier in South China Sea
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +3 min

Chinese Coast Guard boats close to the floating barrier are pictured on September 20, 2023, near the Scarborough Shoal in the South China Sea, in this handout image released by the Philippine Coast Guard on September 24, 2023. The Philippines coastguard, posing as regular fishermen aboard a small boat, later cut the ball-buoy barrier and took away the anchor, Tarriela told DWPM radio and ANC news channel. He said four China coastguard vessels were in the area and were "not that aggressive" after seeing media on board a Philippine ship. China claims ownership of almost all of the South China Sea, including the Scarborough Shoal, despite an arbitration ruling in 2016 that said that was baseless. Philippine Foreign Secretary Enrique Manalo, speaking to reporters about the removal of the barrier, on Tuesday said the move was consistent with the country's stance on the South China Sea.

Persons: Jay Tarriela, Tarriela, Ferdinand Marcos Jr, Enrique Manalo, Neil Jerome Morales, Martin Petty Organizations: Guard, Philippine Coast Guard, REUTERS Acquire, Rights, China's coastguard, Scarborough, coastguard, Philippines coastguard, ANC, China coastguard, Philippine, Thomson Locations: Scarborough, South China, Rights MANILA, Philippines, China, Philippine, Manila, United States

☆ China's new trading rules target more oversight, not killing 'flash boys', says lobby group
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Sept 26 (Reuters) - China's securities regulators have told market participants that tighter rules for programme trading were not designed to kill the business, but were a response to calls for more oversight, according Asia's largest financial lobby group ASIFMA. "There's no intent to be prejudiced against high frequency trading firms," said Lyndon Chao, ASIFMA managing director and head of equities and post trade. Quant funds in China include global players such as Winton, Two Sigma and D.E.Shaw though these three aren't members of ASIFMA. The rules "came out all of a sudden because the regulators might be facing pressure from investors suffering from recent poor stock market performance," he said. There are a lot of quant funds out there that do a great job of injecting liquidity when needed.

Persons: Lyndon Chao, They're, ASIFMA, Chao, Ren Zeping, Liu Yuhui, ASIFMA's Chao, Samuel Shen, Jason Xue, Tom Westbrook, Shri Navaratnam Organizations: Sigma, Reuters, Thomson Locations: SHANGHAI, SINGAPORE, China, Winton, Shanghai, Shenzhen

☆ Japan's MUFG Bank, two others lead $290 mln Sierra Space fundraising -Nikkei
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Sept 26 (Reuters) - MUFG Bank is among three Japanese firms leading a $290-million fundraising round for U.S. spaceship company Sierra Space, spearheading a commercial "spaceport" project in the southwestern region of Oita, the Nikkei daily said on Tuesday. A spokesperson of Tokio Marine & Nichido Fire, a unit of Tokio Marine Holdings (8766.T), confirmed that the three companies formed a strategic partnership with Sierra, but declined to elaborate on their investments. Sierra Space, spun off in 20221 from billionaire-owned Sierra Nevada Corp, is among a handful of space industry players attempting to build a private space station that NASA hopes will replace the two decade-old International Space Station by 2030. The Oita project took a hit this year from the bankruptcy of another U.S. space company Virgin Orbit , which had partnered with airline ANA Holdings (9202.T). MUFG Bank, one of Japan's three biggest, has invested in domestic space startups such as orbital debris-removal firm Astroscale.

Persons: Sierra, inc's, Kantaro Komiya, Clarence Fernandez Organizations: MUFG, Space, Nikkei, SpaceX, MUFG Bank, Tokio Marine, Tokio Marine Holdings, Sierra, Mitsubishi UFJ, Kanematsu Corp, CNBC, Sierra Nevada Corp, NASA, Japan Airlines, Orbit, ANA Holdings, Mitsui Sumitomo Insurance, Japan Aerospace Exploration, SLIM, Thomson Locations: TOKYO, Oita, Sierra, Kanematsu, Asia's, Japan

☆ What is Scarborough Shoal in the South China Sea and why are China and the Philippines disputing it?
▼ + stars: | 2023-09-26 | by ( Martin Petty | ) www.reuters.com time to read: +5 min

The Philippines coastguard said the mission, approved by President Ferdinand Marcos Jr, showed its determination to maintain a presence at the shoal. Located in the middle of the South China Sea and near shipping lanes carrying an estimated $3.4 trillion of annual commerce, its position is strategic for Beijing. A landmark 2016 ruling on the South China Sea by the Permanent Court of Arbitration, which went largely in favour of the Philippines, was not tasked with establishing sovereignty. China has not acknowledged the presence of militia in the South China Sea. The Pentagon stated mutual defence commitments would be invoked over an attack "anywhere in the South China Sea" and that coastguard vessels are among those protected.

Persons: Ferdinand Marcos Jr, Rodrigo Duterte, Thomas, Marcos, Martin Petty, Sharon Singleton Organizations: SCARBOROUGH, coastguard, China's coastguard, Philippines coastguard, Guard, Philippine Coast Guard, REUTERS, WHO, China's, Mutual, Treaty, Pentagon, Thomson Locations: Philippines, South China, Beijing, Manila, China, Scarborough, Philippine, British, South, Spratly, China's, United States, Washington

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