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☆ North Korean Hackers, Criminals Share Money Laundering Networks in Southeast Asia - UN
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Tom WilsonLONDON (Reuters) - North Korean hackers are sharing money-laundering and underground banking networks with fraudsters and drug traffickers in Southeast Asia, according to a United Nations report published on Monday, with casinos and crypto exchanges emerging as key venues for organised crime. Funds stolen by North Korean hackers are a key source of funding for Pyongyang and its weapons programmes. The junket sector has been infiltrated by organised crime for "industrial-scale money laundering and underground banking operations," with links to drug trafficking and cyberfraud, the report said. The proliferation of casinos and crypto have "supercharged" organised crime groups in Southeast Asia, UNODC Regional Representative for Southeast Asia and the Pacific Jeremy Douglas told Reuters. "It's no surprise sophisticated threat actors would look to leverage the same underground banking systems and service providers," he said.

Persons: Tom Wilson LONDON, Lazarus, Pacific Jeremy Douglas, Tom Wilson, Tommy Reggiori Wilkes, Angus MacSwan Organizations: United, United Nations Office, Drugs, Korea's, United Nations, North, Casinos, Bangladesh's Central Bank, Lazarus, UNODC Regional Representative, Southeast, Pacific, Reuters Locations: Southeast Asia, United Nations, Myanmar, Thailand, Laos, Cambodia, North, Geneva, United States, Pyongyang, Philippines

☆ I moved to Singapore for my boyfriend and landed what I thought was my dream job. Then everything fell apart.
▼ + stars: | 2024-01-12 | by ( Kaila Yu | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. When my ex-boyfriend was offered a job in Singapore in 2018, I moved with him to pursue my dream of living outside Australia. I had a tourist visa at first and started looking for a PR position as soon as I arrived. I quit what I thought was my dream job, but it wasn't the right fit for me. AdvertisementNow, I run my own public-relations companySince returning to Australia, I've started my own business.

Persons: —, Miriam Deliva, I'd, you'd, I've Organizations: Service, Business, Singapore Locations: Melbourne, Australia, Singapore, Asia, expats

☆ TSMC posts flat fourth-quarter revenue but beats expectations
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +1 min

Taiwan chipmaker TSMC reported a largely flat fourth-quarter revenue on Wednesday, but that still beat both the company's and market's expectations. Revenue in the final three months of last year came in at T$625.5 billion ($20.10 billion), according to Reuters calculations, compared with $19.93 billion in the year-ago period. That beat Taiwan Semiconductor Manufacturing Co's, or TSMC, previous prediction for fourth-quarter revenue being in a range of between $18.8-19.6 billion, and also beat an LSEG SmartEstimate of T$617.1 billion drawn from 21 analysts. For December alone, TSMC reported that revenue fell 8.4% year-on-year to T$176.3 billion, which was down 14.4% compared with the previous month. TSMC, Asia's most valuable publicly listed company with a market capitalization of $491 billion, did not provide any details or forward guidance in its brief revenue statement.

Persons: Taiwan chipmaker TSMC, SmartEstimates, TSMC Organizations: Apple, Nvidia, Revenue, Taiwan Semiconductor Manufacturing, TSMC's Locations: Taiwan, TSMC's Taipei

☆ A war over Taiwan would be even more damaging to the US economy than COVID was, Bloomberg forecasts
▼ + stars: | 2024-01-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A war over Taiwan could wipe out 6.7% from the US economy in its first year, according to a Bloomberg Economics analysis. AdvertisementThe US economy could take a major hit if war breaks out over Taiwan, according to a Bloomberg Economics analysis published on Tuesday. US GDP could take a 6.7% hit in the first year of conflict if Washington gets drawn into the war, Bloomberg forecasts. AdvertisementOverall, a war over Taiwan could hit the world's economy to the tune of $10 trillion — or about 10% of global GDP — Bloomberg forecasts. Bloomberg Economics' analysis is based on geopolitical considerations and economic modeling.

Persons: —, Xi Jinping, William Lai Ching, Lai, Vishnu Varathan Organizations: Bloomberg, Service, Democratic Progressive Party, Mizuho Bank Locations: Taiwan, China, Washington, South Korea, Japan, Beijing, Asia

☆ Asia's young and wealthy are fueling demand for art — what are they collecting?
▼ + stars: | 2024-01-08 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +2 min

Auctioneer Victoire Gineste gestures as she adjudicates for 20 million euros ($21.9 million) a recently rediscovered drawing by Michelangelo, the artist's first known nude, at the Christie's auction house in Paris on May 18, 2022. Wealthy, young collectors in Asia have been fueling demand for art — particularly via online channels — and have emerged as a key clientele for international auction houses. A report from the auction house showed a 65% increase in new Gen Z buyers in 2023. Sotheby's 2023 report stated that bidding activity of younger collectors grew to 30% in the first half of 2023 from 6% in 2018. Millennials and Gen X — aged 44 to 59 — are classified as "younger collectors" by the auction house.

Persons: Victoire, Michelangelo, Gen Zers, Christie's, Phillips, millennials, Millennials, X — Organizations: Art Basel, UBS Survey, CNBC Locations: Paris, Asia, Mainland China, Hong Kong, Singapore, Christie's Hong Kong, China, Taiwan, Asia Pacific, Americas, Europe, millennials, South Korea

☆ Adani Group founder Gautam Adani is once again Asia's richest person
▼ + stars: | 2024-01-05 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Gautam Adani is the richest person in Asia again, according to Bloomberg Billionaires Index's updated figures Friday. The founder and chairman of the Adani Group regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top spot after Hindenburg Research accused the Adani Group of "brazen stock manipulation and accounting fraud" over decades. The report eroded investor confidence and wiped out billions in market value for Adani Group companies. The Adani Group has 10 publicly listed companies, including Adani Port which was 2.8% higher on Asia's Friday afternoon trading session. As of Friday, Adani's net worth stood at $97.6 billion and he was the world's 12th richest person, while Ambani's wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Index.

Persons: Gautam Adani, Index's, Mukesh Ambani, Hindenburg, Ambani's Organizations: Bloomberg, Adani Group, dethroning Reliance, Hindenburg Research, Adani, Securities, Exchange Board of India Locations: Asia

☆ Climate change has forced millions to flee their homes — and Asia is 'not prepared'
▼ + stars: | 2024-01-04 | by ( Chelsea Ong | ) www.cnbc.com time to read: +8 min

Fida Hussain | Afp | Getty ImagesAs the number of climate disasters increase, more people are being forced to flee their homes, especially in Asia. South Asia most at riskIn the region, South Asia is likely to have the most people displaced by climate change due to the density of its populations and its vulnerability to the effects of climate change, he added. According to the World Economic Forum, 10% to 18% of South Asia's GDP is at risk due to climate disasters. Some have nothing to return to, Oberoi explained, as climate change may have hurt their crop production at home. While we are talking and discussing and quibbling, the millions of climate migrants are the forgotten casualties of climate change.

Persons: Fida Hussain, Vinod Thomas, Thomas, Vinod Thomas ISEAS, Yusof Ishak, Tamara Wood, Pia Oberoi, Oberoi, Wood Organizations: Afp, Getty, ISEAS, Yusof, Institute, Economic, Kaldor, International Refugee, CNBC, OECD Locations: Pakistan, Asia, Philippines, China, South Asia, Bangladesh, Afghanistan, South, America, Europe, Australia, Tuvalu, Southeast Asia, UNHCR

☆ Indonesians head to the polls in February. Here are key issues dominating the elections
▼ + stars: | 2024-01-04 | by ( Randy Mulyanto | ) www.cnbc.com time to read: +6 min

Indonesia is preparing to hold general elections for president and vice president for the 2024-2029 period in February 2024. The world's third-largest democracy will open its polls to over 204 million eligible voters casting their ballots, according to its General Elections Commission. While having greater opposition representation in Indonesia's parliament could raise the bar for passing such laws, Titi said there's still a very high barrier to entry for the candidacy process. According to Freedom House's Freedom in the World 2023 report, Indonesia ranked "partly free," scoring 58 out of 100. But for some Indonesians, the cozier relationship has also sparked debt-trap fears and concerns about an influx of Chinese workers.

Persons: Anies Baswedan, Prabowo Subianto, Ganjar, Aditya Irawan, Joko, Widodo, Gibran Rakabuming Raka, Muhaimin Iskandar, Ganjar Pranowo, Prabowo, Gibran, Anies, Titi Anggraini, Titi, there's, Indonesia's, Singapore's ISEAS — Yusof, Lina Alexandra Organizations: Nurphoto, Getty, JAKARTA —, Commission, Solo, National Awakening Party, Central Java, Politik, Nusantara, Association for Elections, Democracy, CNBC, Constitutional, House's, Institute, Indonesia's, of Economic, Law Studies, Initiative, Strategic, International Studies, Hamas, Lowy Institute Locations: Jakarta, Indonesia, JAKARTA, JAKARTA — Indonesia, Central, Politik Indonesia, Nusantara, Borneo, China, Beijing, Southeast Asia, Southeast, Israel, Australian

☆ CNBC Daily Open: 2023’s winners and losers
▼ + stars: | 2024-01-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

NEW YORK, NEW YORK - DECEMBER 29: Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of trading for the year on December 29, 2023 in New York City. The Dow was up slightly in morning trading in what has been a strong year for the stock market despite many economists predictions that the American economy would experience a recession. (Photo by Spencer Platt/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Interest in alternative assets — which include anything outside public market assets like stocks, bonds, commodities and cash — looks to be growing.

Persons: Dow, Spencer Platt, Australia's, Bullish, bitcoin Bitcoin, Bitcoin, BYD, Tesla BYD, Tesla Organizations: NEW, New York Stock Exchange, Getty, CNBC, Pinebridge Investments, International Monetary Fund, Tesla, U.S . Securities, Exchange Commission, Elon Musk's EV Locations: New York City, Asia, Pacific, Shanghai, China, India, U.S

☆ Altimeter's Brad Gerstner, a top tech investor for 15 years, is showing no signs of slowing
▼ + stars: | 2023-12-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Brad Gerstner rose to prominence in the tech investment scene for his early lucrative bets in Snowflake and Meta Platforms , and he's showing no signs of slowing down. The tech investor launched his investment firm Altimeter Capital in the depths of the 2008 financial crisis with less than $3 million raised from his family and friends. Altimeter has also been an on-and-off investor in Meta Platforms since the early 2010s. As a top 15 institutional investor, Gerstner wrote a critical open letter in October 2022, saying the company needed to slash headcount and stop spending so much money on metaverse. The widely followed tech investor called the rise of AI a "super-cycle" just like the dot-com boom in the late 1990s.

Persons: Brad Gerstner, Gerstner, Snowflake, Meta, Mark Zuckerberg, he's Organizations: Harvard Business School, Microsoft, Nvidia, Federal Reserve Locations: Snowflake

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

"There cannot be any pressure on India to cut down emissions," India's power and renewable energy minister R.K. Singh said on Nov. 30. ASIAN EMISSIONS RISETo be sure, fast-growing Asia, home to half the world's population, accounts for three-fifths of global emissions from power generation, including from sectors exporting goods and services to the west. Despite challenges, Asia, along with Europe and North America, have cut the share of coal in power use, although at a slower pace. Cuts in nuclear power have slowed Europe and North America's fight to reduce emissions, although nuclear's share of their power mix remains well above Asia's. The share of gas in power generation has risen in the West, with the fuel accounting for a shrinking share in Asia.

Persons: Tingshu Wang, R.K, Singh, Hogeveen Rutter, Rutter, ISA's Rutter, Sudarshan Varadhan, Tony Munroe, Sonali Paul Organizations: Huawei, REUTERS, U.S, European Union, North America, International Solar Alliance, Reuters, WEST, North, Institute for Energy Economics, Thomson Locations: Shaanxi, China, Asia, SINGAPORE, America, Europe, India, North America, Paris, North, North America Asia, West Asia, West, Indonesia

☆ Morning Bid: RBA holds and the dollar pauses, too
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets are pricing in bigger rate cuts by the Fed next year than by any other major or emerging market central bank. But will the Fed cut rates by 125 basis points next year? Doubts about that prospect have for now put the brakes on dollar selling. Gold , which shot to a record high in Asia's notoriously thin morning hours on Monday, has recoiled sharply.

Persons: David Gray, Tom Westbrook, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bank, Aussie, Fed, Bank of Japan, Reuters, Thomson Locations: Sydney, Australia, Asia, U.S, Europe, Tokyo

☆ Singapore to triple AI talent to 15,000 experts, deputy PM says
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSINGAPORE Dec 4 - Singapore plans to triple its pool of artificial intelligence experts, including machine-learning scientists and engineers, to 15,000, as part of its national AI strategy, deputy prime minister Lawrence Wong said on Monday. Singapore also pledged under its AI strategy to increase government incentives for the sector, including by backing accelerator programs for AI startups and encouraging companies to set up AI "centres of excellence." Singapore's Infocomm Media Development Authority (IMDA) announced on Monday a $52.3 million ($70 million SGD) initiative to develop Southeast Asia's first large language model, catering to the region's languages. Reporting by Fanny Potkin in Singapore; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lawrence Wong, Singapore's, Fanny Potkin, Bill Berkrot Organizations: REUTERS, SINGAPORE, Microsoft, Nvidia, U.S Securities and Exchange Commission, Media Development Authority, Thomson Locations: Singapore, U.S, China, Taiwan

☆ Dwindling fish stocks hit incomes in Cambodia, prey to climate change
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

[1/5] A general view of a floating fishing village near Kampong Phluk at Tonle Sap Lake, in Siem Reap, Cambodia November 15, 2023. REUTERS/Chantha Lach Acquire Licensing RightsKAMPONG PHLUK, Cambodia, Dec 4 (Reuters) - Fisherman Siem Huat has seen fish stocks dwindle in recent years in Cambodia's majestic Tonle Sap Lake, and with them, his family's sole source of income. "Sometimes there is rainfall in the wrong months or it gets so hot I can't go out to fish," said the 45-year-old Siem Huat, as he navigated his boat through mangroves to pull in nets carrying disappointingly few fish. The Mekong River typically swells in the rainy season as it converges with Cambodia's Tonle Sap River, sending an unusual reversed flow into the Tonle Sap Lake that fills up the latter and spawns bountiful fish stocks. Reporting by Chantha Lach, Napat Wesshasartar; Editing by Kanupriya Kapoor and Clarence FrenandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Chantha Lach, Siem, Napat, Kanupriya Kapoor, Clarence Frenandez Organizations: REUTERS, Thomson Locations: Kampong Phluk, Tonle Sap, Siem Reap, Cambodia, PHLUK, Asia's, Sap, Dubai

☆ Asia factory activity weakens, uncertainty on China clouds outlook
▼ + stars: | 2023-12-01 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. The data shows that factories are producing less and hiring fewer people," Dan Wang, chief economist at Hang Seng Bank China, said of China's PMI readings, which have different samples. Export-reliant Japan, South Korea and Taiwan bore the brunt of sluggish global demand with their manufacturing activity remaining stagnant in November, surveys showed. Japan's final au Jibun Bank manufacturing PMI fell to 48.3 in November from 48.7 in October, shrinking at the fastest pace in nine months. Manufacturing activity also shrank in Taiwan, Vietnam and Malaysia, but expanded in Indonesia and the Philippines, the surveys showed.

Persons: Dan Wang, Toru Nishihama, Leika Kihara, Jamie Freed Organizations: REUTERS, PMI, Korea Soft, P Global, Hang Seng Bank, Dai, Research, Jibun Bank, Research Institute, Thomson Locations: Huzhou, Zhejiang province, China, Japan, S, TOKYO, Europe, United States, Hang Seng Bank China, South Korea, Taiwan, Asia, Vietnam, Malaysia, Indonesia, Philippines

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

☆ Move aside, China. India will drive Asia's growth in the next few years, S&P Global says
▼ + stars: | 2023-12-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's GDP growth is expected to reach 6.4% in 2024, and will hit 7% in 2026, according to S&P Global. India's economy is expected to power ahead in the next three years, leading growth in the region. Similarly, other emerging markets such as Indonesia, Malaysia and the Philippines are set to see positive GDP growth this year and the next due to strong domestic demand, the report said. S&P lowered India's growth outlook to 6.5% in fiscal 2025 — down from their previous prediction of 6.9%, but expects GDP growth to jump to 7% in fiscal 2026. In comparison, China's growth is predicted to come in at 5.4% in 2023, 0.6% higher than S&P's previous forecast, while growth in 2024 is expected to be 4.6% — higher than the previous forecast of 4.4%.

Organizations: P Locations: Asia, Pacific, South Asia, Southeast Asia, Indonesia, Malaysia, Philippines

☆ There's every reason for China to want to have a stable U.S. relationship: Eurasia's Anna Ashton
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's every reason for China to want to have a stable U.S. relationship: Eurasia's Anna AshtonAnna Ashton, Eurasia Group director of China corporate affairs, joins 'Squawk Box' to discuss the state of U.S.-China relations, doing business in China, challenges for U.S. companies, and more.

Persons: Eurasia's Anna Ashton Anna Organizations: Eurasia Group Locations: China, Eurasia's Anna Ashton Anna Ashton, U.S

☆ South Korea markets will offer the highest earnings growth next year, Goldman Sachs says
▼ + stars: | 2023-11-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Goldman even argued that South Korea markets offer the highest potential earnings growth in 2024 in the Asia-Pacific region as its semiconductor sector recovers from steep profit declines. The investment firm remains overweight on South Korean stocks. South Korea is Asia's fourth largest economy but its markets are often considered undervalued by analysts, leading to what is sometimes referred to as the "Korea discount." The Kospi as a whole has a price-to-book ratio of 0.92 and its price-to-earnings ratio is at 18.93. A price-to-book ratio measures whether a company's share price is undervalued, with a number below 1 indicating the stock may be below fair value.

Persons: Goldman Sachs, Goldman Locations: Asia, Pacific, Korea

☆ As global rates turn, banks in India and Indonesia set to win
▼ + stars: | 2023-11-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Loan growth at Asian banks is estimated to rise from 4.5% this year to 10% next year, LSEG data shows, with banks in India and Indonesia leading with 15% and 11% growth, respectively. Ng likes banks in India and Indonesia, given the better economic growth in those economies and ability of banks to sustain margins. LSEG data shows profits at banks in India and Indonesia will grow 13% and 11% respectively next year, nearly double the 6% average rise across Asia-Pacific banks. That compares to price-to-book ratio for MSCI's index for all-country Asian banks (.dMIAS0CB00PUS) of 0.9. Banks in Australia are estimated to see a drop of 5% in profit in 2024 while profits at Singapore banks will be flat.

Persons: Frederic Neumann, Neumann, Morgan, Yao Ng, abrdn, Ng, Vinay Agarwal, Agarwal, Morgan Stanley, Ankur Banerjee, Gaurav Dogra, Patturaja, Vidya Ranganathan, Simon Cameron, Moore Organizations: U.S . Federal, Fed, HSBC, ICICI, Kotak Mahindra Bank, Axis Bank, FSSA Investment Management, Indonesia's Bank Central Asia, BCA, Reuters, Thomson Locations: SINGAPORE, India, Indonesia, Thailand, Asia, Japan, J.P, Pacific, Singapore, Hong Kong, South Korea, Banks, Australia, China, Bengaluru

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Thailand to allow clubs, bars to stay open longer to boost tourism
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Entertainment venues, clubs and karaoke bars in Bangkok, Phuket, Pattya, Chiang Mai and Samui, popular tourist destinations, will be allowed stay open two extra hours until 4 AM, Traisulee Traisaranakul said. The decision to allow entertainment venues to stay open longer is the latest step taken by the government to boost foreign arrivals after the government in September waived visa requirements for Chinese visitors, a key source of tourists for Southeast Asia's second-biggest economy. Thailand has so far welcomed 24.5 million foreign tourists this year and is forecasting 28 million arrivals for the full year. Before the pandemic, Thailand booked a record 39.9 million arrivals, with 11 million from China. This year, the government expects just 3.5 million arrivals from China.

Persons: Chalinee, Chiang Mai, Traisulee Traisaranakul, Srettha Thavisin, Paarat Thepgumpanat, Kanupriya Kapoor Organizations: REUTERS, Rights, Entertainment, Thailand's, Southeast Asia's, Thomson Locations: Thai, Bangkok, Thailand, Rights BANGKOK, Phuket, Pattya, Southeast, China

☆ The 'Korea discount': Value stock or value trap?
▼ + stars: | 2023-11-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

A cameraman takes video footage of a stock index board showing South Korea's benchmark stock index (L) after a ceremony celebrating the New Year's opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2023. Chaebol challengeIn South Korea, most market heavyweights are corporations called "chaebols," large family-owned global conglomerates that are usually controlled by the founder's family. However, IHS Markit highlighted in June last year that in South Korea, the ex-dividend date comes before the companies' dividend announcement dates. With such challenges, should investors be putting their money into South Korea stocks — or should they stay away? "If authorities continue to improve the investment environment further, the chances for the South Korean stock index to be included in the [MSCI World Index] will grow," he said.

Persons: Jung Yeon, JUNG YEON, Vikas Pershad, Jiang Zhang, Jeremy Tan, Zhang, Hebe Chen, Chen, Ryota Abe Organizations: South, Korea Exchange, Getty, Management, North, CNBC, Samsung Electronics, LG, SK, Hyundai, Samsung, Tiger Fund Management, IHS, South Korea's Financial Services Commission, IG International, Sumitomo Mitsui Banking Locations: South Korea, Korea, Seoul, North Korea, Korea's, Southeast Asia

☆ Morning Bid: China's Shein steals market spotlight
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Whether this potential blockbuster gives a fillip to the lacklustre IPO market remains to be seen, after some high-profile public debuts this year failed to impress. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) is on course for its strongest monthly performance since January with a nearly 7% gain. Japan's Nikkei, Asia's best-performing stock market this year, is set for its strongest monthly result in three years. European stock markets are likely to see a subdued start to Tuesday, futures indicate, with a bare economic calendar leaving investors treading cautiously ahead of major economic data. Key developments that could influence markets on Tuesday:France consumer confidence for November, Euro zone money M3 annual growth for October.

Persons: Shein, Asia's, Ankur Banerjee, Edmund Klamann Organizations: Ankur Banerjee, Traders, Japan's Nikkei, Adobe Digital, Insider Intelligence, Thomson Locations: Ankur, China, Singapore, Asia, Pacific, Japan, U.S, France

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