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☆ Asian stocks ease to 2-1/2-year lows, pound lifted by Sunak's victory
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Sterling strengthened 0.3% to $1.13170, heading toward the high this month of $1.1493 from Oct. 5. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) lost 0.4% to 428.2 after dipping to 427.4 , the lowest since April 2020. ING economists noted widespread weakness in the Purchasing Managers' Index (PMI) published on Monday across the developed markets. The mainland Chinese benchmark index (.CSI300) shed 0.6 and the offshore yuan tumbled to yet another record low against the dollar, weakening to as much as 7.3650 per dollar. In commodities markets, gold prices rose 0.1% to $1,650.6 per ounce, while benchmark Brent crude futures were steady at $93.2 per barrel.

☆ Morning Bid: It's still the economy, stupid
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaJust two months ago, Liz Truss said her government's defining mission would be to revive the economy. That job has become even more tougher for whoever is chosen as the next British PM after Truss was ousted following six chaotic weeks marred by policy shocks. Asian stocks weakened further as the rally in U.S. Treasury yields strengthened on reinforced expectations that persistent labor tightness in the world's biggest economy would force the Fed to keep raising interest rates aggressively, possibly throwing the economy into recession. Two-year Treasury yield hit a 15-year high of 4.623%, while the 10-year also rose to multi-year highs of 4.243%. Meanwhile, European Union leaders ended another debate on the bloc's response to the energy crunch without agreement on whether to cap gas prices.

☆ Morning Bid: Truss drama deepens
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaBritain's political drama keeps getting more and more interesting. The abrupt resignation of Britain's interior minister Suella Braverman, who criticised Liz Truss, reflects the continued erosion of the prime minister's authority after just weeks in the job. And as markets watch the political chaos, there seems to be no respite for the beleaguered pound. The yen has depreciated by about 23% so far this year, making it the weakest major currency in Asia. Asian stocks headed down on Thursday, taking a cue from rising yields and cutting short a brief rally that was triggered by strong earnings reports by U.S. and European companies.

☆ Singapore's Love, Bonito brand owner to open first U.S. store in 2023, eyes IPO
▼ + stars: | 2022-10-19 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +2 min

A view of the Love, Bonito flagship store at ION Ochard shopping mall, Singapore October 19, 2022. The Chinese private equity firm led a $50 million funding round in Lovebonito Holdings in October 2021. Among the other investors are Singapore-based Openspace Ventures, Japanese comparison-shopping site Kakaku.com (2371.T), Shanghai-headquartered venture capital firm Ondine Capital and Japanese fashion chain store Adastria (2685.T). Song, 33, said Lovebonito Holdings' plans for an IPO were "definitely in the mid-term horizon", but she declined to give specifics. This week, Lovebonito Holdings announced the acquisition of butter., a women-led activewear brand, and a small investment in Moom Health, a Singapore healthcare startup.

☆ Morning Bid: Back to basics - double-digit UK inflation
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Ankur BanerjeeWith investors' mood perking up this week, leading to a buoyant rally, UK inflation data, due on Wednesday, takes the spotlight. The reading will likely determine how hawkish the BoE gets in the near term. The consumer price index, already at a decades high, is expected to jump 10% for the month of September. Register now for FREE unlimited access to Reuters.com RegisterThe cost of living crisis has led to protests and strikes in in European countries, while red-hot inflation has pushed firms eastward in Europe to cut costs. The currency market remains on guard for any sign of another yen intervention as the beaten down currency hovers around the psychological barrier of 150 per dollar.

☆ Back to basics: double-digit UK inflation
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

☆ JPMorgan names Qian as Southeast Asia equity capital markets chief
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 19 (Reuters) - JPMorgan has appointed Sophie Qian as the head of its Equity Capital Markets (ECM) team for Southeast Asia, according to a memo seen by Reuters and confirmed by the U.S. bank. The Southeast Asia ECM team will report to Qian with immediate effect, the memo said. The banker joined JPMorgan's U.S. ECM team last year, where she focused on U.S./Asia cross border deals and SPACs. She will report to Peihao Huang and Sunil Dhupelia, JPMorgan's co-heads of ECM for Asia exJapan. Earlier this year, Novan Amirudin, who used to head JPMorgan's Southeast Asia ECM team and was also its Malaysia investment banking chief, resigned to become the co-CEO of Malaysian bank CIMB's group wholesale banking business.

☆ Everstone explores stake sale in India and Indonesia's Burger King franchisee - sources
▼ + stars: | 2022-10-14 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 14 (Reuters) - Private equity firm Everstone Capital is considering selling its stake worth $314 million in Restaurant Brands Asia Ltd (RESR.NS), the master franchisee of Burger King in India and Indonesia, two sources with knowledge of the matter told Reuters. Everstone Capital, through its investment vehicle QSR Asia Pte Ltd holds a 40.9% stake in Restaurant Brands, according to Refinitiv data. Register now for FREE unlimited access to Reuters.com RegisterEverstone Capital declined to comment and Restaurant Brands Asia did not respond to Reuters queries seeking comment. Restaurant Brands Asia had a market value of $768 million based on Friday's price of 129 Indian rupees. read more read moreRestaurant Brands Asia, formerly known as Burger King India Ltd, was incorporated in 2013 following a partnership formed between Everstone and Burger King Worldwide Inc to develop the fast-food chain's presence in India.

☆ Shaken but not stirred
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The trading floor is seen at the end of a trading day at the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/A look at the day ahead in European and global markets from Anshuman DagaRed-hot U.S. inflation data briefly rattled global markets before Wall Street made a dramatic recovery on Thursday. U.S. stocks surged to finish more than 2% higher, reversing sharp falls as traders gave excuses of a "technical support" and "short covering". read moreKwarteng confirmed to reporters in Washington that he was flying back to London early, without providing further details. Sources familiar with the matter said he planned to meet with colleagues to work on his medium-term budget plan.

☆ Singapore central bank tightens policy, Q3 GDP tops forecast
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The Monetary Authority of Singapore (MAS), at a scheduled policy meeting, said it will re-centre the mid-point of the exchange rate policy band known as the Nominal Effective Exchange Rate, or S$NEER. The Singapore dollar was up about 0.3% to S$1.1429 per U.S. dollar after the policy decision. The MAS manages monetary policy through exchange rate settings, rather than interest rates, as trade flows dwarf its economy. The core inflation rate — the central bank's favoured price measure - rose to 5.1% in August on a year-on-year basis. "Q3 GDP obviously benefitted from domestic and border restrictions being eased," said Song Seng Wun, an economist at CIMB Private Banking.

Helen Wong, Group CEO of OCBC Bank poses for a portrait during an interview with Reuters in Singapore October 10, 2022. And while OCBC earned nearly half of its operating profit from Singapore, Greater China was the next-largest contributor, followed by Malaysia. She added that OCBC benefited from having both a brick-and-mortar and a strong digital footprint. This has increased attention on OCBC, which has the strongest capital position among Singapore banks. Sanford Bernstein analysts said in a report in June that OCBC had S$4.8 billion that could be used for acquisitions without the need to raise capital.

☆ Hong Kong hopes China Congress could revive economy, reverse IPO slump
▼ + stars: | 2022-10-13 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 13 (Reuters) - Hong Kong dealmakers expect China's 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city's IPO issuance from nine-year lows. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre. There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data. Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data.

☆ Deutsche Bank names former Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who had resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the international private bank of Deutsche Bank. The veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Xinghui Kok; Editing by Anshuman Daga and Kim COghillOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank names ex-Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the German lender's international private bank. read moreThe veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement. "Wealth management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform," said Alexander von zur Muehlen, Deutsche Bank's Asia Pacific CEO.

☆ Blockchain.com gets Singapore licence, second crypto firm to obtain approval this week
▼ + stars: | 2022-10-12 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/File PhotoSINGAPORE, Oct 12 (Reuters) - Blockchain.com, a cryptocurrency exchange backed by investors including Lightspeed Venture Partners, said on Wednesday it had received approval from Singapore's central bank to offer payment services in the city-state. The announcement came a day after crypto giant, Coinbase, said it had also received the same approval. This brings the number of crypto companies allowed to operate in Singapore to 18, out of the roughly 180 firms who have applied for a crypto payments licence since 2020. Blockchain.com, which was valued at $14 billion in March, said in a statement that it views Singapore as an attractive location to grow its institutional customers and team.

☆ Morgan Stanley appoints Badalia as Southeast Asia M&A head
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 11 (Reuters) - Morgan Stanley (MS.N) has named Rikhit Badalia, a member of its Asia Pacific mergers and acquisitions team, as the M&A head for Southeast Asia with immediate effect, according to a memo seen by Reuters. Hong Kong-based Badalia takes over from Jonathan Pflug, who is joining U.S. investment bank Raine Group to lead its coverage in Southeast Asia, Reuters reported last month. Badalia, who has been with Morgan Stanley since 2010, started out as an analyst in its Mumbai office before taking up roles in Singapore and Hong Kong with a focus on the tech, media and telecoms sector. Badalia will remain the M&A operations officer for Asia Pacific, the memo said. A Morgan Stanley spokesperson confirmed the contents of the memo.

☆ Crypto giant Coinbase gets Singapore licence
▼ + stars: | 2022-10-11 | by ( Xinghui Kok | ) www.reuters.com time to read: +2 min

SINGAPORE, Oct 11 (Reuters) - Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore's central bank to offer payment services in the city-state. About 180 crypto companies applied for a crypto payments licence to the Monetary Authority of Singapore in 2020 under a new regime. Besides Coinbase, Crypto.com and DBS Vickers - the brokerage run by Singapore's largest bank DBS (DBSM.SI) - are among those that have received licences. Both coins were developed by Terraform Labs, which was incorporated in Singapore. Terraform Lab's founder Do Kwon is currently wanted by the South Korean police.

☆ Singapore's SATS in $1.1 bln deal to become biggest air cargo handler
▼ + stars: | 2022-09-28 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +3 min

SINGAPORE, Sept 28 (Reuters) - Singapore-based ground handling and catering provider SATS Ltd (SATS.SI) is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros ($1.14 billion) cash in its largest ever deal, to create the world's biggest global air cargo handler. SATS' CEO Kerry Mok called the deal "a transformational opportunity for SATS", saying it would create a global leader. Last week, Bloomberg News reported that SATS had sounded out financing for a possible deal that could be worth about $3 billion. WFS reported 1.722 billion euros in revenue and earnings before interest, taxes, depreciation, and amortization of 232 million euros for the year ended March 2022. Founded in 1984, WFS is the world's largest air cargo logistics provider and a major provider of ground handling and technical services.

SINGAPORE, Sept 28 (Reuters) - Southeast Asia's digital media and tech sectors, underpinned by young consumers and one of the fastest growing internet markets, had drawn U.S. investment bank Raine Group to expand in the region, senior executives said. Global media, entertainment and gaming giants are ramping up their presence in Southeast Asia's fast-growing economies. Raine specializes in media, sports and technology deals and also oversees $4 billion in growth equity and venture capital. It advised Southeast Asia's biggest ride-hailing firm Grab on its purchase of Uber's regional business in 2018. Reuters reported last week that Raine had tapped Jonathan Pflug, Morgan Stanley's head of Southeast Asia M&A, to lead its regional coverage.

☆ Morning Bid: Mini budget, major turmoil
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsA look at the day ahead in European and global markets from Anshuman DagaWhat was meant to be a mini-budget is still thundering across financial markets. read moreAsian stocks markets and currencies extended their downward journey, burdened by the gloomy growth outlook, while dollar bulls pushed the currency to yet another two-decade high. "Indeed a recession in Europe in particular is already well anticipated, with 92% of our European Fund Manager survey respondents expecting one in the coming 12 months," BofA said. Elsewhere, the energy crisis in Europe intensified as European authorities investigated what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines. The energy crisis between Europe and Moscow has already battered major Western economies, sent gas prices surging and sparked a hunt for alternative supplies.

☆ Grab expects to break-even on adjusted EBIDTA by H2 2024 - CFO
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman DagaSINGAPORE, Sept 27 (Reuters) - Grab Holdings Ltd, Southeast Asia's biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBIDTA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday. Its group adjusted EBIDTA loss is expected to be $380 million for the second half of 2022, a 27% improvement compared with the first half of the year. "Our cash position is not something that we take for granted. Grab, which listed on the Nasdaq in December following a record $40 billion merger with a blank-check company, has been under investor pressure to stem losses from its decade-old business.

Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.

"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

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