Friday, September 17

PMN Economy

PMN Business, PMN Economy, REU

Most Asian currencies slip; Thai baht weakens most

Article contentThe following table shows rates forAsian currencies against the dollar at 0204 GMT.Currency Latest bid Previous day Pct MoveJapan yen 107.340 106.99 -0.33Sing dlr 1.392 1.3897 -0.14Taiwan dlr 29.499 29.453 -0.16Korean won 1205.600 1203.44 -0.18Baht 31.760 31.67 -0.28Peso 49.430 49.37 -0.12Rupiah 14625.000 14620 -0.03Rupee 75.015 75.02 0.00Ringgit 4.264 4.26 -0.09Yuan 7.001 6.9912 -0.13Change so far in 2020Currency Latest bid End 2019 Pct MoveJapan yen 107.340 108.61 +1.18Sing dlr 1.392 1.3444 -3.39Taiwan dlr 29.499 30.106 +2.06Korean won 1205.600 1156.40 -4.08Baht 31.760 29.91 -5.82Peso 49.430 50.65 +2.47Rupiah 14625.000 13880 -5.09Rupee 75.015 71.38 -4.85Ringgit 4.264 4.0890 -4.10Yuan 7.001 6.9632 -0.53(Compiled by Shashwat Awasthi in Bengaluru) business.financialpost...
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Wall St Week Ahead-Fund managers navigate’Night of the Living Dead’ in small caps

Article content continuedThere are signs that recent economic gains may already be faltering. Real-time measures of the economy such as retail foot traffic and employee work hours have stalled recently, as states have implemented new restrictions to try to halt the spread of coronavirus pandemic.Still, some investors believe a patient approach will win out over time.Jon Christensen, a portfolio manager at Kayne Anderson Rudnick, said the recent jump in coronavirus cases will likely make small-caps more volatile until there is a vaccine or effective treatment.As a result, Christensen is buying companies he believes will outperform over the next three years, despite recent hits to their share prices. He recently added shares of daycare provider Bright Horizons Family Solutions Inc, which ...
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TIM, Telefonica and Claro present bid for Oi’s mobile assets

Article content continuedThe Brazilian carrier set a minimum price of 15 billion reais ($2.79 billion) for its mobile assets. The company intends to use the proceeds of asset sales to fund its growing broadband fiber unit and pay off debt, aiming to exit bankruptcy protection. It was not clear if the offers met the minimum price.TIM Brasil SA and Telefonica Brasil said in May they were planning a joint offer for Oi's mobile business, despite the COVID-19 outbreak, not mentioning Claro."The transaction, if completed, shall add value to all shareholders and clients by means of further growth, generation of operational efficiencies and service quality enhancement," the three bidders said in statements.Oi, Brazil's largest fixed-line carrier had approximately 65 billion reais ($12.65 billio...
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TIM, Telefonica and Claro present binding bid for Oi’s mobile assets

Article contentSAO PAULO/MILAN — TIM Participacoes, Telefonica Brasil and America Movil SAB de CV presented a joint binding offer for the mobile unit of bankrupt Brazilian carrier Oi Group, according to filings by the companies on Saturday.The telecom firms said they have asked Oi for the right to cover potential offers the Brazilian company may have received in the competitive process for its assets.According to two sources with knowledge of the matter, there was a second proposal from a foreign strategic player with a small presence in Brazil.Oi will not chose the winner based solely on price, but will also consider which group could secure regulatory approval for the deal faster.Oi said it has received proposals for its mobile unit, but did not disclose the bidders' identities or num...
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Billy///China’s Tomorrow Holdings slams seizure of its financial firms

Article content continuedThe group also said that Xiao Jianhua, who controls the Beijing-based conglomerate, had returned to mainland China in early 2017 to fully cooperate with investigations.Xiao, a billionaire with links to China's Communist Party elite, vanished from public view in early 2017. He was last seen leaving the Four Seasons Hotel in Hong Kong in a wheelchair with his head covered, accompanied by several people described in media reports as mainland Chinese agents.The group said in its statement that it sold assets in China and abroad for hundreds of billion yuan over the past three and half years, and has used 300 billion yuan of its own funds to repay principal and interests for investors of Tianan Property Insurance.In 2019, regulators took over Baoshang Bank, a lender ...
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China’s Tomorrow Holdings slams seizure of its financial firms

Article content continuedThe group also said that Xiao Jianhua, who controls the Beijing-based conglomerate, had returned to mainland China in early 2017 to fully cooperate with investigations.Xiao, a billionaire with links to China's Communist Party elite, vanished from public view in early 2017. He was last seen leaving the Four Seasons Hotel in Hong Kong in a wheelchair with his head covered, accompanied by several people described in media reports as mainland Chinese agents.The group said in its statement that it sold assets in China and abroad for hundreds of billion yuan over the past three and half years, and has used 300 billion yuan of its own funds to repay principal and interests for investors of Tianan Property Insurance.In 2019, regulators took over Baoshang Bank, a lender ...
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China raises equity investment cap for insurers to 45%

Article contentSHANGHAI — China's banking and insurance regulator said it was raising the cap on how much the country's insurers can invest in equity assets, an effort trying to bring more long-term funds into the capital market.The China Banking and Insurance Regulatory Commission (CBIRC) said in an online statement late on Friday it will allow insurers to invest up to 45% of their total assets recorded at the end of the previous quarter in equity investments.Currently, China caps all insurance companies' equity investment at 30% of their total assets.Investments will be capped at 10% of the total share capital of any single listed company, the regulator added.The official Shanghai Securities News said the move to raise the equity investment ceiling to 45% from 30% should introduce hun...
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China’s Tomorrow Holdings questions regulator’s takeover of its financial institutions

Article contentSHANGHAI — Chinese conglomerate Tomorrow Holdings Co Ltd on Saturday questioned top regulators' latest move to take over its financial assets.The statement, published on the company's official WeChat account on Saturday, came after Chinese regulators decided a day earlier to seize control of the conglomerate's affiliated financial institutions, part of a campaign by authorities seeking to stem systemic financial risks in a slowing economy.Tomorrow Holdings said that it had been actively dealing with asset disposals, and that so far none of its financial institutions has faced liquidity risks.It added that regulators have made it difficult to dispose of assets and have exaggerated risks.Xiao Jianhua, owner of the Beijing-based conglomerate, returned to the mainland China i...
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China regulator encourages brokerages, mutual funds to merge, media says

Article contentSHANGHAI — China's top securities regulator is encouraging mergers and acquisitions among brokerages and mutual fund houses, the state-run China Securities Journal reported on Saturday.The China Securities Regulatory Commission (CSRC) aims to solve the problem of competition among industry peers with the move, and the top securities watchdog supports launching employee stock ownership and equity incentive plans, the newspaper said."In order to achieve the effect of mergers and acquisitions and realize the coordinated development of parent companies and their subsidiaries, the CSRC supports the institutions setting up more flexible business scope on the premise of effectively managing unfair competition, preventing conflicts of interest and transferring interests ," the ne...