Singapore 

2 million more Bicentennial $20 notes available for exchange: Apply online from Sept 16, Singapore News

SINGAPORE – Members of the public can apply online for the Singapore Bicentennial $20 commemorative note from Monday (Sept 16) until Oct 13. The Monetary Authority of Singapore (MAS) announced on Monday that it is launching the online application service for two million more pieces of the note. The application, at go.gov.sg/mas, is open to Singapore citizens and permanent residents. Each applicant can apply for up to 10 notes. Successful applicants will be notified by Nov 3. They can exchange the notes at face value from early November. Applicants can obtain…

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The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind

The London Stock Exchange risks wishing itself into the wilderness with its hasty decision to reject a US$36.6 billion acquisition bid from the Hong Kong stock exchange.Hong Kong Exchanges and Clearing’s offer gave London the opportunity to cement its position as a centre for financing China’s massive Belt and Road Initiative. Instead, that position could now go to a European financial centre.The LSE’s rejection came remarkably quickly, within days of HKEX’s surprise offer, and suggested… Source link

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London Stock Exchange rejection ‘shows Hong Kong can’t make it alone’

The London Stock Exchange Group’s preference for Shanghai over Hong Kong as a Chinese market partner shows that the southern city cannot break away from the mainland and develop on its own, according to a Communist Party mouthpiece.In a commentary published late on Saturday, People’s Daily said that getting access to future opportunities in China depended on how well the city consistently aligned with the country’s interests.The comments came after the London bourse operator rejected Hong Kong… Source link

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London Stock Exchange unanimously rejects Hong Kong’s US$36.6 billion surprise takeover bid

London Stock Exchange Group’s board of directors has unanimously rejected an unsolicited US$36.6 billion takeover proposal from Hong Kong Exchanges and Clearing, according to a statement posted on the exchange’s website. “The board has fundamental concerns about the key aspects of the conditional proposal: strategy, deliverability, form of consideration and value. Accordingly, the board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further… Source link

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Politics, among other concerns, stands in the way of HKEX’s bid for the London Stock Exchange

HKEX’s audacious US$36.6 billion bid for London Stock Exchange Group raised quite a few eyebrows on Wednesday. Three immediate questions were raised. First, does the bid make sense for shareholders on a commercial basis? Second, what are the strategic considerations for Hong Kong and global financial markets? Third, what are the regulatory and geopolitical hurdles? My policy is never to make any predictions on the prices or viability of any commercial deal but to let facts speak for themselves… Source link

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Hong Kong’s unsolicited US$36.6 billion bid for the London Stock Exchange was kicked off by a surprise visit 30 hours earlier

London Stock Exchange Group Chief Executive Officer David Schwimmer had a visit on Monday from an unexpected guest: Hong Kong Exchanges and Clearing Limited’s CEO Charles Li.In a hastily called meeting, the 58-year-old Li told Schwimmer and LSE Chairman Don Robert that he wanted to buy the three-century-old UK exchange, according to a person familiar with the matter, who asked not to be identified discussing a private conversation.The executives were caught off guard, and were surprised when… Source link

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Hong Kong stock exchange operator makes bid to buy London Stock Exchange for US$36.6 billion

Hong Kong Exchanges and Clearing offered to buy the London Stock Exchange for US$36.6 billion, the operator of Asia’s third largest market announced on Wednesday. “The proposed combination would strengthen both businesses, better position them to innovate across markets and geographies, and offer market participants and investors unprecedented global market connectivity,” the Hong Kong Exchanges and Clearing – the operator of the city’s stock market – said in a stock exchange filing. It would… Source link

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China’s foreign exchange reserves up US$3.5 billion in August despite yuan drop

China’s foreign exchange reserves rose unexpectedly in August, even as the yuan posted its biggest monthly drop in 25 years amid escalating trade tensions with the United States.The country’s forex reserves – the world’s largest – rose by US$3.5 billion from the previous month to US$3.1072 trillion, according to figures released on Saturday by the central bank.Economists polled by Reuters had expected the total to fall by US$4 billion from July to US$3.1 trillion, largely due to fluctuations in… Source link

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Hong Kong Stock Exchange said its website was hacked while it halted derivatives trading to fix unrelated software bug

Hong Kong’s stock exchange website was hacked yesterday, while the bourse had halted derivatives transactions to fix an unrelated software bug, as the operator faced a combination of technical outages at a time of heightened sensitivity about the city’s role as Asia’s third-largest financial marketplace.The open-access website of the Hong Kong Exchanges & Clearing Limited (HKEX) was subject to a distributed denial-of service attack (DDoS), where hackers overwhelmed the network with massive… Source link

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Hong Kong’s exchange suspends afternoon derivative transaction after reporting ‘connectivity issues’ with its trading system

Hong Kong Exchanges & Clearing Limited (HKEX), the operator of Asia’s third-largest capital market, suspended trading in the city’s derivatives market at 2pm local time, after reporting “connectivity issues” on its trading system.Trading in the “derivative market has been suspended at 2pm,” an exchange spokesman said. “HKEX is aware of some connectivity issues with the Hong Kong Futures Automatic Trading System. We are looking into the matter and will provide updates in due course.”Transactions… Source link

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