Vietnam 

Singaporean fund raises stake in Masan to 5.67 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Inside a meat processing plant operated by the consumer staple firm Masan Group Corporation in Hà Nam Province’s Đồng Văn IV Industrial Zone. The company has attracted attention from foreign investors lately. — VNA/VNS Photo Vũ Sinh Viet Nam News HCM CITY —The Singaporean fund Ardolis Investment Pte Ltd has raised its ownership in the consumer staple firm Masan Group Corporation to 5.67 per cent with more than 65.9 million shares from the previous 4.47 per cent. Ardolis Investment Pte Ltd on February 14 purchased nearly 14 million…

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Vietnam 

Petrol price stabilisation fund balance at US$73.8 million – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The petrol selling prices were kept unchanged on Friday. — Photo hiephoixangdau.org Viet Nam News HÀ NỘI — The balance of the petrol price stabilisation fund at Việt Nam National Petroleum Group (Petrolimex) was VNĐ1.72 trillion (US$73.8 million) as of Friday, the group said. The balance was reduced by VNĐ220 billion from the previous adjustment of petrol selling prices two weeks ago. The prices of oil and petrol have been kept unchanged after the latest regular adjustment by the Ministry of Finance and the Ministry of Industry…

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Home 

Veggie ‘meat’ start-up backed by Nasa wins financing from tech moguls and Silicon Valley climate fund

A Chicago-based biotechnology company working with Nasa to develop a new form of plant-based protein fit for supporting space exploration has received US$33 million from venture capital firms, including an energy tech fund backed by Bill Gates, Jack Ma and Jeff Bezos. The funding will support the development and commercialisation of the animal protein alternative, according to Sustainable Bioproducts co-founder and chief executive Thomas Jonas. The climate-friendly protein is a product of research into extremophile organisms that live in Yellowstone National Park’s volcanic springs. “That work led to the development…

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Canadian cryptocurrency fund boss Gerald Cotten died – and US$190million of his investors’ money may be encrypted forever

About US$190 million in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him. Investors in QuadrigaCX, Canada’s largest cryptocurrency exchange, have been unable to access their funds since its founder, Gerald Cotten, died last year. According to a court filing first reported by CoinDesk, a cryptocurrency news and events company, Jennifer Robertson, identified as Cotten’s widow, said the exchange owes its customers roughly C$250 million (US$190 million) in cash and cryptocurrency…

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China 

Can China get its farmers back on track with US$400 million fund for state-run cooperatives?

Beijing is rebooting an old state-run cooperative system to help boost the rural economy, but after years of reform some analysts are sceptical about how effective it can be in helping the country’s millions of impoverished farmers. Since Chinese President Xi Jinping took office in 2013, the central government has rebuilt more than 10,000 primary supply and marketing cooperative s (SMC), taking the total across the country to nearly 32,000. About 95 per cent of towns and villages now have them, compared to just 50 per cent six years ago.…

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Home 

Hong Kong’s Exchange Fund reports 94.5pc decline in returns amid massive stock market losses

A global stock market slump shrank the city’s war chest for defending the local currency, causing it to lose HK$59 billion (US$7.5 billion) in equity investments last year and driving its 2018 rate of returns to its third lowest on record. The Exchange Fund’s overall returns last year fell 94.5 per cent to HK$13.9 billion on the back of a HK$20.7 billion loss alone in Hong Kong stock market investments. Returns from fixed income and other overseas properties and other longer term investment, offset the equities loss. The Exchange Fund…

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US-China trade war agreement could extend economic cycle, fund manager says

A resolution to the ongoing trade war between the United States and China would potentially extend the economic cycle, but investors should prepare for a potential downturn, according to TwentyFour Asset Management, a fixed-income investing specialist in London. Eoin Walsh, a founding partner of TwentyFour Asset Management, said there is not enough weak economic data to suggest a potential recession is on the horizon. That said, investors should look at short-dated credit products to lock in their returns, Walsh said. Given the potential price volatility in the market this year,…

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Home 

Luxembourg and Hong Kong sign mutual fund recognition agreement to ease cross border sale

Luxembourg, the largest fund centre in Europe, has signed a mutual funds recognition agreement with the Securities and Futures Commission aimed at encouraging more cross border fund sales. Luxembourg’s Minister of Finance Pierre Gramegna told the Post in an exclusive interview on the sidelines of the Asian Financial Forum that the agreement is an important development for the fund industry in both markets. The agreement signed between Commission de Surveillance du Secteur Financier (CSSF) and the SFC on Tuesday, will allow the two regulators to have deeper cooperation in exchanging…

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Money 

China’s A shares, world’s worst performers last year, are ‘most investible’ in 2019, says fund house

After holding the title as the world’s worst performing market for two straight years, China’s A shares would be among the “most investible” assets globally in 2019, according to Invesco Great Wall. The benchmark Shanghai Composite Index lost 24 per cent last year as investor sentiment weakened on the China economy’s dimming prospects as effects of the trade war with the US bites slowing economic growth further. “Despite these circumstances, we think the A-share market’s recent poor performance is only a short-term disruption that in fact, has made valuations very…

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Vietnam 

Vietcombank to sell shares to fund capital hike – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Vietcombank’s pre-tax profit hit a record high of VNĐ18 trillion (US$769.3 million) in 2018. – Photo Vietcombank Viet Nam News HÀ NỘI — Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will sell shares worth US$270 million to foreign strategic investors to increase its charter capital. After getting approval from the State Bank of Việt Nam (SBV) last month, Vietcombank also got the nod from the State Securities Commission last week to sell some 3 per cent of its charter capital to the Singaporean government’s investment fund GIC Private…

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