China 

China’s central bank issues draft rules on financial holding companies in move to rein in risk

China’s central bank on Friday released a draft regulation on financial holding companies, as it seeks to contain the potential spread of risk from their business to other sectors.“There is a regulatory vacuum around some financial holding companies, especially those starting from non-financial businesses, which has led to risk accumulation and exposure,” the People’s Bank of China (PBOC) said in an online statement.The draft rules, which will be finalised after feedback is received by late… Source link

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Home 

Singapore investment holding firm United Industrial raises stake in Marina Centre for S$485 million

United Industrial Corporation, a subsidiary of UOL Group, is acquiring a further 24.27 per cent stake in indirect subsidiary Marina Centre Private Holdings (MCH) for S$485.3 million (US$358.86 million), to be paid in cash. It already owns a 53.07 per cent stake in MCH.The acquisition is being made through the purchase of shares from the following vendors – 10 per cent from OUE for S$200 million, 10.27 per cent from Finnegan Investments for S$205.3 million and 4 per cent from Mackmoor for US$80… Source link

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Singapore 

Singapore activist fined for holding forum featuring Joshua Wong, Singapore News

A Singapore court fined a rights activist on Thursday after he organised a public conference where a Hong Kong pro-democracy leader spoke via Skype. Activist Jolovan Wham, 39, was sentenced to a fine of S$2,000 for organising a public assembly without a permit. He was also fined S$1,200 for refusing to sign a statement that he gave to police. The two-hour “Civil Disobedience and Social Movements” conference took place in November 2016 and involved a panel of activists critical of the Singapore government. Joshua Wong, who was among the leaders of…

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Singapore 

Foreign worker falls to death after rope holding him snaps in bizarre accident, Singapore News

SINGAPORE – A 27-year-old foreign construction worker fell to his death on Tuesday (Jan 22) when the rope he was attached to snapped after part of it became entangled with the side mirror of a passing bus. The Indian national, who was painting the exterior of the Royal Plaza on Scotts, Singapore hotel, was secured to the rope and hovering several storeys above ground. The Ministry of Manpower (MOM), which is investigating the incident, said the bottom of the rope somehow became entangled with the private bus, causing it to…

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Home 

Has Geely cut its holding in Daimler? The Chinese carmaker says ‘no’

Geely Auto Group, one of China’s most successful carmakers, said its holding in Daimler remained unchanged, refuting a Bloomberg report that said it had cut its 9.7 per cent stake in the German carmaker by more than half. “As a long term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged,” the company said in a statement on Friday. The statement came after Bloomberg said Geely, controlled by Chinese billionaire Li Shufu, had sold a 5.4 per cent stake of the German company. Geely, which…

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Investment 

Allianz wins approval for China’s first wholly-owned foreign insurance holding company – four years earlier than promised by Beijing

Beijing has given German insurer Allianz the go-ahead to set up a wholly-owned insurance holding company in Shanghai next year – four years earlier than promised. The approval, which points to an acceleration in the opening up of China’s banking and insurance sectors, was posted on the website of the China Banking and Insurance Regulatory Commission (CBIRC) on Sunday. China opens finance industry to foreign firms, but is it too late for Hong Kong players? “This year, the CBIRC has followed Beijing in expanding ‘opening’ policies to foreign banks and…

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Vietnam 

State fund and Viettel to offload entire holding at Vinaconex – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The State Capital Investment Corporation (SCIC) and Military-run telecoms group Viettel have decided to offload their entire stakes, collectively at 79 per cent, in the Việt Nam Construction and Import-Export Joint Stock Corporation (Vinaconex). The share sale will be held under the form of a public auction on November 22 on the Hà Nội Stock Exchange, with a starting price of VNĐ21,300 (US$0.9) per share. SCIC will be offloading its 254.9 million shares, or 57.71 per cent stake in Vinaconex, while…

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Vietnam 

VPBank fixes foreign holding to prepare for private placement – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

VPBank’s common stocks currently are nearly 2.53 billion shares. — Photo VPBank Viet Nam News HÀ NỘI — Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has announced a temporary foreign ownership limit at 22.532 per cent of charter capital to prepare for a private placement. After completing the private placement, the bank will work with the Vietnam Securities Depository Centre to raise the ratio to a 30 per cent cap.  VPBank hasn’t yet released details about the private placement. The foreign holding ratio at VPBank has fallen…

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Singapore 

NTU ‘regrets’ holding career fair aimed at top-performing students, Singapore News

SINGAPORE – Nanyang Technological University (NTU) says it “regrets” holding a career fair last month aimed at top-performing students, adding that it will open the event to the entire graduating cohort next year. Regardless of grades, students will be allowed to submit their resumes on a website for employers taking part in an NTUtopia career fair next year to consider in advance. The employers will then draw up a shortlist of students to be invited to the event. NTU says this is a change in format of the event last…

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Ecommerce 

Access to funding is holding Hong Kong back as a start-up hub as Singapore takes the lead

Singapore holds the upper hand on Hong Kong as a place to build a business, with access to funding remaining a challenge in the latter, despite a rising number of venture capital (VC) firms targeting Asia as a whole. A lack of affordable talent is also holding Hong Kong back, even with its lack of government red tape compared with some rival markets, its proximity to China, and rapidly improving societal attitudes towards entrepreneurs, according to start-ups and advisers. The Hong Kong authorities launched a HK$2 billion (US$255 million) fund…

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