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October 11, 2012
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  Top Stories 
  • China-Japan rift raises global worries
    The territorial dispute between China and Japan may reduce Japan's economic growth by 0.8 percentage points in the final quarter and, worse, generate consequences that reverberate throughout the global economy, analysts say. The split, evident in the nonattendance of high Chinese officials at IMF-World Bank meetings in Tokyo, is worsened by a leadership transition in Beijing and the possibility of elections in Japan. The Wall Street Journal (10/10) LinkedInFacebookTwitterEmail this Story
  • IMF sees lower China growth but soft landing
    The International Monetary Fund predicts a soft landing for China's economy but is now projecting 7.8% growth for this year and 8.2% in 2013, down from earlier forecasts of 8% and 8.5% respectively. "In the short term, a further escalation of the euro area crisis and failure to address the U.S. fiscal cliff are the main external risks," the IMF said. Caijing Magazine online (10/10) LinkedInFacebookTwitterEmail this Story
  • Clarity from China leadership transition to spur growth, BlackRock says
    China's policies to raise its lagging rate of growth will become much clearer and prospects for a resurgent economy will be brighter after the country transitions through a leadership turnover, according to a projection by money manager BlackRock. "Once we get through the leadership change, both in the U.S. and also in this part of the world, I think we're going to see a much healthier base from which we can have growth within the expectations of China," said Mark McCombe, BlackRock's Asia-Pacific chairman. Bloomberg Businessweek (10/10) LinkedInFacebookTwitterEmail this Story
  • IMF warns on Japan bank holdings as economists project slower growth
    The government bond holdings of Japan's private banks could grow to a third of their total assets over the next few years, a situation that holds the potential to amplify any developing doubts about government finances, the International Monetary Fund warned. Separately, a poll of economists by the Japan Center for Economic Research revealed gloomier growth forecasts for this year and the next two. Market News International (10/10) , Financial Times(tiered subscription model) (10/10) LinkedInFacebookTwitterEmail this Story
  • EU to hold to austerity path, seek help from China
    Despite International Monetary Fund warnings over the dangers of extended fiscal austerity for Europe, EU economic chief Olli Rehn emphasized the need to continue on the path in light of the "confidence effect," which can hold down financing costs. Separately, EU officials were reported preparing to approach China for help in raising the lending capacity of the eurozone's permanent bailout fund. (China) (10/10) , China Daily (Beijing) (10/10) LinkedInFacebookTwitterEmail this Story
  • German institutes cut growth outlook but see eurozone resolution
    Following other projections for lower growth in Germany, the country's four leading economic institutes now predict 0.8% growth in 2012 and 1% for next year, the daily Handelsblatt reported. The institutes are also said to be optimistic that the eurozone crisis is on the road to resolution in 2013. Fox Business (10/10) LinkedInFacebookTwitterEmail this Story
  • Hope for U.K. upturn may be short-lived
    If the U.K. manages to emerge from recession in the third quarter as expected, it may not remain in positive mode for long. Recent indicators have been unexpectedly grim, pointing to a still-ailing economy that could slide back into negative growth in the fourth quarter, analysts say. The Independent (London) (10/10) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
    A further warning signal on the gravity of the eurozone crisis, this time from the International Monetary Fund, weighed on European shares Wednesday, while in the U.S. jitters that often accompany the corporate earnings season were heightened by concerns over global growth prospects. The Stoxx Europe 600 index was down 0.55% at 268.71, and the S&P 500 dropped 0.62% to 1,432.56. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/11) , The Wall Street Journal (10/10) , CNNMoney (10/10) LinkedInFacebookTwitterEmail this Story
  • China-Japan dispute shadows Asian markets
    Growing regional concerns over consequences flowing from the unresolved island dispute between China and Japan put a damper on Asian shares Wednesday. The Nikkei plunged 1.98% to 8,596.23, the Kospi dropped 1.56% to 1,948.22, the S&P/ASX declined 0.32% to 4,490.70 and the Hang Seng ended the day marginally lower, down 0.08% at 20,919.60. Bloomberg Businessweek (10/10) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Slow arrival is seen for FDI in Indian retail sector
    Substantial foreign direct investment in India's retail sector, perhaps amounting to $100 million, is probably on the way but will take a while to arrive, according to a projection by Bijou Kurien, chief executive of Reliance Lifestyle. "My guess is that it will take three to five years before significant investments begin to flow in," Kurien said of the reforms allowing up to 51% FDI in multibrand retail. The Economic Times (India) (10/10) LinkedInFacebookTwitterEmail this Story
  • South Korea may cut interest rate despite steady employment figures
    Although South Korea's unemployment rate came in at a steady 3.1% in September, the country's central bank is still considered likely to cut its key interest rate ahead of an expected softening in the job market over the final quarter. One problem hidden in the low jobless number is the high proportion of South Korea's self-employed, economists note. These workers depend on loans, and lower interest rates can be a significant help. The Wall Street Journal (10/10) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • QFII approvals should see a bump after China holiday
    Qualified foreign institutional investors looking to break into the Chinese market should see a speedup in approvals after the National Day holiday, the China Securities Regulatory Commission says. Backlogged QFII applications are ready and in line to be submitted for approval, said Li Daxiao, director of Yingda Securities Institute. China Daily (Beijing) (10/9) LinkedInFacebookTwitterEmail this Story
  • South Korean company bond, CD issues up in 3rd quarter
    Bond and certificate-of-deposit issuances by South Korean companies were up 4.2% year-on-year in terms of capital raised during the third quarter, the government reported. The bond total was 70 trillion won, up 7.2% from a year before, and CDs came in at 2.3 trillion won, down 43.9%. (South Korea) (10/10) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • Standard Life launches high-end service in Singapore
    With a newly granted license, Scotland's Standard Life is setting up in Singapore to offer investment-linked products marketed through independent advisers and banks. The service will be restricted to wealthier investors with a required high minimum premium. (10/10) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Peter Young is named Barclays Australia chairman
    Peter Young, a native Australian who was previously a member of the advisory board at Royal Bank of Scotland in Australia, has been tapped by Barclays as chairman of its operations in the country. In welcoming Young, Barclays Australia chief Cynthia Whelan described him as "well-respected locally and overseas, given his extensive experience in both the financial services and corporate sectors." The Sydney Morning Herald (Australia) (10/10) LinkedInFacebookTwitterEmail this Story
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