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January 8, 2013 Sign up Forward Archive   Top Stories  New Japanese government is reported ready to launch big spending    Abe/Reuters About ¥12 trillion in public spending to jump-start the Japanese economy is envisioned by the new government through the end of the current fiscal year, according to media reports. A little less than half that amount, it was reported, would be funneled into public works. Separately, on the currency front, Japanese executives who have been calling for a weaker yen are now cautioning the government against going too far. Bloomberg Businessweek (1/7) , The Wall Street Journal (1/7)      U.S. hiring index climbs for 3rd month in December Another encouraging sign for U.S. employment emerged with the Conference Board's Employment Trends Index rising in December for the third straight month, up 0.8%. The index, which points to short-term hiring trends, is encouraging, but "if economic activity continues to expand slowly in the first half of 2013, it would be difficult for employers to maintain the current rate of job growth," commented Gad Levanon, director of macroeconomic research at the Conference Board. Bloomberg Businessweek (1/7)      Prolonged 8%-plus growth is seen for China, but only with reforms The right reforms to spread wealth and tackle corruption can lock in 8%-plus growth for China over the next 20 years, former World Bank economist Lin Yifu said at a New York Stock Exchange conference. Separately, Tsinghua University's Center for China in the World Economy predicted China would achieve 8.1% growth this year, up from an estimated 7.8% in 2012. Bloomberg (1/7) , China Daily (Beijing) (1/7)      U.K. companies brighten on economy, but doubts remain    Reuters Gloom is beginning to lift a bit over financial officers at major U.K. companies, with fewer now expecting the nation's economy will sink into a triple-dip recession, according to a Deloitte survey. "Confidence has returned, but perceptions of economic and financial uncertainty remain high and the greatest worries for CFOs are still the weakness of the euro-area and U.K. economies," said Ian Stewart, Deloitte's chief U.K. economist. Bloomberg Businessweek (1/6)      Citi sees prolonged U.K. stagnation, low interest rates Economic doldrums over the next several years are likely to mean rock-bottom interest rates in the U.K. economy until mid-2017, Citi predicts. Meanwhile, Citi halved its growth outlook for 2013 from 0.8% to 0.4%. Investment Week (1/7)      U.S. lenders to pay $8.5 billion to end foreclosure reviews An $8.5 billion penalty has been assessed against the 10 largest U.S. home mortgage servicers in a deal that will end reviews of individual foreclosure cases. The settlement, however, drew some criticism. "If the reviews had been done right the first time, banks would have been on the hook to pay far more to homeowners, even though the planned scheme for recompense fell far short of full compensation," said Alys Cohen, staff attorney for the National Consumer Law Center. Bloomberg (1/8)      Developing world to outpace advanced nations this year    Reuters The total output of developing countries is likely to be greater than that of the developed nations, as many in the industrialized world continue to struggle through austerity and stagnation, the International Monetary Fund projects. The gap between the respective GDPs is expected to grow from $1.4 trillion this year to $10 trillion in four years. The Korea Herald (Seoul) (1/7)      Global banks' reprieve on liquidity buffers could prove costly The Basel Committee's decision Sunday to give global banks an additional four years, until 2019, to meet liquidity requirements could prove costly nonetheless, some analysts say. Banks will have to reserve more capital as a liquidity buffer with riskier assets such as bonds backed by home loans. Even so, "it will be the taxpayers picking up the tab when a wrong-way bet by a 'too big to fail' bank turns sour," commented Cornelius Hurley, a director at Boston University's center for finance and former counsel to the U.S. Federal Reserve. Reuters (1/7)      Live broadcast from the India Investment Conference 10 January 2013, 8:00 pm PST. Convert time zone here. Investing in the New Financial Order Mr. Roger Urwin Global Head of Investment Content, Towers Watson Topics: New normal, new practices, and new "isms" in the future of finance and the financial ecosystem. Learn more.   Market Activities  INTERNATIONAL MARKETS OVERVIEW European stocks eased Monday despite gains in banking shares due to rescheduled Basel rules, and U.S. stocks retreated in anticipation of corporate earnings reports. The Stoxx Europe 600 declined 0.42% to 286.63, and the S&P 500 ended the day down 0.31% to 1,461.89. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/8) , The Wall Street Journal (1/7) , CNNMoney (1/7)      Japanese shares fall on profit-taking; other markets slightly lower Profit-taking after a long rally in Japan knocked down shares there Monday while other Asian markets ended the day with fractional declines. The Nikkei slid 0.83% to 10,599.01, the Hang Seng was virtually unchanged at 23,329.75, the Kospi was off 0.03% at 2,011.25, and the S&P/ASX edged down 0.14% to 4,717.30. Bloomberg (1/7)      Live Webinar Meeting the Global Challenge of Funding Retirement: A Case Study of Financial Engineering in the Design and Implementation of a "Next-Generation" Solution Featuring Nobel laureate Robert C. Merton Thursday, 10 January 2013 9:00 a.m. GMT (London) 5:00 p.m. HKT (Hong Kong)   Economic Trends & Outlook  As won rises, foreign-exchange reform is urged in South Korea    Park/Reuters The won's appreciation against the U.S. dollar poses a danger not only to South Korea's export-driven economy but also to its financial stability, said Shin Hyun-song, Hughes-Rogers professor of economics at Princeton University. Shin called for fundamental changes in Korea's foreign-exchange system, something the incoming government of President-elect Park Geun-hye is reported to be considering. MK.co.kr (South Korea) (1/7) , MK.co.kr (South Korea) (1/7)      Taiwan's inflation rate creeps nearer central bank's ceiling Taiwan's inflation rate ticked up last month, with prices rising 1.61% from a year before. The rate was up from 1.59% in November and nearer the 2% limit the central bank has set as tolerable as it takes steps to boost lagging growth. Bloomberg Businessweek (1/6)      Australian currency is seen weakening against U.S. dollar    Reuters The Australian dollar, which has been holding above parity with its U.S. counterpart, is expected to lose that status this year and ease to about 99 U.S. cents, according to Bank of New Zealand. The bank cites curtailed bond buying by the U.S. Federal Reserve and a slowing Australian economy. The Sydney Morning Herald (Australia) (1/7)      Cambodia gains as production in region shifts With more production shifting its way, an increasingly capable Cambodia is reaping the rewards of higher wages in China and Thailand. Financial Times (tiered subscription model) (1/7)        Capital Markets & Financial Products  Bond issuance rose 2.3% last year in South Korea Robust credit ratings in the midst of a teetering global economy helped boost South Korea's bond issuance last year. The total value of bonds from the government, the central bank and companies came to 582.7 trillion won, up 2.3% from 2011, according to the Korea Financial Investment Association. Yonhap News Agency (South Korea) (1/7)        Industry & Regulatory Update  Private equity firm to sell off last China Pacific shares    Reuters The U.S.-based private equity firm Carlyle Group reportedly hopes to sell the rest of its stake in China Pacific Insurance Group for $793 million. The sale of 203 million shares would come after the sale last summer of 221 million. Bloomberg (1/7)      Standard Life hires Allen Wang for Hong Kong office BlackRock's Allen Wang has been tapped by Standard Life Investments for its regional sales and marketing team based in Hong Kong. The hire is part of an overall effort to build up the team, as SLI also seeks a chief of wholesale business. AsianInvestor.net (1/7)        People & Personalities  New chief investment officer is named for Singapore's GIC Lim Chow-Kiat will succeed the retiring Ng Kok-Song as group chief investment officer at Singapore sovereign wealth fund GIC, effective next month. Ng, a 42-year veteran in managing Singapore's foreign reserves, will advise GIC as chair of global investments. AsianInvestor.net (1/7)      Learn more about CFA -> About CFA Institute  |  Advertise  |  Educational Resources  |  Social Media     Subscriber Tools     Print friendly format  | Web version  | Search past news  | Archive  | Privacy policy   Read more at SmartBrief.com Industry Home Readers' Choice Search Archive Download a SmartBrief Mobile app today       Recent CFA Institute Financial NewsBrief: Asia Pacific Edition Issues: Monday, January 07, 2013 Friday, January 04, 2013 Thursday, January 03, 2013 Wednesday, January 02, 2013 Monday, December 31, 2012     Lead Editor:   Jim Berard       Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004     © 1999-2013 SmartBrief, Inc.®  Legal Information