Asian markets rallied strongly last year, spurred by government stimulus measures and liquidity-driven buying. While this trend is likely to carry through into the first half of 2010, Aberdeen Asset Management believes that the second half of 2010 will be altogether more challenging.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
Sunday, February 7, 2010
TTA’s shareholders approved cash dividend payments at 0.54 THB per share,
TTA’s shareholders approved cash dividend payments at 0.54 THB per share, cancelled and reaffirmed 50 million ordinary shares at Baht 1 par for future financial usage, and nominated four directors for another term
An annual cash dividend payment at 0.54 THB per share was approved at the 1/2010 Annual General Meeting of Shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) along with the increase of TTA registered share capital for a private placement worth 50 million THB. The meeting also approved the re-appointment of four directors for another term.
M.L. Chandchutha Chandratat, TTA President and Chief Executive Officer, reported that TTA’s shareholders approved cash dividends at 0.54 THB per share to the 708,004,413 shares, worth 382.3 million THB in total value.
“The dividends will be paid to shareholders whose names appear on TTA’s share register book on the Record Date of 8 February 2010. The share register book closing date for collecting shareholders names under Section 225 of the Securities and Exchange Act is scheduled to be 9 February 2010. The final dividend payment shall be made on 23 February 2010,” said the President & Chief Executive Officer.
“The shareholders approved the re-election of Mr. Stephen Fordham, Mrs. Pratana Mongkolkul, Mrs. Joey Horn, and Mr. Terje Schau, as directors for another term as they are highly experienced and competent.”
“It also approved the appointment of PricewaterhouseCoopers ABAS Limited as TTA’s auditor for the financial year that ended on 30 September 2010 and fix the auditors’ fees at 3.16 million THB,” said President & Chief Executive Officer Chandchutha.
He said the shareholders also approved the capital reduction by cancelling 50,048,452 authorized but un-issued shares at the par value of 1 THB each from the existing registered capital of 933 million THB to be the new registered capital of 883 million THB divided into 883,004,413 shares at the par value of Baht 1 each.
“The shareholders approved an increase of the registered capital of another 50 million THB by an issue of 50,000,000 new ordinary shares at the par value of Baht 1 each from the existing registered capital of 883 million THB to be the new registered capital of 933 million THB divided into 933,004,413 ordinary shares at the par value of 1 THB each,” reported the President & Chief Executive Officer.
“The shareholders had approved the allotment of 50,000,000 new ordinary shares of par value at 1 THB to be reserved for private placement in 1999 and re-confirmed the amount in 2009. TTA has no immediate plan to place the private placement shares in the near future. The allotment of 50 million new shares is to maintain future financial flexibility.”
The shareholders approved the issue of 4,000,000 warrants to directors and employees, including any employee(s) who is also a director, of Mermaid and its subsidiaries, under an ESOP Scheme. “The ESOP Scheme has the goal of increasing the personal stake of such directors and employees in the continued success and growth of Mermaid and motivating them to remain in the service of Mermaid on a long-term basis,” he said.
About TTA
Thoresen Thai Agencies Public Company Limited is amongst the top 50 companies listed on the Stock Exchange of Thailand with high trading liquidity. Its investment strategy is to grow through a diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA is recognised as a leader in the dry bulk shipping industry. The company has also expanded its investment into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., and coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited.
An annual cash dividend payment at 0.54 THB per share was approved at the 1/2010 Annual General Meeting of Shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) along with the increase of TTA registered share capital for a private placement worth 50 million THB. The meeting also approved the re-appointment of four directors for another term.
M.L. Chandchutha Chandratat, TTA President and Chief Executive Officer, reported that TTA’s shareholders approved cash dividends at 0.54 THB per share to the 708,004,413 shares, worth 382.3 million THB in total value.
“The dividends will be paid to shareholders whose names appear on TTA’s share register book on the Record Date of 8 February 2010. The share register book closing date for collecting shareholders names under Section 225 of the Securities and Exchange Act is scheduled to be 9 February 2010. The final dividend payment shall be made on 23 February 2010,” said the President & Chief Executive Officer.
“The shareholders approved the re-election of Mr. Stephen Fordham, Mrs. Pratana Mongkolkul, Mrs. Joey Horn, and Mr. Terje Schau, as directors for another term as they are highly experienced and competent.”
“It also approved the appointment of PricewaterhouseCoopers ABAS Limited as TTA’s auditor for the financial year that ended on 30 September 2010 and fix the auditors’ fees at 3.16 million THB,” said President & Chief Executive Officer Chandchutha.
He said the shareholders also approved the capital reduction by cancelling 50,048,452 authorized but un-issued shares at the par value of 1 THB each from the existing registered capital of 933 million THB to be the new registered capital of 883 million THB divided into 883,004,413 shares at the par value of Baht 1 each.
“The shareholders approved an increase of the registered capital of another 50 million THB by an issue of 50,000,000 new ordinary shares at the par value of Baht 1 each from the existing registered capital of 883 million THB to be the new registered capital of 933 million THB divided into 933,004,413 ordinary shares at the par value of 1 THB each,” reported the President & Chief Executive Officer.
“The shareholders had approved the allotment of 50,000,000 new ordinary shares of par value at 1 THB to be reserved for private placement in 1999 and re-confirmed the amount in 2009. TTA has no immediate plan to place the private placement shares in the near future. The allotment of 50 million new shares is to maintain future financial flexibility.”
The shareholders approved the issue of 4,000,000 warrants to directors and employees, including any employee(s) who is also a director, of Mermaid and its subsidiaries, under an ESOP Scheme. “The ESOP Scheme has the goal of increasing the personal stake of such directors and employees in the continued success and growth of Mermaid and motivating them to remain in the service of Mermaid on a long-term basis,” he said.
About TTA
Thoresen Thai Agencies Public Company Limited is amongst the top 50 companies listed on the Stock Exchange of Thailand with high trading liquidity. Its investment strategy is to grow through a diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA is recognised as a leader in the dry bulk shipping industry. The company has also expanded its investment into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., and coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited.
Saturday, January 30, 2010
Sasin hosts Global New Venture Plan Competition for Royal Trophy
Sasin Graduate Institute of Business Administration of Chulalongkorn University in cooperation with the Market for Alternative Investment (mai) organized the mai Bangkok Business Challenge® @ Sasin 2010 for H.M. The King’s Award the as a stage for young entrepreneurs to learn how to draw up a business plan that will result in a joint investment. The competition is supported by The Stock Exchange of Thailand (SET), Kiatnakin Bank Co., Ltd. and the Money Channel.
Sasin Graduate Institute of Business Administration of Chulalongkorn University (Sasin) and the Market for Alternative Investment (mai) opened the mai Bangkok Business Challenge® @ Sasin 2010 as an arena for master’s degree students of leading universities from 15 countries worldwide to compete for H.M. The King’s Award and a prize of over 800,000 baht. Since 2002, The Bangkok Business Challenge®, Thailand’s premier business plan competition conducted in English, has encouraged post-graduate students in business administration programs across Thailand and Asia to become more entrepreneurial. After four annual events, the Bangkok Business Challenge® was renamed “The mai Bangkok Business Challenge® @ Sasin” in 2007, co-hosted by the Market for Alternative Investment (mai). It set a new precedent in the standard of regional business plan competitions. And, starting in 2008, the competition welcomes participation from all nations across the globe, becoming the first and only truly global new venture business plan competition in the Kingdom.
Professor Toemsakdi Krishnamra, Director of Sasin, stated that “in this unstable economic environment, creativity, practical knowledge and clear business planning are the key factors to success. Business plan competitions provide one opportunity for business administration students to prove their capability in a practical way. Feedback from the judges who are successful business people from various fields is a bonus for all students in the competition.”
Each year, the business plan competition becomes more intense in respect of the quality of the business plans developed and the weider representation from the education institutions participating in the competition. This year the trend is to feature “green” business that is environmentally friendly.
With the theme of “The Seed of Success” this year, the trend has been “green” or environmentally friendly business. Fifty-five teams from 40 world class universities located in 15 countries signed up, including Cornell University, ESSEC, Mannheim Business School, Aarhus School of Business, Queensland University of Technology, Tsinghua University, Keio University, etc.
Mr. Vichate Tantiwanich, SET Chief Marketing Officer, Issuer &Listing and the Chairman of the mai Advisory Committee revealed that “SET is pleased to be able to again participate in developing new entrepreneurs from the mai Bangkok Business Challenge® @Sasin. Such activities are in line with mai’s mission to give significance to and support strong entrepreneurs, as good business plans lead to sustainable businesses. Having good plans will help firms find capital sources, including joint-ventures or banks and leads to fundraising on mai, an alternative market supporting the growing business of new entrepreneurs,” he continued.
“This year, the mai Bangkok Business Challenge® @Sasin competition is very challenging as competitors will have to present business plans to be implemented under economic uncertainty. Competitors must combine academic knowledge with business ideas, presenting a plan that is strong, including having robust corporate governance and social responsibility, which are important factors in doing business these days. Meanwhile, mai would love to see the business plans presented really come to fruition, with real joint-ventures carried out, which is the real objective of this project. mai, therefore, has invited executives from listed firms to listen to the final round of the business plan competition.”
Thitinan Wattanavekin, Head of Deposit and Marketing for Kiatnakin Bank Public Company Limited, said “being an official sponsor of ‘The mai Bangkok Business Challenge @ Sasin’ for eight consecutive years under the Human Development for National Development by Kiatnakin Project is part of Kiatnakin Bank’s Corporate Social Responsibility (CSR) framework and the Bank takes great pride in providing this support for educational development. The Bank expects this English business plan contest to inspire the creation of new entrepreneurs with strong skills in business plan writing and possessing healthy sense of social responsibility. In addition, this prestigious contest provides Thai MBA students with a good opportunity to demonstrate their business acumens through their business plans and attract the interest of potential investors. More importantly, students will gain exposure to different ideas and perspectives from fellow contestants and be able to develop them into new intellectual capital for the Thai economy. Therefore, Kiatnakin Bank delights in providing support to this project which will lead to the creation of knowledgeable and responsible entrepreneurs whom we hope will contribute significantly to future national economic development”.
Sixteen teams from 11 countries have passed the qualifying round of the mai Bangkok Business Challenge® @ Sasin 2010 comprising 3 Thai teams and 13 foreign teams from these countries, Commonwealth of Australia, Federal Republic of Germany, Kingdom of Denmark, Kingdom of Spain, Kingdom of Thailand, People's Republic of China (China), Republic of China (Taiwan), Republic of India, Republic of Indonesia, Republic of Singapore and The United State of America.
Sasin Graduate Institute of Business Administration of Chulalongkorn University (Sasin) and the Market for Alternative Investment (mai) opened the mai Bangkok Business Challenge® @ Sasin 2010 as an arena for master’s degree students of leading universities from 15 countries worldwide to compete for H.M. The King’s Award and a prize of over 800,000 baht. Since 2002, The Bangkok Business Challenge®, Thailand’s premier business plan competition conducted in English, has encouraged post-graduate students in business administration programs across Thailand and Asia to become more entrepreneurial. After four annual events, the Bangkok Business Challenge® was renamed “The mai Bangkok Business Challenge® @ Sasin” in 2007, co-hosted by the Market for Alternative Investment (mai). It set a new precedent in the standard of regional business plan competitions. And, starting in 2008, the competition welcomes participation from all nations across the globe, becoming the first and only truly global new venture business plan competition in the Kingdom.
Professor Toemsakdi Krishnamra, Director of Sasin, stated that “in this unstable economic environment, creativity, practical knowledge and clear business planning are the key factors to success. Business plan competitions provide one opportunity for business administration students to prove their capability in a practical way. Feedback from the judges who are successful business people from various fields is a bonus for all students in the competition.”
Each year, the business plan competition becomes more intense in respect of the quality of the business plans developed and the weider representation from the education institutions participating in the competition. This year the trend is to feature “green” business that is environmentally friendly.
With the theme of “The Seed of Success” this year, the trend has been “green” or environmentally friendly business. Fifty-five teams from 40 world class universities located in 15 countries signed up, including Cornell University, ESSEC, Mannheim Business School, Aarhus School of Business, Queensland University of Technology, Tsinghua University, Keio University, etc.
Mr. Vichate Tantiwanich, SET Chief Marketing Officer, Issuer &Listing and the Chairman of the mai Advisory Committee revealed that “SET is pleased to be able to again participate in developing new entrepreneurs from the mai Bangkok Business Challenge® @Sasin. Such activities are in line with mai’s mission to give significance to and support strong entrepreneurs, as good business plans lead to sustainable businesses. Having good plans will help firms find capital sources, including joint-ventures or banks and leads to fundraising on mai, an alternative market supporting the growing business of new entrepreneurs,” he continued.
“This year, the mai Bangkok Business Challenge® @Sasin competition is very challenging as competitors will have to present business plans to be implemented under economic uncertainty. Competitors must combine academic knowledge with business ideas, presenting a plan that is strong, including having robust corporate governance and social responsibility, which are important factors in doing business these days. Meanwhile, mai would love to see the business plans presented really come to fruition, with real joint-ventures carried out, which is the real objective of this project. mai, therefore, has invited executives from listed firms to listen to the final round of the business plan competition.”
Thitinan Wattanavekin, Head of Deposit and Marketing for Kiatnakin Bank Public Company Limited, said “being an official sponsor of ‘The mai Bangkok Business Challenge @ Sasin’ for eight consecutive years under the Human Development for National Development by Kiatnakin Project is part of Kiatnakin Bank’s Corporate Social Responsibility (CSR) framework and the Bank takes great pride in providing this support for educational development. The Bank expects this English business plan contest to inspire the creation of new entrepreneurs with strong skills in business plan writing and possessing healthy sense of social responsibility. In addition, this prestigious contest provides Thai MBA students with a good opportunity to demonstrate their business acumens through their business plans and attract the interest of potential investors. More importantly, students will gain exposure to different ideas and perspectives from fellow contestants and be able to develop them into new intellectual capital for the Thai economy. Therefore, Kiatnakin Bank delights in providing support to this project which will lead to the creation of knowledgeable and responsible entrepreneurs whom we hope will contribute significantly to future national economic development”.
Sixteen teams from 11 countries have passed the qualifying round of the mai Bangkok Business Challenge® @ Sasin 2010 comprising 3 Thai teams and 13 foreign teams from these countries, Commonwealth of Australia, Federal Republic of Germany, Kingdom of Denmark, Kingdom of Spain, Kingdom of Thailand, People's Republic of China (China), Republic of China (Taiwan), Republic of India, Republic of Indonesia, Republic of Singapore and The United State of America.
Friday, January 29, 2010
HSBC increases stake in Vietnam’s largest insurance and financial services group
Following regulatory and shareholder approvals, HSBC Insurance (Asia-Pacific) Holdings Limited (HSBC) has increased its shareholding in Bao Viet Holdings to 18 per cent from 10 per cent through the purchase of 53,682,474 new shares for a consideration of VND1.88 trillion (approximately US$101.8 million).
HSBC acquired a 10 per cent interest in Bao Viet, Vietnam’s leading insurance and financial services group, in September 2007. Under the terms of the original agreement, HSBC had an option to purchase a further eight per cent of Bao Viet shares from the Ministry of Finance (MoF). In October 2009 the MoF gave formal consent for this option to be exercised through the issue of new Bao Viet shares to HSBC.
Sandy Flockhart, Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited, said: “The decision to increase our stake in Vietnam’s leading insurance and financial services group is reflective of our confidence in the long-term growth of both Bao Viet and Vietnam. In line with our strategy, we continue to focus on emerging market opportunities and to provide insurance, wealth protection and wealth management services across Asia-Pacific.”
David Fried, Chairman and Chief Executive Officer of HSBC Insurance for Asia- Pacific, said: “With an insurance penetration of only 1.4 per cent of GDP, the potential for growth in Vietnam is significant. We remain committed to investing in Vietnam’s development and see the country as a key market within the Asia-Pacific region.”
As part of the original agreement, HSBC continues to hold certain pre-emptive rights to acquire shares currently owned by the MoF with a maximum HSBC shareholding of 25 per cent within the first five years of the agreement and prevailing foreign ownership limits thereafter.
With a population of 87 million, a quarter of which is under the age of 15, Vietnam is one of the few economies that has continued to see resilient GDP growth throughout the financial crisis. Over the past few years, the government has introduced supportive measures to liberalise Vietnam’s financial markets and HSBC has correspondingly strengthened its presence and investments in the country.
In addition to its strategic investment in Bao Viet, HSBC also holds a 20 per cent stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank). HSBC also locally incorporated its Vietnam operations in January 2009, and subsequently expanded its distribution network from two branches and one representative office to 10 outlets currently. It has also partnered with Vietnam Posts Corporation to provide access to HSBC banking services for customers at more than 1,600 post offices across the country.
HSBC acquired a 10 per cent interest in Bao Viet, Vietnam’s leading insurance and financial services group, in September 2007. Under the terms of the original agreement, HSBC had an option to purchase a further eight per cent of Bao Viet shares from the Ministry of Finance (MoF). In October 2009 the MoF gave formal consent for this option to be exercised through the issue of new Bao Viet shares to HSBC.
Sandy Flockhart, Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited, said: “The decision to increase our stake in Vietnam’s leading insurance and financial services group is reflective of our confidence in the long-term growth of both Bao Viet and Vietnam. In line with our strategy, we continue to focus on emerging market opportunities and to provide insurance, wealth protection and wealth management services across Asia-Pacific.”
David Fried, Chairman and Chief Executive Officer of HSBC Insurance for Asia- Pacific, said: “With an insurance penetration of only 1.4 per cent of GDP, the potential for growth in Vietnam is significant. We remain committed to investing in Vietnam’s development and see the country as a key market within the Asia-Pacific region.”
As part of the original agreement, HSBC continues to hold certain pre-emptive rights to acquire shares currently owned by the MoF with a maximum HSBC shareholding of 25 per cent within the first five years of the agreement and prevailing foreign ownership limits thereafter.
With a population of 87 million, a quarter of which is under the age of 15, Vietnam is one of the few economies that has continued to see resilient GDP growth throughout the financial crisis. Over the past few years, the government has introduced supportive measures to liberalise Vietnam’s financial markets and HSBC has correspondingly strengthened its presence and investments in the country.
In addition to its strategic investment in Bao Viet, HSBC also holds a 20 per cent stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank). HSBC also locally incorporated its Vietnam operations in January 2009, and subsequently expanded its distribution network from two branches and one representative office to 10 outlets currently. It has also partnered with Vietnam Posts Corporation to provide access to HSBC banking services for customers at more than 1,600 post offices across the country.
Sunday, January 24, 2010
The Hanoi Stock Exchange and the Stock Exchange of Thailand signed a Memorandum of Understanding (MoU) to establish cooperation framework
The Hanoi Stock Exchange and the Stock Exchange of Thailand signed a Memorandum of Understanding (MoU) to establish cooperation framework for long term development and mutual benefits.
The Hanoi Stock Exchange (HNX) and the Stock Exchange of Thailand (SET) today announced that they have signed a Memorandum of Understanding (MoU), which will promote cooperation for long term development and mutual benefits for the two exchanges as well as market participants.
Under the Memorandum of Understanding (MoU), HNX and SET aim to strengthen and increase collaborative ties in areas relating to the information exchange, training and development, as well as promotion of business and investment opportunities for their respective market participants, notably through networking mechanism and business matching activities. The mechanism and activities designed to increase business services and values for the listed companies. The two exchanges also plan to promote the dual-listing activities, once the laws and regulations of their respective markets permit.
Mr. Tran Van Dzung, President of HNX, addressed “As the cooperative spirit is central to this MoU, I believe that the agreement will strengthen the relationship that already exists between our two Exchanges, paving the way for closer and more effective cooperation and hence advance our mutual benefits. To a greater extent, this agreement will allow us to tighten the bonding between financial markets in Thailand and Vietnam, making contributions to the integrity of ASEAN economic community as highlighted in the spirit of ASEAN alliance.”
Ms. Patareeya Benjapolchai, President of SET, stated “I strongly believe that under this collaborative framework, fruitful and long term development and engagement for both exchanges will be achieved. Already, Vietnam and Thailand enjoy very close trading and investment ties. The stronger cooperation and relationships will further provide both business and investment opportunities not only for the exchanges but also for all market participants.”
According to the recent survey conducted by the SET, 43 percent of the responding listed companies indicated that they have either preferences or interests in investing in Vietnam. For those have not yet invested in Vietnam, they are in the process of conducting and exploring investment and business expansion opportunities in Vietnam. Business matching and networking activities earmarked under the MoU are thus advantageous to the robust interests and preferences.
The MoU is signed today for a period of five years until 2015.
The Hanoi Stock Exchange (HNX) and the Stock Exchange of Thailand (SET) today announced that they have signed a Memorandum of Understanding (MoU), which will promote cooperation for long term development and mutual benefits for the two exchanges as well as market participants.
Under the Memorandum of Understanding (MoU), HNX and SET aim to strengthen and increase collaborative ties in areas relating to the information exchange, training and development, as well as promotion of business and investment opportunities for their respective market participants, notably through networking mechanism and business matching activities. The mechanism and activities designed to increase business services and values for the listed companies. The two exchanges also plan to promote the dual-listing activities, once the laws and regulations of their respective markets permit.
Mr. Tran Van Dzung, President of HNX, addressed “As the cooperative spirit is central to this MoU, I believe that the agreement will strengthen the relationship that already exists between our two Exchanges, paving the way for closer and more effective cooperation and hence advance our mutual benefits. To a greater extent, this agreement will allow us to tighten the bonding between financial markets in Thailand and Vietnam, making contributions to the integrity of ASEAN economic community as highlighted in the spirit of ASEAN alliance.”
Ms. Patareeya Benjapolchai, President of SET, stated “I strongly believe that under this collaborative framework, fruitful and long term development and engagement for both exchanges will be achieved. Already, Vietnam and Thailand enjoy very close trading and investment ties. The stronger cooperation and relationships will further provide both business and investment opportunities not only for the exchanges but also for all market participants.”
According to the recent survey conducted by the SET, 43 percent of the responding listed companies indicated that they have either preferences or interests in investing in Vietnam. For those have not yet invested in Vietnam, they are in the process of conducting and exploring investment and business expansion opportunities in Vietnam. Business matching and networking activities earmarked under the MoU are thus advantageous to the robust interests and preferences.
The MoU is signed today for a period of five years until 2015.
CITI appointed as delegate trustee & paying agent for first sukuk cleared through NASDAQ Dubai
London, Dubai - January 12, 2010 – Citi’s Global Transaction Services business today announced that Citi Issuer Services has been appointed as the Issuing and Paying Agent for the first Sukuk to be cleared through the central securities depositary (CSD) of NASDAQ Dubai, the international stock exchange serving the Middle East. The $100m Sukuk, issued by the International Finance Corporation (IFC), listed on November 4, 2009. NASDAQ Dubai now has 22 listed Sukuk with a nominal value of US$17.2 billion. The Sukuk issued by IFC, which is part of the World Bank Group, is the first one that uses the NASDAQ Dubai CSD to hold its securities. Citi will be providing the Paying Agency and Delegate Trustee roles on the Sukuk for the life of the deal. Furthermore, as this was a ground-breaking deal, the transaction required Citi to open and administer a "New Issues account" opened with the NASDAQ Dubai to create and deliver the securities into the primary market.
Steve Donovan, Head of Global Transaction Services, Middle East and Pakistan said," As a leading global issuing & paying agent, Citi is thrilled to be extending these services for the first time through the NASDAQ Dubai CSD in this landmark deal. The listing and clearing of the IFC Sukuk is a significant step forward in the further development of Dubai and the Middle East as a centre of excellence for the clearing, settlement and custody of debt securities. Additionally, the inclusion of this new domestic market to the Issuer Services suite of domestic capabilities underscores the growing recognition of our Securities and Funds Services business in the Middle East and our ongoing commitment to the region".
Jeff Singer, Chief Executive of NASDAQ Dubai, said, "As Dubai expands as a centre of Islamic finance, NASDAQ Dubai looks forward to listing more Sukuk and supporting these through its CSD. The successful handling of the IFC Sukuk demonstrates the efficiency and cost effectiveness of the exchange’s CSD framework, which can also handle conventional bonds. Citi’s role as issuing and paying agent has played a key part in the success of the IFC Sukuk listing."
Citi has been in the Arab world for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in 10 Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Steve Donovan, Head of Global Transaction Services, Middle East and Pakistan said," As a leading global issuing & paying agent, Citi is thrilled to be extending these services for the first time through the NASDAQ Dubai CSD in this landmark deal. The listing and clearing of the IFC Sukuk is a significant step forward in the further development of Dubai and the Middle East as a centre of excellence for the clearing, settlement and custody of debt securities. Additionally, the inclusion of this new domestic market to the Issuer Services suite of domestic capabilities underscores the growing recognition of our Securities and Funds Services business in the Middle East and our ongoing commitment to the region".
Jeff Singer, Chief Executive of NASDAQ Dubai, said, "As Dubai expands as a centre of Islamic finance, NASDAQ Dubai looks forward to listing more Sukuk and supporting these through its CSD. The successful handling of the IFC Sukuk demonstrates the efficiency and cost effectiveness of the exchange’s CSD framework, which can also handle conventional bonds. Citi’s role as issuing and paying agent has played a key part in the success of the IFC Sukuk listing."
Citi has been in the Arab world for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in 10 Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Wednesday, December 16, 2009
New Generation Trading System for China Foreign Exchange Trade System (CFETS) goes live nationwide
Tata Consultancy Services, the leading IT services, business solutions and outsourcing firm today announced that the Reminbi currency trading platform for the Chinese inter-bank market, an initiative of China Foreign Exchange Trade System (CFETS), a subsidiary of People’s Bank of China (PBoC) has successfully gone live nationwide. The New Generation CNY Trading System (NGCNYTS) is a forward-looking trading system, which aims to incorporate the future vision of the Chinese Interbank market and relevant international best practices. It is designed to meet the fast growing requirements of the Chinese financial market with efficient risk management and real time monitoring systems. It supports multiple trading methods, including special features for market makers.
NGCNYTS is a next generation system providing unified platform across Debt, Money and Derivative Markets. NGCNYTS gained national importance, as it is the primary trading platform for all financial institutions such as Commercial Banks, Pension, Trust & Mutual Fund, Securities firms and Insurance companies in China.
Speaking on the successful implementation of this landmark project, Girija Pande, Executive Vice President and Head, TCS Asia Pacific, said, “We are extremely pleased to successfully deliver the CFETS project built based on our experience in other global markets and in close cooperation with CFETS who have experience in Chinese domestic market. It also provides flexibility to connect with third party front ends and other external interfaces. Deploying in ten markets at a time is a unique challenge which TCS could complete successfully.”
“The project is among the most prestigious venture of TCS in the APAC region, involving a highly dedicated multi-cultural team of over 130 associates spanning a period of more than 2 years. The team will be maintaining the system going forward and enhancing the system for additional markets,” he further added.
TCS’ trading solution at CFETS is scalable and can handle rapid growth in volumes with ease. Due to its scalable and configurable architecture, it also simplifies the addition of multiple financial products thus reducing the overall time to market.
Besides CFETS, TCS has successfully delivered the mission critical trading systems for the National Stock Exchange of India Limited, India, National Commodity and Derivatives Exchange, India and Clearing Corporation of India Limited (CCIL). TCS is also the chosen strategic partner involved in maintaining the trading applications at Deutsche Boerse AG, Germany.
TCS pioneered the entry of Indian IT industry in China in 2002 and remains at the forefront of that thrust with 1100 consultants in China and four Global delivery Centres (Beijing, Shanghai, Tianjin& Hangzhou). In 2005, TCS was invited by Chinese Government to form a Joint Venture to create a large scale global sourcing base in China. TCS China is serving over 30 Global and domestic clients like Eaton, Motorola, Cummins, China Foreign Exchange Trade System (CFETS), Guangdong Provincial Rural Credit Cooperative Union (GDRCC), China Trust Bank, Hua Xia Bank.
NGCNYTS is a next generation system providing unified platform across Debt, Money and Derivative Markets. NGCNYTS gained national importance, as it is the primary trading platform for all financial institutions such as Commercial Banks, Pension, Trust & Mutual Fund, Securities firms and Insurance companies in China.
Speaking on the successful implementation of this landmark project, Girija Pande, Executive Vice President and Head, TCS Asia Pacific, said, “We are extremely pleased to successfully deliver the CFETS project built based on our experience in other global markets and in close cooperation with CFETS who have experience in Chinese domestic market. It also provides flexibility to connect with third party front ends and other external interfaces. Deploying in ten markets at a time is a unique challenge which TCS could complete successfully.”
“The project is among the most prestigious venture of TCS in the APAC region, involving a highly dedicated multi-cultural team of over 130 associates spanning a period of more than 2 years. The team will be maintaining the system going forward and enhancing the system for additional markets,” he further added.
TCS’ trading solution at CFETS is scalable and can handle rapid growth in volumes with ease. Due to its scalable and configurable architecture, it also simplifies the addition of multiple financial products thus reducing the overall time to market.
Besides CFETS, TCS has successfully delivered the mission critical trading systems for the National Stock Exchange of India Limited, India, National Commodity and Derivatives Exchange, India and Clearing Corporation of India Limited (CCIL). TCS is also the chosen strategic partner involved in maintaining the trading applications at Deutsche Boerse AG, Germany.
TCS pioneered the entry of Indian IT industry in China in 2002 and remains at the forefront of that thrust with 1100 consultants in China and four Global delivery Centres (Beijing, Shanghai, Tianjin& Hangzhou). In 2005, TCS was invited by Chinese Government to form a Joint Venture to create a large scale global sourcing base in China. TCS China is serving over 30 Global and domestic clients like Eaton, Motorola, Cummins, China Foreign Exchange Trade System (CFETS), Guangdong Provincial Rural Credit Cooperative Union (GDRCC), China Trust Bank, Hua Xia Bank.
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