China

BEIJING – China’s factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat private manufacturing survey pointed to further cooling as the economy grapples with COVID-19 curbs and softening export demand. The official manufacturing purchasing managers’ index beat expectations, helped by a series of recent easing measures, but the private Caixin survey showed factory activity contracting more quickly in September and the official survey showed a sharp slowdown in services sector activity growth. China’s government has rolled out more than 50 policy measures since late May. But the data suggested the world’s second-largest economy, also grappling with a property crisis, was struggling to regain traction after narrowly avoiding contraction in the second quarter. “The surveys suggest that China’s economy continued to lose momentum in September, with the global downturn weighing on exports and virus disruptions dealing a fresh blow to … [Read more...] about China factory activity ekes out growth, weakening global demand weighs

BEIJING  – China’s foreign exchange regulator named and shamed 10 banks that had assisted illegal capital outflows, vowing to crack down on fake forex transactions in authorities’ latest effort to stabilise the sliding yuan. The State Administration of Foreign Exchange (SAFE) listed 10 “typical” cases of misdeeds in a statement on its website on Thursday, involving money flowing overseas illegally through bank businesses such as offshore loans, trade finance, and outbound investment. The misconduct involved local branches of 10 lenders that included some of the country’s top banks, between 2017 and 2020, the regulator said. SAFE said it will “strengthen the supervision of the forex market and crack down on illegal and unlawful behaviours with a focus on false and deceptive forex transactions.” Publishing the 10 cases is aimed at sending a warning to market players, the official Shanghai Securities News said on Friday, citing an unnamed SAFE official. China’s central bank said … [Read more...] about China forex regulator warns against illegal money outflows

Share to Twitter Share to Linkedin Week in Review Asian equities saw another week of turbulent trading, with growth stocks seeing the brunt of the selling pressure on increasing concerns about global growth and monetary policy. Trip.com and other travel-related stocks rallied early in the week as Hong Kong and Macau scrapped quarantine requirements for visitors. Mainland China is expected to follow suit by shortening the duration of requisite visitor quarantines. The National Health Commission on Tuesday announced that it would provide loans to hospitals for medical equipment upgrades, sending many health care stocks higher. The US dollar’s rise appears to be peaking though the People’s Bank of China (PBOC) continues to make it more difficult to short the Yuan, protecting the currency’s value against the dollar. Key News Asian equities closed lower following yesterday’s US equity market meltdown except for India, after the Reserve Bank of … [Read more...] about PMIs & Real Estate In Focus, Week In Review

- A + A (Sept 30): Based on corporate announcements that made news on Friday, stocks in focus on Monday (Oct 3) may include Sarawak Cable Bhd, Cypark Resources Bhd, MISC Bhd, Malaysia Building Society Bhd, Mudajaya Group Bhd, Pestech International Bhd, Encorp Bhd, Ageson Bhd, Barakah Offshore Petroleum Bhd, Lion Industries Corp Bhd and Destini Bhd. Sarawak Cable Bhd has triggered Practice Noted 17 status after its external auditor Ernst and Young PLT expressed a disclaimer of opinion on its audited financial statements for the 17-month period ended May 31, 2022 (FY22). This occurred as it was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial statements. EY was awaiting the group's directors to finalise a proposed regulation plan after financial institutions suspended the cable and wire producer’s credit facilities, following a restraining order blocking any winding-up petitions, legal suits or … [Read more...] about Sarawak Cable, Cypark, MISC, MBSB, Mudajaya, Pestech, Encorp, Ageson, Barakah, Lion Industries and Destini

- A + A KUALA LUMPUR (Sept 30): Destini Bhd has been appointed as the exclusive distributor in Malaysia for a global group’s energy storage systems for residential and commercial usage, and electric vehicle (EV) chargers. The engineering solutions provider said its 70%-owned subsidiary, Destini ESS Sdn Bhd (DESS), was awarded the deal by Singapore-based Alpha ESS International Pte Ltd, a wholly-owned subsidiary of global energy storage solution service provider Alpha ESS Co Ltd. The China-based group specialises in the manufacturing of battery storage products and intelligent energy management systems for residential and commercial energy storage applications. “Under the terms of the agreement, DESS gains exclusive rights to locally distribute energy storage systems for residential and commercial application, electric vehicle charger, plus storage solutions and any other new products developed and manufactured by Alpha ESS group,” Destini said in a statement. … [Read more...] about Destini appointed as local distributor for global energy storage solution group

- A + A SINGAPORE (Sept 30): Buyout firms and asset managers are moving in on billions of dollars of infrastructure assets across Southeast Asia, lured by the sector's growth prospects and stable, long-term returns, bankers and analysts say. Merger and acquisition deal volume is up in the sector so far this year, data shows, and a healthy pipeline of deals could make Southeast Asia a rare bright spot for global funds, as they grapple with rising finance costs and slumping markets. The industry is also flush with potentially available assets, after a boom in infrastructure development fed by rapid economic growth. Telecom operators including PLDT in the Philippines and Indonesian carriers, grappling with tight margins and burdensome debt, have done sale and lease back transactions for thousands of cell phone towers. "Southeast Asia is a highly sought-after market, given the compelling growth outlook for infrastructure assets," said Ee-Ching Tay, head of investment … [Read more...] about Global funds find promise in Southeast Asia infrastructure deals

- A + A A weekly round-up of tanker and dry bulk market (Sept 30, 2022) This report is produced by the Baltic Exchange. The Baltic Exchange, a wholly-owned subsidiary of Singapore Exchange, is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 650 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic. For daily freight market reports and assessments, please visit www.balticexchange.com . Capesize The Capesize market failed to push through to higher values this week, as lower activity in the Pacific hampered efforts. The Capesize 5TC closed the week at US$16,214. The Atlantic basin has been looking well supported with fixture values continuing to climb. However, a question mark remains as to whether the overall activity is enough to pull the wider … [Read more...] about Baltic Exchange shipping updates: Sept 30

Republican Iowa Sen. Joni Ernst introduced legislation Friday that would prohibit federal funding to EcoHealth Alliance, Inc., which conferred the taxpayer funds to the Wuhan Institute of Virology (WIV). The bill, first obtained by the Daily Caller, would make it so “No funds authorized or appropriated by Federal law may be made available for any purpose to EcoHealth Alliance, Inc, including any subsidiaries and related organizations that are directly controlled by EcoHealth Alliance, Inc.” Republican lawmakers have grilled former National Institutes of Health (NIH) Director Francis Collins and National Institute of Allergy and Infectious Diseases Director Anthony Fauci for not responding to their inquiries regarding a 2014 grant awarded by the NIH to EcoHealth Alliance, Inc. (EcoHealth) that was then awarded to the Wuhan Institute of Virology. EcoHealth provided $600,000 in the form of NIH subgrants to the Wuhan lab between 2014 and 2019 to study bat-based coronaviruses. … [Read more...] about EXCLUSIVE: Sen. Joni Ernst Introduces Legislation To Prohibit Federal Funding To EcoHealth Alliance

THE FAUCI FILES… NEWSWEEK: Fauci Emails Show Experts Had Concern COVID Virus Could ‘Look Engineered’ Experts believed COVID-19 could have been engineered and leaked from a lab in the early days of the pandemic, but later concluded that the origin theory was not plausible, newly released emails to Dr. Anthony Fauci show. In an email to Dr. Fauci sent on January 31 last year, Kristian G. Andersen of the Scripps Research Institute told the National Institute of Allergy and Infectious Diseases director that some of SARS-CoV-2’s features “(potentially) look engineered.” But he also noted that “unusual features of the virus” made up a “really small part” of the genome, quantifying the features as less than 0.1 percent of the genome. “We have a good team lined up to look very critically at this, so we should know much more at the end of the weekend,” Andersen told Fauci in an chain of emails obtained by BuzzFeed News through a Freedom of Information Act request. US … [Read more...] about Editor Daily Rundown: Emails To Fauci Show That Experts Believed COVID Could Have Been Engineered

THE BIDEN ADMIN SHUT DOWN OUR OWN COVID ORIGIN INVESTIGATION… Report: Biden Admin Shut Down Trump-Era Probe Into Coronavirus Lab Leak Theory President Joe Biden’s administration shut down a State Department inquiry into whether the coronavirus could have spread out of a lab where the Chinese government was studying coronaviruses, CNN reported Tuesday. Former Secretary of State Mike Pompeo reportedly started the inquiry in late fall of 2020, seeking to establish whether the Chinese Communist Party (CCP) had been using a lab in Wuhan to research COVID-19 and diseases like it, CNN reported. Biden’s administration reportedly cut off the inquiry this spring after questioning the legitimacy of the research and ultimately concluding it was a poor use of resources, the outlet reported. Critics within the state department argued those conducting the inquiry were suspect due to their emphasis on secrecy, according to several unnamed sources cited by CNN. MORE… CNN: Pompeo-led … [Read more...] about Editor Daily Rundown: Psaki Says WHO Will Lead The Investigation Into Coronavirus Lab Leak Theory