Policy

- A + A (May 18): Asian sponsors of blank-check firms are facing a tough market for initial public offerings wherever they turn, as a combination of increasing regulatory scrutiny and fading investor demand shutters the window for new listings from the US to Asia. In the past three months, at least six Asia-related special purpose acquisition companies seeking a combined $1.3 billion from US IPOs have been scrapped, according to data provider SPAC Research. Of 12 blank-check firms that have filed to go public in Hong Kong, only one has actually started trading. It’s a similar pattern in Singapore, where SPACs have stalled after three inaugural IPOs in January. “The global IPO market has obviously been very quiet so far this year,” Paul Uren, JPMorgan Chase and Co.’s Asia Pacific head of investment banking, said in an interview with Bloomberg TV. “What we need to see for that to change is lower volatility and investors with more of a risk-on mentality.” Asia was … [Read more...] about Asia’s SPAC Hopefuls Have Nowhere to Turn As IPO Market Shuts

- A + A HONG KONG (May 18): Analysts at Goldman Sachs said on Wednesday they were lowering their China 2022 gross domestic product growth forecast to 4% from 4.5% as a result of Covid-19-related damage to the economy in the second quarter of this year. It was more likely China's economy would undershoot than overshoot their target, they added. "Even this lower growth projection embeds the assumption that Covid is mostly under control going forward, the property market improves from here, and the government provides substantial policy offset through infrastructure spending in coming months," they wrote. China's retail and factory activity fell sharply in April as widespread Covid-19 lockdowns confined workers and consumers to their homes and severely disrupted supply chains. China's uncompromising strategy to fight Covid-19 has placed hundreds of millions of people in dozens of cities under restrictions of some kind, and has disrupted a global rebound in … [Read more...] about Goldman cuts China 2022 growth forecast to 4%

- A + A (May 18): Asian sponsors of blank-check firms are facing a tough market for initial public offerings wherever they turn, as a combination of increasing regulatory scrutiny and fading investor demand shutters the window for new listings from the US to Asia. In the past three months, at least six Asia-related special purpose acquisition companies seeking a combined US$1.3 billion from US IPOs have been scrapped, according to data provider SPAC Research. Of 12 blank-check firms that have filed to go public in Hong Kong, only one has actually started trading. It’s a similar pattern in Singapore, where SPACs have stalled after three inaugural IPOs in January. “The global IPO market has obviously been very quiet so far this year,” Paul Uren, JPMorgan Chase and Co’s Asia Pacific head of investment banking, said in an interview with Bloomberg TV. “What we need to see for that to change is lower volatility and investors with more of a risk-on mentality.” Asia was … [Read more...] about Asia’s SPAC hopefuls have nowhere to turn as IPO market shuts

- A + A (May 18): A former senior official from the Chinese Central Bank is under investigation for “suspected serious violation of laws and discipline,” the Communist Party’s anti-graft watchdog said. Sun Guofeng, who was removed from his post as head of the monetary policy department in May, is under disciplinary investigation, the Central Commission for Discipline Inspection said in a statement Wednesday. At least 40 financial sector officials have been probed or penalized since the latest corruption crackdown on the sector was launched in October. The top disciplinary watchdog sharply criticized the People’s Bank of China among more than two dozen financial regulators, state banks, insurers and bad debt managers in February, saying the agencies had gaps in their work to implement the Party’s major strategy. Born in 1972, Sun joined the PBOC in 1996 and has spent most of his career in the monetary policy department. He’s been at the forefront of the PBOC’s … [Read more...] about China says senior Central Bank official under investigation

- A + A (May 18): A welcome revival in travel and cargo demand helped Singapore Airlines Ltd narrow losses in the second half of the fiscal year through March, though the high price of oil weighed on the carrier, its annual results showed. The airline’s net loss in the October-March period was S$125 million (US$90 million), it said in a statement Wednesday, compared with a loss of S$804 million a year earlier. Sales more than doubled in the six-month period to S$4.79 billion. Singapore started unraveling tight Covid-19 travel restrictions in September, allowing fully-vaccinated people from certain countries to enter without having to quarantine — a boost to the flag carrier, which had suffered record losses in the height of the pandemic. With Singapore further loosening curbs in April, quarantine-free entry is available for inoculated travelers from anywhere. “Key markets around the world have further eased travel restrictions, supporting a strong recovery in … [Read more...] about Singapore Airlines’ second-half loss narrows as travel picks up

Aviation minister Jyotiraditya Scindia, 51, has agreed to examine a new rule on generating boarding passes. Aviation minister Jyotiraditya Scindia has promised to look into the matter of airlines charging extra to provide a hard copy of boarding pass to passengers. Scindia agreed that airlines charging extra for generating a boarding pass was “ridiculous” when tagged in a complaint about low-cost airline SpiceJet. On Friday, a Twitter user complained about SpiceJet charging their customers for generating a boarding pass at the check-in counter. “New rule of SpiceJet. If you wish to get a boarding card at the check in counter, you need to pay extra. This is like telling a customer in a restaurant that if you want eat in a plate, you will be charged,” the user tweeted. This issue was brought to the aviation minister’s attention by a journalist who branded the rule “ridiculous.” "Agreed, will examine this asap!" Jyotiraditya Scindia promised. Agreed, will examine this … [Read more...] about Aviation minister Scindia to examine ‘ridiculous’ new airline rule

Representative image. Drone manufacturing and services will create a multitude of jobs and is touted to be an over Rs 30,000-crore industry, Ministry of Civil Aviation Jyotiraditya Scindia said on May 10. Addressing the “Experience Studio on Drones” event organised by the government think tank Niti Aayog, Scindia said, "The potential is huge in the drone industry. On the manufacturing side, we are looking at Rs 5,000 crore investments and creation of 10,000 jobs. On the services side, we are looking at creating a Rs 30,000-crore industry." In the coming years, the country would need nearly a lakh drone pilots, the minister said. "Today a drone pilot can be trained without requiring any college degrees. They just need to (be) 12th class pass. They can be into a job within two-three months, and get Rs 30,000 per month salary," he added. Moneycontrol recently wrote about four transgender community members who were the first to be appointed as Directorate General of Civil … [Read more...] about India will need around 1 lakh drone pilots in the future: Jyotiraditya Scindia

Representative image. While claiming that “drone technology poses a significant threat to governments…”, the Parliamentary Standing Committee on Home Affairs urged the Ministry of Home Affairs to create a pool of anti-drone technology and let all States and Union Territories access it. The committee also sought and received information from several States, including West Bengal and Punjab, regarding the steps taken to deal with drone attacks. These recommendations and inquiries are part of the committee's 237th report on Police — Training, Modernisation and Reforms, released in February 2022. They come at a time when the Indian government has been trying to give the sector a boost through its Drone Rules – 2021, and the more recent PLI Scheme for Drones . In addition, there has also been a growing impetus for the use of drones in varied industries, including agriculture and health (medicine delivery). “The Committee... recommends that the MHA may take up with concerned … [Read more...] about Parliamentary panel terms drone ‘misuse’ a significant threat, asks MHA to create anti-drone tech

Railway Minister Ashwini Vaishnaw India's own 5G stack will be ready around September-October, Communications Minister Ashwini Vaishnaw said on Wednesday as he urged nations to look actively at these indigenous telecom stacks for cost and quality advantage. Speaking at an event organised by the Telecom Regulatory Authority of India (TRAI), the minister said India's indigenous telecom stacks mark "big fundamental technological advancements". The Minister also noted that bridging the digital divide has become even more crucial in a world where technology is playing a key role in economic development, and added the Government is directing all its efforts to ensure inclusive growth. "5G stack is also very much in good, advanced stage…by somewhere in September-October India's own 5G stack will be ready," Vaishnaw said. He exhorted the international delegates — who were attending the high-level ministerial session organised by the telecom regulator — to look actively at Indian 4G … [Read more...] about India’s own 5G stack to be ready by Sept-Oct: Ashwini Vaishnaw

The huge majority of Shanghai residents who have dodged COVID have not escaped the ordeal of lockdown. China's worst COVID-19 outbreak has frayed nerves and stirred resentment among many residents of Shanghai but some have thrived in the face of adversity, stepping up with bright ideas and commitment to help their communities through the crisis. Not surprisingly, many such people have used the skills they developed in their jobs to help others navigate the frightening new world of forced quarantine and lockdowns that no one dreamed of before COVID. Li Di, a senior executive with a global bank, knew he had to help when he was admitted to the Nanhui quarantine site in April, after testing positive for COVID, and was confronted by chaos. "There were only 120 to 150 staff to take care of 10,000 patients. The staff literally had their hands full," said Li. Li set up a team of more than a dozen volunteers to arrange meals, distribute various supplies and help elderly patients … [Read more...] about How Shanghai residents are using Excel, job skills to navigate lockdown