Tuesday 1st December 2015
NEWS TICKER, FRIDAY, NOVEMBER 27TH: The Taiwan Stock Exchange (TWSE) has launched an online ‘Rules & Regulations Directory’, providing international investors and the media with a centralised location for all 238 Taiwan capital market regulations in both English and Chinese. Regulations available via the Directory include rules for: primary and secondary listings, corporate governance, clearing and settlement, margin trading, ETFs, market monitoring and regulation, among others. The Directory features an easy-to-navigate graphical interface, allowing investors to locate regulations by category or by tree structure, as well as a comprehensive search function that automatically suggests laws and regulations based on key words. The English translation of the regulations was provided by multinational law firms -The European Parliament’s negotiation team has informed the European Commission that it is ready to accept a one-year delay of the entry into force of MiFID II. However, this only applies if the Commission finalises the implementing legislation swiftly and thereby takes into account the European Parliament’s priorities. Furthermore, Commission and ESMA need to come up with a clear roadmap on the implementation work and especially for setting up the IT-systems. That’s telling them! - China shares fell 5.5% in trading today; it’s a big fall, the biggest since August. Analysts say it is related to the regulator’s announced determination to enforce good practice on the securities industry. Hong Kong's Hang Seng Index fell 1.9% today and 3% over the week. Elsewhere, Japan shares fell 0.3% after the Nikkei neared the 20000 barrier on Thursday. Australia's S&P/ASX 200 fell 0.2% and South Korea's Kospi slipped 0.1%. The Straits Times Index (STI) ended 25.57 points or 0.89% lower to 2859.12, taking the year-to-date performance to -15.04%. The top active stocks today were OCBC Bank, which declined 0.46%, SingTel, which declined 0.26%, UOB, which declined 0.10%, DBS, which declined 0.36% and Global Logistic, with a 2.44% fall. The FTSE ST Mid Cap Index declined 0.48%, while the FTSE ST Small Cap Index rose 0.03%.Brent crude was last down 0.2% at $45.38 a barrel. U.S. oil prices fell 0.4% on Thursday amid signs of robust US production despite data showing a lower-than-expected increase in US oil inventories and a decline in the number of working oil-rigs in the country. Gold prices were down 0.3% at $1,066.70 a troy ounce - The EBRD has extended a total of $70m in loans to Mongolia’s Khan Bank, aimed at small and medium-sized enterprises (SMEs). The EBRD package will include financing for SMEs and their value chains, sustainable energy projects designed to improve energy efficiency, a risk-sharing facility that will help Khan Bank clients access longer-term financing, and an increase in the trade finance facility, which helps companies perform export and import operations. The sustainable energy part of the financing package, which is $10m, is part of the special financing framework, Mongolian Sustainable Energy Financing Facility. The EBRD has such facilities in many countries of operations; they are part of the Bank’s drive for green economy transition. The EBRD is also providing technical cooperation as part of the sustainable energy financing portion, funded by the multi-donor EBRD Shareholder Special Fund. Khan Bank, which has around 500 offices across Mongolia, is one of the largest commercial banks in the country. The loan agreements were signed by Khan Bank CEO Norihiko Kato and the head of the EBRD office in Mongolia, Matthieu Le Blan.

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Sovereign wealth funds move to real estate investments

Monday, 11 March 2013
Sovereign wealth funds move to real estate investments Sovereign wealth funds around the world are moving to diversify their portfolios, according to TheCityUK’s Sovereign Wealth Funds 2013 report, with deal transaction sizes getting smaller and emerging markets accounting for a growing share of investments.  http://www.ftseglobalmarkets.com/

Sovereign wealth funds around the world are moving to diversify their portfolios, according to TheCityUK’s Sovereign Wealth Funds 2013 report, with deal transaction sizes getting smaller and emerging markets accounting for a growing share of investments. 

The trend towards diversification has resulted in a 30% increase in investment into real estate globally by SWFs over the past twelve months, with information technology and consumer goods also seeing rises in allocation. The allocation increase is largely down to low bond yields in some developed countries and the volatility in equity markets.

The UK, particularly London, has benefited from SWFs’ increased allocation to real estate. Recent transactions include China Investment Corporation’s £245m purchase of Winchester House, the London headquarters of Deutsche Bank.  Gingko Tree Investment, part of China’s State Administration of Foreign Exchange, has also invested more than $1.6bn in at least four deals including water utility, student housing, and office buildings in London and Manchester.

Other funds which have made real-estate investments in London during 2012 include The Korea Investment Corporation, the State Oil Fund of the Republic of Azerbaijan and Norway’s Government Pension Fund Global.

TheCityUK’s report also found that overall direct investments by SWFs dropped to a six-year low of $57bn globally in 2012. This was down more than a third on 2011 and 46% below the peak level of activity three years earlier, as SWFs focused more on their domestic markets. However, investments picked up in the fourth quarter of the year.

Chris Cummings, chief executive of TheCityUK, says the increased investment in property by SWFs is a blessing for London, which is a prime real estate location and seen as a safe haven market for investors.

“The UK is a leading destination for SWF investments, accounting for one sixth of global investments since 2005, second only to the US, and attracting more capital than France, Germany and Spain combined,” explains Cummings. “These investments bring numerous benefits to the UK economy, including new jobs and capital for vital infrastructure projects.

“But the UK is also an important centre for the SWF industry as a clearing house for transactions and a location from where funds are managed. Our strong position stems from the structural strengths associated with the cluster of financial and related professional services firms, broad skills base, open market and pivotal international position of English law.”

TheCityUK’s report revealed that global SWF assets under management increased for the fourth year running in 2012, hitting a record $5.2tn, due to growth in existing assets as well as the launch of a number of new funds during the year. TheCityUK’s projections are for total global SWF assets to grow to $5.6tn by the end of 2013.

There was an additional $7.7tn held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations' funds, and $8.4tn in other official foreign exchange reserves.

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