| March 23, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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John Lothian Newsletter's Guest Editor this week is Martin Mosbacher, CEO and managing partner of Intermarket Communications.
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Conditioned Response: How Markets Have Lost Their Emotion
Martin Mosbacher, Intermarket Communications, JLN Guest Editor
There is no doubt that the world was shaken by yesterday's Brussels terrorist attack. But the markets? Not so much. After an early shudder in prices, the US financial markets settled down to one of the least volatile days of trading in recent weeks. And this isn't an exception.
In the 15 years since the seismic financial impact of 9/11, market responses to major terrorist attacks have become ever less significant. Though it seems true that markets continue to be affected by the scale and/or proximity of an event, it is also true that the effect of terrorism has faded greatly from the 12 percent drop in the S&P we saw in the United States after 9/11. And while we once typically saw a minimum of 10 days before markets recovered from the impact of terrorism, that recovery period has seemed to have telescoped to hours, if not minutes.
So as one wag put it to me yesterday, while we may all be New Yorkers, or Parisians, or Londoners, or Brusselèèrs - had to look that up - in our hearts, when it comes to our acceptance of the new normal, we have all become Israelis.
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The World Federation of Exchanges Releases Research Paper on SME Markets
Press Release
The World Federation of Exchanges, which represents more than 200 market infrastructure providers including exchanges and CCP's, today released the results of a study on SME markets.
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***For the full version of the WFE report click HERE
****MM: You can be sure my colleagues at Intermarket and I will be looking through this one. Thank you WFE.
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The benefits of inflation: Airships could be returning for commercial travel
The Economist
Airships, for many people, will conjure the image of the Hindenburg igniting with terrible effect, as it tried to dock in New Jersey in 1937 (pictured below). It was widely assumed that the idea of the airship as a method of mass transport perished that day along with 35 of those on board. Not so. On March 22nd, Hybrid Air Vehicles (HAV), a British firm, unveiled a vessel that it hopes will reignite, metaphorically speaking, the technology.
goo.gl/M4fVey
****MM: If they require hot air to take flight I have a long list of people I would volunteer for the job. Most of them are out of work presidential candidates.
****JB: Maybe they can also revive the idea of using the top of the Empire State building in New York as a mooring mast for airships.
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Stephen Hurst: coffee bean connoisseur
Financial Times
Few coffee drinkers know their beans. Unlike wine, where people can name grapes from chardonnay to pinot noir, ask anyone with a cup of coffee in their hand what bean their brew is made from and the chances they will know are extremely low. "There are literally hundreds of bean varietals, like bourbon and caturra, but most people don't even understand the question when they are asked to name a bean," says Stephen Hurst, founder of Mercanta, one of Europe's first high-end coffee traders. He hopes coffee drinkers will eventually be able to name their bean. "It could be anything between three to 10 years, but I really think it will happen."
goo.gl/TFJu8B
****MM: I think I'll need a cup or two before I'm awake enough to read through this story.
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Tuesday's Top Three
Top of the list for Tuesday was The CFTC's Spoofing Case Against Igor Oystacher. The second most read story was Looking Back at Lehman's Collapse With the Woman Who Fell Farthest. And third was Students' experience with commodity trading translates into jobs
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FOW Derivatives Asia, 12-13 April, Hong Kong
FOW returns to Hong Kong on 12-13 April for the next instalment of Asia's largest derivatives conference. Join over 600 delegates to hear the latest thinking on the Chinese and Asian derivatives markets. Topics this year include realising Asia's ambitions to becoming a commodity powerhouse, next steps for the Connect initiative and the outlook for the internationalisation of China. The event is free to attend for banks, brokers, props and the buyside. For more information and to register, click below.
goo.gl/Wc7Nkr
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| Lead Stories | Blockchain Remains Focus at ASX After CEO Departs, Chairman Says
Matthew Leising -Bloomberg
Rick Holliday-Smith, chairman of ASX Ltd., said his company is committed to exploring blockchain technology after the firm's chief executive officer, who led a deal to radically overhaul how its market clears and settles trades, resigned suddenly this week.
goo.gl/E9tROZ
ASX chief Elmer Funke Kupper's exit puts blockchain project in doubt
Australian Business Review
Markets operator ASX could review its investment in developing blockchain or distributed ledger technology following the departure of chief executive Elmer Funke Kupper, who led an investment that threatens to undermine its monopoly on post-trade Âservices.
goo.gl/YXa4M9
****MM: So which is it? Is the cup half full or is it totally empty?
Deutsche Boerse Cautioned Not to Pay Too Much for LSE
Bloomberg
Some of the biggest shareholders of Deutsche Boerse AG are cautioning management not to overpay for London Stock Exchange Group Plc if a counteroffer emerges, according to people familiar with the matter. Intercontinental Exchange Inc. is contemplating a bid for LSE, which last week agreed to a deal with Frankfurt-based Deutsche Boerse.
goo.gl/6MRUL7
****MM: With everyone else circling around this deal it would seem a little late for that.
LSE's Rolet earns record pay packet
Tim Cave - Financial News
The London Stock Exchange handed its chief executive Xavier Rolet, who is set to step down after its planned merger with Deutsche Börse, a pay package worth £6.6 million for 2015 - the highest annual package since he joined the group - and is set to hike his salary to reflect his success at the helm.
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LSE pushes CurveGlobal launch to Q3
Futures & Options World
The London Stock Exchange Group has delayed the launch of its new rates exchange, CurveGlobal, to the third quarter of this year from the planned go live in late May, in order to ensure customer readiness.
The LSE Group is now working toward a Q3 launch, with sources stressing that the delay is due to ensuring that market makers, technology providers and clients are ready for the launch.
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LSE reshuffles group board
Financial News
The LSE said on March 22 that Baroness Sharon Bowles, Sherry Coutu, and Stuart Lewis will step down from its group board on April 26. Bowles and Coutu will remain with the group, as non-executive directors of London Stock Exchange plc - the group's UK-regulated entity. They will also join the group's regulatory and technology advisory groups, to be formed in 2016.
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**JK: Shuffleboard.
****MM: This sounds more like downsizing then shuffling.
U.S. should 'harmonize' broker-dealer rules across agencies: SEC's White
Reuters
U.S. regulators should offer standard rules for broker-dealers, and the Securities and Exchange Commission will offer its own proposal, the head of the agency said on Tuesday. The SEC should outline a proposal to regulate broker-dealers as a way to "harmonize" rules among regulators, Chair Mary Jo White told a congressional hearing.
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****MM: To be sung in the key of C.
LME walks fine line between beasts of aluminium and regulation
Andy Home - Reuters
The London Metal Exchange (LME) has just announced proposals for a new layer of regulatory oversight in the form of "accountability levels". At first glance they look like position limits. But they don't actually limit the size of positions held. And specifically they won't prohibit the sort of massive position that has just created another bout of turbulence in LME aluminium spreads.
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****MM: Not like the old days when regulation consisted of inviting the Bank of England representative in for an occasional lunch, followed by cordials.
U.S. arrest of Iranian gold trader reopens wounds in Turkish graft scandal
Reuters
The arrest of an Iranian gold trader whom Turkish prosecutors placed at the heart of a Turkish government graft scandal two years ago hit shares in a state-run bank on Tuesday and raised opposition hopes that new light would be shed on a case it said was covered up.
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****MM: We should put all the players on a train bound from Paris to Istanbul and see who walks off alive.
IMF Pushes China to Disclose More Currency Data, WSJ Reports
Bloomberg
The International Monetary Fund is pushing China to disclose data on holdings of derivatives that could shed light on more-opaque methods of intervention in the yuan's exchange rate, the Wall Street Journal reported on Monday.
bloom.bg/1T67IFq
The way to get ahead in China is to manipulate statistics
The Economist
In theory Chinese officials receive promotions based on their performance against a range of targets: delivering strong growth, maintaining social stability and, until recently, enforcing the one-child policy have been the most important. But scholars debate the extent to which the system really does reward those who excel according to these (in any case flawed) metrics. Some believe the emphasis on merit is real, and helps explain the country's stunning economic progess over the past 35 years, albeit at the cost of things that count for less in appraisals, such as clean air. Others reckon that connections to the right leaders matter more for those trying to advance their careers. New research, however, suggests a third option: that those who get ahead are adept not at stimulating growth nor at currying favour, but at cooking the books.
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| | | | Regulatory | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FCA staff reveal discontent as leadership changes - report
Investment Week
Half of staff at the Financial Conduct Authority are unhappy with the regulator's leadership, according to results given to the Financial Times through a freedom of information request.
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Esma to prioritise Mifid II amendments
James Rundle - Financial News
The European Commission sent three regulatory technical standards from the review of the Markets in Financial Instruments Directive back to the European Securities and Markets Authority on March 14. The standards as written, the EC said, did not adequately reflect concerns from the European Parliament and Council, and it urged a more cautious approach in order to avoid damaging liquidity. The three areas covered were the transparency thresholds for trading in bonds and derivatives, which determine whether or not trade information needs to be made public, the limits placed on how much trading in a single commodity derivative one firm can control, and exemptions from Mifid II for ancillary activities, or financial-market actions by non-financial firms for the purposes of hedging interest or exchange rate fluctuations.
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J.P. Morgan Executives Say Regulators Should Approve IEX as Exchange
WSJ
The country's largest bank is siding with upstart market IEX Group Inc. in its effort to create a new stock exchange that pledges to be a haven for long-term investors.
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U.S. wealth managers grit teeth and prepare for Labor rule
Reuters
Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers.
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Big Banks: Expect the Unexpected
Aaron Back - WSJ
A billion dollars here, a billion dollars there. Pretty soon, it adds up. Even as big U.S. banks try to squeeze every last dime out of their cost bases, unexpected, big-ticket charges keep cropping up. In recent years, these have typically involved regulatory fines and litigation expenses. Though they are often regarded as one-time charges by management and investors, the charges still hurt. Importantly, they take big chunks out of retained earnings that could otherwise be used to meet regulatory requirements for higher capital bases.
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RBS pays UK govt £1.2bn to restart public dividends
Investment Week
Royal Bank of Scotland (RBS) has paid £1.2bn to remove an instrument ensuring the UK government receives dividend payouts before any other investor. The removal of the Treasury's dividend access share (DAS) takes the government-backed bank one step closer to restarting dividends for shareholders, The Telegraph reports.
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SEC probing mortgage servicing fees tied to bad debt?
Bloomberg via Salt Lake Tribune
The Securities and Exchange Commission is looking at whether mortgage servicers are boosting profits by prematurely unleashing debt collectors on delinquent borrowers, a person with direct knowledge of the matter said. The probe is focusing on servicers that are not owned by banks, including Ocwen Financial, the person said. Ocwen, which federal and state authorities have scrutinized for issues including mishandling foreclosures, has said in regulatory filings that the SEC was looking at the industry's use of collection agents and the fees and expenses tied to liquidated loans.
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Italian police open money laundering investigation of broker linked to HSBC
Reuters
An Italian financial broker who worked on behalf of HSBC in the Swiss town of Lugano is under investigation for possible money laundering in a probe linked to a wider tax evasion case, an Italian finance police colonel told Reuters.
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Court Case Over States' Interest Rates Might Have Big Impact
WSJ
The Supreme Court asked the U.S. solicitor general's office for its assessment of a closely watched case challenging state caps on interest rates.
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| | | | Exchanges & Trading Facilities | CME Group, Thomson Reuters to implement changes to silver benchmark in May
Reuters
Thomson Reuters and CME Group said on Tuesday they will implement new measures on May 16 to develop the silver benchmark further. These include a blind auction, where only prices and not volumes are disclosed to participants until after the auction has closed, the companies said in a statement.
reut.rs/1WGBMGQ
LSE hails 'smooth start' to midday auction
Financial News
The London Stock Exchange hailed a "smooth start" to its new midday auction for UK shares, which was launched as auction-format trading has grown increasingly popular in recent years.
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Stock Exchange chiefs face takeover quiz: MPs set to question bosses because tie-up with German rival 'must not go unchallenged'
The Daily Mail
Bosses of the historic London Stock Exchange could be hauled in front of MPs to answer key questions about a planned takeover by a German rival. Senior MPs on Tuesday said the deal with in Frankfurt-based Deutsche Boerse must not slip through unchallenged.
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BRIEF-Nasdaq enters into credit agreement for $400 mln loan facility
Reuters
On March 17, 2016, Nasdaq, Inc. entered into a credit agreement. Credit agreement includes an option for Nasdaq to propose an increase in aggregate amount by up to $200 million.
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MCX ranking up in global comex futures
Business Standard News
Multi Commodity Exchange (MCX), the country's largest in this segment's derivative trade, is inching towards a higher ranking among global exchanges. Its 2015 ranking rose to sixth, from seventh a year before.
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HKEX And Shanghai Gold Exchange Sign MOU
Press Release
Hong Kong Exchanges and Clearing Limited (HKEX) and Shanghai Gold Exchange (SGE) have signed a non-binding Memorandum of Understanding (MOU) to consider various potential areas of mutual interest, including joint development of precious metals products and cross-market connectivity.
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| | | | Politics | Obama Visit a Boost to Argentina as It Returns to Global Markets
Bloomberg
Barack Obama will be the first U.S. president to visit Argentina in more than a decade as his counterpart Mauricio Macri seeks a rapprochement with the international community following a decade of financial and diplomatic isolation. Obama, arriving from an historic state visit to Cuba, will meet with Macri on Wednesday and is scheduled to attend a business forum in Buenos Aires before visiting the southern city of Bariloche.
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| | | | Hedge Funds & Managed Futures | | For more, subscribe to the JLN Managed Futures newsletter or visit the Managed Futures section on JohnLothianNews.com. | Securitisation does not deserve toxic tag
Financial Times
After the financial crisis and even today the sobriquet "toxic" is indiscriminately and unjustifiably attached to the EU securitisation market. It is claimed that securitisation was one of the main causes of the financial crisis as it was complex, performed poorly and lacked transparency. Some argue that EU securitisation lacked a legal framework, and that professional investors did not understand the transactions and their structures.
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Bond investors ready to back eurozone periphery for bigger return
Elaine Moore - Financial Times
Seventeen years after European countries bound themselves together with a single currency, the region remains starkly divided between a wealthy, economically stable north and a deeply indebted south. While Germany enjoys a current account surplus and record low unemployment, Spain and Italy have deficits that exceed the EU threshold and a generation of young people stuck in an adolescent twilight without jobs, savings or homes of their own.
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Yellen Will Meet 2% Inflation Goal Judging by Treasury Yields
Bloomberg
The Treasury market is signaling inflation expectations are rising, and one metric shows traders anticipate price increases will reach Federal Reserve Chair Janet Yellen's 2 percent target. The difference between yields on one-year U.S. government securities and same-maturity Treasury Inflation Protected Securities, a gauge of trader expectations for consumer prices over the life of the debt, climbed to as high as 2.11 percentage points Tuesday. That was the highest in two years.
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Investor sentiment drops to lowest level on record
Investment Week
The Lloyds Private Banking survey for March has revealed investor confidence has fallen to its lowest level since the index began three years ago. The monthly Lloyds Bank Private Banking Investor Sentiment index measures net investor sentiment towards an asset class, showing the difference between those with a positive and a negative outlook for the next six months.
goo.gl/rcxzXV
Oil Security Seen at Risk by IEA on `Historic' Spending Cuts
Bloomberg
An oil shock may be lurking around the corner as the price bust has hammered investment in future supply, according to the International Energy Agency. "Historic" investment cuts taking place now increase the possibility of oil-security surprises in the "not-too-distant" future, Neil Atkinson, head of the IEA's Oil Industry and Markets Division, said in Singapore on Wednesday. About $300 billion is needed to sustain the current level of production, and nations including the U.S., Canada, Brazil, and Mexico are facing difficulty in keeping up investments, he said.
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Ethanol Bust Adds to U.S. Fuel Glut and Losses Across Corn Belt
Bloomberg
The 400-or-so residents of Waltonville, Illinois, have been waiting almost a decade to cash in on the U.S. ethanol boom. Now, that day may never come as a prolonged fuel glut alters the economics of corn for communities across the Midwest.
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Credit Suisse CEO Blindsided as Bank Added to Risky Positions
Bloomberg
Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said the firm's traders had ramped up holdings of distressed debt and other illiquid positions without many senior leaders' knowledge, helping lead to a first-quarter loss in the markets business. "This wasn't clear to me, it wasn't clear to my CFO and to many people inside the bank" when the firm laid out a strategy in October, Thiam, 53, said Wednesday in a Bloomberg Television interview. "There needs to be a cultural change because it's completely unacceptable," adding that there had been "consequences" for some employees.
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| | | | Banks & Brokers | The Elusive Nature Of Culture At Broker-Dealers
Financial Advisor
Andrew Murdoch severed ties with independent brokerage Raymond James in 2012. He did this, in part, because he wanted to change his sales emphasis from commissions and fees to references and referrals, which required that he set goals for larger volumes of business and repeat business.
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Citi Should Consider Breaking Up, Analyst Says
WSJ
Breaking up is hard to do. But Keefe, Bruyette & Woods thinks Citigroup should consider it. "Citi could be one of the only U.S. [global systemically important banks] that could successfully split up and this should unlock meaningful shareholder value," wrote Brian Kleinhanzl, an analyst at KBW, in a note to clients over the weekend.
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| | | | Clearing & Settlement | Is it clear yet? Final countdown to clearing of derivatives
International Law Office
On February 24 2016 the Canadian Securities Administrators (CSA) published for comment the proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and its companion policy (collectively, the 'clearing rule'), introducing mandatory clearing of certain over-the-counter (OTC) derivative transactions.(1) The 90-day comment period for the clearing rule expires on May 24 2016.
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Clearing head Murray quits Deutsche for BNY Mellon
Risk.net
Piers Murray, co-head of listed derivatives and markets clearing at Deutsche Bank, submitted his resignation this morning (March 22), according to market sources with knowledge of the matter. New York-based Murray joined Deutsche in August 2012 as global head of fixed-income prime brokerage in the markets clearing business. He was later appointed global head of over-the-counter clearing and derivatives prime brokerage.
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Commerzbank derivatives head to depart
The Trade
Commerzbank's Eugene Stanfield, head of derivatives execution and clearing services, is to leave after serving over 16 years at the bank, according to sources.
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| | | | Indexes & Products | Long-term thinking could become focus for a new index fund
Reuters
S&P Dow Jones Indices is negotiating with asset managers to license its new index, which it says represents companies that focus on the long term rather than the current quarter.
The Long-Term Value Creation Global Index .SPLTVCUN could be the basis for one or more mutual funds, exchange-traded funds or structured products, Vinit Srivastava, S&P's senior director of equity strategy, said in an interview last week.
reut.rs/1Rg5wtO
Do Index Funds Beat 'Smart Beta'?
TheStreet
Smart-beta funds fall somewhere between index and active management because they are rules-based. That does not make them better performers, said Francis Kinniry, a principal in Vanguard Investment Group.
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An Outperforming, Relatively Unknown Smart-Beta ETF Factor
ETF Trends
Investors looking for a long-term investment option may do well with a smart-beta exchange traded fund strategy that focuses on innovative companies that actively look for the next big thing.
goo.gl/zn0CfC
Capital flows fire up EM stock rally, MSCI index surges 20% from its January lows
The Economic Times
Emerging market equities have woken up from a slumber on the back of aggressive foreign fund buying and the worst may be over for battered stocks across the expansive region, analysts say.
goo.gl/L7i6if
| | | | Technology | | For more, visit the Tech/HFT section on JohnLothianNews.com. | British, Australian regulators sign fintech support pact
Reuters
Financial regulators in Australia and United Kingdom signed a cooperation agreement on Wednesday to help financial technology companies expand into each other's markets, Australia's securities watchdog said.
reut.rs/1Rg75rQ
Markit and FinTech Sandbox partner to provide boost to FinTech startups
Press Release
Markit (Nasdaq:MRKT), a leading global provider of financial information services, today announced a new data agreement with FinTech Sandbox, a nonprofit that helps FinTech startups access data and build great products.
Markit will provide startups participating in FinTech Sandbox's program with access to certain of its industry leading fixed income pricing and reference data, as well as its index, securities finance, equity volatility and exchange-traded products (ETP) data. Click here to see our Data Partner page on the FinTech Sandbox web site.
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Fintech Boot Camp Promises Tough Love for Fledgling Startups
American Banker
In an unfinished space called Grind  a somewhat counterintuitive name choice for a workplace meant to be fun and to foster creativity  Startupbootcamp Fintech New York is set to welcome its first class of 10 startups.
goo.gl/O2FUAP
MIT Offers Online Fintech Certification Course - Crowdfund Insider
Crowd Fund Insider
The Massachusetts Institute of Technology (MIT) has decided to offer a "Fintech certificate course" labeled "Future Commerce". The promotional page notes that venture capital investment into Fintech has jumped to over 600%.
goo.gl/uCCLcN
UniCredit sets up $200 million fintech fund
Finextra
Italy's UniCredit is the latest bank to join the fintech funding arena, committing to a $200 million war chest in partnership with London VC firm Anthemis.
/goo.gl/1gzh8M
| | | | Enforcement | Ex-Goldman Sachs worker gets no prison time in NY theft case
Associated Press
A former Goldman Sachs employee who tried to impress his bosses by obtaining reports from the Federal Reserve Bank of New York was spared prison time by a judge who said the loss of his career in banking and Internet shame would deter others from copying his crime. U.S. Magistrate Judge Gabriel Gorenstein in Manhattan sentenced Rohit Bansal on Tuesday to 300 hours of community service and fined him $5,000.
goo.gl/fV29Mr
Criminal Complaints Filed Against Two in Bangladesh Central Bank Heist
WSJ
MANILAÂThe Philippines' anti-money-laundering agency filed criminal complaints on Tuesday against two businessmen who are allegedly central figures in the theft of $101 million from Bangladesh's central bank.
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Federal Court Orders Former Alabama Resident John David Stroud and His Companies to Pay More than $4.7 Million in Restitution and a Civil Monetary Penalty for Committing Commodity Pool Fraud and Misappropriation
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) announced today that newly assigned Judge John A. Jarvey of the U.S. District Court for the Southern District of Iowa, sitting by designation, entered a summary judgment Order against Defendants John David Stroud and his companies, Stroud Capital Management, LLC, TS Capital Partners, LLC, and TS Capital Management, LLC. Stroud was a commodities trader operating out of Auburn, Alabama, prior to his incarceration.
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U.S. orders Credit Suisse to pay $665,000 over wheat futures
Reuters
U.S. Commodity Futures Trading Commission has ordered Credit Suisse International (CSGN.S) to pay $665,000 in penalties to settle charges that it violated over the speculative position limit for wheat futures, the agency said on Tuesday.
goo.gl/rlQEdS
SEC charges New Jersey man with Ponzi-like tech company fraud
Reuters
The U.S. Securities and Exchange Commission accused a New Jersey investment adviser on Tuesday of running a Ponzi-like fraud that cheated victims who thought they were investing in up-and-coming technology companies out of millions of dollars.
goo.gl/UgUsi3
Sebi orders impounding of Rs 1.44 crore in insider trading case to 4 entities
Business Standard
Sebi found Abhijit Rajan, former CMD of Gammon Infrastructure Projects had access to 'unpublished price sensitive information' related to termination of shareholders' agreement between his company and Simplex Infrastructures.
goo.gl/qa8LJV
Sebi bans Sharepro in share transfer scam
Business Standard
Capital market regulator says company officials siphoned off shares, dividends from rightful investors.
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| | | | Environmental & Energy | | For more, subscribe to the JLN Environmental/Energy newsletter or visit the blog. | EU carbon prices to see data bump followed by summer slump -analysts
Carbon Pulse
EU Allowances will see a short-lived bump following the release of data next week showing higher-than-expected 2015 emissions, a team of New York-based analysts said, but prices are then expected to fall to new lows this summer.
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Climate change means French wines face identity crisis
The Local
Climate change has pushed French wines into unchartered territory, and could force producers to relocate, or abandon the
grapes that helped to make their vineyards famous, scientists said Monday.
goo.gl/2lMzNG
(Australia's) Coalition announces $1bn clean energy fund to invest in emerging technologies
By Lenore Taylor - The Guardian
The Turnbull government is setting up a new $1bn clean energy fund alongside the Clean Energy Finance Corporation to lend to, or take an equity stake, in emerging technologies.
goo.gl/GjCSLI
ConAgra to disclose GMOs on labels throughout U.S.
Reuters
ConAgra Foods Inc on Tuesday joined other food giants in plans to use labels that disclose the presence of genetically modified organisms or GMOs in its food throughout the United States.
goo.gl/WpgOgL
| | | | Asia-Pacific | China's struggle for a new normal
Financial Times
What is going to happen to the Chinese economy in the coming five years? This is one of the most important questions for those interested in the world's prospects. Participating in this year's China Development Forum offered a fascinating window into how the country's policymakers view the challenges ahead. Insight came from the speeches and papers prepared by scholars working at the Development Research Center of the State Council.
goo.gl/QtcvjC
Despite Crackdown by Beijing, Chinese Wealth Keeps Flowing Abroad
Institutional Investor
Since last summer, volatility in Chinese financial markets has sparked a flight of capital from the mainland that totaled roughly $1 trillion by year-end, according to some estimates. One source of this money is the country's ever-growing high-net-worth population, whose desire to diversify their investments and preserve capital has created opportunities for foreign wealth managers.
goo.gl/aQJPFA
Our billionaire tycoons don't really know where the property market is headed, they just act like they do
South China Morning Post
Home prices in Hong Kong will fall another 5 per cent in the next couple of months as local developers are in a rush to sell homes, says the chairman of Henderson Land Development, Lee Shau-kee.
Lee said the city's housing prices will fall about 30 per cent from their peak in the wake of high development costs. The market is about halfway through a price correction cycle..., he added.
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| | | | Frontier Markets | Emerging markets CDS volume slides 34 pct in 4th qtr
Reuters
Emerging market credit default swaps (CDS) trading volume dropped 34 percent in the fourth quarter, compared with the same period a year ago, according to a survey released on Tuesday.
goo.gl/FNU35X
Fishy Mozambique deal snares lenders
BDLive
The eight sleek, military-grey patrol boats sitting on the concrete of Maputo port would not look out of place in a James Bond movie. Their mission? To protect Mozambique's new fleet of tuna-fishing boats from Indian Ocean pirates. But the vessels, which have been largely idle, are the focus of a multimillion-dollar international controversy. It is a dispute that has strained the coffers of the cash-strapped government severely, rattled donors that fund one quarter of the state's budget, and forced Mozambique to seek a restructuring of the debt used to buy the boats. What was to have been a positive move for the country  the creation of a fishing fleet to breathe life into its economy  has instead shone an uncomfortable light on the ways in which developing countries use debt and the role of international banks in lending to, and advising, frontier markets.
goo.gl/Qu4x0t
****SD: Indian Ocean pirates, pressure from the IMF, questionable defense spending, upset bondholders -- this one has it all.
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