Top financial and stock market news from Asia and China.

We will be world's top economy by year-end, Chinese media claims

We will be top economy by year-end, China media outlet says

Economy Sep 21

While the US economy in the doldrums because of its woeful handling of the coronavirus epidemic, China is back on a path of moderate growth and close to surpassing its rival across the Pacific

Market Close

Asian bourses drop as coronavirus surge bodes ill for economy

Threat of more lockdowns worries investors; HSBC falls to 25-year low on scandal; US still far from agreeing on new stimulus package
Markets

Ant Group to lay $35 billion golden egg with Shanghai IPO

Alibaba's finance arm could be the world's biggest ever listing, surpassing the record set by its parent six years ago and Saudi Aramco's $25.6 billion raised late last year
China Business

CCP announces plan to take control of China's private sector

President issues 'important instructions' to all regions to boost party control over private enterprise and rejuvenate the nation; all firms will need employees from the party to boost law abidance and moral standards
Technology

Sliver of hope for Huawei as SMIC develops its own chip tech

Chinese semiconductor group pressing on with technology that will see it enter 8nm process market and become a potential top player

Border conflict highlights urgency for Modi to do more

Comment and Opinion Sep 20

Border conflict highlights the urgent need for Modi to do more

Trinhnomics: Indian Prime Minister needs to harness India's advantages and show a more welcome face to international investors, to achieve the country's extraordinary potential

International News Sep 21

Major banks named in US Treasury leaks 'scandal'

FinCen documents suggest banks were under-resourced and overwhelmed by the volume of 'dirty cash' from suspicious sources, but the banks say the cases are old and that large sums are devoted to stopping money-laundering

International News Sep 21

Shell launches major cost-cutting drive to prepare for energy transition

Royal Dutch Shell looking to slash up to 40% off oil and gas production costs in a bid so it can overhaul its business and focus more on renewable energy and power markets

International News Sep 21

Judge halts Trump administration order banning WeChat

The move came in response to a lawsuit filed by a WeChat user coalition which said the ban would harm their rights and jeopardise ties with families, friends and business contacts

International News Sep 21

Confusion over status of TikTok

Bytedance says new company TikTok Global will remain a subsidiary, however Oracle and Walmart say it will be majority controlled by them and other US investors; plan for IPO as firm valued at over $50 billion

Markets Sep 20

This week: Flash PMIs, tech bans and WGBI review

China will update loan prime rates and release industrial profits in the week ahead, while there will also be PMI survey data for Japan and Australia, and bond investors will tune in to FTSE Russell’s World Government Bond Index review

Comment and Opinion Sep 20

Sino-American economic decoupling will damage US energy sector

China is world's biggest oil importer, No.2 in LNG imports; Disappointments for US LNG projects eyeing Chinese investments; Russia-China ties strengthen in oil and gas deals

PowerChina eyes rail link to transport oil and gas in Argentina

International News Sep 18

PowerChina eyes rail line to transport oil and gas in Argentina

Firm is in talks with Argentina's state-owned rail entity ADIF for the line, which would cost up to $1.5 billion and act as a link between the isolated Vaca Muerta shale region and the petrochemical and refinery hub

Comment and Opinion Sep 19

Poole on Point: Alpha seekers head to China

China’s equity market has still not fully priced in the improved economic outlook – even taking account of the steep rally in early July

Comment and Opinion Sep 20

China performs its own strategic pivot

“Dual circulation” strategy designed to counter external woes and global demand shift

Technology Sep 19

World’s biggest chipmaker expected to absorb loss of Huawei business

Taiwanese firm TSMC 'realise this is a loss they will have to sustain', according to analysts, who say they will make up the downfall via orders from other groups, while keeping their licence to supply American companies

Technology Sep 18

In Sino US tech war, bitter words won’t make microchips

Despite bellicose attacks on US policy, Chinese tech claims to overcome sanctions aren’t backed by capabilities or expertise

CCP fast forwards 'Digital China' plan for 100% watch of daily life

Technology Sep 18

CCP speeds up 'Digital China' plan for 100% watch over daily life

People's Daily outlines the 'new era' President Xi envisages, with technology that covers all aspects of citizens' lives – education, medical care, social services and myriad other facets all logged on a national internet cloud

ATF China Bond 50 Index Sep 19

LPR expected to remain unchanged; investor optimism high, says analyst

Indexes rise ahead of benchmark lending rate fixing; Chinese equity and bonds markets reflect a degree of investor confidence in the momentum of China’s economic recovery

Covid-19 Sep 18

Moderna shares Covid-19 vaccine trial blueprints, Pfizer follows

The vaccine race has become deeply politicised in the US in the run-up to the presidential election in November, as President Trump touts a quick vaccine in response to criticism of his handling of the pandemic

ByteDance plans TikTok IPO as US deal talks advance: sources

Technology Sep 18

With $50bn valuation, sale would be biggest tech listing in US; Walmart, Oracle among planned investors; Trump yet to bless any agreement

International News

Trump says Oracle close to TikTok deal

But China's ByteDance aiming for majority ownership, sources say; deal does not envisage any payment to US government; President says he's a fan of Oracle boss Larry Ellison
Technology

Unfriended abroad, China's tech giants seek comfort at home

Huawei, Bytedance and TikTok are focusing on growth on the mainland and markets still open to their mobile applications, such as Southeast Asia
ByteDance 'to partner with Oracle on TikTok US'

Oracle would manage TikTok's US data, take stake in US operations, sources say
Technology

ByteDance to invest billions in Singapore over three years: source

TikTok owner said to consider Lion City as regional base even as US row rages

Top Huawei executives had close ties to company at center of U.S.

Technology Sep 17

Top Huawei executives had close ties to company at centre of US criminal case

Evidence emerges as SMIC seeks US permission to continue supplying tech giant

Technology Sep 16

As US ban on Huawei starts, China tech giant claims 31% of market

But with access to vital US components blocked, that figure could fall by a fair margin as rival companies look likely to increase their stakes in the global market

International News Sep 17

Chip group to warn White House not to blacklist China's SMIC

Companies that supply the chip sector oppose the idea of blacklisting the firm, saying it would hurt US industry

Asia News Sep 18

Japan's 'Suganomics' will target quick wins, not grand visions

New PM will pursue economic reforms that target specific industries, rather than a grand strategy to reshape society and boost long-term growth

Bonds Sep 17

NDRC takes credit for low corporate bond default rate of 0.2%

8.14bn yuan of defaults considered ‘good’ by top-level development authority

Covid-19 Sep 17

Rich nations snap up vaccine stocks in global race for jab

Trump has claimed Americans could start getting inoculated within weeks, but experts say that's rubbish as only a 'very limited' stock might be tested on priority groups like first responders, and a safe vaccine may not arrive till mid-2021

Asia News Sep 17

KKR raises over $11 billion in Asia fund

Private equity group started marketing the new Asia fund late last year, targeting $12.5 billion in what would be the region's biggest private equity fund

Comment and Opinion Sep 19

The global economy has held up well, but now for the hard part

Coronavirus still holds the world hostage but keeping a watchful eye on scientists will help politicians and economists navigate still-choppy waters

Walmart’s Flipkart charting roadmap for overseas IPO: report

Asia News Sep 18

Flipkart may be eyeing the initial public offering as an exit route for Walmart and its other global investors

Asia News

Shadow banking the 'Iron Man' of India’s financial services

Propped up by the central bank and government, while India’s shadow banks have ridden out the pandemic, proving the sector’s resilience, many are still stressed, say experts
Asia News

India's secondary listing plan irks investors

Modi government plan to make firms that join foreign markets also list on domestic markets could split trading volumes and hurt valuations, groups have warned
Asia News

YouTube jumps in to fill the TikTok-void in India

On Monday YouTube announced it has begun testing a TikTok rival in India before rolling the short video format in more countries; Facebook and others are also looking to get a share of the action
Asia News

Stalled petrochem deal forces RIL to monetise other assets

The Jio and RRVL stake sales would fuel Reliance Industries' future growth but record-high market cap is unsustainable, say analysts

HNA Group boss barred from flying, vacationing over $5,300 debt

China Business Sep 16

HNA boss barred from flying, going on vacation over $5,300 debt

Court in Xian bars Chen Feng from spending at star-rated hotels, nightclubs and golf clubs, plus buying property, costly insurance, or sending his children to private schools

Aviation and Transportation Sep 16

HNA Group’s wings clipped by 2020 black swans

Growing debt racked up in acquisition spree weighs on airlines-to-hotels conglomerate

Sep 16

US angry over WTO ruling that China tariffs broke trade rules

Trump administration says tariffs imposed two years ago were justified because China was stealing intellectual property and forcing US companies to transfer technology for access to China's markets

Technology Sep 16

Alipay loans hit 300bn yuan as youth turn to credit

Lending provides a new revenue stream as the one-time financial darling faces an existential threat from the central bank’s planned cryptocurrency

International News Sep 16

EU chief gives first 'State of the Union' speech

Ursula von der Leyen has championed plans to relaunch Europe's coronavirus-devastated economy through a green new deal

International News Sep 15

US pulls back from broad bans on Xinjiang cotton, tomatoes

Treasury Secretary Steven Mnuchin, Trade Representative Robert Lighthizer and the Agriculture Secretary Sonny Perdue voiced concern about the broad orders designed to counter forced labour

Bonds Sep 15

Huayang Group's spectacular 'ring of debt'

More than two dozen banks and financial institutions have sued the developer of the notorious Fushun 'ghost city' for defaulting on at least seven bonds and accumulating total debts of about $3.72 billion

Yoshihide Suga named Japan's new prime minister

Asia News Sep 16

Former chief cabinet secretary expected to stick closely to policies championed by Shinzo Abe during his record-breaking tenure

Asia News

Japan's exports extend double-digit declines as pandemic hits demand

Major slump for a sixth straight month in August in US-bound shipments; it shows the huge task that Yoshihide Suga, who was elected prime minister on Wednesday, faces to get an economic recovery
Asia News

Japanese life insurers navigate the post-Covid-19 reality

Japan's 'lifers' have recovered some of their losses on foreign securities investments, but will soon have to devise a long-term plan for $3.6 trillion in assets and $910 bn invested overseas
Asia News

Japan's worst postwar downturn could force new PM to boost stimulus

Yoshihide Suga, the frontrunner to be the next premier, has signalled his readiness to boost spending if he leads the country; party leadership vote due next week
Suga may be tough on Bank of Japan if he becomes PM

Abe's lieutenant and government spokesman is seen as a safe pair of hands and has deep knowledge of the Bank of Japan's policies, plus how to pressure the bank into action

International News Sep 15

Fed meeting may give clues to jobs plans

The US faces a daunting battle to get back to full employment, but the Federal Reserve meeting this week will provide ideas on how the central bank plans to do that

Technology Sep 14

China: No sour grapes at ARM sale to Taiwanese American

But paper says Nvidia deal to acquire ARM is the equivalent to handing over intellectual property rights to a US company, and this may plunge it into a fierce 'tech conflict' between China and the US

Technology Sep 15

Nvidia could be a giant in the age of artificial intelligence

But some predict that China will take a dim view of an American company having so much sway in an industry it has prioritised in its battle for tech supremacy with the US

Economy Sep 15

'Developing Asia' to shrink for first time in six decades: ADB

Economic growth in 45 countries in the Asia-Pacific is expected to contract 0.7% this year, the Asian Development Bank said, which forecast the first negative quarterly figure since 1962

Asia News Sep 15

New SEBI rules leave Indian MF investors confused

Although the regulator’s new rules mandating portfolio re-balancing for multi-cap funds could broaden the Indian stock markets, they are also illogical, say experts

International News Sep 14

Fear and frustration: Europe's wealthy keep wallets closed

Fear of infection from coronavirus amid rising infection throughout the region are keeping big-spenders at home, posing crisis for tourism industry

Economy Sep 14

China seeks a new army of consumers

But official statistics that appear at odds with reality have confused citizens and raised suspicion that party officials may have reverted to their old habit of fudging the figures

China Business Sep 14

Chinese automakers announce targets to raise hydrogen vehicle sales

Carmakers plan to increase sales of hydrogen fuel cell vehicles and the government is expected to announce supportive new policies, possibly this month

International News Sep 14

Google aims to tap only renewable power by 2030

Aims to become the biggest company in the world to commit to ditching coal and natural gas power

Asia News Sep 14

South Korean govt, Samsung team up for self-sufficiency in chip parts

Export curbs by Japan and Covid-19 have pushed tech giant to foster local suppliers and set up a system where they can be supplied without disruptions

Digital Finance Sep 14

Mastercard launches CBDC testing platform

Payments giant says it will enable central banks to assess and explore national digital currencies

China Business Sep 14

China begins era of strict supervision of financial holding companies

PBoC announces new regulations, says a financial holding company must meet several key conditions, including having registered capital of at least 5 billion yuan ($733 million)