NTT Opens First Self-designed-and-built Data Centres Outside Japan
by Jared Heng Tokyo-based NTT Communications Corporation Friday officially inaugurated its first self-designed-and-built data centres outside Japan in Singapore and Malaysia. The new Singapore Serangoon Data Centre will serve financial-services companies and similar enterprises that require high-power, low-latency networks and stable, secure infrastructure for cloud computing. NTT said its investment in the facility is about...
Asia’s Promise Lures French from Eurozone Woes
Source: AFP Whether it’s for business, study or an exotic retirement, the French are flocking to Asia like never before, drawn by economic opportunities that contrast with debt-ridden Europe. While Asia has never been as popular a destination for French expatriates as London, their numbers in the East have been growing faster than anywhere else:...
Hong Kong Vows to Stiffen IPO Rules
Source: AFP Hong Kong’s finance secretary on Wednesday pledged to tighten standards for new share listings amid growing concerns about fraud in the world’s biggest market for initial public offerings (IPOs). Secretary for Financial Services and the Treasury K.C. Chan said tougher new securities regulations currently being debated by lawmakers would “strengthen Hong Kong’s...
S&P Downgrades India Outlook to Negative
Source: AFP Standard & Poor’s on Wednesday downgraded India’s credit outlook to negative as a weakening economy and big public deficit puts the country’s prized investment grade rating at risk. The agency maintained India’s rating at BBB-, but warned it faces at least a one-in-three chance of losing its status if its financial situation deteriorates....
Bank of Japan Likely to Ease, May Buy Longer-dated Government Bonds
Source: Reuters The Bank of Japan is likely to ease monetary policy on Friday by boosting asset purchases by up to JPY10 trillion (US$123 billion) and in doing so may extend the maturity of government bonds it targets to around three years, according to sources familiar with the central bank’s thinking. The action, which would...
New Hong Kong Stock Market Chief Promises to Build Trust
Source: AFP Hong Kong’s new stock exchange chief vowed Tuesday to provide an “orderly and fair” trading platform, amid concern about low quality listings in the world’s biggest IPO market. Chow Chung-kong, the former head of the southern Chinese city’s rail operator, said the bourse was an “integral part” of the Asian banking...
ADB Urges Asia to Tackle Rising Income Gap
Source: AFP The Asian Development Bank (ADB) on Monday urged regional governments to tackle rising income inequality with more urgency, warning any delay could undermine social cohesion and economic growth. Rajat Nag, ADB’s managing director-general, said failing to address the problem now could spark further dissatisfaction and lead governments to resort to populist measures to...
Hong Kong Watchdog Punishes Underwriter for Lax IPO Standards
Source: Reuters Hong Kong’s stock market regulator has revoked the licence of an underwriter of troubled 2009 listing and slapped it with a record fine, in a warning shot to investment banks working in one the world’s biggest IPO markets to strengthen their due diligence. Many mainland Chinese firms are dipping their toes into...
Top Indian Adviser Says Reforms ‘Unlikely’ by 2014
Source: AFP No major economic reforms are likely in India before the scheduled 2014 general elections, the country’s top economic adviser has said despite widespread political disarray. Investors have been waiting for the Congress-led government to unleash a raft of changes to reduce the economic role of the state, ease business regulations and open...
Hong Kong Moves Closer to Bank Liability for IPOs
Source: Reuters Hong Kong’s financial market watchdog will launch a public consultation in the next couple of weeks that seeks to toughen rules for banks sponsoring initial public offerings, including holding them liable for faulty deal documents. The move is likely to draw strong opposition from foreign investment banks worried about increased risk in a...
Hong Kong Tycoons Named in Macau Corruption Trial
Source: Reuters Two Hong Kong tycoons have been named in a Macau corruption trial involving a jailed former government official, dealing a further blow to the region’s reputation after a series of scandals that have rocked the financial centre of Hong Kong. Joseph Lau, chairman of property developer Chinese Estates Holdings, and the chairman of...
Japan Vows US$60 billion to Boost IMF Firepower
Source: Reuters Japan said on Tuesday it will provide US$60 billion in loans to the International Monetary Fund, becoming the first non-European nation to commit money to boost the fund’s financial firepower to contain the Eurozone debt crisis. Finance Minister Jun Azumi said Japan hoped Tokyo’s contribution, which will be formally announced at a...
