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’Concerning RNS Number : 5158V
How’s this for a weird non-bid statement…
So, let’s just go through that. This is an unconfirmed statement about a possible acquisition of Hi-mart Co which has not been announced publicly, but Lotte wants you to know that it is not considering a bid for Hi-mart in detail but it is considering a bid if a bidding process does in fact progress,
Asian PMIs go ‘uh-oh’
There’s something for everyone in the Chinese PMIs for October:
BEIJING, Nov. 1 (Xinhua) — China’s Purchasing Managers’ Index (PMI) dropped to 50.4 percent in October after rising for two consecutive months,
Curious crisis meeting du jour
Scheduled for Tuesday actually:
That’s South Korea’s financial regulator announcing a conference call with Chinese and Japanese peers, regarding (if we translate it right) “American and European financial health”
Kim Jong-il risk in a China fund
Can this really be true? From Anthony Bolton’s account of why his China Special Situations fund has tanked recently, contained in its first annual report. Not so much China, or Chinese fraudcaps, as…
Libya, the Asian fall-out
The tidal wave of analysis centring on Libya-related concerns about the soaring oil price has become an overnight growth-industry, fuelling further jitters about the fall-out from Middle East turmoil on everything from Korean construction stocks to transport companies.
Central bankers, mad as hell…
What happened to the discreet, decorously shadowy world of the central banker?
The publicity and consternation generated by this week’s news of the exits of Axel Weber from the Bundesbank and the Federal Reserve’s Kevin Warsh are rare public indicators of internal dissent and cental banker-discontent.
The new strongmen of Asia’s looming currency wars
Some intriguing movements are afoot on the currency front in Asia, where the Taiwanese dollar, the Indonesian rupiah and the Korean won have lately been the region’s strongest performers.
It’s all part of a steady intensification of regional inflation jitters — and a looming cycle of back-to-back interest rate increases and possibly,
[Wilmot's PMI tour] South Korea’s new orders jump
First stop of the day on the PMI odyssey is South Korea.
Like Japan, new orders and IP have been on a pretty steep downward slope since April.
But they jumped back to 50.1 in November (up nearly six points).
Spanish bank: UK banks exposed to Ireland and Korea
If a crisis is a terrible thing to waste, two crises are seemingly an excuse for tenuous interesting juxtapositions.
In a note out today, Santander’s European Equity Research team look at UK bank exposures to Ireland and (obviously) South Korea.
Unpredictable (Korean) geopolitical risk, illustrated
Abrupt fighting over in Korea is not what the market would have wanted right now:
Related link:
North Korea fires on South Korea – live coverage - The Guardian
Capital controls: the low-intensity currency war
The latest moves by South Korea and China — not to mention India, Malaysia, Thailand and a swag of other countries — to impose capital or price controls show that the hype over ‘currency wars’ is mutating into a low-intensity battle being waged by countries through a series of unilateral,
Meanwhile, in China…
While the eurozone is transfixed on the unfolding problems in Ireland and other peripheral economies, ‘central bank action month’ continues in Asia, where China is galvanising its Asian neighbours — even more than usual — first with its ongoing stock market rout and also moves to introduce price curbs on consumer goods.
Towards a future financial crisis resolution mechanism
What’s that? Could it be the sound of Germany and France frantically rowing back as they realise that their plans for a son of EFSF were somewhat misjudged.
Looks that way.
Statement issued by the finance ministers of France,
A Kospi conundrum
All the way from Seoul Korea, we bring you yet another example of efficient markets in action.
On Thursday, the benchmark Kospi index fell 2.7 per cent at the close of trade on what we understand was a single large computer-driven sell programme originating from a European bank:
Capital controls: new front in the ‘currency wars’
South Korea is showing its uncanny knack for timing with its planned new steps to curb capital inflows, just ahead of its star role as host of the upcoming G20 meetings — which are likely to be dominated by discussions of “currency wars”.
Currency wars: soundbite of the week
Every now and then, someone comes along and delivers a neat soundbite that captures the zeitgeist and blitzes both the mainstream media and the blogosphere.
Such is the case of Guido Mantega, economist,
Korea: To raise rates right now ‘takes guts’
After all those lectures about stimulus measures and well-meant (for the most part) advice from western central bankers about exit strategies, Asia appears to be leading the way in removing monetary stimulus.
Seoul unleashes its ‘magic won-booster’
South Korea on Monday deployed what it could call its ‘magic won-booster’, following its weekend announcement of measures to curb forward currency trading and control currency volatility.
The steps,
CDS report: Looking to fundamentals
The week ended with a whimper rather than the bang we have become accustomed to. Indeed, the last few days have been untypical of what has been one of the most turbulent months in recent memory. The impending long weekend in the UK and UK is no doubt contributing to the tepid denouement.
CDS report: Geopolitical risk to the fore
After a tepid start to the week yesterday, the credit markets today showed the volatility we have become accustomed to. Long-standing concerns over eurozone sovereigns and their fragile banking systems combined with fresh geopolitical turmoil to push spreads wider.
South Korea in a won-win situation
From gloom and doom just eight months ago to figures showing the strongest quarterly economic growth in seven years on Tuesday, South Korea is on a roll.
Indeed, the country sums up the much over-used term,
No exit for South Korea
If South Korea’s decision on Friday to hold interest rates is anything to go by, Australia’s shock move earlier in the week to raise did not – as some suggested – signal the start of a co-ordinated exit strategy by central banks.
Emerging market consumers not persuaded by plastic
Plastic in the form of credit cards, that is.
The Business Standard reported on Tuesday that in India, “the annual growth in credit card balances has fallen to an all-time low”:
According to the Reserve bank of India (RBI) data,
Lex: Samsung
Does the upbeat second quarter earnings forecast from Asia’s biggest technology group signal a broader tech recovery?
As the country’s biggest exporter, what is good for Samsung Electronics is good for Korea – and the prospect of a fivefold increase in consolidated operating profit from the first quarter is indubitably good.
Banknote fuels Korean inflation fears
South Korea on Tuesday finally issued a Won50,000 banknote, despite concerns it could stoke corruption and inflation. For over 35 years, the country’s biggest note has been the Won10,000, now worth only $7.80.
Is the East heading into the red?
Following on from the sharp contraction in Chinese exports and imports reported on Tuesday, some other worrisome indicators are emerging from the region.
As RBC Capital Markets highlights in its morning note,
South Korea to probe foreign brokers
South Korean’s broking regulator is to investigate all “sell” recommendations by foreign brokerages made in the last three months following a fall of nearly 40% in the benchmark Kospi index this year.
South Korea makes emergency rate cut
Reuters reports South Korea’s central bank cut its main interest rate by a greater-than-expected 75 basis points in an unscheduled meeting today to prop up the country’s economy. The central bank lowered its base rate to 4.25 per cent from a rate of 5.00 per cent set earlier this month,
Seoul unveils $130bn bank aid package
South Korea on Sunday announced a $130bn rescue package for its banks and companies suffering from a foreign currency liquidity crunch. The Seoul government will offer guarantees for three years when South Korean banks or their overseas branches take up external debt from Monday to June 30 2009.
Investors flee emerging markets as instability fears mount
Consider Iceland. Or Pakistan. Or Hungary. Or Ukraine. Or South Korea.
Investors are pulling money out of emerging market bond and equity funds, and it’s not hard to see why.
Funds dedicated to emerging markets endured one of their worst weeks on record in terms of outflows,