Asia > Stock Market / Finance

Stock Market / Finance in Asia

  • Tajikistan sees drop in volume of remittances

    TAJIKISTAN , 2015/03/06 The volume of remittances to Tajikistan by late 2014 amounted to $ 3.9 billion, which is 8.3 % less than in 2013 year. National Bank of Tajikistan said the majority of remittances last year were carried out in Russian rubles, Tajik Avesta news agency reported. The Russian ruble was 89.1 % of total remittances. Remittances in dollars and euros accounted for 10.8 % and 0.1 % respectively. NBT as well said Russian banks and credit organizations of Tajikistan jointly determine the cost of providing services of money transfer.
  • Kazakhstan develops new plan to reduce dollarization

    KAZAKHSTAN, 2015/03/06 Kazakhstan’s National Bank has developed in cooperation with the government an action plan to reduce the level of dollarization of the Kazakh economy in 2015-2016. The plan seeks to ensure macroeconomic stability, develop cashless payments, thus reducing the shadow economy, and prioritize the national currency over foreign currencies, according to National Bank. The initial direction includes measures aimed at diversifying the economy and increase the all of products and services produced and offered in Kazakhstan as opposed to imports.
  • Ruble’s devaluation makes Astana to restore customs posts

    KAZAKHSTAN, 2015/02/12 Dramatic changes in Russian economy resulted from the severe political and economic western sanctions imposed on the country have considerably impacted the Russian-related economies. Hard economic situation in Russia because of sanctions over Ukrainian turmoil has significantly affected Kazakhstan’s economy, as the dramatic fall in Russian ruble made it difficult for the Kazakh producers to compete with cheap Russian goods. At the end of 2014, the Russian ruble began its dramatic fall exacerbated by low oil prices. The devaluation is at around 80 % compared to the dollar-ruble exchange rate of mid-2014 and Russian currency’s rate to dollar and euro continues falling.
  • Kazakhstan’s long-term ratings descends to 'BBB'

    KAZAKHSTAN, 2015/02/12 Standard & Poor's has lowered the long-term ratings on Kazakhstan to 'BBB' from 'BBB+'. A statement by the agency gave a negative outlook for Kazakhstan amid the falling oil prices, which have fallen by additional than 50 % since mid-2014. Such a sharp drop in oil prices has greatly affected the increase prospects of Kazakhstan, as the other oil-producing nations. The fall in the oil prices will have a significant result on the economic increase prospects, external balance and fiscal performance of Kazakhstan, given the high dependence of its economy on oil revenues, according to agency.
  • Bursa Malaysia’s equities market started to slow,

    MALAYSIA, 2015/01/31 High in a building in central Kuala Lumpur, not far from the twin Petronas Towers that dominate the Malaysian capital’s skyline, staff at Oriental Pacific Futures are busy broking futures for some of the group’s 1,000 or so clients. Since late last year, at the same time as trading volume on Bursa Malaysia’s equities market started to slow, there has been additional interest in trading futures in Southeast Asia’s third-major economy, says Ryan Chua, manager of dealing. “People see there’s additional volatility with futures so they are additional willing to give it a try,” he says.
  • Democratising finance: China’s P2P industry attracts scammers

    CHINA, 2015/01/31 At the same time as Chinese peer-to-peer lending platform Hengjin Dai launched last June, it used a three-day promotion to lure investors. Just 12 hours later its website went dark. In a similar case the 22-year-old founder of Boliya, an extra P2P platform, whom national TV had featured as a model young entrepreneur, suddenly vanished.
  • Cheung Kong shares up 19%, Hutchison 15% on deal

    HONG KONG, 2015/01/13 Shares of Cheung Kong and Hutchison Whampoa each jumped additional than 15 % at the start of Hong Kong trading, following a radical move on Friday to reorganise the two flagship companies of Li Ka-shing. The transaction - an effective merger of the two companies, plus a spin-off of their property units into a new, separately-listed company - was meant to unlock price in both. Assuming shareholder approval the transaction is expected to close in June.
  • Russia to write off huge part of Uzbek debt

    RUSSIA, 2014/12/15 Russia will write off over $860 million of Uzbekistan’s deficit. A relevant agreement on settlement of mutual financial claims and liabilities was signed between two sides in a conference attended by Uzbek President Islam Karimov and his Russian counterpart Vladimir Putin who is on an official visit to Tashkent. The two nations as well signed an intergovernmental agreement on the major directions of development and deepening of economic cooperation in 2015-2019.
  • Tajikistan’s microcredit deposit-taking organization IMON International CJSC.

    TAJIKISTAN , 2014/11/19 The European Bank for Reconstruction and Improvment(EBRD) will allocate a new loan to Tajikistan’s microcredit deposit-taking organization IMON International CJSC. The loan in Tajik somoni equivalent to $5 million is aimed at responding to rising request for local-currency funding and will be used by IMON for on-lending to micro and small-sized enterprises (MSEs), EBRD said on November 18. IMON is the major microfinance institution in Tajikistan with additional than 83,000 customers served by the organization’s extensive national network of 127 branches and service outlets. In December 2012, IMON received deposit taking license and currently offers a range of loan and deposit products for businesses, sole entrepreneurs, MSMEs and farmers; its primary focus is on underserved, economically active members of the Tajik people.
  • Fitch affirms ratings on Kazakhstan

    KAZAKHSTAN, 2014/11/12 The International Rating Agency Fitch Ratings affirmed Kazakhstan's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB+' and 'A-' respectively, the agency reported . The issue ratings on Kazakhstan's senior unsecured foreign currency bonds are as well affirmed at 'BBB+'. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling is affirmed at 'A-' and the Short-term foreign currency IDR at 'F2'. The affirmation of Kazakhstan's IDRs with a Stable Outlook reflects the following key rating drivers: