Viewing posts categorised under: Finance

A Slice of Successional Mainland Pie?

by swisscham in Bank, Finance, Insurance

With the Chinese economy expected to overtake the US as the world’s largest by 2030, the rapid creation of wealth in the country will translate into tremendous demand for intergenerational wealth transmission and family business succession services. Hong Kong trust services players can meet that demand. Credit Suisse data reveals the number of millionaires in China will swell 97% to 1.9 million by 2017 from the 960,000 registered in 2012. China is expected to surpass Japan as the world’s second-wealthiest country, with aggregate household wealth above USD 38 trillion by 2017. The country’s total wealth level will be second to the US, with a total household wealth of more than USD 89 trillion. As China leapfrogs into the world’s wealthiest nations, the country’s stringent capital controls and high taxation remain as deterrents to invest. These conditions appear to compel wealthy clients to adopt Hong Kong trust administration.

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Western Union Significantly Grows Its Reach in China

by swisscham in Bank, Finance, Insurance

Western Union launches Direct-to-Bank Money Transfers to China with China UnionPay and Account-Based Money Transfers to the World’s Largest Bank, Industrial and Commercial Bank of China. The Western Union Company, a leader in global payment services, today significantly expanded into China’s banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service. Western Union customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and online money transfer sites. This unprecedented agreement with China UnionPay’s ChinaPay enables Western Union to reach more than 95% of all personal bank accounts in China. In addition, Western Union has launched Account-Based Money Transfers with one of the world’s largest banks, Industrial and Commercial Bank of China (ICBC). The agreement enables more than 400 million ICBC customers to direct Western Union money transfers received from more than 200 countries and territories into their bank accounts via online banking 24 hours a day, seven days a week.

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UBS Launches First Wealth Management Master Programme in Asia Pacific

by swisscham in Bank, Finance, Insurance

UBS Wealth Management has launched its first Wealth Management Master programme in Asia Pacific targeted at its most senior client advisors in the region, as part of a global roll-out of the training programme. Twenty-two senior client-facing staff from Hong Kong and Singapore have joined the inaugural Asia Pacific intake. The 2-year part-time programme is aimed at providing participants exposure to in-depth and actionable expertise in client book management, client investment and client relationship management. Faculty include world class thought leaders from leading academic institutions like Harvard, Columbia, Princeton University and University of Zurich, experts from renowned consultancies like PwC and KPMG, and senior leaders and subject matter experts from UBS providing best practice insights. The programme is tailored towards on-the-job development and business application with off-the-job lectures.

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Goodbye China Downgrades, Hello Upgrades

by swisscham in Bank, Finance, Insurance

Hear that? It’s the sound of the world’s biggest investment banks hitting the paper shredder on gloomy forecasts for China’s economic growth this year. Credit Suisse joined in on Monday, raising its growth target for this year to 7.6% from the 7.4% it set in June, which was a downgrade from a previous forecast of 8%, while Barclays also said that growth may have accelerated this quarter from the previous three months. The upgrades so far are modest, although still striking considering it was just earlier this summer that that many brokers were rushing to cut forecasts ahead of what was then a widely expected slowdown in China’s second-quarter growth. Much of the optimism has been sparked by the signs this month of surprisingly strong manufacturing activity, a key part of the world’s second-largest economy. That adds to a raft of strong data as well as indications of a willingness at the top levels of government in Beijing to avoid a sharp economic slowdown.”We believe that the Chinese economy has bottomed,” Credit Suisse economist Dong Tao wrote in a note to clients on Monday. “The upward momentum may not be strong, but stabilization itself would be good news, given how bearish the market is about China’s outlook.”

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Zurich Insurance Pares New China Life Stake

by swisscham in Bank, Finance, Insurance

Zurich first reduced its stake in China’s third-largest life insurer by premium revenue ahead of the insurer’s dual listing in Shanghai and Hong Kong in December 2011, and has raised a total of USD 783 million including the recent share sale. Zurich said its wholly owned unit Zurich Insurance Co. sold 97.5 million New China Life H-shares, or 3.1% of the total share base, at HKD 22.50 (USD 2.90) each, representing a 6.4% discount to Thursday’s closing price of HKD 24.05. A person familiar with the situation said the capital gain realized through share sale will be about USD 152 million. New China Life’s Hong Kong-listed shares were down 6% at HKD 22.60 in afternoon trade, sharper than the benchmark index’s 0.75% decline.

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New Huadu Business School Signed a Pact with University of Zurich

by swisscham in Bank, Finance, Insurance

New Huadu Business School (NBS), funded by Chinese billionaire Chen Fashu and headed by Nobel Prize-winning economist Edmund Phelps, opened a campus in Zurich on 12th April. It was the first Chinese business school to set up a permanent base outside China. During Chinese Premier Li Keqiang’s visit to Switzerland on 24th May, NBS signed a pact with the University of Zurich to cooperate on several projects, including a global executive MBA program (GEMBA). The GEMBA includes such unique modules as Chinese Economic Strategy & Social Mega-trends and Chinese Commerce & Chinese Civilization, according to NBS.

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Swiss Re Warns of USD 44 Billion Loss Scenario from Chinese Flood and Storm Surge

by swisscham in Bank, Finance, Insurance

With its large economy and over half of its manufacturing centres exposed to flood risk, China represents a much bigger risk to insurers than Thailand, according to a new report from Swiss Re. It found that industrial flood loss potential in high growth markets is enormous and urgent work is needed to develop more detailed flood hazard and exposure information in these markets, as well as greater analysis of risks along global supply chains. Out of all HGMs, Swiss Re claims China has the biggest flood loss potential, with 52% of its industry areas exposed to flooding and 25% to storm surge. The most exposed regions being the Pearl River area and Shanghai where Swiss Re notes a storm surge and river flooding could result in insured large loss scenarios worth USD 44bn and USD 16.5bn respectively.

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Neusoft Named Again to PwC’s Global 100 Software Leaders

by swisscham in Bank, Finance, Insurance

Neusoft Corporation, a leading IT solution and service provider in China, today announced that it has been recently named again to the PricewaterhouseCoopers (PwC) ‘Global 100 Software Leaders’ ranking list for its outstanding business model innovation, transformation, and sustainability. It is the only software company from China included in the ranking. Global 100 Software Leaders, a unique initiative between PwC and leading software industry associations, presents today’s top 100 software companies around the world, based on the forecast, analysis, and evaluation of leading software companies and industry trends. In addition, it also ranks the top 100 software companies in emerging markets, such as China, India, Brazil, Poland, Romania, Japan, Korea, etc.

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Credit Suisse Replaces Morgan Stanley as Number Two Asia Prime Broker

by swisscham in Bank, Finance, Insurance

The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region’s USD 148 billion hedge funds industry, a survey showed. Credit Suisse overtook Morgan Stanley by adding 14 new clients and USD 2.4 billion in assets over the last year, a first for any prime broker in Asia, the survey showed. Prime brokers provide services such as clearing trades and lending money to hedge funds. The fiercely competitive industry is going through a rough patch in Asia, where raising capital is becoming more difficult and many funds are shutting down.

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UBS China Pins Hopes on China Bond Market, Derivatives

by swisscham in Bank, Finance, Insurance

UBS says it will step up efforts at its mainland securities brokerage business, after earnings fell to a four-year low. UBS Securities, a joint venture managed by the Swiss banking group, reported last month its net earnings shrank by more than 90% to RMB 11.3 million (HKD 14.3 million) over the four-year period to last year. Fellow investors in the firm, which began operations in 2007 after UBS took a stake in failed Chinese brokerage Beijing Securities, include China Jianyin Investment, State Development & Investment Corp, China Oil & Foodstuffs and International Finance Corp. Currently, China’s bond market represents about 30% of total borrowings in the country, compared with 70% in the United States. That suggests most borrowers are overly reliant on bank loans, which some officials and analysts see as dangerous for the economy.

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November 8, 2021
Published By chinadaily.com.cn in Bilateral Relations
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Published By shine.cn in Engineering / Manufacturing
November 2, 2021
Published By finance.yahoo.com in Bank / Finance / Insurance