Category سی ان بی سی آسیا

Singapore’s Temasek says its portfolio fell for the first time in four years due to Covid-19

A Temasek Holdings signage at their office in Singapore.
Munshi Ahmed | Bloomberg | Getty Images

SINGAPORE — Singapore’s state investment company Temasek said Tuesday the net value of its portfolio fell for the first time since 2016 as the coronavirus pandemic hit global markets.

The size of Temasek’s portfolio fell to 306 billion Singapore dollars ($223.73 billion) for the financial year that ended March 31, around 2.2% lower than the previous year’s 313 billion Singapore dollars, the company said in its annual report. 

Its one-year shareholder return was minus 2.28%, said the company. But returns were 5% over a 10-year period and 6% over 20 years, it added. Those returns take into account all dividends paid to Temasek’s shareholder, less any capital injections.

Temasek ...

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Asia-Pacific stocks rise; Japan’s second-quarter GDP revised lower

SINGAPORE — Stocks in Asia Pacific were higher in Tuesday afternoon trade, as Japan released revised gross domestic product figures for the second quarter.

In Japan, the Nikkei 225 advanced 0.8% in afternoon trade while the Topix index gained 0.69%.

Japan’s revised GDP figures for the April-June quarter showed the country’s economy shrinking an annualized 28.1%, according to second preliminary estimates released by the Cabinet Office. It was worse than preliminary estimates released in mid-August, which had shown the country’s economy shrinking 27.8% on an annualized basis in April-June.

Tuesday’s revised GDP figure compared with a median forecast for a 28.6% contraction by economists in a Reuters poll.

Following the data release, the Japanese yen traded at 106...

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There’s a ‘huge amount of money’ returning to China in the IPO space, investor says

SINGAPORE — As tensions mount between Washington and Beijing ahead of the U.S. presidential elections in November, Stonehorn Global Partners’ Sam Le Cornu sees more Chinese firms returning home.

“There’s a huge amount of money coming back home in terms of the IPO space,” Le Cornu, who is CEO & co-founder of the firm, told CNBC’s “Squawk Box Asia” on Monday.

That comes as U.S. President Donald Trump’s rhetoric “is getting harsher and harsher” ahead of the election, he said.

On Monday, Hong Kong-listed shares of China’s largest chip manufacturer Semiconductor Manufacturing International Corporation (SMIC) plunged more then 20% following reports that the Trump administration is considering imposing export restrictions on the firm.

Le Cornu sees potential investment opportunities in thi...

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Asia stocks trade mixed; Japan’s second-quarter GDP revised lower

SINGAPORE — Stocks in Asia Pacific were mixed in Tuesday trade, as Japan released revised gross domestic product figures for the second quarter.

In Japan, the Nikkei 225 advanced 0.54% in afternoon trade while the Topix index gained 0.3%.

Japan’s revised GDP figures for the April-June quarter showed the country’s economy shrinking an annualized 28.1%, according to second preliminary estimates released by the Cabinet Office. It was worse than preliminary estimates released in mid-August, which had shown the country’s economy shrinking 27.8% on an annualized basis in April-June.

Tuesday’s revised GDP figure compared with a median forecast for a 28.6% contraction by economists in a Reuters poll.

Following the data release, the Japanese yen traded at 106...

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Shares of Chinese bottled water giant Nongfu Spring spike 85% in Hong Kong debut

Nongfu Spring’s bottled water in a supermarket in Hangzhou, China.
Costfoto | Barcroft Media | Getty Images

SINGAPORE — Shares of Chinese bottled water giant Nongfu Spring surged more than 85% in their debut on the Hong Kong stock market on Tuesday. 

The stock opened at 39.80 Hong Kong dollars per share ($5.14) before inching down to around 35.00 Hong Kong dollars ($4.52). Its initial public offering price was 21.50 Hong Kong dollars ($2.77), allowing the company to raise around $1.1 billion. 

Dickie Wong, executive director of Kingston Securities, told CNBC’s “Squawk Box Asia” that Nongfu Spring was “one of the hottest IPO ever” in the history of Hong Kong’s stock market. He pointed out that the IPO was oversubscribed by 1,148 times.

Wong explained that investors are int...

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Four years on, Philippine President Duterte is still struggling to show the benefits of being pro-China

Philippine President Rodrigo Duterte met with Chinese President Xi Jinping in April, 2019 in Beijing, China.
Kenzaburo Fukuhara | Kyodo News | Getty Images

SINGAPORE — After more than four years in power, Philippine President Rodrigo Duterte is still struggling to show that his country has benefited from a closer alliance with China.

In a dramatic shift in the Philippines’ foreign policy, Duterte declared in 2016 the country’s “separation” from the U.S. — a military ally — and announced closer ties with China.

Among other things, the president also set aside his country’s territorial dispute with Beijing in the South China Sea, in exchange for billions of dollars that China pledged in infrastructure investments.

But much of those promised investments have not material...

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Asia stocks set to trade higher; Japan’s revised second-quarter GDP data expected

Stocks in Asia Pacific were set to open higher on Tuesday as investors await the release of Japan’s revised second-quarter gross domestic product data.

Futures pointed to a higher open for Japanese stocks, with the Nikkei futures contract in Chicago at 23,225 while its counterpart in Osaka was at 23,220. That compared against the Nikkei 225’s last close at 23,089.95.

Shares in Australia were also poised to see a positive start to their trading day. The SPI futures contract was at 5,949.0, as compared to the S&P/ASX 200’s last close at 5,944.80.

On the economic data front, Japan’s revised GDP figures for the second quarter are set to be out at around 7:50 a.m. HK/SIN. Preliminary estimates released in mid-August had shown the country’s GDP shrinking 27...

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Most major Asian markets lower; shares of SMIC in Hong Kong tumble as U.S.-China tech tensions rise

SINGAPORE — Asia-Pacific markets were mixed on Monday, as investors reacted to rising tech tensions between Washington and Beijing.

Mainland Chinese stocks led losses among the region’s major markets on the day, with the Shanghai composite down 1.87% to about 3,292.59 while the Shenzhen component dropped 2.729% to around 13,284.03. Hong Kong’s Hang Seng index was 0.44% lower, as of its final hour of trading.

Hong Kong-listed shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest chip manufacturer, plunged more than 23% during the afternoon trade. It came after a U.S. Defense Department spokesperson said President Donald Trump’s administration is considering imposing export restrictions on the firm.

SMIC is seen as an important player in China’s ambit...

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China is in for ‘a tough time’ as U.S. targets tech sector, expert says

SINGAPORE — China is in for “a tough time” in the short term as the U.S. tries to deny it access to crucial tech components, a business consultant told CNBC on Monday.

Tensions between the two countries in the technology space heated up over the weekend with the U.S. considering blacklisting China’s largest chipmaker, Semiconductor Manufacturing International Corporation or SMIC.

The measure would restrict SMIC from obtaining specific goods made in the U.S. Even though China has been developing its own semiconductor manufacturing capabilities, companies such as SMIC still relies on American equipment in its production line.

Richard Martin, managing director of IMA Asia, told CNBC’s “Squawk Box Asia” that China may have to “look elsewhere” for supply of semiconductors if SMIC’s abili...

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Asia stocks mixed; shares of SMIC in Hong Kong plummet as U.S.-China tech tensions rise

SINGAPORE — Asia-Pacific markets were mixed in Monday trade, as investors reacted to rising tech tensions between Washington and Beijing.

Mainland Chinese stocks shed earlier gains and were lower by the afternoon, with the Shanghai composite down 0.16% while the Shenzhen component shed 0.74%. Hong Kong’s Hang Seng index was fractionally higher.

Hong Kong-listed shares of Semiconductor Manufacturing International Corporation (SMIC), China’s largest chip manufacturer, plunged nearly 20% by the afternoon. It came after a U.S. Defense Department spokesperson said President Donald Trump’s administration is considering imposing export restrictions on the firm.

SMIC is seen as an important player in China’s ambition to grow its domestic semiconductor industry...

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