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Xi, Trump Offer Dueling Visions of Globalization at Asia Forum
Peter Martin, Jennifer Jacobs and Justin Sink – Bloomberg
The two leaders speak in back-to-back addresses in Vietnam; Trump says play by the rules, Xi says get on the China train
Chinese President Xi Jinping and U.S. President Donald Trump laid down starkly contrasting visions for Asia’s future Friday, with Xi pledging a new era of globalization propelled by his nation’s economic might as Trump offered America’s largess only to those who play by his rules.
https://goo.gl/79PXdD

China’s Path Toward Opening Up its Financial System
Bloomberg News
Since Deng Xiaoping announced “gaige kaifang,” or reform and opening-up, in 1978, China’s journey from self-imposed isolation to a modern market economy that’s a driving force behind global trade has taken many twists and turns.
https://goo.gl/9ibDPc

How China Is Opening Up to Foreign Finance Firms
By Paul Panckhurst – Bloomberg
China is thrusting open the door to its financial industry. Limits on foreign ownership for banks, asset managers, securities firms and insurance companies are all going, at least eventually. It’s all part of China’s move to gradually open up its $40 trillion financial sector as well as counter criticism that it’s been a one-sided player in global commerce. Symbolically, the announcement came the day U.S. President Donald Trump, a staunch critic of China’s trade and business practices, wrapped up his first visit to the country.
https://goo.gl/uXbs1e

China Moves to Open Market for Financial Firms in Historic Step
Bloomberg News
Nation removes foreign ownership limits on lenders, fund firms; Announcement coincides with Trump’s first state visit to China
JPMorgan Asia Pacific Chairman and CEO Nicolas Aguzin discusses China’s plan to open its financial system.
China took a major step toward the long-awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers.
https://goo.gl/vmppK5

Alibaba Singles’ Day Sales Hit $8.6 Billion in First Hour
Bloomberg News
Analysts expect this year’s event to top 2016’s record; Event kicks off with star-studded gala with Pharrell Williams
Michael Evans, Alibaba Group president, discusses the company’s new retail strategy with Bloomberg’s Selina Wang.
Alibaba Group Holding Ltd. kicked off its annual Singles’ Day shopping bonanza, logging $8.6 billion in sales within the first hour.
https://goo.gl/kY7nC2

TPP Trade Deal Gets Bogged Down Near Finish Line
By Rosalind Mathieson , Isabel Reynolds , and Nguyen Dieu Tu Uyen – Bloomberg
Japan’s Abe told regional leaders he welcomed framework deal; TPP leaders’ meeting put off, no statement yet issued
After a day of confusion, a much-anticipated framework agreement on a Pacific trade deal was at risk of being scuppered, raising the prospect the pact — already many years in the making — could be delayed further.
https://goo.gl/sVkPwW

Exchange News

Tokyo Financial Exchange: Taiwanese Regulator Recognizes “Click 365” And “Click Kabu 365” As “Eligible Foreign Futures”
Mondovisione
Tokyo Financial Exchange (TFX) announces that our FX Daily Futures “Click 365” and Equity Index Daily Futures “Click Kabu 365” are recognized by the Financial Supervisory Commission of Taiwan (FSC) as “eligible foreign futures” for Taiwanese investors.
https://goo.gl/mkCTWM

FinTech News

China Fintech IPO Fever Wanes as Regulators Weigh Crackdown
By Crystal Tse and Alfred Liu – Bloomberg
Regulators review interest rates charged by cash microlenders; The euphoria around Chinese fintech listings is starting to wane.
Online lender PPDAI Group Inc. raised $221 million after pricing its U.S. initial public offering below the bottom end of a marketed range, people with knowledge of the matter said Friday. Rival Qudian Inc. fell below its offer price the week after its October debut in New York, then bounced back, only to see its stock drop 7.4 percent over the past two days.
https://goo.gl/aJCcmT

Regulatory News

China Bans Actress Zhao Wei From Stock Trading for Five Years
Bloomberg News
Zhao Wei, one of China’s best-known actresses, has received a five-year ban from trading in the mainland stock market for irregularities connected with a takeover bid.
https://goo.gl/Dk62Cv

Japan regulator to step up checks on struggling regional banks
Takahiko Wada – Reuters
Japan’s financial regulator will step up scrutiny of the country’s struggling regional banks, it said on Friday, as it aims to force lenders straining for profitability to shore up potentially risky business models.
https://goo.gl/67HwYw

Investing News

CIMB’s Nazir Is Said to Plan $1 Billion Southeast Asia Fund
By Elffie Chew and Cathy Chan – Bloomberg
Senior Malaysian banker starting regional private equity firm; Ex-government officials, former Temasek manager among partners
Nazir Razak, chairman of CIMB Group Holdings Bhd. and brother of Malaysia’s prime minister, is helping start a regional private equity fund that will seek as much as $1 billion, people with knowledge of the matter said.
https://goo.gl/gLfPMo

Asia Shares Near Record But China Investors Aren’t Celebrating
Bloomberg News
Shanghai Composite is down more than 40 percent from 2007 peak; Could take a few years for Chinese equities to catch up: So
MSCI Inc.’s Asian stock benchmark is just a fraction away from clearing a peak that’s stood for a decade. Chinese investors should be so lucky.
https://goo.gl/1NYSSV

Protecting the Secrets of the Ultra-Rich
John Berthelsen – Asia Sentinel
If you’re in the business of protecting your clients who have deep, deep, deep reasons to keep financial secrets from the world, Steve Vickers would like to help you.
https://goo.gl/w1ZtKR

Japan

Japan’s Kobe Steel blames fake data scandal on corporate culture
Leo Lewis – FT
Kobe Steel has sought to blame at least a decade of data fabrication across multiple production facilities on a closed corporate culture, over-pursuit of profits and “unbalanced” factory management.
https://goo.gl/zNggGq

Japan’s Biggest Banks Confront Harsh Reality With Cost Overhaul
By Gareth Allan and Yuki Hagiwara – Bloomberg
Mizuho is said to weigh cutting third of workforce in 10 years; BOJ says lenders’ overcapacity is putting pressure on profit
Years of shrinking interest rates, demographic challenges and threats from rapidly advancing technology are finally coming to a head at Japan’s biggest banks as they prepare to eliminate thousands of positions and downsize branches.
https://goo.gl/6s6CjF

Japan households’ financial assets rising thanks to Abenomics: survey
Leika Kihara – Reuters
An improving job market driven by Japan’s economic recovery and booming stock prices helped increase households’ net worth this year, a survey showed, suggesting the benefits of Prime Minister Shinzo Abe’s reflationist “Abenomics” policies are broadening.
https://goo.gl/W8Fuyv

Mainland China

China pledges to open finance sector to more foreign ownership; Official says foreign and domestic investors to be treated ‘equally’ when buying stakes
Gabriel Wildau in Shanghai and Hudson Lockett in Hong Kong – FT
China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country.
https://goo.gl/tZni7T

China widens foreign access to its giant financial sector
Reuters Staff
China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world’s second-biggest economy seeks to position itself as a major global finance hub.
https://goo.gl/MTjzNS

Trump faces hard sell on new Asia policy at APEC summit
by Dien Luong – Aljazeera
A new policy for Asia that President Donald Trump is expected to bill at a summit in Vietnam will do little to assuage mounting concerns about US commitment to a region increasingly weary of his capricious and erratic diplomacy, analysts say.
https://goo.gl/Pkr77r

Vietnam

Pullout from Pacific Rim trade pact leaves US on sidelines
Tran Van Minh And Elaine Kurtenbach – The Associated Press
President Donald Trump’s decision to withdraw from a far-reaching Pacific Rim trade pact has scarcely dented the push for freer trade in the region, judging from the frenetic growth of exports of clothing and shoes, cellphones and computers from booming Vietnam.
https://goo.gl/nmN5sU

Trump Visits Vietnam, a Tiger Economy That Beats His Stock Rally
By Chris Anstey and Giang Nguyen – Bloomberg
As Asia-Pacific leaders gather for a summit in Vietnam on Friday, they’ll be greeted with an economy that’s following the same old development track that propelled development in regional neighbors from Japan to China.
https://goo.gl/WaeMG5

South Korea

South Korea says will provide financial support for Kaesong firms; Seoul’s Ministry of Unification said financial support would total 66 billion won (S$ 80.3 million) for 174 companies
Straits Times
South Korea will provide additional financial support for companies that formerly operated at the now shut-down Kaesong industrial complex inside North Korea, Seoul’s Ministry of Unification said on Friday (Nov 10).
https://goo.gl/sGs67r

Philippines

Digital finance is ‘crucial’ for SDGs
rural poor
Smart financial inclusion policies was the central theme of this year’s Fintech and Sustainable Development conference at the ADB, promoting programs aimed at reducing inequality and boosting economic growth especially in rural areas. Image: Victorgrigas,CC BY-SA 3.0, via Wikimedia Commons
Hannah Fernandez – Eco-Business.com
There is no better time than now for Asia to move forward with digital technology to improve financial inclusion and eradicate poverty in the region, said experts at a recent conference in Manila.
https://goo.gl/bLdXhC

Malaysia

Malaysia: Islamic Funds: Shariah Structuring And Compliance
Habib Motani and Monica Sah – Mondaq
Islamic investment wealth management funds allow Islamic investors to invest in funds structured through Shariah-compliant contracts. The funds invest in shares or units of Shariah-compliant assets.
https://goo.gl/UaGJaz

Bursa Malaysia ends week lower
TheSunDaily
KUALA LUMPUR: Bursa Malaysia finished the week lower on profit-taking in selected heavyweights and trade and services counters, dealers said.
https://goo.gl/YjBDbH

India

Bilateral trade between India and Ghana may touch $5 billion
Financial Express
The new envoy of Ghana has said bilateral trade between India and his country is expected to touch $5 billion in the next three years.
https://goo.gl/fPESgh

Demonetisation: Manmohan Singh To Modi – Time For Politicking Over, Let’s Rebuild The Economy
Praveen Chakravarty – Blomberg
The impact of demonetisation “on the weaker sections of our society and business is far more damaging than any economic indicator can reveal,” said former Prime Minister of India Manmohan Singh in an interview on the first anniversary of the Narendra Modi government’s move to declare all five-hundred and thousand rupee currency notes invalid.
https://goo.gl/G7GvQJ

Jewelers Are Still Struggling a Year After India’s Cash Ban
By Swansy Afonso – Bloomberg
Multiple curbs of cash use in the past year hurting sales; Trade feels government discouraging demand for physical gold
For jewelers in the world’s second-largest gold market, business is yet to recover from the slump that followed India’s decision to ban high-value currency notes a year ago. Ask Bachhraj Bamalwa, who has spent four decades in the industry.
https://goo.gl/2zHXME

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Lothian is executive chairman of John J. Lothian & Co. and editor of the John Lothian Newsletter. He publishes MarketsWiki.com, MarketsReformWiki.com, MarketsWikiEducation.com, JohnLothianNews.com and several industry newsletters.