OCBC Bank    Last:23.4    -0.54

do not bet against the sg bank shares

chartistkao1      ( Date: 18-Nov-2022 13:21) Posted: yield vs bank fd' s rate which do you select? https://www.uob.com.sg/personal/save/fixed-deposits/singapore-dollar-fixed-deposit.page   vs https://www.uob.com.sg/personal/save/fixed-deposits/singapore-dollar-fixed-deposit.page chartistkao1      ( Date: 14-Nov-2022 09:11) Posted: profit up 31% but share price till below its $13.5 peak in 2021 depsite usd sgd 1.37 https://www.cnbc.com/2022/11/04/ocbc-profit-jumps-31percent-rounding-up-record-quarter-for-singapore-banks.htm

 

yield vs bank fd' s rate which do you select?

chartistkao1      ( Date: 14-Nov-2022 09:11) Posted: profit up 31% but share price till below its $13.5 peak in 2021 depsite usd sgd 1.37 https://www.cnbc.com/2022/11/04/ocbc-profit-jumps-31percent-rounding-up-record-quarter-for-singapore-banks.html chartistkao1      ( Date: 14-Nov-2022 09:06) Posted: ocbc undervalued after 8 months of selling in 2022 https://www.straitstimes.com/business/banking/ocbcs-up-to-7-billion-excess-capital-may-spark-deals-repor

 

profit up 31% but share price till below its $13.5 peak in 2021 depsite usd sgd 1.37
https://www.cnbc.com/2022/11/04/ocbc-profit-jumps-31percent-rounding-up-record-quarter-for-singapore-banks.html

chartistkao1      ( Date: 14-Nov-2022 09:06) Posted: ocbc undervalued after 8 months of selling in 2022 https://www.straitstimes.com/business/banking/ocbcs-up-to-7-billion-excess-capital-may-spark-deals-report chartistkao1      ( Date: 03-Nov-2022 15:55) Posted: https://global.chinadaily.com.cn/a/202004/15/WS5e965722a3105d50a3d163a1.html   https://zh.wikipedia.org/wiki/%E5%9B%BD%E5%AE%B6%E7%94%B5%E7%BD%91

 

ocbc undervalued after 8 months of selling in 2022
https://www.straitstimes.com/business/banking/ocbcs-up-to-7-billion-excess-capital-may-spark-deals-report

chartistkao1      ( Date: 03-Nov-2022 15:55) Posted: https://global.chinadaily.com.cn/a/202004/15/WS5e965722a3105d50a3d163a1.html   https://zh.wikipedia.org/wiki/%E5%9B%BD%E5%AE%B6%E7%94%B5%E7%BD%91 chartistkao1      ( Date: 03-Nov-2022 15:35) Posted: US' s stock selloff offer a good bargain hunting opportuntity for https://research.sginvestors.io/2022/11/uob-phillip-securities-research-2022-10-31.htm

 

chartistkao1      ( Date: 03-Nov-2022 15:35) Posted: US' s stock selloff offer a good bargain hunting opportuntity for https://research.sginvestors.io/2022/11/uob-phillip-securities-research-2022-10-31.html chartistkao1      ( Date: 03-Nov-2022 10:27) Posted: J.Powell is working towards https://images.app.goo.gl/rbe1FuipAiggiwyJ6 by aggressively hike rates to bring all assets down another 50%

 

US' s stock selloff offer a good bargain hunting opportuntity for
https://research.sginvestors.io/2022/11/uob-phillip-securities-research-2022-10-31.html

chartistkao1      ( Date: 03-Nov-2022 10:27) Posted: J.Powell is working towards https://images.app.goo.gl/rbe1FuipAiggiwyJ6 by aggressively hike rates to bring all assets down another 50%   chartistkao1      ( Date: 02-Nov-2022 16:41) Posted: Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/292799f3-bb7c-46c2-afa8-7f93064c8101 UOB Asset Management has teamed up with its Chinese joint venture partner Ping An Fund Management to roll out the first master-feeder exchange traded fund operating between the Singapore and Shenzhen stock exchanges. The launch comes amid persistent volatility and plunging valuations in the China A-shares market this year, as a result of China&rsquo s strict zero-Covid policy and regulatory clampdowns in technology, property and other sectors. The Singapore-listed UOBAM Ping An ChiNext ETF feeds into the Ping An ChiNext ETF, a Shenzhen-listed ETF that tracks the Shenzhen Stock Exchange&rsquo s Nasdaq-style ChiNext index, a compilation of the top 100 largest and most liquid A-shares on the tech-heavy bourse that is usually restricted to mainland Chinese and foreign professional and institutional investors. There has been no announcement of any corresponding UOBAM ETFs being made available via the Shenzhen bourse. This article was previously published by Ignites Asia, a title owned by the FT Group. The ETF&rsquo s initial public offering will last from October 21 to November 7 and the fund will list on the Singapore Exchange on November 14. The ETF scheme linking Singapore and Shenzhen was announced last December after the two exchanges signed a memorandum of understanding to develop a link that would allow investors in Singapore and China to access feeder ETFs that link to locally listed ETFs on each other&rsquo s exchanges. The initial scope of available products under the scheme is focused on equities ETFs because of the larger trading turnover, rather than the fixed-income and real estate investment trust ETFs that account for many of the largest ETFs in Singapore. Thio Boon Kiat, Singapore-based group chief executive of UOBAM, said the ETF marked a &ldquo milestone&rdquo in its partnership with China-based joint venture Ping An FM, in which it has a 17.51 per cent stake. Last May, two of UOBAM&rsquo s China-focused funds sold in the city-state crossed the S$1bn ($703mn) threshold in combined assets, which the Singapore manager credited to its partnership with the joint venture. The new ETF aims to provide investors with access to high-growth sectors in China such as biotechnology and clean energy. The Singapore manager has touted the long-term growth potential of the China market, citing the Chinese government&rsquo s efforts to develop &ldquo new engines of economic growth&rdquo across biotechnology, electric vehicles and robotics. Around 40 per cent of its holdings will be in industrials, 22 per cent in healthcare, 14 per cent in information technology and 8 per cent in finance, according to a company statement. Top holdings include lithium-ion battery manufacturer Contemporary Amperex Technology, financial and stock information provider East Money Information Company, and medical instruments manufacturer Shenzhen Mindray Bio-Medical Electronics. But Paul Ho, senior director of Asia-Pacific equities at UOBAM, admits that the slowdown of the Chinese economy &ldquo continues to worry investors&rdquo . &ldquo China&rsquo s economy has also taken a beating from its zero-Covid policy and the US-China geopolitical and trade tensions look set to compound these problems,&rdquo he said. However, Ho argued that China&rsquo s stock market was now &ldquo attractively valued&rdquo and he expected the Chinese government would soon implement policies that would support the economy such as relaxing the zero-Covid measures. &ldquo These could be the catalysts needed to boost the interest and confidence of Singapore investors,&rdquo he added. The fund is the sixth Singapore-listed ETF to provide access to the China market and follows the launch of the NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility ETF in January this year and the Lion-OCBC Securities China Leaders ETF last August. ETF assets have grown rapidly in Singapore over the past two years, surging by 57 per cent in 2020 and then another 47 per cent in 2021 to hit S$12.55bn on the back of increasing retail adoption. The Singapore Exchange has been active in building out the local ETF space as well, with the local bourse announcing a collaboration with the New York Stock Exchange in July that includes the development of new ETF products

 

J.Powell is working towards

https://images.app.goo.gl/rbe1FuipAiggiwyJ6
by aggressively hike rates to bring all assets down another 50%
 

chartistkao1      ( Date: 02-Nov-2022 16:41) Posted: Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/292799f3-bb7c-46c2-afa8-7f93064c8101 UOB Asset Management has teamed up with its Chinese joint venture partner Ping An Fund Management to roll out the first master-feeder exchange traded fund operating between the Singapore and Shenzhen stock exchanges. The launch comes amid persistent volatility and plunging valuations in the China A-shares market this year, as a result of China&rsquo s strict zero-Covid policy and regulatory clampdowns in technology, property and other sectors. The Singapore-listed UOBAM Ping An ChiNext ETF feeds into the Ping An ChiNext ETF, a Shenzhen-listed ETF that tracks the Shenzhen Stock Exchange&rsquo s Nasdaq-style ChiNext index, a compilation of the top 100 largest and most liquid A-shares on the tech-heavy bourse that is usually restricted to mainland Chinese and foreign professional and institutional investors. There has been no announcement of any corresponding UOBAM ETFs being made available via the Shenzhen bourse. This article was previously published by Ignites Asia, a title owned by the FT Group. The ETF&rsquo s initial public offering will last from October 21 to November 7 and the fund will list on the Singapore Exchange on November 14. The ETF scheme linking Singapore and Shenzhen was announced last December after the two exchanges signed a memorandum of understanding to develop a link that would allow investors in Singapore and China to access feeder ETFs that link to locally listed ETFs on each other&rsquo s exchanges. The initial scope of available products under the scheme is focused on equities ETFs because of the larger trading turnover, rather than the fixed-income and real estate investment trust ETFs that account for many of the largest ETFs in Singapore. Thio Boon Kiat, Singapore-based group chief executive of UOBAM, said the ETF marked a &ldquo milestone&rdquo in its partnership with China-based joint venture Ping An FM, in which it has a 17.51 per cent stake. Last May, two of UOBAM&rsquo s China-focused funds sold in the city-state crossed the S$1bn ($703mn) threshold in combined assets, which the Singapore manager credited to its partnership with the joint venture. The new ETF aims to provide investors with access to high-growth sectors in China such as biotechnology and clean energy. The Singapore manager has touted the long-term growth potential of the China market, citing the Chinese government&rsquo s efforts to develop &ldquo new engines of economic growth&rdquo across biotechnology, electric vehicles and robotics. Around 40 per cent of its holdings will be in industrials, 22 per cent in healthcare, 14 per cent in information technology and 8 per cent in finance, according to a company statement. Top holdings include lithium-ion battery manufacturer Contemporary Amperex Technology, financial and stock information provider East Money Information Company, and medical instruments manufacturer Shenzhen Mindray Bio-Medical Electronics. But Paul Ho, senior director of Asia-Pacific equities at UOBAM, admits that the slowdown of the Chinese economy &ldquo continues to worry investors&rdquo . &ldquo China&rsquo s economy has also taken a beating from its zero-Covid policy and the US-China geopolitical and trade tensions look set to compound these problems,&rdquo he said. However, Ho argued that China&rsquo s stock market was now &ldquo attractively valued&rdquo and he expected the Chinese government would soon implement policies that would support the economy such as relaxing the zero-Covid measures. &ldquo These could be the catalysts needed to boost the interest and confidence of Singapore investors,&rdquo he added. The fund is the sixth Singapore-listed ETF to provide access to the China market and follows the launch of the NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility ETF in January this year and the Lion-OCBC Securities China Leaders ETF last August. ETF assets have grown rapidly in Singapore over the past two years, surging by 57 per cent in 2020 and then another 47 per cent in 2021 to hit S$12.55bn on the back of increasing retail adoption. The Singapore Exchange has been active in building out the local ETF space as well, with the local bourse announcing a collaboration with the New York Stock Exchange in July that includes the development of new ETF products. chartistkao1      ( Date: 02-Nov-2022 16:36) Posted: European markets await china to reopen its economy so it will rise from the selloff https://www.investing.com/equities/europ

 

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/292799f3-bb7c-46c2-afa8-7f93064c8101

UOB Asset Management has teamed up with its Chinese joint venture partner Ping An Fund Management to roll out the first master-feeder exchange traded fund operating between the Singapore and Shenzhen stock exchanges. The launch comes amid persistent volatility and plunging valuations in the China A-shares market this year, as a result of China&rsquo s strict zero-Covid policy and regulatory clampdowns in technology, property and other sectors. The Singapore-listed UOBAM Ping An ChiNext ETF feeds into the Ping An ChiNext ETF, a Shenzhen-listed ETF that tracks the Shenzhen Stock Exchange&rsquo s Nasdaq-style ChiNext index, a compilation of the top 100 largest and most liquid A-shares on the tech-heavy bourse that is usually restricted to mainland Chinese and foreign professional and institutional investors. There has been no announcement of any corresponding UOBAM ETFs being made available via the Shenzhen bourse. This article was previously published by Ignites Asia, a title owned by the FT Group. The ETF&rsquo s initial public offering will last from October 21 to November 7 and the fund will list on the Singapore Exchange on November 14. The ETF scheme linking Singapore and Shenzhen was announced last December after the two exchanges signed a memorandum of understanding to develop a link that would allow investors in Singapore and China to access feeder ETFs that link to locally listed ETFs on each other&rsquo s exchanges. The initial scope of available products under the scheme is focused on equities ETFs because of the larger trading turnover, rather than the fixed-income and real estate investment trust ETFs that account for many of the largest ETFs in Singapore. Thio Boon Kiat, Singapore-based group chief executive of UOBAM, said the ETF marked a &ldquo milestone&rdquo in its partnership with China-based joint venture Ping An FM, in which it has a 17.51 per cent stake. Last May, two of UOBAM&rsquo s China-focused funds sold in the city-state crossed the S$1bn ($703mn) threshold in combined assets, which the Singapore manager credited to its partnership with the joint venture. The new ETF aims to provide investors with access to high-growth sectors in China such as biotechnology and clean energy. The Singapore manager has touted the long-term growth potential of the China market, citing the Chinese government&rsquo s efforts to develop &ldquo new engines of economic growth&rdquo across biotechnology, electric vehicles and robotics. Around 40 per cent of its holdings will be in industrials, 22 per cent in healthcare, 14 per cent in information technology and 8 per cent in finance, according to a company statement. Top holdings include lithium-ion battery manufacturer Contemporary Amperex Technology, financial and stock information provider East Money Information Company, and medical instruments manufacturer Shenzhen Mindray Bio-Medical Electronics. But Paul Ho, senior director of Asia-Pacific equities at UOBAM, admits that the slowdown of the Chinese economy &ldquo continues to worry investors&rdquo . &ldquo China&rsquo s economy has also taken a beating from its zero-Covid policy and the US-China geopolitical and trade tensions look set to compound these problems,&rdquo he said. However, Ho argued that China&rsquo s stock market was now &ldquo attractively valued&rdquo and he expected the Chinese government would soon implement policies that would support the economy such as relaxing the zero-Covid measures. &ldquo These could be the catalysts needed to boost the interest and confidence of Singapore investors,&rdquo he added. The fund is the sixth Singapore-listed ETF to provide access to the China market and follows the launch of the NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility ETF in January this year and the Lion-OCBC Securities China Leaders ETF last August. ETF assets have grown rapidly in Singapore over the past two years, surging by 57 per cent in 2020 and then another 47 per cent in 2021 to hit S$12.55bn on the back of increasing retail adoption. The Singapore Exchange has been active in building out the local ETF space as well, with the local bourse announcing a collaboration with the New York Stock Exchange in July that includes the development of new ETF products.

chartistkao1      ( Date: 02-Nov-2022 16:36) Posted: European markets await china to reopen its economy so it will rise from the selloff https://www.investing.com/equities/europe chartistkao1      ( Date: 02-Nov-2022 16:33) Posted: eurropean markets open higher ahead of FEd' s rate hikes,togehter with the rumours that china to reopen its economy soon https://money.cnn.com/data/world_markets/europe

 

European markets await china to reopen its economy so it will rise from the selloff

https://www.investing.com/equities/europe

chartistkao1      ( Date: 02-Nov-2022 16:33) Posted: eurropean markets open higher ahead of FEd' s rate hikes,togehter with the rumours that china to reopen its economy soon https://money.cnn.com/data/world_markets/europe/ Adrianinsing      ( Date: 02-Nov-2022 16:26) Posted: Singapore government regulations on holding Singapore based banks will not allow any large stake or take over of any Singapore bank - to protect out local banks

 

eurropean markets open higher ahead of FEd' s rate hikes,togehter with the rumours that china to reopen its economy soon

https://money.cnn.com/data/world_markets/europe/

Adrianinsing      ( Date: 02-Nov-2022 16:26) Posted: Singapore government regulations on holding Singapore based banks will not allow any large stake or take over of any Singapore bank - to protect out local banks  chartistkao1      ( Date: 02-Nov-2022 16:14) Posted: petro money will it comes to south east asia? The Riyadh skyline. The wealth fund is boosting its investments in equities as Saudi' s income from oil almost doubled in the second quarter.Image Credit: Bloomberg Saudi Arabia&rsquo s sovereign wealth fund is seeking to build $412 million stake in a local travel and tourism firm as part of efforts to diversify its investments. The Public Investment Fund signed a pact to acquire a 30 per cent stake in Almosafer Travel & Tourism Co., a unit of Riyadh-listed Seera Group Holding, according to a statement. The investment of 1.55 billion riyals ($412 million) includes a 386 million-riyal earn-out amount. https://gulfnews.com/business/saudi-wealth-fund-to-build-412-million-stake-in-local-tourism-firm-1.90546737

 

Singapore government regulations on holding Singapore based banks will not allow any large stake or take over of any Singapore bank - to protect out local banks 

chartistkao1      ( Date: 02-Nov-2022 16:14) Posted: petro money will it comes to south east asia? The Riyadh skyline. The wealth fund is boosting its investments in equities as Saudi' s income from oil almost doubled in the second quarter.Image Credit: Bloomberg Saudi Arabia&rsquo s sovereign wealth fund is seeking to build $412 million stake in a local travel and tourism firm as part of efforts to diversify its investments. The Public Investment Fund signed a pact to acquire a 30 per cent stake in Almosafer Travel & Tourism Co., a unit of Riyadh-listed Seera Group Holding, according to a statement. The investment of 1.55 billion riyals ($412 million) includes a 386 million-riyal earn-out amount. https://gulfnews.com/business/saudi-wealth-fund-to-build-412-million-stake-in-local-tourism-firm-1.90546737   chartistkao1      ( Date: 02-Nov-2022 16:08) Posted: oil money on the prowl after 2022 Qatar Investment Authority plans to raise Credit Suisse stake Deal will see up to a quarter of the Swiss bank being owned by Middle Eastern investors Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/83eb48ed-1856-4ec3-99c9-86646f462d64 The Qatar Investment Authority plans to increase its stake in Credit Suisse by investing in a share sale alongside the Saudi National Bank, according to people with knowledge of the talks. The deal will result in up to a quarter of Credit Suisse stock being owned by Middle Eastern investors, as the scandal-plagued lender seeks to raise SFr4bn ($4bn) to fund a radical restructure. Last week, the Swiss bank announced it would strip back and spin off its investment bank, reduce its global workforce by 9,000 and cut SFr2.5bn of costs in a three-year strategic revamp aimed at moving on from a succession of crises and quarterly losses. The SNB &mdash whose own largest shareholder is the Public Investment Fund, the Saudi sovereign wealth fund &mdash has agreed to invest SFr1.5bn in Credit Suisse

 

petro money will it comes to south east asia?

The Riyadh skyline. The wealth fund is boosting its investments in equities as Saudi' s income from oil almost doubled in the second quarter.Image Credit: Bloomberg

chartistkao1      ( Date: 02-Nov-2022 16:08) Posted: oil money on the prowl after 2022 Qatar Investment Authority plans to raise Credit Suisse stake Deal will see up to a quarter of the Swiss bank being owned by Middle Eastern investors Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/83eb48ed-1856-4ec3-99c9-86646f462d64 The Qatar Investment Authority plans to increase its stake in Credit Suisse by investing in a share sale alongside the Saudi National Bank, according to people with knowledge of the talks. The deal will result in up to a quarter of Credit Suisse stock being owned by Middle Eastern investors, as the scandal-plagued lender seeks to raise SFr4bn ($4bn) to fund a radical restructure. Last week, the Swiss bank announced it would strip back and spin off its investment bank, reduce its global workforce by 9,000 and cut SFr2.5bn of costs in a three-year strategic revamp aimed at moving on from a succession of crises and quarterly losses. The SNB &mdash whose own largest shareholder is the Public Investment Fund, the Saudi sovereign wealth fund &mdash has agreed to invest SFr1.5bn in Credit Suisse chartistkao1      ( Date: 01-Nov-2022 15:17) Posted: between china and us and us will be in deeper recession as fed continue to fight inflation with higher rates Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/be082c77-1f9c-409f-86e8-eeb2bd9d1418 Rarely has a deal encountered such strong government opposition. Six German ministries came out last month against Chinese shipper Cosco&rsquo s planned acquisition of a stake in a Hamburg container terminal. But it went through anyway. The man who ensured its safe passage through the German cabinet was Chancellor Olaf Scholz. He insisted on a compromise &mdash Cosco would have to make do with a 25 per cent stake, rather than the 35 per cent that was initially proposed. But the German foreign ministry remained opposed, even after Scholz pushed it through. State secretary Susanne Baumann wrote an angry letter to Scholz&rsquo s chief of staff, Wolfgang Schmidt, saying the transaction &ldquo disproportionately increases China&rsquo s strategic influence over German and European transport infrastructure and Germany&rsquo s dependence on China&rdquo . Scholz, however, clearly could not afford to see the deal collapse. On Friday he will become the first G7 leader to hold talks in Beijing with Chinese president Xi Jinping since the start of the Covid-19 pandemic. Nixing the Cosco transaction would have cast a long shadow over a trip with huge symbolic importance to both Beijing and Berlin. Still, China-watchers found his intervention puzzling. &ldquo It gives the impression he&rsquo s offering the newly crowned Xi Jinping a gift before the trip &mdash one he was under no obligation to make,&rdquo says Noah Barkin of Rhodium Group, a New York-based research firm. The Cosco affair also disappointed those who had hoped that Scholz would adopt a new approach to Beijing and break definitively with the mercantilism of the Angela Merkel era. The coalition agreement negotiated last year by Scholz&rsquo s Social Democrats, the Greens and the liberal Free Democrats was notable for its critical tone on China and its focus on human rights. But the Hamburg deal shows deep divisions persist between the Greens and parts of the SPD about the future of the relationship. Green scepticism about China has only grown since last month&rsquo s Communist party congress, during which President Xi stacked the Politburo Standing Committee with loyalists and cemented his position as the most powerful Chinese leader since Mao Zedong. China&rsquo s lurch towards one-man rule, combined with the economic disruption caused by its zero-Covid policy, sabre-rattling over Taiwan and tacit support for Russia&rsquo s war in Ukraine have turned a country that was once one of the most exciting markets for German business into one of its biggest risk factors. A map of Taiwan shows where Chinese military exercises took place in August. If Beijing were to invade, sanctions could end up leaving German companies among the biggest economic losers © Florence Lo/Reuters Berlin is being stalked by a fear that history might be about to repeat itself &mdash on a much grander scale. The Ukraine war exposed the folly of Germany&rsquo s decades-long reliance on Russian gas. Now, the pessimists fear, it may be about to pick up the tab for its even deeper dependence on China, a country that has long been one of the biggest markets for German machinery, chemicals and cars. Thomas Haldenwang, head of German domestic intelligence, summed up the concern at a hearing in the Bundestag last month. China, he said, presented a much greater threat to German security in the long term than Russia. &ldquo Russia is the storm,&rdquo he said. &ldquo China is climate change.&rdquo The focus of much of the anxiety is Taiwan. Xi&rsquo s rhetoric on &ldquo reunification&rdquo has raised fears that China may be planning to invade the island, a move that would bring down a hail of international sanctions against Beijing and likely decouple China from the western world. In the resulting turmoil, German companies could end up among the biggest casualties &mdash with huge implications for an economy already reeling from its worst energy crisis since the second world war and teetering on the brink of recession. Germany&rsquo s president, Frank-Walter Steinmeier, a former foreign minister, said Germany must &ldquo learn its lesson&rdquo from Russia&rsquo s war on Ukraine. &ldquo And the lesson is that we have to reduce our lopsided dependencies, wherever we can,&rdquo he told public broadcaster ARD last week. &ldquo That applies in particular to China.&rdquo It is for that reason that the German government is engaged in a fundamental reassessment of its approach to Beijing &mdash a process that will reach its fulfilment next year with the presentation of a new &ldquo China Strategy&rdquo designed to recast the relationship in more realistic terms. &ldquo It will designate China as an important trading partner but the Communist party as a systemic rival,&rdquo finance minister Christian Lindner says in an interview. German foreign minister Annalena Baerbock, left, has emphasised the risks of dealing with China, while chancellor Olaf Scholz, centre, has warned against cutting ties with the country. Also pictured in this August cabinet photo are finance minister Christian Lindner, second right, and interior minister Nancy Faeser © Florian Gaertner/Photothek/Getty Images Part of the planning for the strategy has been to evaluate German companies&rsquo vulnerability to an escalation in tensions between China and the west. &ldquo There might come a time when the Chinese market is no longer available to us,&rdquo says one official. &ldquo After what happened with Russia, we can no longer say that will never happen. And we must act to prevent that becoming an existential threat to German companies.&rdquo The rethink is being driven by the Greens, who have long been mistrustful of China. Since entering the government last December they&rsquo ve wasted little time putting their China-sceptical stamp on policy. Complete economic dependence based on the principle of hope leaves us open to political blackmail Germany&rsquo s experience with Russia had shown &ldquo that we can no longer allow ourselves to become existentially dependent on any country that doesn&rsquo t share our values,&rdquo the Green foreign minister Annalena Baerbock told Sü ddeutsche Zeitung last month. &ldquo Complete economic dependence based on the principle of hope leaves us open to political blackmail.&rdquo But, as the row over the Cosco deal showed, the government is deeply divided on China. While Baerbock emphasises the risks of dealing with Beijing, Scholz has warned repeatedly of the negative consequences of severing ties with China. &ldquo Decoupling is the wrong answer,&rdquo the chancellor told a business conference last month. &lsquo Don&rsquo t put all your eggs in one basket&rsquo Scholz, who used to be mayor of Hamburg, has long believed that Germany has no choice but to trade with countries such as China. &ldquo You dance with whoever&rsquo s in the room &mdash that applies to world politics just as much as the village disco,&rdquo he famously noted in 2018. On the other hand, though, basic risk management dictates that companies diversify into other markets. &ldquo It&rsquo s a basic lesson you&rsquo re taught in the third term of business school&thinsp .&thinsp .&thinsp .&thinsp that you don&rsquo t put all your eggs in one basket,&rdquo he said in August. &ldquo That goes for imports and supply chains as well as exports.&rdquo It is a message other prominent cabinet figures are pushing, too. &ldquo German business would be well advised to continue to open up new markets in the world, to invest in Asia, Africa, South and North America, so as to dilute the importance of China for the German economy,&rdquo Lindner says in the interview. &ldquo A sudden decoupling&rdquo would destroy many of the economic benefits and welfare gains of globalisation, he says. But China itself, he adds, is already moving to &ldquo decouple parts of its economy from the global division of labour&rdquo , and that should be a trigger to action. &ldquo Diversifying our technologies and supply chains will strengthen our resilience,&rdquo he says. An Aldi store in Shanghai. The discount retailer is planning to open hundreds more stores in China German businesses have already invested &euro 10bn in the country this year © CFOTO/Future Publishing/Getty Images The problem for Scholz&rsquo s government, though, is that some of Germany&rsquo s biggest companies do not seem to be heeding that message. Instead of reducing their exposure to China, many are doubling down. BASF, for example, announced in July it had given final approval to a plan to build a massive new factory in the southern Chinese city of Zhanjiang that will cost &euro 10bn. Meanwhile, it also plans to &ldquo permanently&rdquo downsize its presence in Europe, a region it says that high energy costs have made increasingly uncompetitive. BASF&rsquo s chief executive Martin Brudermü ller has defended the approach and hit out at critics of his China investments. &ldquo I think it&rsquo s urgently necessary to stop this China bashing and look at ourselves a bit more self-critically,&rdquo he said last week. Experts say BASF has little choice but to focus its efforts on China. &ldquo China has 60 per cent of the world&rsquo s chemical companies and talent and 40 per cent of the resources,&rdquo says Wang Yiwei, professor of international relations at Renmin University and an adviser to the Chinese government. &ldquo If they don&rsquo t invest in China, where do they go?&rdquo BASF is not alone. Aldi, the German discounter, is planning to open hundreds of new shops in China. Automotive supplier Hella is doubling capacity at its factory in Shanghai. And Siemens said last week it was planning a major expansion of its &ldquo digital industries&rdquo division in China. According to the German Economic Institute, German businesses invested a record &euro 10bn in China in the first half of this year alone. The title of the institute&rsquo s study: &ldquo full steam ahead in the wrong direction&rdquo . Irked by such statistics, ministers are taking action. Their weapon of choice are the guarantees the government offers to German companies in emerging markets, which protect their investments from political risk. In May, Habeck&rsquo s economy ministry refused to extend Volkswagen&rsquo s investment guarantees for China, citing the repression of Muslim Uyghurs in the western region of Xinjiang. The ministry is now working on plans to cap the number of such guarantees for China. &ldquo They&thinsp .&thinsp .&thinsp . are massively skewed to China right now,&rdquo says one official. On the other hand, many in Berlin are sceptical that such moves have much impact. The evidence suggests that companies will continue to invest in China, if necessary without the guarantees. Officials acknowledge they wield little influence over corporate decision makers. &ldquo If Brudermü ller thinks investing &euro 10bn in China is the right thing to do, it&rsquo s ultimately a question for BASF&rsquo s shareholders,&rdquo says the official. &ldquo But I do think we have to send a signal to companies that if their shareholders endorse it &mdash fine, but please don&rsquo t count on the German government to underwrite it.&rdquo Others, however, say no amount of government cajoling will persuade German companies to walk away from China. &ldquo You talk to businessmen and they say, &lsquo Are people crazy?&rsquo &rdquo according to one official. &ldquo They say, &lsquo Don&rsquo t they realise where all our wealth comes from?&rsquo &rdquo The era of &lsquo win-win&rsquo For years, Germany was one of the key beneficiaries of China&rsquo s opening to the world. Its appetite for German tools, fridges and automobiles seemed insatiable, and German exports to the Chinese market fuelled a 10-year economic boom last decade that was one of the longest in Germany&rsquo s postwar history. In 2021, China was Germany&rsquo s largest trading partner for the sixth consecutive year, accounting for 9.5 per cent of its trade in goods. Angela Merkel&rsquo s frequent trips to China &mdash she went there 12 times during her 16-year reign as chancellor, often accompanied by huge business delegations &mdash symbolised the close ties. She would occasionally criticise China&rsquo s human rights abuses in Xinjiang and Hong Kong, but the economic relationship always had primacy. Xi Jinping with Angela Merkel on a trip to Berlin in 2017. During her 16 years as German chancellor, Merkel visited China a dozen times, often accompanied by business delegations © Michele Tantussi/Pool/Getty Images It was, in Merkel&rsquo s oft-repeated phrase, a &ldquo win-win&rdquo for both countries. When China allowed foreign car brands to enter its market through joint ventures with state-owned manufacturers, companies like VW were quickly able to access the country&rsquo s rapidly growing consumer base. And imports of German machinery, components and chemicals helped fuel China&rsquo s booming manufacturing and construction sectors. As a result, Germany&rsquo s footprint in the Chinese market continued to grow. Volkswagen now sells 40 per cent of its cars in China and the country accounts for 13 per cent of Siemens&rsquo revenues and 15 per cent of BASF&rsquo s. A recent survey by the Ifo think-tank found that 46 per cent of industrial firms rely on intermediate inputs from China. But over the years Chinese companies have grown to overtake many of their German partners, through both fair means and foul. In the mid to late 2010s, China announced a series of targets for increasing domestic innovation and decreasing dependence on foreign technology. Germany&rsquo s machinery business association, the VDMA, listed the problems this created for its companies: subsidies to domestic competitors, standard-setting that discriminated against foreign firms, as well as the continuing issue of intellectual property theft.

 

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Qatar Investment Authority plans to raise Credit Suisse stake

chartistkao1      ( Date: 01-Nov-2022 15:17) Posted: between china and us and us will be in deeper recession as fed continue to fight inflation with higher rates Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/be082c77-1f9c-409f-86e8-eeb2bd9d1418 Rarely has a deal encountered such strong government opposition. Six German ministries came out last month against Chinese shipper Cosco&rsquo s planned acquisition of a stake in a Hamburg container terminal. But it went through anyway. The man who ensured its safe passage through the German cabinet was Chancellor Olaf Scholz. He insisted on a compromise &mdash Cosco would have to make do with a 25 per cent stake, rather than the 35 per cent that was initially proposed. But the German foreign ministry remained opposed, even after Scholz pushed it through. State secretary Susanne Baumann wrote an angry letter to Scholz&rsquo s chief of staff, Wolfgang Schmidt, saying the transaction &ldquo disproportionately increases China&rsquo s strategic influence over German and European transport infrastructure and Germany&rsquo s dependence on China&rdquo . Scholz, however, clearly could not afford to see the deal collapse. On Friday he will become the first G7 leader to hold talks in Beijing with Chinese president Xi Jinping since the start of the Covid-19 pandemic. Nixing the Cosco transaction would have cast a long shadow over a trip with huge symbolic importance to both Beijing and Berlin. Still, China-watchers found his intervention puzzling. &ldquo It gives the impression he&rsquo s offering the newly crowned Xi Jinping a gift before the trip &mdash one he was under no obligation to make,&rdquo says Noah Barkin of Rhodium Group, a New York-based research firm. The Cosco affair also disappointed those who had hoped that Scholz would adopt a new approach to Beijing and break definitively with the mercantilism of the Angela Merkel era. The coalition agreement negotiated last year by Scholz&rsquo s Social Democrats, the Greens and the liberal Free Democrats was notable for its critical tone on China and its focus on human rights. But the Hamburg deal shows deep divisions persist between the Greens and parts of the SPD about the future of the relationship. Green scepticism about China has only grown since last month&rsquo s Communist party congress, during which President Xi stacked the Politburo Standing Committee with loyalists and cemented his position as the most powerful Chinese leader since Mao Zedong. China&rsquo s lurch towards one-man rule, combined with the economic disruption caused by its zero-Covid policy, sabre-rattling over Taiwan and tacit support for Russia&rsquo s war in Ukraine have turned a country that was once one of the most exciting markets for German business into one of its biggest risk factors. A map of Taiwan shows where Chinese military exercises took place in August. If Beijing were to invade, sanctions could end up leaving German companies among the biggest economic losers © Florence Lo/Reuters Berlin is being stalked by a fear that history might be about to repeat itself &mdash on a much grander scale. The Ukraine war exposed the folly of Germany&rsquo s decades-long reliance on Russian gas. Now, the pessimists fear, it may be about to pick up the tab for its even deeper dependence on China, a country that has long been one of the biggest markets for German machinery, chemicals and cars. Thomas Haldenwang, head of German domestic intelligence, summed up the concern at a hearing in the Bundestag last month. China, he said, presented a much greater threat to German security in the long term than Russia. &ldquo Russia is the storm,&rdquo he said. &ldquo China is climate change.&rdquo The focus of much of the anxiety is Taiwan. Xi&rsquo s rhetoric on &ldquo reunification&rdquo has raised fears that China may be planning to invade the island, a move that would bring down a hail of international sanctions against Beijing and likely decouple China from the western world. In the resulting turmoil, German companies could end up among the biggest casualties &mdash with huge implications for an economy already reeling from its worst energy crisis since the second world war and teetering on the brink of recession. Germany&rsquo s president, Frank-Walter Steinmeier, a former foreign minister, said Germany must &ldquo learn its lesson&rdquo from Russia&rsquo s war on Ukraine. &ldquo And the lesson is that we have to reduce our lopsided dependencies, wherever we can,&rdquo he told public broadcaster ARD last week. &ldquo That applies in particular to China.&rdquo It is for that reason that the German government is engaged in a fundamental reassessment of its approach to Beijing &mdash a process that will reach its fulfilment next year with the presentation of a new &ldquo China Strategy&rdquo designed to recast the relationship in more realistic terms. &ldquo It will designate China as an important trading partner but the Communist party as a systemic rival,&rdquo finance minister Christian Lindner says in an interview. German foreign minister Annalena Baerbock, left, has emphasised the risks of dealing with China, while chancellor Olaf Scholz, centre, has warned against cutting ties with the country. Also pictured in this August cabinet photo are finance minister Christian Lindner, second right, and interior minister Nancy Faeser © Florian Gaertner/Photothek/Getty Images Part of the planning for the strategy has been to evaluate German companies&rsquo vulnerability to an escalation in tensions between China and the west. &ldquo There might come a time when the Chinese market is no longer available to us,&rdquo says one official. &ldquo After what happened with Russia, we can no longer say that will never happen. And we must act to prevent that becoming an existential threat to German companies.&rdquo The rethink is being driven by the Greens, who have long been mistrustful of China. Since entering the government last December they&rsquo ve wasted little time putting their China-sceptical stamp on policy. Complete economic dependence based on the principle of hope leaves us open to political blackmail Germany&rsquo s experience with Russia had shown &ldquo that we can no longer allow ourselves to become existentially dependent on any country that doesn&rsquo t share our values,&rdquo the Green foreign minister Annalena Baerbock told Sü ddeutsche Zeitung last month. &ldquo Complete economic dependence based on the principle of hope leaves us open to political blackmail.&rdquo But, as the row over the Cosco deal showed, the government is deeply divided on China. While Baerbock emphasises the risks of dealing with Beijing, Scholz has warned repeatedly of the negative consequences of severing ties with China. &ldquo Decoupling is the wrong answer,&rdquo the chancellor told a business conference last month. &lsquo Don&rsquo t put all your eggs in one basket&rsquo Scholz, who used to be mayor of Hamburg, has long believed that Germany has no choice but to trade with countries such as China. &ldquo You dance with whoever&rsquo s in the room &mdash that applies to world politics just as much as the village disco,&rdquo he famously noted in 2018. On the other hand, though, basic risk management dictates that companies diversify into other markets. &ldquo It&rsquo s a basic lesson you&rsquo re taught in the third term of business school&thinsp .&thinsp .&thinsp .&thinsp that you don&rsquo t put all your eggs in one basket,&rdquo he said in August. &ldquo That goes for imports and supply chains as well as exports.&rdquo It is a message other prominent cabinet figures are pushing, too. &ldquo German business would be well advised to continue to open up new markets in the world, to invest in Asia, Africa, South and North America, so as to dilute the importance of China for the German economy,&rdquo Lindner says in the interview. &ldquo A sudden decoupling&rdquo would destroy many of the economic benefits and welfare gains of globalisation, he says. But China itself, he adds, is already moving to &ldquo decouple parts of its economy from the global division of labour&rdquo , and that should be a trigger to action. &ldquo Diversifying our technologies and supply chains will strengthen our resilience,&rdquo he says. An Aldi store in Shanghai. The discount retailer is planning to open hundreds more stores in China German businesses have already invested &euro 10bn in the country this year © CFOTO/Future Publishing/Getty Images The problem for Scholz&rsquo s government, though, is that some of Germany&rsquo s biggest companies do not seem to be heeding that message. Instead of reducing their exposure to China, many are doubling down. BASF, for example, announced in July it had given final approval to a plan to build a massive new factory in the southern Chinese city of Zhanjiang that will cost &euro 10bn. Meanwhile, it also plans to &ldquo permanently&rdquo downsize its presence in Europe, a region it says that high energy costs have made increasingly uncompetitive. BASF&rsquo s chief executive Martin Brudermü ller has defended the approach and hit out at critics of his China investments. &ldquo I think it&rsquo s urgently necessary to stop this China bashing and look at ourselves a bit more self-critically,&rdquo he said last week. Experts say BASF has little choice but to focus its efforts on China. &ldquo China has 60 per cent of the world&rsquo s chemical companies and talent and 40 per cent of the resources,&rdquo says Wang Yiwei, professor of international relations at Renmin University and an adviser to the Chinese government. &ldquo If they don&rsquo t invest in China, where do they go?&rdquo BASF is not alone. Aldi, the German discounter, is planning to open hundreds of new shops in China. Automotive supplier Hella is doubling capacity at its factory in Shanghai. And Siemens said last week it was planning a major expansion of its &ldquo digital industries&rdquo division in China. According to the German Economic Institute, German businesses invested a record &euro 10bn in China in the first half of this year alone. The title of the institute&rsquo s study: &ldquo full steam ahead in the wrong direction&rdquo . Irked by such statistics, ministers are taking action. Their weapon of choice are the guarantees the government offers to German companies in emerging markets, which protect their investments from political risk. In May, Habeck&rsquo s economy ministry refused to extend Volkswagen&rsquo s investment guarantees for China, citing the repression of Muslim Uyghurs in the western region of Xinjiang. The ministry is now working on plans to cap the number of such guarantees for China. &ldquo They&thinsp .&thinsp .&thinsp . are massively skewed to China right now,&rdquo says one official. On the other hand, many in Berlin are sceptical that such moves have much impact. The evidence suggests that companies will continue to invest in China, if necessary without the guarantees. Officials acknowledge they wield little influence over corporate decision makers. &ldquo If Brudermü ller thinks investing &euro 10bn in China is the right thing to do, it&rsquo s ultimately a question for BASF&rsquo s shareholders,&rdquo says the official. &ldquo But I do think we have to send a signal to companies that if their shareholders endorse it &mdash fine, but please don&rsquo t count on the German government to underwrite it.&rdquo Others, however, say no amount of government cajoling will persuade German companies to walk away from China. &ldquo You talk to businessmen and they say, &lsquo Are people crazy?&rsquo &rdquo according to one official. &ldquo They say, &lsquo Don&rsquo t they realise where all our wealth comes from?&rsquo &rdquo The era of &lsquo win-win&rsquo For years, Germany was one of the key beneficiaries of China&rsquo s opening to the world. Its appetite for German tools, fridges and automobiles seemed insatiable, and German exports to the Chinese market fuelled a 10-year economic boom last decade that was one of the longest in Germany&rsquo s postwar history. In 2021, China was Germany&rsquo s largest trading partner for the sixth consecutive year, accounting for 9.5 per cent of its trade in goods. Angela Merkel&rsquo s frequent trips to China &mdash she went there 12 times during her 16-year reign as chancellor, often accompanied by huge business delegations &mdash symbolised the close ties. She would occasionally criticise China&rsquo s human rights abuses in Xinjiang and Hong Kong, but the economic relationship always had primacy. Xi Jinping with Angela Merkel on a trip to Berlin in 2017. During her 16 years as German chancellor, Merkel visited China a dozen times, often accompanied by business delegations © Michele Tantussi/Pool/Getty Images It was, in Merkel&rsquo s oft-repeated phrase, a &ldquo win-win&rdquo for both countries. When China allowed foreign car brands to enter its market through joint ventures with state-owned manufacturers, companies like VW were quickly able to access the country&rsquo s rapidly growing consumer base. And imports of German machinery, components and chemicals helped fuel China&rsquo s booming manufacturing and construction sectors. As a result, Germany&rsquo s footprint in the Chinese market continued to grow. Volkswagen now sells 40 per cent of its cars in China and the country accounts for 13 per cent of Siemens&rsquo revenues and 15 per cent of BASF&rsquo s. A recent survey by the Ifo think-tank found that 46 per cent of industrial firms rely on intermediate inputs from China. But over the years Chinese companies have grown to overtake many of their German partners, through both fair means and foul. In the mid to late 2010s, China announced a series of targets for increasing domestic innovation and decreasing dependence on foreign technology. Germany&rsquo s machinery business association, the VDMA, listed the problems this created for its companies: subsidies to domestic competitors, standard-setting that discriminated against foreign firms, as well as the continuing issue of intellectual property theft.

 

between china and us and us will be in deeper recession as fed continue to fight inflation with higher rates
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/be082c77-1f9c-409f-86e8-eeb2bd9d1418

Rarely has a deal encountered such strong government opposition. Six German ministries came out last month against Chinese shipper Cosco&rsquo s planned acquisition of a stake in a Hamburg container terminal. But it went through anyway. The man who ensured its safe passage through the German cabinet was Chancellor Olaf Scholz. He insisted on a compromise &mdash Cosco would have to make do with a 25 per cent stake, rather than the 35 per cent that was initially proposed. But the German foreign ministry remained opposed, even after Scholz pushed it through. State secretary Susanne Baumann wrote an angry letter to Scholz&rsquo s chief of staff, Wolfgang Schmidt, saying the transaction &ldquo disproportionately increases China&rsquo s strategic influence over German and European transport infrastructure and Germany&rsquo s dependence on China&rdquo . Scholz, however, clearly could not afford to see the deal collapse. On Friday he will become the first G7 leader to hold talks in Beijing with Chinese president Xi Jinping since the start of the Covid-19 pandemic. Nixing the Cosco transaction would have cast a long shadow over a trip with huge symbolic importance to both Beijing and Berlin. Still, China-watchers found his intervention puzzling. &ldquo It gives the impression he&rsquo s offering the newly crowned Xi Jinping a gift before the trip &mdash one he was under no obligation to make,&rdquo says Noah Barkin of Rhodium Group, a New York-based research firm. The Cosco affair also disappointed those who had hoped that Scholz would adopt a new approach to Beijing and break definitively with the mercantilism of the Angela Merkel era. The coalition agreement negotiated last year by Scholz&rsquo s Social Democrats, the Greens and the liberal Free Democrats was notable for its critical tone on China and its focus on human rights. But the Hamburg deal shows deep divisions persist between the Greens and parts of the SPD about the future of the relationship. Green scepticism about China has only grown since last month&rsquo s Communist party congress, during which President Xi stacked the Politburo Standing Committee with loyalists and cemented his position as the most powerful Chinese leader since Mao Zedong. China&rsquo s lurch towards one-man rule, combined with the economic disruption caused by its zero-Covid policy, sabre-rattling over Taiwan and tacit support for Russia&rsquo s war in Ukraine have turned a country that was once one of the most exciting markets for German business into one of its biggest risk factors. A map of Taiwan shows where Chinese military exercises took place in August. If Beijing were to invade, sanctions could end up leaving German companies among the biggest economic losers © Florence Lo/Reuters Berlin is being stalked by a fear that history might be about to repeat itself &mdash on a much grander scale. The Ukraine war exposed the folly of Germany&rsquo s decades-long reliance on Russian gas. Now, the pessimists fear, it may be about to pick up the tab for its even deeper dependence on China, a country that has long been one of the biggest markets for German machinery, chemicals and cars. Thomas Haldenwang, head of German domestic intelligence, summed up the concern at a hearing in the Bundestag last month. China, he said, presented a much greater threat to German security in the long term than Russia. &ldquo Russia is the storm,&rdquo he said. &ldquo China is climate change.&rdquo The focus of much of the anxiety is Taiwan. Xi&rsquo s rhetoric on &ldquo reunification&rdquo has raised fears that China may be planning to invade the island, a move that would bring down a hail of international sanctions against Beijing and likely decouple China from the western world. In the resulting turmoil, German companies could end up among the biggest casualties &mdash with huge implications for an economy already reeling from its worst energy crisis since the second world war and teetering on the brink of recession. Germany&rsquo s president, Frank-Walter Steinmeier, a former foreign minister, said Germany must &ldquo learn its lesson&rdquo from Russia&rsquo s war on Ukraine. &ldquo And the lesson is that we have to reduce our lopsided dependencies, wherever we can,&rdquo he told public broadcaster ARD last week. &ldquo That applies in particular to China.&rdquo It is for that reason that the German government is engaged in a fundamental reassessment of its approach to Beijing &mdash a process that will reach its fulfilment next year with the presentation of a new &ldquo China Strategy&rdquo designed to recast the relationship in more realistic terms. &ldquo It will designate China as an important trading partner but the Communist party as a systemic rival,&rdquo finance minister Christian Lindner says in an interview. German foreign minister Annalena Baerbock, left, has emphasised the risks of dealing with China, while chancellor Olaf Scholz, centre, has warned against cutting ties with the country. Also pictured in this August cabinet photo are finance minister Christian Lindner, second right, and interior minister Nancy Faeser © Florian Gaertner/Photothek/Getty Images Part of the planning for the strategy has been to evaluate German companies&rsquo vulnerability to an escalation in tensions between China and the west. &ldquo There might come a time when the Chinese market is no longer available to us,&rdquo says one official. &ldquo After what happened with Russia, we can no longer say that will never happen. And we must act to prevent that becoming an existential threat to German companies.&rdquo The rethink is being driven by the Greens, who have long been mistrustful of China. Since entering the government last December they&rsquo ve wasted little time putting their China-sceptical stamp on policy. Complete economic dependence based on the principle of hope leaves us open to political blackmail Germany&rsquo s experience with Russia had shown &ldquo that we can no longer allow ourselves to become existentially dependent on any country that doesn&rsquo t share our values,&rdquo the Green foreign minister Annalena Baerbock told Sü ddeutsche Zeitung last month. &ldquo Complete economic dependence based on the principle of hope leaves us open to political blackmail.&rdquo But, as the row over the Cosco deal showed, the government is deeply divided on China. While Baerbock emphasises the risks of dealing with Beijing, Scholz has warned repeatedly of the negative consequences of severing ties with China. &ldquo Decoupling is the wrong answer,&rdquo the chancellor told a business conference last month. &lsquo Don&rsquo t put all your eggs in one basket&rsquo Scholz, who used to be mayor of Hamburg, has long believed that Germany has no choice but to trade with countries such as China. &ldquo You dance with whoever&rsquo s in the room &mdash that applies to world politics just as much as the village disco,&rdquo he famously noted in 2018. On the other hand, though, basic risk management dictates that companies diversify into other markets. &ldquo It&rsquo s a basic lesson you&rsquo re taught in the third term of business school&thinsp .&thinsp .&thinsp .&thinsp that you don&rsquo t put all your eggs in one basket,&rdquo he said in August. &ldquo That goes for imports and supply chains as well as exports.&rdquo It is a message other prominent cabinet figures are pushing, too. &ldquo German business would be well advised to continue to open up new markets in the world, to invest in Asia, Africa, South and North America, so as to dilute the importance of China for the German economy,&rdquo Lindner says in the interview. &ldquo A sudden decoupling&rdquo would destroy many of the economic benefits and welfare gains of globalisation, he says. But China itself, he adds, is already moving to &ldquo decouple parts of its economy from the global division of labour&rdquo , and that should be a trigger to action. &ldquo Diversifying our technologies and supply chains will strengthen our resilience,&rdquo he says. An Aldi store in Shanghai. The discount retailer is planning to open hundreds more stores in China German businesses have already invested &euro 10bn in the country this year © CFOTO/Future Publishing/Getty Images The problem for Scholz&rsquo s government, though, is that some of Germany&rsquo s biggest companies do not seem to be heeding that message. Instead of reducing their exposure to China, many are doubling down. BASF, for example, announced in July it had given final approval to a plan to build a massive new factory in the southern Chinese city of Zhanjiang that will cost &euro 10bn. Meanwhile, it also plans to &ldquo permanently&rdquo downsize its presence in Europe, a region it says that high energy costs have made increasingly uncompetitive. BASF&rsquo s chief executive Martin Brudermü ller has defended the approach and hit out at critics of his China investments. &ldquo I think it&rsquo s urgently necessary to stop this China bashing and look at ourselves a bit more self-critically,&rdquo he said last week. Experts say BASF has little choice but to focus its efforts on China. &ldquo China has 60 per cent of the world&rsquo s chemical companies and talent and 40 per cent of the resources,&rdquo says Wang Yiwei, professor of international relations at Renmin University and an adviser to the Chinese government. &ldquo If they don&rsquo t invest in China, where do they go?&rdquo BASF is not alone. Aldi, the German discounter, is planning to open hundreds of new shops in China. Automotive supplier Hella is doubling capacity at its factory in Shanghai. And Siemens said last week it was planning a major expansion of its &ldquo digital industries&rdquo division in China. According to the German Economic Institute, German businesses invested a record &euro 10bn in China in the first half of this year alone. The title of the institute&rsquo s study: &ldquo full steam ahead in the wrong direction&rdquo . Irked by such statistics, ministers are taking action. Their weapon of choice are the guarantees the government offers to German companies in emerging markets, which protect their investments from political risk. In May, Habeck&rsquo s economy ministry refused to extend Volkswagen&rsquo s investment guarantees for China, citing the repression of Muslim Uyghurs in the western region of Xinjiang. The ministry is now working on plans to cap the number of such guarantees for China. &ldquo They&thinsp .&thinsp .&thinsp . are massively skewed to China right now,&rdquo says one official. On the other hand, many in Berlin are sceptical that such moves have much impact. The evidence suggests that companies will continue to invest in China, if necessary without the guarantees. Officials acknowledge they wield little influence over corporate decision makers. &ldquo If Brudermü ller thinks investing &euro 10bn in China is the right thing to do, it&rsquo s ultimately a question for BASF&rsquo s shareholders,&rdquo says the official. &ldquo But I do think we have to send a signal to companies that if their shareholders endorse it &mdash fine, but please don&rsquo t count on the German government to underwrite it.&rdquo Others, however, say no amount of government cajoling will persuade German companies to walk away from China. &ldquo You talk to businessmen and they say, &lsquo Are people crazy?&rsquo &rdquo according to one official. &ldquo They say, &lsquo Don&rsquo t they realise where all our wealth comes from?&rsquo &rdquo The era of &lsquo win-win&rsquo For years, Germany was one of the key beneficiaries of China&rsquo s opening to the world. Its appetite for German tools, fridges and automobiles seemed insatiable, and German exports to the Chinese market fuelled a 10-year economic boom last decade that was one of the longest in Germany&rsquo s postwar history. In 2021, China was Germany&rsquo s largest trading partner for the sixth consecutive year, accounting for 9.5 per cent of its trade in goods. Angela Merkel&rsquo s frequent trips to China &mdash she went there 12 times during her 16-year reign as chancellor, often accompanied by huge business delegations &mdash symbolised the close ties. She would occasionally criticise China&rsquo s human rights abuses in Xinjiang and Hong Kong, but the economic relationship always had primacy. Xi Jinping with Angela Merkel on a trip to Berlin in 2017. During her 16 years as German chancellor, Merkel visited China a dozen times, often accompanied by business delegations © Michele Tantussi/Pool/Getty Images It was, in Merkel&rsquo s oft-repeated phrase, a &ldquo win-win&rdquo for both countries. When China allowed foreign car brands to enter its market through joint ventures with state-owned manufacturers, companies like VW were quickly able to access the country&rsquo s rapidly growing consumer base. And imports of German machinery, components and chemicals helped fuel China&rsquo s booming manufacturing and construction sectors. As a result, Germany&rsquo s footprint in the Chinese market continued to grow. Volkswagen now sells 40 per cent of its cars in China and the country accounts for 13 per cent of Siemens&rsquo revenues and 15 per cent of BASF&rsquo s. A recent survey by the Ifo think-tank found that 46 per cent of industrial firms rely on intermediate inputs from China. But over the years Chinese companies have grown to overtake many of their German partners, through both fair means and foul. In the mid to late 2010s, China announced a series of targets for increasing domestic innovation and decreasing dependence on foreign technology. Germany&rsquo s machinery business association, the VDMA, listed the problems this created for its companies: subsidies to domestic competitors, standard-setting that discriminated against foreign firms, as well as the continuing issue of intellectual property theft.

 

money will flow from tresuries bill and FD soon to

chartistkao1      ( Date: 31-Oct-2022 15:08) Posted: after six months of uob' s share selldown now the US bank can bargain hunt its back at a much lower share price after FED' s aggressive rate hikes https://www.barrons.com/articles/citigroup-southeast-asia-consumer-businesses-singapore-uob-51642150817 chartistkao1      ( Date: 31-Oct-2022 14:35) Posted: look for bootom after 2022 https://www.businesstimes.com.sg/stocks/singapore-stocks-end-week-on-a-high-amid-bargain-hunting-sti-up-15-on-friday   https://www.gsam.com/content/gsam/us/en/institutions/market-insights/gsam-connect/2022/finding-market-bottom-the-cause-is-the-cure.html

 

after six months of uob' s share selldown now the US bank can bargain hunt its back at a much lower share price after FED' s aggressive rate hikes

https://www.barrons.com/articles/citigroup-southeast-asia-consumer-businesses-singapore-uob-51642150817

chartistkao1      ( Date: 31-Oct-2022 14:35) Posted: look for bootom after 2022 https://www.businesstimes.com.sg/stocks/singapore-stocks-end-week-on-a-high-amid-bargain-hunting-sti-up-15-on-friday   https://www.gsam.com/content/gsam/us/en/institutions/market-insights/gsam-connect/2022/finding-market-bottom-the-cause-is-the-cure.html chartistkao1      ( Date: 31-Oct-2022 14:30) Posted: many sold shares and put into FD and saving bonds and tresury bills in sg  when https://www.imf.org/en/Blogs/Articles/2022/08/01/blog-soaring-inflation-puts-central-banks-on-a-difficult-journey-080122

 

look for bootom after 2022

chartistkao1      ( Date: 31-Oct-2022 14:30) Posted: many sold shares and put into FD and saving bonds and tresury bills in sg  when https://www.imf.org/en/Blogs/Articles/2022/08/01/blog-soaring-inflation-puts-central-banks-on-a-difficult-journey-080122   chartistkao1      ( Date: 31-Oct-2022 14:20) Posted: https://www.youtube.com/watch?v=dp8PhLsUcFE the weaponise of US' s rate hikes worldwide

 

many sold shares and put into FD and saving bonds and tresury bills in sg  when
https://www.imf.org/en/Blogs/Articles/2022/08/01/blog-soaring-inflation-puts-central-banks-on-a-difficult-journey-080122

 

chartistkao1      ( Date: 31-Oct-2022 14:20) Posted: https://www.youtube.com/watch?v=dp8PhLsUcFE the weaponise of US' s rate hikes worldwide   chartistkao1      ( Date: 31-Oct-2022 14:14) Posted: the big divide among the US as it decouple from the world https://www.youtube.com/watch?v=gU-QEiO63o

 

https://www.youtube.com/watch?v=dp8PhLsUcFE

the weaponise of US' s rate hikes worldwide

 

chartistkao1      ( Date: 31-Oct-2022 14:14) Posted: the big divide among the US as it decouple from the world https://www.youtube.com/watch?v=gU-QEiO63oI chartistkao1      ( Date: 31-Oct-2022 10:32) Posted: with US' s J." power" continue to hike rates globally we see PROPERTY players in China and South-east Asia are feeling the squeeze as higher interest rates raise their costs of borrowing and reduce buyer demand. The bonds of several Chinese property companies are trading at deeply discounted levels, and market watchers expect to see more players come under pressure. Old-economy industries, particularly those without green credentials, may face stresses too. Despite risky macroeconomic conditions, however, industry observers see sufficient appetite for distressed assets from private equity funds, family offices and high net worth investors. Distressed debt funds in the United States and Europe, as well as companies with strong balance sheets, are also among the bargain hunters.   Stefanie Yuen Thio, joint managing partner at TSMP Law, said distressed asset sales in the region could be spurred on not only by rising interest rates but also by the termination of Covid-19 aid packages, geopolitical volatility and China doubling down on its zero-Covid policy. Highly leveraged companies or those that rely heavily on debt to fund their operations could be in danger, said Yuen Thio. Those with bonds issued in &ldquo interest rate-friendly times&rdquo and nearing payment could also struggle. Also at risk would be companies in old-economy industries or industries that are less conducive to environmental, social and governance metrics. SEE ALSO Alta buys private securities platform Hg Exchange from Binance, others   Stay updated with BT newsletters   SIGN UP By signing up, you agree to our  Privacy Policy  and  Terms and Conditions. Your feedback is important to us Tell us what you think. Email us at  [email protected]     Tan Wei Cheong, financial advisory executive director at Deloitte Singapore, flagged risks in local real estate, manufacturing, and the export-driven industries. In Singapore, at least, property prices have stood up to recent cooling measures. And commercial and residential rental rates are likely to remain strong in the near term due to the surge in demand following the opening of borders and a return to the office, he said.  &ldquo Unless there is a sharp correction to property prices and rental rates, the increase in interest rate is unlikely to cause a spike in distressed property sales in the near term,&rdquo said Tan.  But the smaller local private property developers may not be as lucky. Developers with &ldquo limited financing options&rdquo could suffer as lenders become more cautious about financing property developments. There could also be expectations of &ldquo weaker retail demands&rdquo for new projects, given higher borrowing costs, said Tan. Tensions between the US and China, meanwhile, are causing &ldquo further stress&rdquo to the manufacturing and export-driven sectors. &rdquo Whether this will lead to more distress in this sector is still uncertain, as it very much depends on whether the economies of (Singapore&rsquo s) major trading partners can improve over the next few quarters with potential government interventions,&rdquo he said. The upshot is a booming market for distressed assets in all forms: debt, equity and physical assets. Companies that struggle to stay afloat will find ready buyers for distressed assets among &ldquo cash-rich companies&rdquo on the hunt for complementary businesses, said TSMP&rsquo s Yuen Thio. She noted that there are also a number of private equity (PE) deals being closed and news of fresh PE funds being raised. Deloitte&rsquo s Tan said family offices and high net worth individuals are on the lookout for &ldquo opportunistic purchases&rdquo in traditional asset classes such as property. Such investors usually require limited external financing, and rising interest rates tend not to be a deterrent. International distress funds, too, are actively looking at &ldquo distress M& A opportunities&rdquo , Tan said. StoneX, a financial services group whose offerings include fixed income trading for institutional clients, has noticed a &ldquo steady uptick&rdquo in the purchase of Asian distressed debt by US and European funds over the past 18 months. Robert Hong, head of fixed income credit for Asia, said there has been forced selling by institutional investors due to credit defaults, particularly in the China property sector where the government has clamped down on leverage and speculation.  &ldquo This has had ripple effects on the larger Chinese economy causing defaults on industrials, education and tech sectors to name a few,&rdquo said Hong. South-east Asia, he said, has not been spared, as many credits in the region are also experiencing defaults or &ldquo stressed situations&rdquo .  Hong said there has also been &ldquo active de-risking&rdquo in the market, due to worries that some companies may struggle to refinance their debt. The buyers at the other end of the trade have been opportunistic hedge funds and distressed funds. He expects to see an increase in distressed debt transactions in the near term given continuing uncertainty over the US Federal Reserve&rsquo s monetary policy, the budget situation in the United Kingdom and the Russia-Ukraine war. As valuations turn increasingly tempting, however, Deloitte&rsquo s Tan warns potential buyers to consider factors such as fair value, lack of warranty, the cause of distress, as well as potential challenges to the sale, before plunging in.

 

the big divide among the US as it decouple from the world

https://www.youtube.com/watch?v=gU-QEiO63oI

chartistkao1      ( Date: 31-Oct-2022 10:32) Posted: with US' s J." power" continue to hike rates globally we see PROPERTY players in China and South-east Asia are feeling the squeeze as higher interest rates raise their costs of borrowing and reduce buyer demand. The bonds of several Chinese property companies are trading at deeply discounted levels, and market watchers expect to see more players come under pressure. Old-economy industries, particularly those without green credentials, may face stresses too. Despite risky macroeconomic conditions, however, industry observers see sufficient appetite for distressed assets from private equity funds, family offices and high net worth investors. Distressed debt funds in the United States and Europe, as well as companies with strong balance sheets, are also among the bargain hunters.   Stefanie Yuen Thio, joint managing partner at TSMP Law, said distressed asset sales in the region could be spurred on not only by rising interest rates but also by the termination of Covid-19 aid packages, geopolitical volatility and China doubling down on its zero-Covid policy. Highly leveraged companies or those that rely heavily on debt to fund their operations could be in danger, said Yuen Thio. Those with bonds issued in &ldquo interest rate-friendly times&rdquo and nearing payment could also struggle. Also at risk would be companies in old-economy industries or industries that are less conducive to environmental, social and governance metrics. SEE ALSO Alta buys private securities platform Hg Exchange from Binance, others   Stay updated with BT newsletters   SIGN UP By signing up, you agree to our  Privacy Policy  and  Terms and Conditions. Your feedback is important to us Tell us what you think. Email us at  [email protected]     Tan Wei Cheong, financial advisory executive director at Deloitte Singapore, flagged risks in local real estate, manufacturing, and the export-driven industries. In Singapore, at least, property prices have stood up to recent cooling measures. And commercial and residential rental rates are likely to remain strong in the near term due to the surge in demand following the opening of borders and a return to the office, he said.  &ldquo Unless there is a sharp correction to property prices and rental rates, the increase in interest rate is unlikely to cause a spike in distressed property sales in the near term,&rdquo said Tan.  But the smaller local private property developers may not be as lucky. Developers with &ldquo limited financing options&rdquo could suffer as lenders become more cautious about financing property developments. There could also be expectations of &ldquo weaker retail demands&rdquo for new projects, given higher borrowing costs, said Tan. Tensions between the US and China, meanwhile, are causing &ldquo further stress&rdquo to the manufacturing and export-driven sectors. &rdquo Whether this will lead to more distress in this sector is still uncertain, as it very much depends on whether the economies of (Singapore&rsquo s) major trading partners can improve over the next few quarters with potential government interventions,&rdquo he said. The upshot is a booming market for distressed assets in all forms: debt, equity and physical assets. Companies that struggle to stay afloat will find ready buyers for distressed assets among &ldquo cash-rich companies&rdquo on the hunt for complementary businesses, said TSMP&rsquo s Yuen Thio. She noted that there are also a number of private equity (PE) deals being closed and news of fresh PE funds being raised. Deloitte&rsquo s Tan said family offices and high net worth individuals are on the lookout for &ldquo opportunistic purchases&rdquo in traditional asset classes such as property. Such investors usually require limited external financing, and rising interest rates tend not to be a deterrent. International distress funds, too, are actively looking at &ldquo distress M& A opportunities&rdquo , Tan said. StoneX, a financial services group whose offerings include fixed income trading for institutional clients, has noticed a &ldquo steady uptick&rdquo in the purchase of Asian distressed debt by US and European funds over the past 18 months. Robert Hong, head of fixed income credit for Asia, said there has been forced selling by institutional investors due to credit defaults, particularly in the China property sector where the government has clamped down on leverage and speculation.  &ldquo This has had ripple effects on the larger Chinese economy causing defaults on industrials, education and tech sectors to name a few,&rdquo said Hong. South-east Asia, he said, has not been spared, as many credits in the region are also experiencing defaults or &ldquo stressed situations&rdquo .  Hong said there has also been &ldquo active de-risking&rdquo in the market, due to worries that some companies may struggle to refinance their debt. The buyers at the other end of the trade have been opportunistic hedge funds and distressed funds. He expects to see an increase in distressed debt transactions in the near term given continuing uncertainty over the US Federal Reserve&rsquo s monetary policy, the budget situation in the United Kingdom and the Russia-Ukraine war. As valuations turn increasingly tempting, however, Deloitte&rsquo s Tan warns potential buyers to consider factors such as fair value, lack of warranty, the cause of distress, as well as potential challenges to the sale, before plunging in.