ATI Newswire - Subscriber Only

China’s Kunlun Tech buys out gay dating app Grindr

May 25, 2017

BEIJING - A Beijing-based video gamemaker has bought out popular U.S. gay social networking app Grindr four months after purchasing a controlling stake in the company, according to a regulatory filing reported by Caixin. After paying about US$93 million for 61.53% of Grindr in January, Beijing Kunlun Tech Co. Ltd. will pay another US$ 152 million for the remaining 38.47%, the Chinese company said in a statement to the Shenzhen stock exchange.

RMB internationalisation moving backwards, says Natixis

May 26, 2017

HONG KONG - RMB internationalisation, which was high on the Chinese Government’s priorities, is moving backwards, according to the NATIXIS RMB Internationalization Monitor , which evaluates the four different uses of RMB as an international currency, both in the private and official domain.

These are 1) Medium of exchange; 2) Store of value; 3) Unit of account and; 4) Standard of deferred payment.

China Central Committee approves foreign investment reforms

May 23, 2017

BEIJING - China will ease restrictions on foreign investment, including a further opening-up in sectors such as services, manufacturing and mining, according to a news release issued after a key Party meeting on Tuesday. A revised version of the Catalogue for the Guidance of Foreign Investment Industries was approved by the Communist Party of China Central Committee's Central Leading Group for Deepening Overall Reform.

Moody’s downgrades Hong Kong: HK corporates, Taiwan next?

May 25, 2017

HONG KONG - While markets continue to shrug off Moody’s downgrade of China credit ratings, the agency continues with its clean-up work, slowly but steadily. The latest casualty – Hong Kong – has seen its rating lowered by one notch to Aa2 from Aa1, following the downgrade of 26 State-owned enterprises.

In an analysis of the downgrades, global asset manager Natixis says Moody’s key reason for the action on Hong Kong is simply Hong Kong’s ties with the Mainland.

Moody’s China’s downgrade: A potential domino effect on credit?

May 24, 2017

HONG KONG – Almost 15 months after placing China on negative outlook, Moody’s Investors Service today downgraded China’s sovereign rating to A1 from Aa3. Moody’s says the outlook is stable. Despite China posting better than expected GDP growth in Q1, Moody’s decision to downgrade stems from their expectation that China’s debt will continue to rise while potential growth slows, eroding the country’s credit metrics. Moody’s does not see the Government’s reforms as fully offsetting the rise in economic and financial risk.

South Korea names new Finance Minister

May 22, 2017

SEOUL – South Korea’s new President, Moon Jae-in, has nominated Kim Dong-yeon, currently President of Ajou University, as his new Finance Minister, Chang Ha-sung, currently a Korea University professor, as his new Chief of Staff for Policy, and the Director of the Institute for the Future of State (IFS) Kim Gwang-du, as the new Vice Chairman of the National Economic Advisory Council. (ATI).

Vietnam steps up State divestment from blue-chip companies

May 18, 2017

HO CHI MINH CITY -  In parallel with its ongoing equitisation process of State-owned enterprises (SOEs), the Government of Vietnam is undertaking a programme of divestment of the State's interests in a number of blue-chip former SOEs in which it has retained a significant interest post-privatisation, such as the country's leading dairy company Vinamilk and largest breweries Habeco and Sabeco.