Hong Kong, Taiwan Approve Exchange-Traded Fund Cross-Listings

[Breaking News] -- Bloomberg

Financial regulators in Hong Kong and Taiwan agreed to allow cross-listing of exchange-traded funds in the two markets, Hong Kong’s Securities and Futures Commission said on its Web site yesterday.

India suffers worst in Asian export decline -- FT Asia

India, Indonesia and South Korea reported significant year-on-year declines in exports on Friday.

However, a growing gap in trade performance was underlined by India’s latest figures, with exports tumbling 33 per cent in March to $11.5bn (€8.7bn, £7.7bn) from a year earlier – the biggest drop on record.

India’s exports to the US have fallen more sharply than those of China, South Korea and Brazil, according to a study by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Gems, pharmaceuticals, textiles, vehicles and auto parts were all hit in an overall 12 per cent drop in US exports between October and February.

“The sharp decline in our exports to the US, which accounts for 13 per cent of our global exports, is a matter of deep concern,” said Harsh Pati Singhania, the president of FICCI.

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China bans foreign financial news operations -- FT Asia

Personal Analysis... no comment... Perhaps some other time. For now let me be clear the opinions expressed in this specific entry are those of the Financial Times and their journalists.

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China raised the spectre of renewed international trade friction over market access for foreign financial information providers as the government said such businesses must not engage in news gathering in China.

The surprise ban on this business area is seen by industry executives as backtracking on an agreement China reached with the US, the EU and Canada in November last year on allowing companies like Bloomberg, Dow Jones and Thomson Reuters to distribute information to financial and corporate clients.

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“Thomson Reuters has developed an excellent relationship with SCIO over many years and looks forward to working with them on the successful implementation of the new measures to ensure that financial markets in China are as well informed as their counterparts outside China,” said Henry Manisty, global head of government and regulatory affairs at Thomson Reuters.

Dow Jones and Bloomberg were not immediately available for comment.

China has required foreign news agencies to distribute to media clients only through Xinhua for more than 50 years. This will not change, and the foreign players do not challenge this arrangement for their news agency business which helps the Chinese government ensure news does not reach the public uncensored.

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The Shanghai Stock Exchange unveil's new rules intended to prevent investor fraud and manipulation of securities

New rules unveiled by the Shanghai Stock Exchange summarized below... Or view the full story on Xinhua's website, accessible here.

Proceeds from initial public offerings (IPO), private placements and bond sales should be put in an account opened by the board of directors, the rules said.

Listed firms should notify underwriters if they want to cash in more than 50 million yuan (7.3 million U.S. dollars), or at least 20 percent of the proceeds, from an account, the bourse said.

The proceeds should not be used to buy tradable financial assets or lent to others. It is also banned from being invested in stock funds or in companies mainly engaging in buying and selling securities.