Tue, Jul 18, 2017 - Page 10 News List

World Business Quick Take

Agencies

FINANCE

BlackRock plans China fund

BlackRock Inc, the world’s largest money manager, said it is preparing to start a private fund in China after the nation opened the market wider to global players. The firm plans to set up a wholly foreign-owned enterprise first for its private fund business in the nation. Global fund managers have rushed to the world’s second-biggest economy as it quickens opening of its capital markets to help counter outflows and promote global use of the yuan. Fidelity International in May beat global peers to start a private fund in Shanghai. UBS Asset Management also secured a license to offer such funds for onshore stock, bond and multi-asset investment, it said last week. Private fund companies can sell products to rich individuals and institutional investors.

UTILITIES

Centrica, Bayerngas form JV

Centrica PLC yesterday said it had agreed to combine its European exploration and production units with Norway’s Bayerngas Norge AS to form a joint venture (JV), in which it would have a 69 percent stakep. The joint venture is to comprise Centrica’s assets in the UK, Netherlands and Norway, and Bayerngas Norge’s assets in the UK, Norway and Denmark. German utility Stadtwerke Munchen GmbH and Bayerngas GmbH are shareholders in Bayerngas Norge.

AIRLINES

Emirates, FlyDubai team up

Emirates, the world’s biggest long-haul airline, is to form a partnership with low-cost sister carrier FlyDubai aimed at allowing the companies to feed passengers onto each other’s flights. The deal will include network collaboration and coordinated scheduling at Dubai International Airport, where both airlines are based, Emirates said in a statement yesterday. It is to be rolled out from the fourth quarter, starting with enhanced code-sharing arrangements. The move means FlyDubai’s regional flights will help fill Emirates jets, while the discount operator gets access to a global network of 157 destinations. New city pairs are set to be opened up and duplicated routes eliminated, while frequent-flyer programs may be aligned.

EQUITIES

Chinese small caps tumble

Chinese small-cap shares yesterday tumbled, leading the market lower, amid concerns about tougher regulations and more initial public offerings following a high-level conference over the weekend attended by Chinese President Xi Jinping (習近平). The ChiNext gauge of mostly technology companies sank 5.1 percent at the close to their lowest level since January 2015. The Shanghai Composite Index dropped 1.4 percent. Xi said the central bank would play a stronger role in defending against risks, and called for more work on safeguarding the financial system and modernizing its regulatory framework.

FINANCE

FCA mulls online platform

The UK Financial Conduct Authority (FCA) has set out the framework for a market study into the use of online platforms to sell investment products to consumers. The platform market has grown rapidly in recent years, handling as much as £500 billion (US$650 billion) of assets under administration last year, up from £108 billion in 2008, the FCA said. Platforms can allow retail investors to compare products and pool their money, achieving better returns. The FCA plans to publish an interim report by summer next year, setting out preliminary conclusions and areas of concern.

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