The top 5 banking news stories in emerging markets this week.
1 – ANZ, Roy Morgan Launch China Consumer Confidence Index
The Australia and New Zealand Banking Group Ltd. (ANZ) and Australian research firm Roy Morgan Research have jointly launched an index to track the Chinese consumer confidence levels, according to a joint announcement. The ANZ-Roy Morgan China Consumer Confidence Index, which gauges China’s consumer confidence and inflation expectations, remained stable at 152.5 in May, compared with 152.6 in April. >>
2 – Queensland Eyes $14 Billion China-Backed Casinos to Rival Echo
The government of Australia’s Queensland state will study proposals for two new casinos backed by Chinese and Hong Kong investors, challenging Echo Entertainment Group Ltd. (EGP)’s hold on the local gambling market.Hit by falling prices for its largest export, coal, Queensland state is considering a bet on the A$15.65 billion ($14 billion) casinos to lure Asian gamblers who’ve fueled investment in new resorts in Macau and Singapore. >>
3 – Economist expects continued robust growth in China
China is expected to deliver growth of above 7 percent this year and next amid a shift of focus on quality of growth rather than quantity, the National Australia Bank (NAB) Group Chief Economist Alan Oster forecast on Tuesday.”Growth will be still robust but the rapid pace of previous years is over,” said Oster in his research report “Global Overview & Australia — where to now for the multi speed economy” publicized here on Tuesday. >>
4 – Barclays sees S$87bil from Asia-Pac
Hedge funds could raise up to US$70bil (S$87bil) from investors in the Asia-Pacific region over the next three years, half of it in new capital, Barclays says in a survey.The survey, polling 50 Asia Pacific-based investors controlling US$2 trillion in assets and 20 hedge funds with US$450bil under management, identified Japan and Australia as the main markets for sourcing the funds.
5 -Malaysia most popular place for property buys
The hottest overseas real estate market for Singapore investors during last year’s splurge on foreign property was Malaysia, going by central bank estimates.The country accounted for slightly more than half of real estate investments abroad last year, followed by Britain and Australia. These three countries made up the lion’s share of purchases.>>