How has the wealth management space fared in the GCC?, Could the UAE Prompt OPEC’s House of Cards to Collapse?, U.K.’s Richest Man Partners With Hyundai to Make Hydrogen Happen.
Industry outlook: How has the wealth management space fared in the GCC?
Read more – Gulf Business
Rental returns in the UAE have been promising, eclipsing those of property hotspots worldwide. Dubai properties offer over 7 per cent gross returns on average, compared to a 2.9 per cent rental yield in London, a 2.35 per cent return in Hong Kong and a yield of 2.85 per cent in Sydney. Singapore and Toronto offer 3.3 per cent and 3.9 per cent respectively, a Property Finder report reveals.
Regional equity markets have underperformed in both developed and emerging markets this year. Their woes have been exacerbated by declining oil prices and geopolitical tensions, in addition to the shock from the Covid-19 pandemic.
New investments into ETFs stand at $430bn this year, up 57 per cent compared to same period last year.
gold loves a crisis’ – the metal gathered force in the months following the pandemic, amid looming economic uncertainty and concerns of lockdowns. It vaulted into record territory of above $2,000 an ounce in 2020, shattering its roughly decade-long record of $1,921 set in September 2011.
This year, GCC debt is one of the top performers (+5.5 per cent as of end Sep), just marginally behind USD Corp IG (+5.8 per cent as of end Sep) and is way ahead of the broader EM debt returns (1.9-3.6 per cent.
Why China’s Debt Defaults Are More Alarming This Time: QuickTake – Bloomberg
Read More – Bloomberg
A crackdown on unregulated lending — so-called shadow banking — and tighter rules on asset management made it harder for some to borrow fresh funds to repay existing debt, leading to a record number of bond defaults in 2018 and 2019.
As the year wound down, private-sector defaults seemed to be coming down but the list of state-tied firms in distress had grown, despite signs of an economic recovery.
Given signs that authorities are more comfortable letting borrowers renege on payments both in the domestic market and offshore, potential investors are reassessing risks
U.K.’s Richest Man Partners With Hyundai to Make Hydrogen Happen – Bloomberg
Read more – Bloomberg
Ratcliffe’s Ineos Group will explore opportunities to produce and supply hydrogen to Hyundai, which has been making fuel cell vehicles in low volumes since 2013.
For Ratcliffe, 68, helping to kick-start the hydrogen economy would open up more attractive uses for his company’s output of the gas, a byproduct from the electrolysis of brine to make chlorine.
Could the UAE Prompt OPEC’s House of Cards to Collapse? – Bloomberg
Read more – Bloomberg
As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may even be considering whether to leave the Organization of Petroleum Exporting Counties.
After a day of public silence following the press reports, Mazrouei on Thursday said the UAE “has always been a committed member” of OPEC.
Wealthy Europeans Join SPAC Club in Record Year for Listings – Bloomberg
Read more – Bloomberg
Listing a so-called special purpose acquisition company, or SPAC, has been the go-to method for wealthy Americans to raise money for takeovers this year.
Now, Europeans are joining the hunt. Investindustrial Acquisition Corp., a private equity firm backed by UBS Group AG’s former Chief Executive Officer Sergio Ermotti, announced last week that it was raising $350 million by listing a SPAC on the New York Stock Exchange.
China’s Finance World Opens Up to Foreigners – Bloomberg
Read more – Bloomberg
In 2020 China began allowing full foreign ownership of more financial services companies. Ownership caps for securities and mutual fund firms, life insurers and futures-trading houses came off in stages during the year.
Regulators in 2019 had cleared the way for full takeovers of local banks by foreigners, a year after easing caps in that category. Foreign companies now also can be lead underwriters for all types of bonds and control wealth-management firms.