Thursday, November 5, 2015

Julius Baer would consider partnerships in China, Collardi says

Julius Baer would consider partnerships in China, Collardi says

[SINGAPORE] Julius Baer Group Ltd, Switzerland's third-largest asset manager, would consider forming strategic partnerships or making direct investments to expand its business in China, said Chief Executive Officer Boris Collardi.
The Zurich-based firm may also set up its own operation in one of the country's free-trade zones, Mr Collardi said in an interview with Bloomberg Television's Haslinda Amin from Singapore on Friday. Julius Baer has a representative office in Shanghai.
"We're looking at different alternatives," Mr Collardi said. "The model is something we're going to try to roll out to market." Mr Collardi is seeking to expand in a country where millionaire wealth is expected to climb by an average of about 12 per cent a year to US$8.25 trillion by 2020, according to his firm's research.
He has previously defined Asia as the private bank's "second home market" with about a quarter of its assets under management stemming from clients in the region.
Mr Collardi didn't name any specific firms that he was targeting in the interview. He would consider investing in local companies that don't have "typical banking models," such as financial-technology businesses, he said.
Julius Baer's larger rivals in Switzerland, UBS Group AG and Credit Suisse Group AG, are also prioritising managing money for affluent individuals and families in Asia. UBS said in July it's planning to open a wealth branch in Shanghai.
Investors have been weighing the prospects for European private banks operating in Asia after a summer rout in China's stock market coincided with the biggest devaluation in the yuan in two decades. Those events roiled emerging markets and hurt investor confidence, a malaise that spread to markets in Europe and other regions.
BLOOMBERG

Designer cells reverse baby girl's cancer in world first

Designer cells reverse baby girl's cancer in world first

[LONDON] A one-year-old girl in Britain has become the first in the world to be treated with "designer" immune cells genetically engineered to reverse her cancer, doctors said Thursday.
Layla Richards was suffering from leukaemia, but was cured after scientists used a new gene-editing technique to manipulate cells to fight the disease at Great Ormond Street Hospital (GOSH) in central London.
"As this was the first time that the treatment had been used, we didn't know if or when it would work and so we were over the moon when it did," said Professor Paul Veys, director of bone marrow transplant at GOSH and Layla's head doctor.
"Her leukaemia was so aggressive that such a response is almost a miracle." The baby was diagnosed with Acute Lymphoblastic Leukaemia, the most common form of childhood leukaemia, when she was just 14 weeks old.
She was treated with chemotherapy and a bone marrow transplant, but the cancer returned and doctors told her parents to consider palliative end-of-life care.
The family was then offered an experimental treatment under development at the hospital, in which doctors modified white blood cells, T cells, from a healthy donor so that they seek out and kill drug-resistant leukaemia.
"She was sick and in lots of pain so we had to do something," her father Ashleigh Richards, 30, said.
"Doctors explained that even if we could try the treatment, there was no guarantee that it would work but we prayed it would." Layla was given a small infusion of the genetically-engineered cells known as UCART19 cells. A few weeks later, consultants told her parents that the treatment had worked.
Doctors stressed that the experimental technique had just been used once and that the results need to be replicated, but said it was potentially very promising.
"We have only used this treatment on one very strong little girl, and we have to be cautious about claiming that this will be a suitable treatment option for all children," said Waseem Qasim, professor of cell and gene therapy at the Institute of Child Health and consultant immunologist at GOSH.
"But, this is a landmark in the use of new gene engineering technology and the effects for this child have been staggering," he added.
"If replicated, it could represent a huge step forward in treating leukaemia and other cancers."
AFP

"Hope to see you again": China warship to US destroyer after South China Sea patrol

"Hope to see you again": China warship to US destroyer after South China Sea patrol

[Onboard The USS Theodore Roosevelt, SOUTH CHINA SEA] As soon as the guided-missile destroyer USS Lassen breached 12-nautical-mile territorial limits around one of China's man-made islands in the disputed South China Sea last week, a Chinese warship shadowing its movements began demanding answers. "'Hey, you are in Chinese waters. What is your intention?'," it asked, as recounted to reporters on Thursday by Commander Robert Francis, commanding officer of the Lassen.
His crew replied that they were operating in accordance with international law, and intended to transit past the island, carrying out what US officials have called a freedom-of-navigation exercise designed to challenge China's claims to the strategic waterway.
The response from the Chinese destroyer? "The same query, over and over," said Commander Francis, speaking onboard the aircraft carrier USS Theodore Roosevelt as it sailed 150 to 200 nautical miles from the southern tip of the Spratly archipelago, a chain of contested islands where China's seven artificial outposts have taken shape in barely two years.
The Lassen had joined the carrier strike group the night before, ahead of a visit to the Theodore Roosevelt by US Secretary of Defence Ash Carter, who while on board blamed China for rising tension in the region.
Beijing has rebuked Washington over the Lassen's patrol, the most significant US challenge yet to territorial limits China claims around its new islands.
China claims most of the South China Sea, through which more than US$5 trillion in global trade passes every year. Vietnam, Malaysia, Brunei, the Philippines and Taiwan have rival claims.
In comments that underscore the frequency with which US warships now come across Chinese vessels in Asian waters, Commander Francis said the Lassen had had about 50 "interactions" with Chinese military ships and aircraft since May while on patrol in the South and East China Seas, something he described as routine. "Every day a US ship is down here, we interact with the Chinese," he said.
Experts say China has dozens of naval and coastguard vessels deployed in the South China Sea at any given time, adding that encounters with US warships are likely to increase after US officials said the navy planned to conduct patrols within 12 nautical miles of China's artificial islands about twice a quarter.
"WHAT ARE YOU GUYS DOING THIS SATURDAY?"
The Chinese destroyer shadowed the Lassen for 10 days before and after its Oct 27 patrol near the artificial islands, said Francis. The Lassen got to within six to seven nautical miles from the nearest Chinese land formation, he added.
But not all US-Chinese naval interactions are tense, especially when things are slow on the high seas.
"A few weeks ago we were talking to one of the ships that was accompanying us, a Chinese vessel ... (We) picked up the phone and just talked to him like, 'Hey, what are you guys doing this Saturday? Oh, we got pizza and wings. What are you guys eating? Oh, we're doing this. Hey, we're planning for Halloween as well'."
The intent, Commander Francis said, is "to show them ... that we're normal sailors, just like them, have families, just like them."
The Chinese sailors, speaking in English, responded by talking about where they were from, their families and places they have visited, Commander Francis said.
Eventually, the Chinese destroyer that had followed the Lassen on its mission past the artificial islands peeled away. "They were very cordial the entire time ... even before and after the Spratly islands transit," Commander Francis said. "When they left us they said, 'Hey, we're not going to be with you anymore. Wish you a pleasant voyage. Hope to see you again'."
As for Commender Francis and his crew of 300 sailors, they were unfazed by the intense media coverage of one of the most highly anticipated US naval patrols in years, although he said his mother, having seen the news, did call to ask whether he was actually in China. "It's another day in the South China Sea. All of it is professional," he said.
REUTERS

US to call for tighter security at foreign airports: ABC News

US to call for tighter security at foreign airports: ABC News

[WASHINGTON] The US Department of Homeland Security is expected to call for tighter security, possibly as soon as Friday, at certain foreign airports that have direct flights to the United States, ABC News reported on Thursday, citing aviation and government officials.
In addition to those requests, security measures under discussion include better baggage screening at major domestic US airports, potentially including matching luggage to manifest lists before takeoff, the television network said, quoting the officials.
President Barack Obama said earlier on Thursday he believed there was a "possibility" that a bomb may have brought down a Russian airliner in Egypt on Saturday, killing more than 200 people.
"We know that the procedures we have here in the United States are different than some of the procedures that exist for inbound and outbound flights there," Mr Obama told CBS News affiliate KIRO Radio.
The US Department of Homeland Security said it had no announcements to make for now in response to a request for comment on the report.
REUTERS

Singapore shares open slightly higher on Friday

Singapore shares open slightly higher on Friday

SINGAPORE share prices opened slightly stronger on Friday, with the Straits Times Index up 1.01 points or 0.03 per cent at 3,024.66 as at 9.01am, ahead of Friday's US jobs report.
Top gainers in early morning trade included Jardine Cycle & Carriage, Haw Par Corporation, Singapore O&G, and Pteris Global.
A total of 56.1 million shares worth S$82.7 million had changed hands as at 9.01am. Gainers outnumbered losers 66 to 61
.

New Asian players could emerge as threats to established cities like Singapore: JLL

New Asian players could emerge as threats to established cities like Singapore: JLL

By

A NUMBER of cities in the Asia-Pacific, including Sydney and Seoul, could emerge to challenge the dominance of established world cities such as Singapore, Hong Kong and Tokyo, property consultants JLL said.
The latter three make up half of the "Big Six" (the other three being Paris, New York and London) which attract world-class corporations, talent as well as more than one-fifth of the global real estate investment. Shanghai and Beijing are considered nearly-emerged, with the former already one of the world's top 10 financial hubs.
"Our research shows that a new world order of cities is evolving, with several emerging cities ready to break from the pack. In Asia in particular, there are strong challenges to the old order from agile higher-value emerging cities like Bangalore, Shenzhen and Guangzhou," Rosemary Feenan, director of global research programmes at JLL, said.
In a report titled Globalisation and Competition: The New World of Cities, JLL said the rigid hierarchy is breaking down as more cities compete to go global.



"The increasingly globalised urban world is changing the geography of commercial real estate and is offering new opportunities and niches for cities outside the old order," it said, adding that this will have wide-ranging implications for citizens, governments and corporations, and provide some great opportunities for investors.
Taipei has been identified as an emerging world city, a growing financial centre with strong infrastructure and excellent governance. Kuala Lumpur is also considered a competitive mega-city, acting as a gateway to the regional markets in South-east Asia, with its strategic location and dynamic labour markets.
Jakarta and Manila are among the emerging cities making the fastest progress across key indicators, currently seen as "high potential, but weakly governed". These cities, along with Mumbai, are attracting investment and outsourcing activities, although they face a number of challenges relating to infrastructure, governance and quality of life, JLL said.
As for Singapore, the city-state's transparent and business-friendly environment, as well as information-led economy, should cement its position as an innovation hub, it said.
The top 10 emerging world cities in leading indices are: Shanghai, Beijing, Dubai, Istanbul, Taipei, Kuala Lumpur, Moscow, Sao Paulo, Bangkok and Mexico City.

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