Fink about China Apr 12, 2019 (WiC 448)
“If anything the Chinese are looking for greater participation of global firms in their asset management space because they have a growing retirement crisis”
Larry Fink, CEO of fund management giant BlackRock, tells shareholders in his annual letter that his ambitions in China have not been curtailed by trade tensions. “We hope to have a majority-controlled asset management [business] in China and we are very engaged with Chinese regulators.” The Financial Times says BlackRock has been in talks with CICC Fund Management.
On the offensive Apr 5, 2019 (WiC 447)
“The US government has a loser’s attitude. They want to smear Huawei because they can’t compete with us”
Huawei’s rotating chairman Guo Ping hits out at Washington over its attempt to get allies to ban the Chinese firm’s 5G equipment. The Shenzhen-based giant last week announced its full-year net profit had risen 25% over 2017 to Rmb59.3 billion ($8.82 billion) helped by a 45% surge in smartphone sales.
Flying high Mar 29, 2019 (WiC 446)
“Our expanding footprint in China demonstrates our lasting confidence in the Chinese market and our lasting commitment to China”
Guillaume Faury, president of the commercial division of Airbus, comments on a deal struck with China’s Aviation Supplies Holding Company to sell 290 of its A320 aircraft and 10 wide-body A350 XWB planes. This will take the number of Airbus jets in China above 2,000 and was described by the Financial Times as “a blow to Boeing”.
Weight watching Mar 22, 2019 (WiC 445)
“It’s impossible to be subject to political influence. The indices are a means to an end. The indices reflect the accessibility and demands of investors around the world”
Henry Fernandez, the head of MSCI, tells the Financial Times there was “zero politics” in its decision to raise Chinese stocks’ weighting in its flagship emerging markets index from less than 1% to 3.3%. Some fund managers have criticised the move based on corporate governance standards in China.