
Latin American nations must diversify, avoid over-reliance on any one country: Analyst
06:58 Min
Pepe Zhang, author and consultant on China-Latin America relations, tells CNA's Otelli Edwards that while US-China tensions may be easing, uncertainty will persist and Latin American nations must continue to prioritise diversification in their partnerships.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
24 minutes ago
- Business Times
China's Zijin Mining to acquire Kazakh gold mine in US$1.2 billion deal
CHINA'S biggest gold and copper producer Zijin Mining said on Monday it had agreed to buy one of the largest gold mines of Kazakhstan, the Raygorodok Gold Mine, for US$1.2 billion. Zijin said its unit Zijin Gold International and Jinha Mining, a subsidiary of Zijin Gold, had inked a deal to acquire the rights of RG Gold and RG Processing, the Kazakhstan-based gold mining firms that currently own and operate the Raygorodok gold mine. The gold mine comprises the mine assets held by RGG and the processing plant assets held by RGP, Zijin said in a statement. The timing of the deal aligns with a surge in global gold prices amid ongoing uncertainty around US-China trade tensions. Earlier in April, Zijin laid out its intention to spin off its unit, Zijin Gold International, and list it in Hong Kong as part of a reorganisation of its overseas gold assets.


CNA
an hour ago
- CNA
Asia shares track Wall St gains before payrolls test
SYDNEY :Asia shares firmed on Monday as seemingly unquenchable demand for technology companies lifted S&P 500 futures to another all-time peak, while the dollar dipped on concerns U.S. jobs data will show enough weakness to justify larger rate cuts. Investors were also keeping a wary eye on the progress of a huge U.S. tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by President Donald Trump's preferred July 4 deadline. The Congressional Budget Office estimated the bill would add $3.3 trillion to the nation's debt, testing foreign appetite for U.S. Treasuries. There was no doubting the demand for the U.S. tech sector and megacap growth stocks including Nvidia, Alphabet and Amazon. Nasdaq futures rose another 0.3 per cent, while S&P 500 e-minis added 0.2 per cent. The bullish sentiment spilled over into Japan's Nikkei which rose 1.0 per cent, while South Korean stocks gained 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.1 per cent. A holiday on Friday means U.S. payrolls are a day early, with analysts forecasting a rise of 110,000 in June with the jobless rate ticking up to 4.3 per cent. The resilience of the labour market is a major reason the majority of Federal Reserve members say they can afford to wait on cutting rates until they can gauge the true impact of tariffs on inflation, so a weak report would stoke speculation of a rate cut in July rather than September. "While initial jobless claims retreated somewhat from their recent high, continuing claims jumped higher yet again," noted Michael Feroli, head of U.S. economics at JPMorgan. "Consumers' assessment of labor market conditions also deteriorated in the latest confidence report." "Both of these developments suggest that the unemployment rate in June should tick up to 4.3 per cent, with a significant risk of reaching 4.4 per cent." The latter outcome would likely see futures push up the chance of a July easing from the current 18 per cent and price in more than the present 63 basis points of cuts for this year. DOLLAR DOLDRUMS Fed Chair Jerome Powell will have an opportunity to repeat his cautious outlook when he joins several other central bank chiefs at the European Central Bank forum in Sintra on Tuesday. The prospect of an eventual policy easing has helped Treasuries weather worries about the U.S. budget deficit and the huge amount of borrowing it entails. Yields on 10-year Treasuries were steady at 3.27 per cent, having fallen 9 basis points last week. The dollar has not fared so well, in part due to concerns tariffs and chaotic policies from the White House will drag on economic growth and erode the country's claim to exceptionalism. The euro was near its highest since September 2021 at $1.1731, having climbed 1.7 per cent last week, while sterling stood near a similar peak at $1.3719. The dollar was down a fraction at 144.48 yen, after losing 1 per cent last week, while the dollar index dipped to 97.163. James Reilly, a senior markets economist at Capital Economics, noted the dollar had fallen by more at this stage in the year than in any previous year since the U.S. moved to a free-floating exchange rate in 1973. "At this point, further weakness could become self-reinforcing as underhedged European/Asian portfolios chase the move," he added. "So, we suspect that this could be a pivotal period for the greenback – either it turns around here or there is another 5 per cent or so fall around the corner." In commodity markets, the general revival in risk sentiment has undermined gold, which slipped to $3,266 an ounce and further away from April's record top of $3,500. Oil prices continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12 per cent slide last week.
Business Times
an hour ago
- Business Times
Singapore's snares its largest Reit IPO in a decade while HK looks to another bumper year driven by China companies
[SINGAPORE] The past week has seen good news for the Singapore Exchange (SGX), with NTT filing to list a Reit - likely to Singapore's largest in a decade - and software company Info-Tech Systems debuting this week the first mainboard listing in two years. While SGX's initial public offering (IPO) fortunes may be looking up, it's still a long way off from that of the Hong Kong Exchanges and Clearing (HKEX), which with a new chief executive at the helm is likely to see another bumper year of listings. Hong Kong IPO boom Some 40 IPOs are expected in Hong Kong in the first half of this year, based on publicly available information as at Jun 11. These offerings are projected to raise HK$108.7 billion (S$17.7 billion). This represents a 33 per cent increase in deal volume, and more than 700 per cent in total proceeds compared to the same period the previous year. PwC expects 70 to 80 companies to list in Hong Kong in 2025, raising an estimated HK$130 billion to HK$160 billion. There were 71 IPOs in Hong Kong last year, which raised a total of HK$87.5 billion. Of the 36 new listings in Hong Kong so far this year, 21 have traded above their offer prices, according to Bloomberg data. This strong performance has prompted South-east Asian companies to reconsider Hong Kong as a listing venue, noted Jason Saw, group head of investment banking at brokerage CGS International. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up According to a report from EY, Hong Kong accounted for 24 per cent of global IPO proceeds in the first half of 2025. Mega IPOs helped HKEX to secure the top global position by funds raised, reaching US$14 billion. A key contributor to this surge was the listing activity of A-share companies – companies already listed on mainland Chinese exchanges – and their spin-offs. These deals significantly lifted the average deal size, with proceeds rising more than five-fold year on year. Another driver was China companies that are turning to Hong Kong to raise funds outside the mainland amid tightening capital controls, Leon Lim, partner at law firm TSMP Law Corporation told The Business Times. He added that Beijing has facilitated this shift by easing filing requirements for overseas listings. Hong Kong's pro-market stance, on top of the deep capital pools and access to China that it offers, is also helping to attract listing aspirants, said CGS International's Saw. Strained US-China relations is also working in Hong Kong's favour, observed TSMP's Lim. 'The current US administration has been slightly unpredictable, and observers are cautioning a repeat of 2023, which saw Chinese state-owned enterprises delisting their US American Depositary Receipts en masse to avoid having to disclose information under rules imposed by the previous Trump administration,' he said. HKEX allows secondary listings from companies on 'recognised' exchanges such as those in Thailand, Indonesia, Singapore, Saudi Arabia and the United Arab Emirates. However, mainland Chinese companies typically list in Hong Kong via separate 'A+H' or dual-primary listings. Examples include major Chinese drug maker Jiangsu Hengrui Pharmaceuticals, condiment maker Foshan Haitian Flavouring and Food as well as battery giant CATL. While the exact number of Hong Kong's current secondary, A+H dual, or dual-primary listings is not publicly disclosed, SGX currently hosts 28 secondary listings -- including names such as Mandarin Oriental, DFI Retail and electric vehicle maker Nio. Different niches Singapore and Hong Kong have different strengths, said Carmen Lee, head of OCBC Investment Research. Besides being a natural listing venue for Chinese companies, Hong Kong is strong in sectors such has technology, pharmaceuticals and insurance. Hence, companies in these industries – especially those looking for the likes of BYD in the electric vehicle sector or China Life in insurance – are more likely to choose Hong Kong as their listing venue, Lee said. However, companies in other sectors such as banking, real estate or aviation may consider Singapore, where they can find more appropriate benchmarks, Lee added. Chan Yew Kiang, Asean IPO leader at EY, said SGX has an edge in Reits and could serve as an attractive platform for companies across South-east Asia. He said: 'Exchanges do compete for quality listings, but they are also complementary in that success will make for a robust IPO and capital market. Alliances between exchanges and secondary listings enable companies to leverage on a broader capital market ecosystem.' When it comes to secondary listings, TSMP's Lim highlighted Singapore's stable political environment and transparent legal system as key advantages. He also pointed out that the 2020 imposition of the National Security Law in Hong Kong has raised concerns about the city's autonomy. This means 'any issuer choosing to list its shares in Hong Kong would have to be comfortable with this risk', he noted. In contrast, Saw emphasised Singapore's appeal, describing it as a 'very transparent and neutral ground' with clear regulations that make it 'easier to access'. He also noted that SGX offers a faster time to market, backed by its international presence and the ability to attract capital in both US dollars and Singapore dollars, alongside a shorter IPO queue compared to Hong Kong. With Singapore's status as a hub for industries such as banking and capital markets, EY's Chan believes that these sectors will 'continue to be the cornerstone of being attractive to companies to consider a primary or secondary listing in Singapore'. Doorway to South-east Asia Even as SGX is seeking to attract high-growth companies from South-east Asia, HKEX's newly appointed CEO Bonnie Chan has similar plans to boost its global profile by attracting secondary listings from such companies. EY's Chan sees Singapore as having a clear advantage, describing it as the 'doorway to companies that seek to build brand equity and tap into capital across South-east Asia'. Growing interest among companies considering a Singapore IPO has been observed by TSMP's Lim. This might be due to recent measures announced by the Monetary Authority of Singapore. He added that many of these businesses operate in sectors with strong investor appeal, and are generally less exposed to global trade tensions and tariffs. CGS International's Saw said Singapore-based advisers have actively engaged companies not only in South-east Asia but also in North and Central Asia. He added that 'it has been harder to swing South-east Asian companies to the SGX, given the vibrant local market in their respective home bases'. Still, other regional dynamics could nudge companies towards listing in Singapore. Lim, for instance, observed spillover from Malaysia's active IPO market, where issuers may face stiffer competition and need to work harder to stand out. 'Some of these issuers also view a Singapore listing as a strategic one – which speaks to Singapore's reputation as a well-regulated and reputable global market,' he said.