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Business Times
13 minutes ago
- Business Times
Indonesia's Kangaroo bond sale a tricky call for local investors
Indonesia's plan to issue its first Australian dollar-denominated debt next month has piqued investor interest, though questions mount on how it'll fit into local managers' portfolios. Australia's sovereign Kangaroo market isn't large and Indonesia's issuance is not aligned with the more well known supranational debt from developed markets, according to Betashares Capital. Funds may also be unable to hold the bonds due to Indonesia's low investment grade credit rating, according to Jamieson Coote Bonds. 'An EM (emerging market) kangaroo bond doesn't exactly fit neatly into the traditional Australian bond sectors,' said Chamath de Silva, head of fixed income at Betashares in Sydney, who may buy the bond if it gets included in major indexes. 'That said, if the concession is attractive, I'm sure local real money might be tempted.' It points to a tricky debt sale should Indonesia follow through on its plan as it seeks to diversify funding sources and deepen ties with Canberra. It would be just the second emerging-market sovereign to issue Australian dollar debt in a market that typically sees developed issuers such as the Canadian provinces and supranationals such as the European Investment Bank. The planned issuance comes as Kangaroo market sales hit A$41 billion (S$34.3 billion) this year, on track to top a record A$61 billion worth of deals last year, according to data compiled by Bloomberg. It follows South Korea issuing an Australian-dollar bond last year. The issuance is likely to be targeted at sovereign wealth funds and reserve managers rather than Australian funds given that liquidity may be low, said Prashant Newnaha, a senior Asia-pacific rates strategist at TD Securities in Singapore. But 'it's clear there is a significant pool of Australian dollars to tap', he said. While Indonesia's planned offer is interesting, it would not meet the rating requirement of a number of our portfolios, said James Wilson, a senior portfolio manager at Jamieson Coote in Melbourne. The South-east Asian nation is ranked Baa2 at Moody's Ratings, the second-lowest investment grade. BLOOMBERG
CNA
an hour ago
- CNA
Young Hong Kong residents apply modern touches to preserve traditional crafts, attract new crowds
HONG KONG: A new generation of Hong Kong residents is giving traditional crafts a modern revival, using technology and creative applications to ensure age-old practices continue to thrive beyond the legacy of old master artisans. Among them is 32-year-old architect Nick Tsao, who is reviving the folk art of paper cutting by fusing it with his design know-how. 'Paper cutting is a folk art … it is something that you're supposed to learn at home, through your mother or through a grandmother. Unfortunately, they didn't pass down this skill to me,' he added. Instead, he turned to the skills he honed while studying architecture. 'I was building models … and cutting a lot of paper and card … then building things in 3D and mostly hand cutting with a penknife,' he added. Tsao began his paper-cutting venture after he wanted more unique Chinese New Year zodiac animal decorations, leading him to expand the use of his paper cutting techniques. He started producing and selling the zodiac paper cutting crafts publicly four years back. A year ago, he left his corporate job to pursue it full time. Tsao is currently working with international brands such as Dior and apparel retailer Lululemon, moving beyond paper products but also conducting workshops for their clients. 'Outside of Chinese New Year, I would collaborate with luxury brands, clothing stores, to help them design workshops that their VIP guests can come and experience rather than just giving out gifts.' Even though he was not trained through traditional lineage, Tsao believes his work keeps the spirit of the craft alive. 'I try to embody parts of the traditional crafts by bringing it into new media, by adding contemporary philosophies, design concepts into a fading industry,' he said. Through his work, Tsao said he also hopes people will recognise that 'paper cutting as a traditional craft is very strong in Chinese culture, but also in many other cultures". He noted that it is like taking something that is very cheap and very easy to access, like paper, and creating art that is not specific to a certain location. Tsao added that anyone can incorporate these ideas and create something new. As a young creative entrepreneur, Tsao said he does not shy away from using technology. 'I like incorporating the use of machines … design software because of my architecture background. I think people feel like AI is a type of threat to art making, but you could choose to do things," he added. "You can either stick to very traditional means and make everything like it was years ago or you can start to learn more about these technologies and see how they can help you.' DIGITAL TRANSFORMATION AND REVIVAL Experts said that for traditional crafts to survive, they must be relevant in today's world. Professor Henry Duh, associate dean of global and industry engagement at The Hong Kong Polytechnic University's (PolyU) School of Design, stressed the importance of adapting to societal changes. 'We can still use the traditional way to preserve cultural heritage … but it's slow and a bit harder to trigger (the) young generation's interest ... That's why I think digital technology will be able to promote (and) trigger their interest,' he added. PolyU has received funding this year to revitalise the city's traditional arts and promote digital transformation of its culture industry. It is the first tertiary institution in the city to receive funding from the China National Arts Fund. The fund, which opened to applicants in Hong Kong and Macau in 2021, promotes development of arts and culture by supporting local artistic talents. PhD students at PolyU have managed to capture a porcelain paint master's techniques using generative AI. Duh said: 'One of the masters (thought of) new technology to quickly trigger the kids' attention and interest … and reduce the process into simple, interesting steps.' He noted that using a 3D space to replicate the process allowed apprentices or younger people to observe the workflow from different angles, compared to video. With fewer master artisans, technology has become more important in the preservation process. "Some masters … may not be able to describe the process precisely or using terminology (that the) younger generation can understand. Using digital technology or virtual reality to visualise the process … will be easier,' he said. VIRTUAL REALITY Virtual reality (VR) also allows learners of a traditional craft to gain skills without being constrained by old craftsmen's physical availability. PolyU students have also used AI to create a 'digital human' from the fast-disappearing indigenous Tanka group, known as boat dwellers, to share their history and experiences. The interactive nature of the project could generate interest in such cultures by young people, said PhD student Yue Xu. 'A lot of culture and art pieces are disappearing … for me I think that technology can help to digitalise these things,' he added. VR tools are also used by museums like the Intangible Cultural Heritage Centre. It is also working with PolyU on a VR project to allow people who are interested in learning about Hong Kong's traditions to experience its exhibits virtually. It features more than 40 different traditions, cultures and crafts synonymous with Hong Kong. The Intangible Cultural Heritage Centre is using technology to reach out to younger members of the population, strengthening its goal of preserving Hong Kong's history and techniques of the city's traditional crafts, according to its curator Celia Shum. 'We can make use of interactive programmes … (like) some QR codes for audio guides to (inform) … the public,' she said. Shum added that many young people are keen to know more about the city's cultural heritage. 'They mentioned to us (that they joined the) programmes and have the opportunity to know more about the techniques,' she said. The project is slated for launch in libraries and schools by the end of next year, bringing the city's traditional crafts and culture closer to the people.
CNA
2 hours ago
- CNA
Asia stocks, yen look past Japan politics as earnings loom
SYDNEY :Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech giants. Investors were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. There were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the earliest. European Commission President Ursula von der Leyen has stolen a march and will meet with Xi on Thursday. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline looms. Ishiba vowed to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4 per cent firmer at 148.29 to the dollar. "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further but markets imply little chance of a move until late October. While the Nikkei was shut, futures traded at 39,885 and up on the cash close of 39,819. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, while South Korean stocks added 0.5 per cent. Chinese blue chips firmed 0.3 per cent, led by rare earth and construction sectors, as Beijing kept interest rates unchanged as widely expected. MEGA CAPS KICK OFF EUROSTOXX 50 futures and DAX futures both dipped 0.3 per cent, while FTSE futures were flat. S&P 500 futures and Nasdaq futures both edged up 0.2 per cent, and are already around record highs in anticipation of more solid earnings reports. A host of companies reporting this week include Alphabet and Tesla, along with IBM. Investors also expect upbeat news for defence groups RTX, Lockheed Martin and General Dynamics. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30 per cent this year. Tech giant Microsoft issued an alert about "active attacks" on server software used by government agencies and businesses, urging customers to download security updates. In bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this month. Most of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61 per cent, rising to 80 per cent for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. The European Central Bank meets this week and is expected to hold its rates steady at 2.0 per cent following a string of cuts. "The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release." The euro was unchanged at $1.1630 in early trading, having dipped 0.5 per cent last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at 98.373. In commodity markets, gold firmed 0.5 per cent to $3,367 an ounce with all the recent action in platinum which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its exports. Brent edged up 0.1 per cent to $69.38 a barrel, while U.S. crude added 0.2 per cent to $67.50 per barrel. (Editing by Sam Holmes and Shri Navaratnam)
