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Original headline: CAPITAL MARKETS : Bigger Deals , Tighter Screws | Asian Legal Business
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- How Can the Capital Market Share the Burden with Banks?
Dragon Capital estimates Vietnam needs about 1,460 billion USD in total investment over 2026-2030, nearly double the previous period, to keep GDP growth above 10% a year, while credit already stands at about 145% of GDP. The funding gap of 120-150 billion USD per year should be filled through stocks, corporate bonds, government bonds and other long-term sources, since bank credit currently provides 82.8% of the economy's funding, compared with about 4.1% from equities and 13.1% from bonds. ADB Chief Economist Bùi Minh Giáp says the goal is not to shrink banks' role but to build complementary capital channels, as heavy reliance on credit could fuel inflation and asset quality risks. State Securities Commission Deputy Chairman Bùi Hoàng Hải says FTSE Russell's upgrade of Vietnam's stock market to secondary emerging status from September 21 can attract capital, but lasting appeal depends on the market's genuine operating quality and that of listed companies.
- ASX climbs as big four banks and oil giants offset Wall Street technology slump
The ASX 200 gained 39.00 points (0.44%) to 8,845.70 and the All Ordinaries rose 0.39% to 8,975.70, as energy producers and the big banks offset a tech sell-off that followed a slump on Wall Street. The S&P 500 lost nearly 2% last week and the Nasdaq fell 4.5%, while weaker-than-expected jobs data cut the market-implied chance of an RBA rate hike to around 20%. Global X's Joseph Marassa warned that markets may be underpricing a hike given persistently high oil prices. Cleanaway surged 20.24% to $2.97 after announcing a sale to EQT for $9.3bn, and Challenger jumped 19.29% to $11.75 as it considers a takeover bid from Daiichi Life worth $7.8bn. Ampol fell 2.51% despite announcing that refined fuel margins had risen more than 120%.
- TSLA, SPCX Eye Green Open: Gary Black Predicts $420 SpaceX Buyout Of Tesla — Sees Announcement In 'Next Few Weeks'
Gary Black of Future Fund predicts SpaceX could announce within weeks an all-stock acquisition of Tesla at $420 per share, framing the Roadster reveal as a step toward combining Elon Musk's companies. Black estimates the Roadster could add just $0.06 a share to Tesla's 2029 earnings, or 1.1% of the $5.40 consensus adjusted forecast, and sees limited brand benefit, while noting TSLA tends to sell off after its events. Gene Munster of Deepwater Asset Management also sees a merger motive behind the showcase, while Morningstar expects the Roadster could draw buyers to Tesla's lineup but forecasts fewer than 2,000 annual deliveries once production ramps. Barclays considers an all-stock SpaceX acquisition of Tesla the most likely structure, with a possible announcement around Tesla's annual meeting or within six to 12 months, though shareholder approvals and antitrust review remain hurdles. Year-to-date, TSLA is down 21% and SPCX is down 9%.
- Accenture weighs $1 . 5 billion sale of Greater China operations amid AI shift , hires JPMorgan for review : Report
Accenture is reportedly considering selling its Greater China business, which covers mainland China, Hong Kong and Taiwan, in a deal that could value it at up to $1.5 billion, according to the Financial Times. The potential divestment is part of a push to sharpen strategic focus amid uncertainty over how AI will reshape consulting. The company has hired JPMorgan to explore options after receiving unsolicited interest over the past year, with private equity firms and select strategic buyers expected to evaluate a deal, and it may keep a significant minority stake, though the review may not lead to a transaction. Operations in China have grown more complex due to regulatory hurdles and tighter data security rules, while a sale could free capital for AI acquisitions, client pricing and shareholder returns. Accenture reported global revenue of $74.2 billion for the financial year ended in August, and its shares have risen 85% from their June low.
- Starboard sees big upside in Skyworks after Qorvo merger, Bloomberg reports
Starboard Value sees significant upside in Skyworks Solutions (SWKS) if the company delivers on the cost savings and margin targets from its merger with Qorvo, according to Bloomberg, citing people familiar with the matter. The activist investor considers Skyworks undervalued after completing the Qorvo acquisition earlier this month, and sees growth from the companies' complementary product portfolios. The merger targets at least $500 million in annual cost savings within three years, while management forecasts operating margins of 30% to 35% within two to three years. The combined company is valued at about $22 billion, as both firms face slowing growth after Apple shifted toward in-house chips.
- Bandhan Fin to explore health insurance foray post stabilisation of recent acquisitions : Chairman Ghosh
Bandhan Financial Services (BFSL) will explore health insurance opportunities once its recent acquisitions of IDFC Mutual Fund, IDFC Asset Management Company and Aegon Life Insurance stabilise, chairman Chandra Sekhar Ghosh told PTI. He said the immediate focus is consolidating existing businesses and did not give a timeline for entering health insurance. Ghosh said a composite licence would make it easier to enter the sector, which current Indian insurance law does not permit. The group is also looking at investment banking and wealth management, where it has no presence.
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Latest news
- A bank stock unexpectedly drew nearly 300 billion VND in net buying from securities firms' proprietary desks early this week
On 19/10, the VN-Index fell 16.07 points (-0.94%) to 1,689.84, with selling pressure intensifying in the afternoon session. Securities firms' proprietary trading net bought 275 billion VND on HoSE, led by CTG at 230 billion VND, followed by KBC (134 billion), VPB (133 billion) and MSN (45 billion). On the other side, proprietary desks net sold the most of ACB at 221 billion VND and FRT at 144 billion VND.
- BingX, YouHodler added to ESMA MiCA register in latest update
ESMA's latest MiCA register update added nine crypto-asset service providers (CASPs), bringing the total to 375 unique providers, including BingX's Austrian entity MEGE zweite and the Italian subsidiary of YouHodler. Other additions were Spain's Prakma Markets, Openbank Deutschland (a unit of Banco Santander) and two German cooperative lenders, while Denmark's Penning Financial Services is no longer listed. The EMT register stayed at 50 entries for 25 unique entities, the ART register remained empty, and the non-compliant NCASP register rose by five entries to 178. BingX's EU CEO Daniel Lai said the authorization lets the company operate under a clear regulatory framework as it prepares to launch regulated services across the European Economic Area.
- Zcash Developer Zakura Proposes Fix to Stop Quantum Computers Linking Shielded Swaps
Zcash full node developer Zakura has proposed “one-time” viewing keys to stop a future quantum computer from linking a user's shielded Zcash payments. The biggest risk is swaps through NEAR Intents, where each swap out of ZEC posts one of the user's shielded addresses to NEAR's public chain as a refund address, and around $600 million to $700 million had flowed through that route by May, according to Zcash Open Development Lab CEO Josh Swihart. The fix derives a separate incoming viewing key for each published address while leaving the spending key untouched, so a quantum attacker who breaks one address would only see payments to that address. The approach needs no network upgrade, and wallets built on Zakura's open-source libraries, such as Vizor, can add it in the coming weeks, with hardware wallets to follow. At the time of reporting, ZEC traded at $1,165, up 3.6% on the day.
- JPMorgan's JPM Coin, representing dollar deposits, is coming to Ethereum: Bloomberg
JPMorgan will make JPM Coin, a token representing its dollar deposits, available to institutional clients on Ethereum, according to Bloomberg. The bank says Ethereum's liquidity makes it attractive to crypto companies seeking blockchain payments and to financial firms settling trades or backing tokenized assets. The move extends JPMorgan's blockchain work beyond Base and its private Kinexys network, which processes more than $7 billion daily. The bank did not say when the token will go live on Ethereum. Meanwhile, JPMorgan is among US banks planning a shared tokenized deposit network, but it was not on Swift's list of 17 banks preparing live transactions on its blockchain ledger in July.
- Robot factories and hypersonic missiles: JPMorgan Chase’s first $5 billion of defense investments
JPMorgan Chase said it has made $5 billion in startup investments in the first year of its U.S. security and resiliency initiative, a faster pace than expected. The bank had pledged $10 billion into startups over a decade and may expand the program beyond that amount, according to co-president Doug Petno. Among the disclosed stakes, JPMorgan has taken direct positions in Hadrian, which builds automated factories making parts for defense, aerospace and maritime companies, and Castelion, maker of the relatively low-cost hypersonic missile Blackbeard. The bank helped lead a $1.4 billion funding round for Hadrian and was involved in a $1 billion round for Castelion. The direct equity stakes mark a departure from JPMorgan's usual role as a lender and advisor.
- One Year In, JPMorganChase's Security and Resiliency Initiative Is Helping to Strengthen Industries Critical to Long-Term Economic Growth
One year after launching its $1.5 trillion Security and Resiliency Initiative (SRI), JPMorganChase said it has deployed $5 billion in equity investments through its Strategic Investment Group, half of its initial $10 billion SRI allocation. The firm has financed and facilitated more than $230 billion in transactions across SRI's focus areas, including supply chains and advanced manufacturing, defense and aerospace, energy, frontier technologies, and pharma and healthtech. The Strategic Investment Group, led by Todd Combs, invests in venture, growth and later-stage companies, while a team of more than 35 SRI professionals has expanded the initiative to Europe and Canada. Nearly one-third of SRI-related activity in the past year occurred outside the United States, as many critical technologies and supply chains cross borders. Chairman and CEO Jamie Dimon said strong economies and national security require investment in infrastructure, manufacturing, energy, defense and innovation.
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