Beijing, Tokyo, Seoul vow to combat financial instability

From left, Bank of Japan Gov. Haruhiko Kuroda, Japanese Finance Minister Taro Aso, South Korean Finance Minister Yoo Il-ho, Bank of Korea Gov. Lee Ju-yeol pose for a photograph with Chinese Vice-Minister of Finance Yaobin Shi before their trilateral meeting on the sideline of Asian Development Bank's (ADB) annual general meeting in Yokohama, south of Tokyo on Friday. (Reuters)
Updated 05 May 2017

Beijing, Tokyo, Seoul vow to combat financial instability

TOKYO: East Asia’s three biggest economies vowed Friday to work together to help prevent market instability as tensions run high over Pyongyang’s weapons program.
North Korea’s efforts to develop an arsenal of nuclear-armed missiles have fueled concerns among its Asian neighbors and led to threats of military action from Washington, as well as calls for China to rein in its reclusive ally.
Financial markets have been rattled by the events, which have hit investor sentiment and on Friday finance ministers and central bank governors from China, Japan and South Korea affirmed their cooperation in the face of future uncertainty.
“We will continue high degree of communication and coordination among China, Japan and Korea to cope with possible financial instability in the context of increased uncertainty of the global economy and geopolitical tensions,” a joint statement said.
The three-way talks were held on the sidelines of the Asian Development Bank’s (ADB) annual meeting in Yokohama, southwest of Tokyo.
Financial ministers and central bank governors of the 10-strong Association of Southeast Asian Nations (ASEAN) were also attending the ADB gathering, which began on Thursday.
In a separate meeting with ASEAN countries, Japan on Friday proposed to create a new currency swap arrangement worth 4 trillion yen ($36 billion) in case the region faces a financial crisis.
A swap is a useful device in times of economic stress when normal foreign exchange markets can seize up.
“The yen is a stable currency and can work effectively for the stability of financial markets,” Japanese Finance Minister Taro Aso told reporters, according to public broadcaster NHK.
Participants responded positively to the proposal, NHK said.
Since the onset of the Asian currency crisis in the late 1990s, Japan has spearheaded efforts to build a multilateral currency swap agreement.

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

Updated 03 August 2020

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

  • The Reuben brothers want to buy 10 per cent of the club as part of PIF takeover
  • Brothers remain 'totally supportive' of the deal should there be a way forward

DUBAI: Another big financial backer of the £300 million ($390 million) bid for Newcastle United football club has come out in favor of a takeover led by Saudi Arabia’s Public Investment Fund.

The Reuben brothers, multibillionaire businessmen who want to buy 10 per cent of the club, said on Monday they were “very disappointed” when the bid was withdrawn late last week after months of stalling by the Premier League in England.

“We would welcome any resurrection of talks and progress with the Premier League and are aware that the Reuben brothers remain totally supportive of the deal should there be a way forward,” said a statement from their company, Arena Racing.

The brothers’ renewed support for the deal will raise the pressure on Richard Masters, the Premier League chief executive, who has remained silent since the takeover offer was withdrawn last week.

PIF made no secret of its disappointment and frustration that the Premier League — which has the duty to approve or reject a takeover of a member club  — has reached no decision since contracts were exchanged on the deal in April that would give the Saudi sovereign wealth fund 80 per cent of the 128-year-old club

Amanda Staveley, the British financier who has been at the heart of the deal and would have bought the remaining 10 per cent, also wants to see the deal revived.

The Reuben brothers, who already run two horseracing courses in the northeast of England, said: “We were planning on creating one of the premier sporting hubs in the UK, undertaking development work that is vital for the region and enjoying valuable synergies with the football club.

“We continue to hope that those exciting plans are not in vain.”