Senior Editor for Asia finance & investing at Bloomberg. Ex-WSJ. Mom of two boys. Views expressed here are my own.
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Articles by Serena Ng
Cross-Section Estimation of Long-Run Relations Using Time-Compressed Data
Financial Support from the National Science Foundation (SES 2018369) is gratefully acknowledged. The views expressed here are the authors’ and not necessarily those of the Federal Reserve Bank of Atlanta, the Federal Reserve System, or the National Bureau of Economic Research. Serena Ng My research is supported by the NSF under grant SES-0962431. I did not receive other financial support.
The Return of Adaptation to Extreme Weather
We thank Allan Hsiao, Marshall Burke, Adrien Bilal, Mark Watson, Chad Jones, Nobuhiro Kiyotaki, and seminar participants at the Stanford GSB Climate Conference, Columbia University, Econometric Society Meetings (Ho Chi Minh), Insper, Australasian Banking and Finance Conference, Macquerie University, University of Sydney, and Sabanci University (Istanbul) for helpful comments. Ng acknowledges financial support from the National Science Foundation (SES 2018369).
Skewed Fluctuations and Propagation Through Production Networks
Support for Ng is provided by the National Science Foundation (ses2018369). The authors received no funds from interested parties, and are not officers or directors of any non-profit or profit-making entity. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related
McKinsey’s China Rainmaker to Retire; Firm Rotates Top Leaders
A top China rainmaker at <-bsp-bb-link state="{"bbHref":"bbg://securities/13143Z%20US%20Equity","_id":"0000018f-81f7-de3b-adcf-dbf7373f0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">McKinsey & Co. is leaving the global consulting firm after more than three decades, at a time when it’s reshuffling senior leadership ranks to adapt to a shifting business and political landscape.
McKinsey’s China Rainmaker to Retire; Firm Rotates Top Leaders
(Bloomberg) -- A top China rainmaker at McKinsey & Co. is leaving the global consulting firm after more than three decades, at a time when it’s reshuffling senior leadership ranks to adapt to a shifting business and political landscape. Lola Woetzel, a Shanghai-based senior partner, is retiring soon, according to people familiar with the matter, who asked not to be identified as the information is private.
Alibaba’s Ex-CEO Joins Mystery Beijing Fund Months After Exit - BNN Bloomberg
(Bloomberg) -- Former Alibaba Group Holding Ltd. chief Daniel Zhang has joined a little-known Chinese investment fund, a surprise twist to a long career during which he oversaw the rise and decline of the country’s highest-profile internet firm. Zhang will take up the role of managing partner at Firstred Capital, the investment house said on its official WeChat account. The former CEO will work alongside founder Liu Xiaodan, according to the brief post.
Alibaba’s Ex-CEO Joins Mystery Beijing Fund Months After Exit
Jane Zhang and Serena Ng Wed, Mar 20, 2024, 10:07 PM2 min read (Bloomberg) -- Former Alibaba Group Holding Ltd. chief Daniel Zhang has joined a little-known Chinese investment fund, a surprise twist to a long career during which he oversaw the rise and decline of the country’s highest-profile internet firm.
Tooth fairy inflation is real: Now some drop $100 bills, gifts
When her daughter was about to lose her first baby tooth, Kokoa Lawson went to work researching ideas. She wanted to make the tooth fairy experience magical and extra special for her only child. She gave her daughter a $100 bill decorated with glitter and tiny removable rhinestones. “She kind of lost her mind when she found it,” says Lawson, who lives in Temecula, Calif.
Tooth Fairy Inflation Is Real: It’s Leaving $100 Bills and Louis Vuitton Bracelets
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蚂蚁集团拟回购股份，为被套投资者提供套现机会
蚂蚁集团向该公司股东表示，将回购折合不超过60亿美元的股票。在蚂蚁集团的大规模IPO被中国政府叫停逾两年后，此举为该公司境内外投资者提供了一个套现的机会。
China’s Ant Gives Trapped Investors an Opportunity to Cash Out
HONG KONG—China’s Ant Group told its shareholders it will buy back up to $6 billion in stock, offering its international and domestic investors a chance to cash out more than two years after its blockbuster initial public offerings were scuttled by Beijing.
硅谷银行亚洲客户失去存款，但仍需偿还贷款
硅谷银行亚洲客户的存款被美国联邦存款保险公司没收，他们对First Citizens Bank仍有贷款未偿还。
WSJ News Exclusive | SVB Customers Who Lost Their Deposits Remain on the Hook for Loans
What to Read Next
Empowering Youth for Community Service
As the Assistant Director of the Red Cross Youth (RCY) - Chapters, Jerrold Lam Tian Yu has been actively involved with Red Cross Youth, and led RCY’s annual fundraiser Project R.I.C.E+ as Project Director last year. Passionate about community work, Jerrold shares his volunteer experiences and insights from RCY, particularly Project R.I.C.E+ 2021, which he spearheaded and brought to fruition despite the many challenges.
UBS Brings Back Sergio Ermotti as CEO
UBS Group AG UBS -0.67%decrease; red down pointing triangle said its former leader Sergio Ermotti will return as chief executive, as the Swiss banking giant moves into a new era with its takeover of Credit Suisse Group AG. Mr. Ermotti, who previously ran UBS for nine years, will start on April 5 after the bank’s annual general meeting, it said.
UBS Brings Back Sergio Ermotti as CEO
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中国房地产债券突然成为大赢家
在中国政府的新冠疫情防控政策和房地产业政策发生逆转后，亚洲的美元垃圾债券市场迎来历史上少有的大幅反弹。 在中国政府的新冠疫情防控政策和房地产业政策发生逆转后，亚洲的美元垃圾债券市场迎来历史上少有的大幅反弹。在此之前，该市场一年多来一直深陷困境，且违约事件频现。 至于市场何时以及是否能够恢复到大多数垃圾级公司能够再次融资的程度，目前还难有定论。 按总回报率计算，亚洲高收益债券11月份累计上涨18%；总回报率包括债券价格涨幅和票息支付。据ICE Data Services，这是该市场十多年来表现最好的一个月。最大的催化剂是中国政府最近决定，通过减少对房地产开发商的借贷限制来支持低迷的房地产市场，并放弃拖累中国经济的新冠疫情动态清零策略。 德意志银行(Deutsche...
中国不動産業者の社債が復活、危機から一転
デフォルト（債務不履行）危機に揺れたアジアのドル建てジャンク債（投資不適格級債）が、1年余りのスランプから復活を遂げつつある。中国当局が新型コロナウイルス対策や住宅市場政策で方針を180度転換したことが起爆剤となっている。 とはいえ、ジャンク債発行体の大半が再び資金を調達できるようになるまで市場が本格的に回復するか、またその時期がいつになるかは分からない。 ...
Chinese Property Bonds Are Suddenly a Huge Winner
After being mired in distress and defaults for more than a year, Asia’s U.S. dollar junk-bond market has staged one of its biggest-ever rallies following an about-face by authorities in China on Covid-19 and housing policies. The jury is still out on when—and whether—the market can recover to a point where most junk-rated companies can raise money again.
香港恒生指数跌至2009年4月以来的低点
香港股票市场缺乏好运的眷顾。香港基准恒生指数周五收于2009年4月以来的最低水平，而在当年那个时候，全球大部分地区正在经历全球金融危机引发的衰退。 这一次，恒生指数的表现一定程度上与市场时机不佳有关。该指数一直在进行革新，增加了更多的中国科技股，而这些股票在香港股市中跌幅居前。 ...
Stock Market News
About this page Stock Market Today: What to Watch Last Updated: Oct 11, 2022 at 4:14 am ET The Wall Street Journal’s full markets coverage.
中国科技股跌至3月份低点附近
如果你认为中国科技股最糟糕的时期已经过去，那你可能需要再想一想。 香港恒生科技指数周四盘中触及该基准在2020年中期推出以来的最低水平。收盘前该指数略有回升，但今年迄今累计下跌近39%，接近3月份创下的前低点。 据FactSet，腾讯控股有限公司(Tencent Holdings Ltd., 0700.HK, 简称﹕腾讯)跌至多年来的最低点，而其投资组合公司之一、最近上市的快手科技(Kuaishou Technology, 1024.HK)则创下了历史新低。 ...
China Evergrande Prepares to Shed Light on Restructuring as Creditors’ Patience Wears Thin
China Evergrande EGRNF 0.00%▲ Group has yet to reach an agreement with its international bondholders over a restructuring of the troubled property giant, according to people familiar with the matter, as a self-imposed July deadline to unveil a preliminary plan looms. The Chinese real-estate developer, which has more than $300 billion in liabilities, defaulted on its U.S. dollar bonds in December 2021 after months of liquidity problems.
⚔️ June gloom hit the crypto markets - and we’re here to cover it ⚔️
Pictured: Is your summer off to a similar start? Photo bySarah Kilian on Unsplash Fourth of July is already over, and with the end of June comes the end to what feels like the first round of the biggest crypto conference circuit since COVID hit — we have several pieces in our top journalism hits of the month about the best (and the worst) parties alone.
Crypto Fund Three Arrows Ordered to Liquidate by Court Original
A British Virgin Islands court ordered the liquidation of Three Arrows Capital Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay debts. Nichol Yeo, a partner at law firm Solitaire LLP, said Three Arrows Capital is considering its options and seeking legal advice in the British Virgin Islands.
Court orders liquidation of crypto hedge fund Three Arrows
A British Virgin Islands court ordered the liquidation of Three Arrows Capital Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay debts. Nichol Yeo, a partner at law firm Solitaire LLP, said Three Arrows Capital is considering its options and seeking legal advice in the British Virgin Islands. ... A British Virgin Islands court ordered the liquidation of Three Arrows Capital Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay debts.
遭受重创的加密货币对冲基金Three Arrows Capital考虑出售资产、救助方案
以加密货币为重点的对冲基金Three Arrows Capital Ltd.的创始人周五表示，在因数字资产的广泛市场抛售而遭受沉重损失后，该公司已聘请法律和财务顾问，帮助为其投资者和贷款人制定解决方案。 Three Arrows的联席创始人Kyle Davies在接受采访时说，"我们一直都是加密货币的信徒，现在也是。我们致力于解决问题，为我们所有的利益相关者找到一个公平的解决方案。" ...
Crypto hedge fund Three Arrows mulls bailout as market sell-off batters investors
Cryptocurrency-focused hedge fund Three Arrows Capital Ltd. has hired legal and financial advisers to help work out a solution for its investors and lenders, after suffering heavy losses from a broad market selloff in digital assets, the firm’s founders said on 17 June. “We have always been believers in crypto and we still are,” Kyle Davies, Three Arrows’s co-founder, said in an interview. “We are committed to working things out and finding an equitable solution for all our constituent.” The...
Battered Crypto Hedge Fund Three Arrows Capital Considers Asset Sales, Bailout
The nearly decade-old hedge fund, which was started by former schoolmates and Wall Street currency traders Su Zhu and Mr. Davies, had roughly $3 billion in assets under management in April this year. That was shortly before a sudden collapse in the values of TerraUSD, a so-called algorithmic stablecoin, and its sister token, Luna, in mid-May. Three Arrows is exploring options including asset sales and a rescue by another firm, Mr. Davies said.
Chinese Bond Market Records Fourth Month of Foreign Outflows Original
International investors’ holdings of yuan-denominated bonds have fallen by $61 billion since February June 15, 2022 8:54 am ET Foreign investors cut their holdings of Chinese bonds by another $16 billion in May, a month that saw the yuan hit its lowest level in 20 months, as institutions continued to shift money into other assets that offer better returns.
境外投资者连续第三个月从中国债市撤资
4月份，境外投资者将其持有的中国人民币债券减少了160多亿美元，连续第三个月减持。 由于担心投资中国资产存在地缘政治风险、而且担心中国遏制新冠疫情的严格措施对经济的影响，全球投资者在2月份开始减持。上个月，中国主权债券的收益率在十多年来首次低于同期限美国国债的收益率，进一步降低前者的吸引力。 中央国债登记结算有限公司(China Central Depository & Clearing Co., 简称：中央结算公司)和上海清算所(Shanghai Clearing House)的数据显示，全球投资者在4月份的持仓总额净减少了人民币1,085亿元（相当于161亿美元）。这略低于3月份的撤出规模人民币1,125亿元。全球投资者的持仓主要是中国国债和有政府背景的大型贷款机构（即政策性银行）发行的债券，但不完全是这些债券。 ...
Chinese Bonds Suffer Third Straight Month of Foreign Outflows Original
International holders reduced their total positions by a net 108.5 billion yuan, the equivalent of $16.1 billion, according to data from two clearinghouses, the China Central Depository & Clearing Co. and the Shanghai Clearing House. That was slightly lower than the 112.5 billion yuan drawdown in March. Foreign holdings are largely, but not entirely, composed of Chinese government bonds and of bonds issued by large government-backed lenders known as policy banks.
违约激增导致亚洲垃圾债市场蒸发超1,000亿美元
亚洲的垃圾债市场是追求收益的全球投资者昔日的天堂，而如今该市场已急剧缩水，新发债量放缓至涓涓细流。 不到18个月前，从中国到印尼的非投资级公司美元债市场还是一派热火朝天的繁荣景象。其规模接近3,000亿美元，这在很大程度上得益于中国恒大集团(China Evergrande Group, 3333.HK, 简称：中国恒大)等中国房地产开发商的大举发债。 ...
A $100 Billion Comedown: Soaring Defaults Shrink Asia’s Junk-Bond Market
Since then, a spate of defaults and a massive selloff have resulted in big losses for investors, erasing more than $100 billion in value from one widely watched bond index. The total market value of Asian high-yield bonds—excluding defaulted debt—is now about $184 billion, according to data from Bloomberg and Barclays Research. “This is completely unprecedented, especially for Asia credit markets,” said Avanti Save, managing director, Asia credit strategy at Barclays.
Currencies Drop to Multiyear Lows Across Asia as Investors Rush to the Dollar
The surging dollar partly reflects the increasing draw of U.S. assets such as Treasurys, whose yields have climbed this year. But it also signals increased wariness among investors about riskier assets. Stocks in many parts of the world have slumped as concerns build about slowing global growth and rapid inflation, coupled with the risk that forceful action by the Federal Reserve could tip the U.S. economy into recession.
美国国债收益率小幅上升，美国股指期货走低
美国股指期货本周伊始走低，预示在上周的大幅波动之后，几大股指可能再次下挫。 标普500指数期货和道琼斯指数期货在亚洲交易时段周一前市后段下跌1%，以科技股为主的纳斯达克100指数期货下跌0.8%。 ...
U.S. Stock Futures Fall as Bond Yields Edge Higher
U.S. government bonds sold off again, pushing the yield on the benchmark 10-year Treasury note to 3.143% in early trading. That put it on course to settle at another fresh multiyear high. The 10-year yield has risen 1.6 percentage points since the end of 2021, leading some investors to reassess the valuations of technology and growth stocks. Bond yields rise when prices fall.
Gum-Banning Singapore Now Has a Sticker Problem
The famously spotless country gave out stickers to the vaccinated, and now they’re everywhere Even plants are stuck with discarded stickers. Photo: Serena Ng/The Wall Street Journal April 13, 2022 11:25 am ET Signs of the Covid-19 pandemic are everywhere, and Singaporeans aren’t happy about it. Resume Subscription We are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal.
Didi’s Revenue Falls After Beijing’s Crackdown Hurts Its China Business
Didi Global Inc. said Wednesday its third-quarter revenues dropped 11.5% from the preceding three months, after Chinese regulators launched a cybersecurity probe into the ride-hailing firm and forced many of its apps to be taken down. Beijing-headquartered Didi also said Daniel Zhang, the chairman and chief executive of Alibaba Group Holding Ltd., has resigned from its board.
Ant Group to Close Its Crowdfunded Medical Coverage Program
Ant Group Co. will wind down a popular but controversial “mutual aid” service, which provided crowdfunded medical coverage for many ordinary Chinese citizens but was frowned upon by the country’s insurance regulator. The financial technology giant controlled by billionaire Jack Ma on Tuesday said it has notified customers that Xianghubao, its online mutual-aid program, will cease operations after Jan. 28.
China Evergrande’s EV Unit Taps Investors Ahead of First Car Sales
SINGAPORE— China Evergrande Group ’s cash-strapped automotive business is raising money to commercially produce its first electric vehicles. The Hong Kong-listed business, China Evergrande New Energy Vehicle Group Ltd. , on Wednesday said it plans to raise the equivalent of around $63 million from stock sales to improve its financial position and fund production as well as research and development.
Cash-strapped China Evergrande is offloading its private jets to US investors
News The company is currently seeking a buyer for a much larger Airbus ACJ330 wide-body jet By Serena Ng Friday November 5, 2021 12:39 pm SINGAPORE — China Evergrande Group raised more than $50m last month by selling two of its private jets, according to people familiar with the matter, bringing in much needed cash to help avert a default on its US dollar debt. American aircraft investors bought the planes, which were both Gulfstream jets, according to the people and a business aviation database.
WSJ News Exclusive | China Evergrande, Strapped for Cash, Offloads Its Jets
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China Evergrande calls off deal to sell stake in property unit falls
SINGAPORE- China Evergrande Group called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant's attempts to ease its liquidity crunch. The cash-strapped developer said Wednesday that it had planned to sell 50.1% of the profitable subsidiary, Evergrande Property Services Group Ltd.
China Evergrande Calls Off Plans to Sell Key Unit for $2.6 Billion
SINGAPORE— China Evergrande Group EGRNF 1.39% called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant’s attempts to ease its liquidity crunch. The cash-strapped developer said Wednesday that it had planned to sell 50.1% of the profitable subsidiary, Evergrande Property Services Group Ltd. 6666 2.40% , to a unit of rival developer Hopson Development Holdings Ltd. The agreement was struck on Oct.
Chinese Property Bonds Tumble Again
Asia’s junk-bond market suffered through another wave of selling Thursday, pushing prices of many Chinese developers’ bonds further into distressed territory. Prices of U.S. dollar bonds of many Chinese property companies gapped lower by around five points, according to several market participants. Some tumbled even more, as fears of more defaults and further price declines led many investors to sell their holdings.
Chinese Luxury Developer Fantasia Fails to Repay $206 Million Dollar Bond
SINGAPORE— Fantasia Holdings Group Co. , a developer of luxury apartments in China, said it didn’t make a $206 million U.S. dollar bond payment that was due Oct. 4, adding to the malaise surrounding the country’s highly indebted property companies. The company, which like China Evergrande Group is based in Shenzhen, said late Monday that it didn’t pay the outstanding principal on a 7.375% bond which it issued in 2016.
Evergrande plans fund raise with sale of stake to state firm
Asset Management The world’s most indebted property developer aims to raise about $1.5bn By Serena Ng and P.R. Venkat Wednesday September 29, 2021 7:38 am China Evergrande Group said it plans to raise about $1.5bn by selling a minority stake in a Chinese bank to a state-owned enterprise, an indication that authorities in the country are moving to contain the fallout from the property giant’s financial difficulties.
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