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Top stories summarized by our editors
12/3/2021

The environmental, social and governance assets held by asset managers could grow from $8 trillion in value this year to $30 trillion by 2030, according to a report from fintech firm Broadridge. The figure is based on a "high end" scenario under which sustainable assets grow from 11% of fund assets this year to 28% in 2030.

12/3/2021

Chinese ride-hailing company Didi Global said it will delist from the New York Stock Exchange after just five months and apply for a listing in Hong Kong instead. The company gave no reason for the abrupt change, but Didi Global angered China's regulators when it failed to comply with a request to delay its $4.4 billion initial public offering in the US while its data practices were reviewed.

12/3/2021

Progress toward building a true EU Capital Markets Union has been slow and many barriers have been encountered, but today the EU's existing capital markets are strong and now the European Commission says it is ready to "build some momentum" behind the initiative, writes Adam Farkas, chief executive officer of the Association for Financial Markets in Europe. "While the CMU project may have been given a much-needed jumpstart by markets this year, progress cannot be taken for granted," he writes.

Full Story:
International Banker
12/3/2021

Shares in Singapore-based ride-hailing firm Grab declined more than 20% on the first day trading on Nasdaq following its $40 billion merger with a US special purpose acquisition company. Grab provides ride-hailing, delivery, payments and insurance services in 465 cities in eight countries, but in the third quarter its losses rose and its revenues fell.

12/3/2021

British asset manager Abrdn said it has reached an agreement to acquire major UK fund supermarket, Interactive Investor, in a £1.5 billion all cash deal. The acquisition significantly bolsters Abrdn's position in the direct-to-consumer market.

12/3/2021

The Senate approved by a 69-28 vote a bill previously approved by the House that funds the US government through February 18, averting a potential shutdown this week. The measure continues funding at its current level.

Full Story:
Reuters, The Hill
More Summaries:
Senate, US government
12/3/2021

Nearly three quarters of international companies located in Hong Kong are having a hard time recruiting and keeping employees, according to the Asia Securities Industry & Financial Markets Association, and now the trend is affecting the government's retirement plan. Withdrawals from the plan by people moving elsewhere are at their highest level in at least seven years.

12/3/2021

Joachim Nagel, currently a senior executive at the Bank for International Settlements, is the candidate most likely to be selected to become the new head of Germany's central bank, a source said. Nagel worked for Germany's Bundesbank for 17 years, prior to joining the BIS, mostly supervising capital markets, and little is known about his opinions on monetary policy.

12/3/2021

As a part of its initiative to increase its market share among affluent individuals, UBS will launch a global digital wealth service, beginning with the US as soon as next year, said the bank's chief executive, Ralph Hamers. The Swiss-based bank has long pursued ultra-high-net-worth clients, but is broadening the strategy to include mass affluent investors, those with investable assets ranging from $100,000 to $1 million.

12/3/2021

Citigroup has made a formal application to the China Securities and Regulatory Commission for a license to engage in the securities business in China, a source said. The bank also intends to seek a futures license, the source said.