10 Apr '11, 5am

Wayne Swan's decision to reject a proposed SGX takeover of ASX may be 'hurting' Australia instead: Critics

Wayne Swan's decision to reject a proposed SGX takeover of ASX may be 'hurting' Australia instead: Critics

Wayne Swan, Australia's deputy prime minister and treasurer, may be 'hurting' future Asian investment with his rejection of a proposed takeover of the Australian bourse by SGX, critics said. -- PHOTO: AFP SYDNEY - WHEN Australian Treasurer Wayne Swan declared his decision to reject Singapore's proposed takeover of the local bourse a 'no brainer', critics fear he may have scared off future Asian investment. The Australian Securities Exchange (ASX) and Singapore Exchange (SGX) announced plans in October to merge, hoping to create one of the world's largest financial trading hubs and a rival to Hong Kong. But the A$8.4 billion (S$11.1 billion) proposal hit opposition almost immediately, with Canberra lawmakers raising concerns about foreign ownership and Singapore's human rights record. Mr Swan's remarks in finally blocking the deal on Friday were unequivocal. 'Let's be clear...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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