BBVA sells stake in China’s Citic Bank to boost capital by €2.4bn October 17, 2013 SPANISH lender BBVA yesterday agreed to sell $1.27bn (£800m) of Citic Bank shares to bolster its capital, becoming the latest foreign bank to start unwinding often difficult Chinese partnerships. Spain’s second-biggest bank by market value is selling a 5.1 per cent stake in the Chinese lender to state-owned parent group Citic. That will leave BBVA [...]
What the other papers say this morning – 16 October 2013 October 15, 2013 FINANCIAL TIMES US bankers attack London-China love US bankers and UK lawyers attacked the new light-touch regulatory regime proposed for Chinese banks in the City on Tuesday, accusing George Osborne of political interference in regulation. As the chancellor confirmed details of a plan for Chinese banks to operate via branches rather than full-blown subsidiaries, senior [...]
Chinese bank to issue first London bond October 15, 2013 CHINESE lender ICBC will issue the first ever offshore renminbi bond in London, chancellor George Osborne announced yesterday. The bond is part of a package of new measures to open up the Chinese currency to the world markets, which will also see UK investors allowed to apply to invest in the country directly. The new [...]
WPP buys Chinese advertising firm as it chases growth targets October 15, 2013 ADVERTISING giant WPP has bought Chinese media agency IM2.0, it announced yesterday, as the group pushes towards its target of 40 per cent gains in fast-growth markets. IM2.0, which was established in 2008 and counts Dell, Adidas and China Merchant Bank among its clients, had revenues last year of over 72m yuan (£7.4m). IM2.0 employs [...]
London Report: FTSE 100 rises to October high amid debt talks October 15, 2013 THE UK’S top share index rose to its highest level so far in October yesterday, buoyed by signs of a deal on the US budget and debt ceiling stalemate that has weighed on stock markets. Miners and banks were lifted after US Senate Majority Leader Harry Reid, a Democrat, said Senate leaders had made “tremendous [...]
What the other papers say this morning – 15 October 2013 October 14, 2013 FINANCIAL TIMES Twitter aims to sell ads on other sites Twitter is planning to mine data about its users to help sell advertising on other mobile apps or websites, as it tries to find new sources of revenue in the run up to a stock market listing that could value the company at $15bn. Moscow [...]
PSA shares slump on reports of capital talks with Dongfeng October 14, 2013 SHARES in PSA Peugeot Citroen fell as much as 10 per cent yesterday after reports it was preparing a €3bn (£2.5bn) capital increase in which Chinese partner Dongfeng and the French state would secure stakes in it. A draft agreement, which Peugeot hopes to conclude this year, would envisage state-owned Dongfeng Motor and the French [...]
London Report: FTSE led higher by new Johnson Matthey boost October 14, 2013 THE FTSE 100 inched higher yesterday, led by catalytic converter maker Johnson Matthey on the back of an analyst rating upgrade, while the slow progress in US debt talks kept any broad market gains in check. The FTSE 100 closed up by 20.46 points, or 0.3 per cent, to 6,507.65 points, having climbed 2.4 per [...]
DailyFX: Analyst picks October 14, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short dollar-yen, waiting on Aussie-yen direction Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Dollar-yen remains highly volatile and susceptible to further instability thanks to US fiscal deadlock – at a bare minimum, a short-term resolution to lift the debt [...]
What the other papers say this morning – 14 October 2013 October 13, 2013 FINANCIAL TIMES Tory plan to raise allowance to £12,500 Senior Conservative politicians are drawing up plans to raise the personal tax allowance to £12,500 as a key election pledge in 2015. Top party officials believe the move will enable the Tories to claim they are tackling the cost of living crisis by taking low earners [...]