China Everbright Bank plans $6bn HK IPO June 14, 2011 China Everbright Bank plans to raise about $6bn (£3.7bn) in a Hong Kong initial public offering, Asia’s biggest so far this year. China’s mid-sized banks are in need of funds to replenish their balance sheets after strong lending growth over the past year has thinned their core capital ratios. China Everbright, which raised $3.2bn through [...]
Facebook is worth $100bn but users slip June 13, 2011 FACEBOOK last month shed users across a number of its mature markets, sparking fears its meteoric growth is beginning to peak. Last month it lost 6m users in the US to fall below 150m and lost a further 100,000 in the UK. Canada, Russia and Norway also registered a similar fall, according to data gathered [...]
Kazakhmys gets $1.5bn Chinese loan for mining June 13, 2011 KAZAKHMYS, the world’s 10th-largest copper miner, secured a $1.5bn (£916m) loan from China yesterday to develop one of its most prospective copper fields and increase supplies of the metal to its largest market. Kazakhmys expects to conclude the full loan agreement with state-run China Development Bank this year, allowing it to develop its Aktogay field [...]
WAITING FOR BERNANKE TO SURPRISE US June 13, 2011 EQUITY markets continue to struggle. Last week, many major global stock indices dropped below a succession of significant technical support levels. The downside momentum appears to be picking up and so far any rallies have been unconvincing and on low volume. Investors have plenty to fret about. Europe’s political leaders can no longer delay facing [...]
China’s money supply and bank lending fall June 13, 2011 China’s money growth slowed to a 30-month low in May and banks extended fewer new loans than expected as tight monetary policy weighed on bank lending. Despite signs that growth in the world’s second-biggest economy is cooling slightly, ongoing stubbornly high inflation is expected to persuade the government to keep its foot on the credit [...]
Sterling’s slump is costing us all dear June 12, 2011 WELCOME to price hike Britain. Wherever one looks, consumer goods and food are becoming dearer. Energy prices are rocketing. One fundamental reason for these increases is the collapse in the value of sterling since the recession, a development which has been insufficiently well understood by the UK’s political establishment. Sterling’s slump is a dramatic reversal [...]
THE TIPSTER June 12, 2011 SAINSBURY is due to report its quarterly figures this week. The share price of the supermarket has had a torrid start to the month. Despite the fall in share price, expectations for the results are good, due to the hot bank holidays and the royal wedding. Interestingly enough, it is now also the seventh largest [...]
Samsonite cuts size of Hong Kong IPO June 9, 2011 Samsonite International, the world’s biggest luggage maker, narrowed the indicative price range of its Hong Kong initial public offer, the latest sign of weak investor appetite for richly-priced deals. Today’s decision by private equity-backed Samsonite comes a day after state media reported that Nanning Baling Technology became the first company in the 20-year history of [...]
Growth worries hit Wall St for sixth day June 8, 2011 US STOCKS extended losses for the sixth straight day yesterday as investors worried that a slowing economy could deepen the market’s retreat. The latest evidence of a slowdown came in the Federal Reserve’s Beige Book, which gives an anecdotal report on the economy. It reinforced Fed chief Ben Bernanke’s bearish assessment on growth delivered late [...]
NEWS FROM IATA AIRLINE INDUSTRY CONFERENCE June 7, 2011 Boeing says it will defend the supremacy of its 777 BOEING vowed yesterday to defend its successful 777 wide-body aircraft and signalled it feels under no immediate pressure to respond to a reported challenge from European rival Airbus. Industry sources revealed on Monday that Airbus planned to place a bigger engine on one variant of [...]