ICBC earnings grow as bank buys insurer October 28, 2010 Industrial and Commercial Bank of China (ICBC), the world’s most valuable lender, joined rivals in posting robust earnings on strong loans growth, giving a boost to its planned multi-billion dollar fundraising. The Beijing-based lender also said it will pay $180m (£112.8m) to buy control of French insurer AXA’s Chinese joint venture, expanding into the country’s [...]
Kazakhmys boosted by China October 28, 2010 Kazakh miner Kazakhmys yesterday posted a 9.3-per cent fall in third-quarter copper production, in line with analysts’ expectations, and stuck to its full-year target as demand remained buoyant. “Kazakhmys has reported a steady quarter with copper production falling modestly… but tracking well in line to hit guidance,” JP Morgan analyst Amos Fletcher said in a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 26, 2010 FINANCIAL TIMES CHINA AND US CLOSER ON TRADE TARGETS China and the US have the basis for an agreement at the summit of the Group of 20 leading nations next month on setting targets to cut trade imbalances, according to an adviser to the Chinese central bank. Li Daokui, a member of the central bank’s [...]
FUND MANAGEMENT NEWS October 26, 2010 COMMERZBANK LAUNCHES CHINA FUND Commerzbank has unveiled a new Chinese equity fund, designed explicitly to reduce volatility without minimising returns. Commerzbank has partnered with China Asset Management Co to launch the Volatility Target fund, which will benefit from active management by experts on the ground in China. Structured as a Ucits Sicav, the fund has [...]
Pick mining giants for commodity exposure October 25, 2010 CHINA’S restrictive export practices in rare earth metals have intensified fears among traders and market analysts that a bubble is forming in junior mining stocks such as Canada’s Rare Element Resources, Quest Rare Minerals and Avalon Rare Metals. These companies have seen their share prices surge in recent months despite the fact that they are [...]
G20 agrees to prevent a trade war October 24, 2010 THE G20 economies pledged to steer clear of an all-out currency war at the weekend, as countries including China and the USA agreed not to competitively devalue their currencies. The G20 finance ministers, who met in South Korea ahead of a summit next month, said in a communiqué they will “move towards more market determined [...]
BRICs to get IMF influence October 24, 2010 THE INTERNATIONAL Monetary Fund has agreed a landmark deal that will hand more power to emerging economies, whose clout in the IMF has not kept up with their economic ascent. Europe will give up two of its eight seats on the 24-member board, which will be taken up by Brazil, Russia, India and China. In [...]
Jaguar keen on a joint venture with Chinese October 24, 2010 JAGUAR Land Rover, a unit of India’s Tata Motors, is in talks with a Chinese auto maker to set up a joint manufacturing and sales venture in China. The aim of the move is to boost the company’s presence in China, which last year displaced the US as the world’s biggest auto market. Tata Motors [...]
Danone sours views despite sales jump October 21, 2010 FRENCH food group Danone warned yesterday the economic landscape would continue to hit sales in Europe, as it posted a 15 per cent growth in third-quarter revenue to €4.35bn (£3.86bn) after strong dairy sales in emerging markets. The world’s biggest yoghurt maker maintained its full-year targets after offsetting a 2.1 per cent like-for-like sales growth [...]
THE TIPSTER October 20, 2010 DESPITE missing out on much of the recent rally in stocks, demand for Smith and Nephew seems to be picking up. Recent research highlights it as a potential takeover target, but aggressive call option buying would indicate the stock could be in for a big move higher. ETX Capital is quoting 568.43p-570.07p. A month ago [...]