TORIES: WE KNOW BP’S VALUE TO UK June 10, 2010 DAVID CAMERON, who is visiting troops in Afghanistan, asked chancellor George Osborne to phone BP chief executive Tony Hayward yesterday, amid concerns the government isn’t doing enough to counter Barack Obama’s increasingly vitriolic attacks on the embattled UK oil major. “I spoke on the phone to Tony Hayward today at the Prime Minister’s request. We [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 9, 2010 FINANCIAL TIMES BACKLASH OVER INDIAN FLOAT RULES India is facing a growing private sector backlash against a rule change that will lead to a flood of more than $50bn of new shares being listed over three years. There are concerns that the move could damage the country’s stock market and hamper economic growth. The Finance [...]
JPMORGAN IN CHINESE JOINT VENTURE June 9, 2010 JPMORGAN Chase, lead by chief executive Jamie Dimon, unveiled a joint venture with Chinese state-owned First Capital Securities yesterday, which is the latest move by global investment banks to exploit China’s booming capital markets. The venture will underwrite initial public offerings in Shanghai and Shenzhen.
Agbank gears up for world’s largest IPO June 9, 2010 THE Agricultural Bank of China (Agbank) has been given the go-ahead by Chinese regulators for what could be the world’s largest share flotation. Agbank is planning to sell a stake of 14 per cent in a dual listing that will see its shares join both the Shanghai and Hong Kong stock exchanges. The listing is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 8, 2010 FINANCIAL TIMES GREECE SEEKS INVESTMENTS FROM LIBYA George Papandreou will travel to Libya today for talks with?Muammer Gaddafi on possible investments in Greece as Athens struggles with its debt crisis. The Greek prime minister will discuss potential investments by Libya’s sovereign wealth fund and its state-owned energy groups with the country’s leader, officials said. EMERGING [...]
HSBC to fully back BoCom rights issue June 6, 2010 HSBC signalled its strength and further commitment to the East after spending $921m (£639m) to maintain its shareholding in China’s Bank of Communications (BoCom) after it launched a rights issue. The UK banking giant currently owns 19 per cent of BoCom and once the $4.8bn capital raising exercise is complete, HSBC will have invested $3.42bn [...]
Chinese wind power firm set for £810m Hong Kong float June 6, 2010 CHINESE wind power equipment supplier Xinjiang Goldwind Science & Technology said yesterday it planned to raise up to HK$9.1bn (£810m) in a Hong Kong initial public offering. Goldwind, which is already listed on the Shenzhen stock exchange, said it was selling 395m shares with an indicative price range between HK$19.8 and HK$23 per share, confirming [...]
Denton Wilde Sapte joins the rush for transatlantic law firm mergers June 6, 2010 MERGERS and acquisitions are rattling along at quite a pace among transatlantic law firms – unlike at the corporate clients they service, many of which are still finding the M&A game a little hard going at the moment, not least of course Prudential. The latest legal mega-deal repays a closer look. The City’s Denton Wilde [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2010 Financial times TNK-BP STEP UP SALE OF GAS FIELD TNK-BP, BP’s Russian joint oil venture, ratcheted up the pressure for a sale of its vast Kovykta gas field on Thursday, announcing that it was pushing the unit that owns the licence to the field into bankruptcy. The move raises the stakes over the future of [...]
AgBank set to struggle in IPO plan June 2, 2010 AGRICULTURAL Bank of China may struggle to get the kind of valuation it wants as it gears up to launch the world’s biggest IPO into a market that has slumped by a fifth in just six weeks. China’s market drop is one of several factors prompting potential investors to query whether AgBank, China’s fourth-biggest lender [...]