Fund managers pessimistic about growth June 15, 2010 FUND managers are highly pessimistic about the outlook for global economic growth and corporate profits. But sharp falls in world stock markets mean that global equities are now perceived to be at their most undervalued since March 2009, according to the June Bank of America-Merrill Lynch fund manager survey, published yesterday. Only a net 24 [...]
Commodities should take off later this year June 14, 2010 MARKETS tend to react quickly to bad news. Last month, after fears that the Greek debt crisis could spread across Europe and dent the outlook for global growth, the markets traded lower as investors sold risky assets. Commodities – sensitive to the global growth outlook – were hit hard. For example, the oil price fell [...]
China takes Club Med stake June 13, 2010 CHINA’S largest non-state holding, Fosun, has acquired 7.1 per cent of holiday resort group Club Med, the first time a quoted Chinese group takes a direct holding in a high-profile listed French company. Club Med hopes to make China its second-biggest market in the next five years while Fosun is keen to invest in Club [...]
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 [...]