posted by Alberto Fattori @ 3:08 PM
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posted by Alberto Fattori @ 3:08 PM
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posted by Alberto Fattori @ 3:08 PM
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posted by Alberto Fattori @ 3:08 PM
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Panasonic Corp said on Wednesday it is writing down billions of yen in goodwill related to its energy and mobile phone business, a house cleaning that presages a fresh restructuring of the sprawling electronics conglomerate. It said it is writing down 238 billion yen (US$2.99 billion) related to its solar and mobile phone business. Total restructuring costs of 356 billion yen also include intangible assets of 87.6 billion yen, mostly in its solar business. The remainder is related to redundancy costs.
posted by Alberto Fattori @ 2:50 PM
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A consortium including Noble Group Ltd and POSCO dropped a A$1.2 billion (US$1.24 billion) takeover bid for Australia’s Arrium Ltd after a sweetened offer was rejected on valuation grounds.
Shares in Arrium, which produces steel products, mines iron ore and sells mining consumables, had jumped nearly 6 per cent after it revealed the A$0.88 bid, but closed down 1.9 per cent at A$0.785 cents on concerns the bid would not proceed.
“Steelmakers Australia has determined it will cease seeking engagement with the Arrium Board,” the bidding consortium said in a statement.
posted by Alberto Fattori @ 2:50 PM
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A consortium including Noble Group Ltd and POSCO dropped a A$1.2 billion (US$1.24 billion) takeover bid for Australia’s Arrium Ltd after a sweetened offer was rejected on valuation grounds. Shares in Arrium, which produces steel products, mines iron ore and sells mining consumables, had jumped nearly 6 percent after it revealed the A$0.88 bid, but closed down 1.9 percent at A$0.785 cents on concerns the bid would not proceed.
posted by Alberto Fattori @ 2:50 PM
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posted by Alberto Fattori @ 1:22 PM
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China’s top four banks are on course for their weakest annual profit growth since going public, as the central bank’s interest rate cuts in the middle of the year kick in, slicing lending margins.
After posting profit gains of more than 20 per cent for years, the so-called “Big Four”, led by Industrial and Commercial Bank of China (ICBC), are expected to report growth of as little as 5 per cent this year, according to Thomson Reuters Starmine.
posted by Alberto Fattori @ 12:58 PM
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posted by Alberto Fattori @ 12:52 PM
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posted by Alberto Fattori @ 12:52 PM
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posted by Alberto Fattori @ 12:37 PM
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posted by Alberto Fattori @ 12:37 PM
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posted by Alberto Fattori @ 12:37 PM
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posted by Alberto Fattori @ 12:09 PM
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posted by Alberto Fattori @ 12:09 PM
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posted by Alberto Fattori @ 12:09 PM
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posted by Alberto Fattori @ 12:08 PM
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Taiwan cut its 2012 growth forecast for a ninth time in just over a year on Wednesday as Europe’s ongoing woes, concerns over the US economy and China’s slowdown kept third-quarter growth below forecasts, but bright spots indicate the economy may have bottomed out.
The economy grew a preliminary 1.02 per cent in the third quarter of 2012 year-on-year, the statistics agency said, below the median forecast in a Reuters poll for 1.55 per cent growth, and ticked up 0.86 per cent from the previous quarter.
posted by Alberto Fattori @ 11:59 AM
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Approvals to build new homes in Australia jumped past all expectations in September thanks to a revival in the apartment sector, yet record-low growth in home loans suggested past cuts in interest rates were yet to gain full traction.
Wednesday’s data from the government showed building approvals climbed 7.8 per cent in September to a three-month high of 13,388. That handily topped forecasts of just a 1 per cent increase and came on top of a hefty 8.8 per cent rise in August.
posted by Alberto Fattori @ 11:59 AM
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Australia’s Arrium Ltd rejected a sweetened A$1.2 billion (US$1.24 billion) takeover offer from a consortium including Noble Group Ltd and POSCO, saying the 17 per cent increase still undervalued the firm.
Shares in Arrium, which mines iron ore and also sells mining consumables, jumped nearly 6 per cent after the announcement, before slipping back to up 2 per cent at 81.5 cents by 0217 GMT.
Arrium’s quick rebuff of the 88 Australian cents a share offer, 10 per cent above its closing share price on Tuesday, indicates a much higher bid may be necessary.
posted by Alberto Fattori @ 11:59 AM
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Sergio Marchionne, chief executive of both Fiat and Chrysler Group, said he wants to achieve “unification” of the two automakers by 2015, but first he needs to fix Fiat’s finances, which have been hit by a sagging European economy.
“The objective has always been to try and bring unification by 2014 or 2015,” Marchionne said on a conference call. “I’d still like to see that done.”
Marchionne said Fiat still intends to complete the purchase of all of Chrysler, but the Italian automaker must fix its own house before adding on to it.
posted by Alberto Fattori @ 11:59 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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South Korea’s industrial output grew a seasonally adjusted 0.8 per cent in September from August, data showed on Wednesday, snapping a three-month run of falls and adding to hopes for a turnaround in Asia’s fourth-largest economy.
That compares with a revised 0.9 per cent fall in the industrial output index in August, Statistics Korea data showed, and the median forecast in a Reuters survey of a 1.1 per cent gain.
posted by Alberto Fattori @ 10:45 AM
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Shares of Taiwan’s Hon Hai Precision Industry jumped more than 1.5 per cent early on Wednesday after the main manufacturer of Apple’s products posted a sharp rise in quarterly net profit, boosted by new gadget launches by the California giant.
Hon Hai, the assembler of both iPhone 5 and mini iPad launched in September and October, respectively, started mass production for the products in late August.
The company’s net profit in July-September was T$30.26 billion (US$1.03 billion), up 57 per cent from a year earlier.
posted by Alberto Fattori @ 10:45 AM
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Japanese manufacturing activity in October contracted at its fastest pace in 18 months, a survey showed on Wednesday, as falling exports and slowing domestic demand weighed on output.
The Markit/JMMA Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 46.9 in October from 48.0 in September.
The index remained below the 50 threshold that separates contraction from expansion for a fifth consecutive month.
posted by Alberto Fattori @ 10:45 AM
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Major US stock exchanges expect to reopen on Wednesday after Sandy, the worst storm to hit New York in nearly 75 years, closed trading for two days.
NYSE Euronext said the New York Stock Exchange would open as usual, although it was prepared to switch to fully electronic trading if necessary. Nasdaq OMX’s Nasdaq Stock Market was also to be operating on Wednesday, as were BATS and Direct Edge Exchanges.
“We have a green light,” the chief operating officer of NYSE Euronext, Larry Leibowitz, said in an interview.
posted by Alberto Fattori @ 10:45 AM
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posted by Alberto Fattori @ 10:23 AM
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posted by Alberto Fattori @ 10:23 AM
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posted by Alberto Fattori @ 10:23 AM
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National Australia Bank, the country’s top lender by assets, said cash earnings fell 7.9 per cent in its fiscal second half, the first fall in three years, with rising bad debt charges highlighting the biggest threat to Australian banks’ profit growth.
NAB, which had suggested earlier this month its annual profit would be largely in line with the previous year, said full-year bad debt provisions rose 44 per cent to A$2.6 billion, hurt by its loss-making UK unit and the cooling Australian economy.
posted by Alberto Fattori @ 10:04 AM
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posted by Alberto Fattori @ 9:07 AM
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posted by Alberto Fattori @ 9:07 AM
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posted by Alberto Fattori @ 9:07 AM
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A decade after George Lucas said Star Wars was finished on the big screen, a new trilogy is destined for theatres as the Walt Disney Co announced it was buying Lucasfilm for US$4.05 billion. The seventh movie, with a working title of “Episode 7,” is set for release in 2015. Episodes 8 and 9 will follow. The new trilogy will carry the story of Luke Skywalker, Han Solo and Princess Leia beyond “Return of the Jedi,” the third film released and the sixth in the saga. After that, Disney plans a new “Star Wars” movie every two or three years. Lucas will serve as creative consultant in the new movies.
posted by Alberto Fattori @ 8:58 AM
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Taiwan’s Hon Hai Precision Industry, the main manufacturer of Apple’s products, reported a 24 per cent rise in nine-month profit to T$57.8 billion (US$1.98 billion). It said it achieved a notable market share gain “in midst of the European led global economic uncertainty and potential industry shrinkage,” and that visibility remained short, but gave no further details.
posted by Alberto Fattori @ 8:58 AM
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The benchmark Hang Seng Index is expected to remain flat after China's biggest lender posted better-than-expected third-quarter results but market heavyweight PetroChina missed forecast on refining losses.
posted by Alberto Fattori @ 8:58 AM
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Australian shares rose 0.3 per cent on Wednesday as a rebound in copper prices boosted miners. The US stock market was closed for a second day in the wake of Hurricane Sandy. The benchmark S&P/ASX 200 index was up 14 points at 4,500.1 in early trade after rising 0.2 per cent on Tuesday. BHP Billiton rose 0.5 per cent while Rio Tinto gained 0.7 per cent.
posted by Alberto Fattori @ 8:38 AM
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Japan’s Nikkei share average moved higher at Wednesday’s open after losing 1 per cent on profit-taking a day earlier when the Bank of Japan eased monetary policy in line with expectations. The Nikkei added 0.9 per cent to 8,917.34, breaking back above its 25-day moving average at 8,836.81, while the broader Topix index rose 0.7 per cent to 738.77.
posted by Alberto Fattori @ 8:38 AM
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posted by Alberto Fattori @ 2:24 PM
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posted by Alberto Fattori @ 1:37 PM
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posted by Alberto Fattori @ 1:03 PM
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posted by Alberto Fattori @ 1:03 PM
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China’s factory activity likely accelerated in October to its fastest pace in five months, according to a new Reuters poll that reveals a growing certainty of recovery taking hold in the world’s second-biggest economy.
The poll of 14 economic analysts forecasts that China’s official purchasing managers index (PMI) rebounded to 50.3 in October from 49.8 in September, a reading that suggests factory output is accelerating again after two months of slowing growth.
posted by Alberto Fattori @ 12:55 PM
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BYD Co. (1211.HK), the Chinese automaker partly owned by billionaire Warren Buffet, slumped on Tuesday after it posted a sharp decline in net profit for the third quarter.
The stock fell by 5.35 per cent to HK$14.86 as of 11:44 a.m. on Tuesday, compared with a decline of 0.48 per cent of the benchmark Hang Seng Index at the same time. The stock had fallen by as much as 7.01 per cent this morning.
posted by Alberto Fattori @ 12:09 PM
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posted by Alberto Fattori @ 12:08 PM
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India’s central bank faces growing pressure to cut interest rates later on Tuesday for the first time since April after the finance minister pledged to rein in the country’s fiscal deficit.
Remarks by Finance Minister P. Chidambaram at a hastily called news conference on Monday that he would nearly halve the deficit in just over four years had increased the chances for a Tuesday rate cut, some analysts said.
“Net-net, the odds for a rate cut have increased because of today’s press conference,” said A. Prasanna, an economist at ICICI Securities Primary Dealership in Mumbai.
posted by Alberto Fattori @ 11:52 AM
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India’s central bank faces growing pressure to cut interest rates later on Tuesday for the first time since April after the finance minister pledged to rein in the country’s fiscal deficit.
Remarks by Finance Minister P. Chidambaram at a hastily called news conference on Monday that he would nearly halve the deficit in just over four years had increased the chances for a Tuesday rate cut, some analysts said.
“Net-net, the odds for a rate cut have increased because of today’s press conference,” said A. Prasanna, an economist at ICICI Securities Primary Dealership in Mumbai.
posted by Alberto Fattori @ 11:52 AM
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posted by Alberto Fattori @ 11:38 AM
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posted by Alberto Fattori @ 11:38 AM
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Shanghai Fosun Pharmaceutical (Group) Co Ltd fell sharply on its Hong Kong debut on Tuesday, underscoring concerns about weak investor appetite that could pressure new listings in the city in the coming months.
Shares of Shanghai Fosun, which raised US$512 million last week in the biggest Hong Kong listing in three months, tumbled as much as 12 per cent in early trading. That far underperformed a 0.3 per cent drop in the benchmark Hang Seng index.
posted by Alberto Fattori @ 11:37 AM
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China’s Zijin Mining plans to expand its refined copper production by 50 per cent to 300,000 tonnes a year from 200,000 tonnes, the company’s chairman Chen Jinghe told an industry conference on Tuesday. The company said earlier in March that it plans to mine 100,000 tonnes of copper ore this year and smelt 124,800 tonnes. Zijin is China’s leading gold miner, producing 28.628 tonnes, or about 9.5 per cent of the country’s total mined output, in 2011.
posted by Alberto Fattori @ 11:37 AM
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posted by Alberto Fattori @ 11:22 AM
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posted by Alberto Fattori @ 11:22 AM
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South Korean authorities plan to inspect foreign exchange trading at banks operating in the country, a senior finance ministry official said Tuesday, in a move apparently aimed at curbing the rapid appreciation of the won.
The central bank and the Financial Supervisory Service, a financial markets regulator, plan to jointly investigate the banks to look into their foreign exchange and derivatives trading, the official said, without elaborating.
posted by Alberto Fattori @ 11:07 AM
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The Bank of Japan is expected to ease monetary policy on Tuesday for the second straight month by increasing asset purchases, as slumping exports and factory output heighten pressure for bolder action to support an economy on the cusp of recession.
Industrial production fell in September at the fastest pace since last year’s earthquake and job availability dropped for the first time in more than three years, a sign the pain from the global slowdown and a territorial row with China was broadening.
posted by Alberto Fattori @ 11:07 AM
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Virgin Australia on Tuesday said it has sold 10 per cent of its business to Singapore Airlines while agreeing to buy a 60 per cent stake in low-cost carrier Tiger Airways Australia.
In a slew of announcements, the country’s second-biggest airline after Qantas also said it was making a A$98.7 million (US$101.9 million) takeover offer for Australian regional carrier Skywest.
Virgin agreed to pay A$35 million (US$36 million) for its holding in Tiger, the loss-making subsidiary of Singapore’s Tiger Airways, while Singapore Airlines bought its stake for A$105 million.
posted by Alberto Fattori @ 11:07 AM
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posted by Alberto Fattori @ 10:52 AM
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posted by Alberto Fattori @ 10:40 AM
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posted by Alberto Fattori @ 10:40 AM
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Hong Kong stocks opened 0.18 per cent higher on Tuesday as investors sat on their hands ahead of the the outcome of a Bank of Japan policy meeting expected to usher in fresh easing measures. The benchmark Hang Seng Index rose 37.86 points to 21,548.91 in early trade.
posted by Alberto Fattori @ 10:23 AM
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Apple CEO Tim Cook has replaced the heads of its software and retail units in the company’s biggest executive shake-up in a decade following embarrassing problems with its new mapping program and unpopular store-related decisions.
Software chief Scott Forstall, who oversaw the launch of the flawed mapping software and much criticised Siri voice-enabled assistant, will leave Apple next year.
posted by Alberto Fattori @ 10:05 AM
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posted by Alberto Fattori @ 9:54 AM
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posted by Alberto Fattori @ 9:54 AM
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posted by Alberto Fattori @ 9:54 AM
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posted by Alberto Fattori @ 9:54 AM
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Credit quality of property developers is improving, signalled by rebounding sales and the ability of companies to tap international capital markets to raise funds, according to US ratings agency Moody's Investors Service.
China has waged a two-year campaign to stamp out property speculation by restricting purchases and to cool towering prices, but at the same time has stifled developers' finances.
posted by Alberto Fattori @ 4:51 AM
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Sany Heavy Industry, the biggest heavy machinery maker on the mainland, reported a 59 per cent fall in third-quarter net profit, hit by weakening demand caused by the slowdown in the country.
posted by Alberto Fattori @ 4:34 AM
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Shares of Hong Kong property developers slumped yesterday on fears that tighter home buying rules will frighten cash-rich mainland buyers and cause a slide in property prices.
Leading the declines were New World Development, whose shares have more than doubled this year, and Sino Land, which was downgraded to a neutral rating by UBS yesterday owing to its high exposure to the luxury home market.
New World shed 6.36 per cent to close at HK$12.08 while Sino Land lost 6.4 per cent to end at HK$13.74.
posted by Alberto Fattori @ 4:34 AM
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Some Hong Kong firms were interested in listing yuan-denominated shares in the city but did not want to lead the way, Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia said.
"Some Hong Kong companies have expressed interest in IPOs in yuan and Hong Kong dollars. We are in discussions with them, but they are shy about doing so. Each company is waiting for another to be the first to do such an IPO," Li said.
posted by Alberto Fattori @ 4:34 AM
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China Merchants Bank's net profit grew 16.6 per cent in the third quarter from a year earlier, driven by a rise in interest income, but net interest margin dipped amid fierce competition.
Earnings at the mainland's sixth-largest lender by assets reached 11.41 billion yuan (HK$14.16 billion).
The growth was boosted by an 11.3 per cent year-on-year increase in net interest income. However, net interest margin dropped 0.11 percentage point from the second quarter to 2.92 per cent.
posted by Alberto Fattori @ 4:34 AM
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Honda Motor expected production cuts to continue on the mainland until the second half of next month after sales plunged last month due to a territorial row between Japan and China, a senior executive said yesterday.
Production was likely to start recovering after that as Honda expected growing demand around a holiday season in February, executive vice-president Tetsuo Iwamura said.
Honda has cut its forecast of sales in China, its biggest market after the United States, for this year to 620,000 vehicles from its previous forecast of 750,000.
posted by Alberto Fattori @ 4:34 AM
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Finance minister Koriki Jojima wants the Bank of Japan to take bold policy steps while closely working with the government to beat deflation, piling pressure on the central bank to act on the eve of its rate review.
Jojima made the remark as worsening data reinforced market views that the central bank would boost asset purchases, probably by 10 trillion yen (HK$972 billion), today when it is tipped to cut projections.
Adding to growing evidence the economy may slide into a mild recession, retail sales rose a weaker-than-expected 0.4 per cent in the year to September.
posted by Alberto Fattori @ 4:34 AM
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UBS's decision to cut as many as 10,000 jobs and retreat from capital-intensive trading businesses will help position Switzerland's largest bank to return more funds to shareholders.
UBS intends to split and wind down much of its fixed-income operations, reducing risk-weighted assets by an additional 100 billion Swiss francs (HK$829 billion), said a person with knowledge of the matter who requested anonymity because the plans are private.
The reorganisation stands to help Zurich-based UBS meet its capital requirements faster than it would otherwise.
posted by Alberto Fattori @ 4:34 AM
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Former governor of Hong Kong, David Wilson, was espied dining at the Police Officers' Club with a group of people on Saturday evening. He was apparently exercising his role as chancellor of the University of Aberdeen, a post he has held since 1997, and was entertaining members of the university's Hong Kong alumni. Wilson, who now rejoices under the title Baron Wilson of Tillyorn, was governor from 1987 to 1992.
posted by Alberto Fattori @ 4:34 AM
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Sun Hung Kai Properties and Henderson Land pulled out of sponsorship of the New Year's Eve fireworks last year, creating a headache for the Tourism Board.
posted by Alberto Fattori @ 4:34 AM
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Yesterday, this column argued that the Hong Kong government's punitive tax on non-residents who buy apartments in the city will do nothing to make the property market more affordable for locals.
Judging from the messages that cascaded into my e-mail inbox, the majority of readers disagree - vehemently.
posted by Alberto Fattori @ 4:34 AM
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Excitement is growing about the prospect of a woman heading the Hong Kong Institute of Certified Public Accountants.
Its presidential election will be held in mid-December and lobbying usually begins in November. But accountants said this year the two front runners have started their lobbying months earlier for the top seat on the industry body.
Susanna Chiu, director of Li & Fung Development (China) and now a vice-president of the institute, tried to break the glass ceiling last year and contested the president's seat.
posted by Alberto Fattori @ 4:34 AM
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The mainland spent more than planned in the first nine months of this year and revenue gains moderated, leaving little room for public outlays to stoke the economy this quarter without an expansion of the budget.
posted by Alberto Fattori @ 4:34 AM
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I can understand the difficulty from Financial Secretary John Tsang Chun-wah's perspective. He is a holdover, on approval, from the previous administration and his new boss has adopted a pro-active approach: government will not be passive. Government will do things.
So what is Mr Tsang to do when the crowds are screaming that property prices have gone far too high and it is all the fault of outsiders and speculators? Can he really just twirl his fingers and say, "Sorry, folks, not my fault. Can't do anything about it. You'll just have to grin and bear it"?
posted by Alberto Fattori @ 4:34 AM
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Pacnet, the operator of Asia's largest privately owned submarine cable network, is extending its operations into several mainland provinces under a new licence from the Ministry of Industry and Information Technology.
The ministry granted the company's mainland subsidiary, Pacnet Business Solutions (PBS), an "enhanced value-added service licence" that broadens its coverage for internet protocol virtual private network (IP VPN) services to businesses in 23 provinces from 20 cities previously.
posted by Alberto Fattori @ 4:33 AM
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China Telecom, the world's biggest fixed-line network operator, reported a fall in net profit of 7.3 per cent for the third quarter from a year earlier, hit by increasing costs and subsidies on mobile phones to attract subscribers.
Net profit dropped to 3.75 billion yuan (HK$4.61 billion) while revenue rose 16 per cent to 72 billion yuan from the year-earlier quarter.
posted by Alberto Fattori @ 4:33 AM
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Beijing's securities watchdog is set to unveil a new dividend policy scheme to support the lacklustre market as part of the government's campaign to end the losing streak of equities.
The move is the latest in a series of measures by Beijing in recent weeks to rejuvenate the world's second-biggest economy by trying to ensure that financing activity in the stock market remains afloat.
The China Securities Regulatory Commission, the country's industry watchdog, is planning to introduce a divided tax scheme that would tax investors based on their holding period.
posted by Alberto Fattori @ 4:33 AM
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The government should give more support to the logistics sector if the city is to thrive as a regional distribution hub, industry trade groups say.
Their call comes amid growing industry concern that buildings in Kowloon used for logistics purposes are being demolished and the sites redeveloped as upmarket offices, putting further pressure on supply.
posted by Alberto Fattori @ 4:33 AM
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Mainland electric carmaker BYD's third-quarter profit slumped 94 per cent due to weak domestic demand and losses from it solar panel business.
The Shenzhen-based company forecast the full-year net profit to slide up to 98 per cent compared with last year, saying it could post profit of between 27.7 million yuan (HK$34.6 million) and 110.8 million yuan, compared with 1.38 billion yuan last year.
posted by Alberto Fattori @ 4:33 AM
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Japan’s Honda Motor cut its full-year net profit forecast by a fifth after sales in China, the world’s biggest autos market, were hit by a popular backlash against Japanese products last month in a dispute over East China Sea islands.
Honda cut its net profit forecast for the year to March to 375 billion yen (US$4.7 billion) from its earlier estimate of 470 billion yen.
posted by Alberto Fattori @ 12:13 PM
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China’s construction equipment sector is slowly but surely digging itself out from under a mountain of inventory and will return to growth in the second or third quarter of next year as the economy recovers, the president of Sany Heavy Industry said.
Xiang Wenbo said that will set up the industry for a return to high-speed growth during the next year-2017 period, which he expects to be a “golden age” of development in China under new Communist Party leaders due to take office at a once-a-decade handover in November.
posted by Alberto Fattori @ 11:25 AM
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Chinese banks are shifting the focus of their European business away from London towards Luxembourg as they seek to escape tougher British regulation, the Financial Times said on Monday.
The newspaper said Chinese banks had complained to the British government over what they called uneven regulation and “rigorously demanding” liquidity rules in a recent letter.
posted by Alberto Fattori @ 10:24 AM
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The torrent of technological changes in the past couple of decades may have swept away the numerous music shops that once dotted Hong Kong, but some of the big retailers have managed to hold their ground.
Statistics from the International Federation of the Phonographic Industry show music sales in Hong Kong dropped to HK$400 million last year from HK$2.8 billion in 1989.
Hong Kong's music exports - locally produced music sold elsewhere - dwindled from HK$1 billion to almost zero over the same period.
posted by Alberto Fattori @ 8:33 AM
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The New York Stock Exchange will only trade electronically on Monday due to the imminent arrival of Hurricane Sandy, its operator said.
NYSE Euronext has decided to “suspend physical trading floor operations and invoke its contingency plans to trade all NYSE-listed securities on NYSE Arca, the company’s fully electronic exchange,” a statement said.
The approaching storm has New York City on high alert, with Mayor Michael Bloomberg ordering evacuations in certain areas and all public transport due to be suspended on Monday, including the subway.
posted by Alberto Fattori @ 7:48 AM
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Private bankers at Bank of America Merrill Lynch are scrambling for jobs in Hong Kong and Singapore ahead of the expected merger of the US bank's wealth-management business with Switzerland's Julius Baer.
posted by Alberto Fattori @ 6:58 AM
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Wanted: job candidates who speak Putonghua.
In Hong Kong these days, more and more bankers need to be able to speak the language, given the increasing amount of business related to mergers and acquisitions, wealth management, corporate finance, new stock market listings and credit risk that involves mainland clients.
Mark O'Reilly, the managing director of recruitment firm Astbury Marsden Asia Pacific, said about 40 per cent of jobs in the finance industry required Putonghua skills, and that percentage was set to increase.
posted by Alberto Fattori @ 6:58 AM
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Fund managers and brokers are concerned at the trend of legislators retaining multiple corporate directorships, but oppose any proposal to limit the number of board positions a person can accept.
New People's Party deputy chairman Michael Tien Puk-sun, for example, is a director of 42 companies, while others are on the boards of anywhere between 10 and 17 companies.
Hong Kong Institute of Directors chairman Kelvin Wong Tin-yau said holding too many directorships was hardly ideal.
posted by Alberto Fattori @ 5:34 AM
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China Construction Bank (CCB), the second-largest mainland lender by assets, reported slower profit growth than its mainland peers in the third quarter as China's weaker economy resulted in more bad debts and fewer sales of investment products.
The bank reported yesterday that its July to September quarter net profit stood at 51.91 billion yuan (HK$63.94 billion), up 12.4 per cent from 46.2 billion yuan a year earlier.
The results were in line with market estimates but lagged more buoyant earnings reported by two of its peers last week.
posted by Alberto Fattori @ 5:34 AM
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The depressed valuations at which some Chinese companies are trading on stock markets in the United States may prompt their controlling shareholders to take the companies private, a top China banker says.
"Given depressed valuation levels and an environment with abundant liquidity, we expect privatisation activity by Chinese companies, especially in the US market, to remain robust in the foreseeable future," said Brian Gu, head of corporate finance for China at Wall Street investment bank JPMorgan.
posted by Alberto Fattori @ 5:34 AM
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On Friday evening Financial Secretary John Tsang Chun-wah announced two new punitive property tax measures aimed at "maintaining a healthy, stable property market".
Firstly, the government jacked up its two-year-old special stamp duties by 5 percentage points. From now on, anyone selling a flat within six months to a year of purchase will have to pay an extra 15 per cent stamp duty on top of the standard rate; 20 per cent if he or she sells within six months.
posted by Alberto Fattori @ 5:34 AM
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It's an open secret in Hong Kong's business community that many of the best ideas and biggest decisions come together over a cup of coffee rather than behind the closed doors of well-appointed boardrooms around town.
posted by Alberto Fattori @ 5:34 AM
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Visit a Hong Kong Records shop and there's a chance you'll encounter an amiable grey-haired man holding forth on what's hot and what's not in the music scene. That man is Siu King-chin, the founding owner of perhaps the city's biggest retailer of music and movies, doing what he loves most.
posted by Alberto Fattori @ 5:34 AM
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Selling of their own companies' shares by directors surged last week, based on regulatory filings made with the stock exchange during the holiday-shortened week of October 22 to 26.
In all, 16 companies reported 59 disposals worth HK$137.9 million during the period, compared with the previous week's 12 companies that reported 53 disposals valued at HK$36.6 million.
posted by Alberto Fattori @ 5:34 AM
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China Southern Airlines, the nation's biggest carrier by passenger numbers, reported a 29 per cent drop in third-quarter profit on rising operating costs and currency fluctuations.
Net income declined to 2.22 billion yuan (HK$2.73 billion) from 3.13 billion yuan a year earlier, the company said in a filing to the Shanghai stock exchange, citing domestic accounting standards. Sales rose 9 per cent to 29.8 billion yuan.
posted by Alberto Fattori @ 5:34 AM
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China Petroleum & Chemical Corp (Sinopec) saw its net profit slide 9.4 per cent in the third quarter but benefited from government-mandated fuel price rises to beat analysts' estimates.
Sinopec, the country's biggest oil producer and Asia's largest refiner, said its net profit in the quarter to September reached 18.3 billion yuan (HK$22.7 billion), down from 20.2 billion yuan a year earlier, according to the company's filing with the Hong Kong stock exchange yesterday.
posted by Alberto Fattori @ 5:34 AM
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Those of us who assumed that there was something dubious about the world's most famous purveyor of milky hot drinks (it calls itself a coffee specialist) have discovered that there is also something dubious about Starbucks' tax arrangements.
Starbucks is under fire in Britain for paying no corporate tax in the past three years despite sales of £1.2 billion (HK$15 billion). Starbucks says it paid no tax because it made no money. Yet it has consistently told shareholders its British operations are profitable.
posted by Alberto Fattori @ 2:34 AM
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The yuan appreciation story is back on the boil. After a steady drop in the volume of yuan deposits held in Hong Kong over the past year and declines registered by the currency (against the US dollar in the middle of the year) on concerns about a decelerating mainland economy, last week the yuan somewhat surprisingly hit a 19-year high. Investors believe the economy is turning a corner, and are coming back into the yuan.
posted by Alberto Fattori @ 2:34 AM
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I have HK$4 million saved for the purchase of a rental property. As the housing market in Hong Kong is too hot now, I wish to defer the purchase for about six to eight months. Where should I park this money? Would reits be a good investment? I would be happy with a yield of 5 per cent.
Happiness is surely the prospect of preserving capital, making good short-term returns and swooping on ravaged assets. Luckily, most of us learn we can't have our cake and eat it. If we want a good return, we have to risk our capital, which may not be available, intact, for the next punt.
posted by Alberto Fattori @ 2:34 AM
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After some prodding, Hermès agreed to comment on the subject of the large number of highly priced (seemingly) Hermès handbags on offer at discount shops around Hong Kong. The Japanese store Brand Off is selling allegedly Birkin bags for a whopping HK$458,000, a price no one would pay, surely, for a fake bag. So the question was put to Hermès: How many of these bags are made each year?
posted by Alberto Fattori @ 2:34 AM
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Hong Kong property developer Henderson Land Development has a peculiar problem: too much land. The company is the biggest agricultural land owner in the New Territories and owns millions of square feet of floor area in Hong Kong and the mainland.
posted by Alberto Fattori @ 2:34 AM
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A father-son connection to the Gangnam Style music video has triggered an almost 500 per cent rally in shares of DI Corporation since mid-July in Seoul.
Gangnam Style, which contains satirical lyrics about the habits of wealthy South Koreans and features choreography mimicking horse riding, vaulted 34-year-old musician Park Jae-sang into fame under the pseudonym Psy. The musician's father, Park Won-ho, is chairman of DI, which makes semiconductor-testing equipment for clients including Samsung Electronics.
posted by Alberto Fattori @ 2:34 AM
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David Fincher's last film made £145 million (HK$1.8 billion) worldwide. The previous one took £140 million, plus three Oscars, and a Golden Globe and a Bafta for best director. On the side, Fincher directs glossy ads for big agencies. Now: give this man your money.
posted by Alberto Fattori @ 2:34 AM
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Macau, the only place in China where gambling is legal, opened its doors to Western casinos nearly a decade ago. Sands, Wynn and MGM all plunged in, and soon found themselves in close association with junket operators - middlemen that organise trips to the casinos, largely from Hong Kong and the mainland. Collectively, they're responsible for some 70 per cent of the Macau gambling trade.
posted by Alberto Fattori @ 2:34 AM
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Everyone knows that Hong Kong's IPO market is going through tough times. New deals are rare, depriving punters of a once favoured way of betting on equities and generating quick gains.
Less appreciated, however, is the extent to which arcane practices on cornerstone investors hold back primary issuance.
To understand this point, it's helpful to compare Hong Kong's new listings with Malaysia's.
posted by Alberto Fattori @ 2:34 AM
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Much is at stake in the United States presidential elections this year. The Barack Obama presidency has been fraught with battles in a deeply divided Congress, leading to paralyses on such topics as government debt, and compromises on others such as healthcare reform.
Should Obama lose his re-election bid, it will likely lead to a change in policy direction - and economic fate. Obama and his opponent, former Massachusetts governor Mitt Romney, have different visions on the role of government in business and society.
Polls indicate a tight race on November 6.
posted by Alberto Fattori @ 2:34 AM
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Bankia group, the lender whose nationalization pushed Spain toward a European bank bailout, announced a 7.05 billion-euro ($9.1 billion) loss, as European officials said the country may get its first rescue funds soon.
Bankia said the nine-month loss compared with a pro-forma profit of 295 million euros a year ago, as deposits fell 13 per cent from December and lending dropped 10 per cent. It posted results as the European Union and European Central Bank said the bailout is “on track.”
posted by Alberto Fattori @ 10:13 AM
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US stocks slumped this week, with the Standard & Poor’s 500 Index heading toward its first monthly decline since May, as companies from 3M Co. to DuPont Co. reported disappointing quarterly results and forecasts.
posted by Alberto Fattori @ 9:56 AM
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Toyota sold 7.4 million vehicles around the world in the first nine months of the year, up 28 per cent from a year earlier, but its strong growth faces headwinds from a sales plunge in China that could unseat it as the world’s top automaker.
posted by Alberto Fattori @ 2:48 PM
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US weapons maker Lockheed Martin Corp said it faced a potential termination liability of us$1.1 billion on the F-35 fighter program unless it received additional funding for production of a sixth batch of airplanes by year end.
Lockheed disclosed the potential exposure in a filing with the US Securities and Exchange Commission a day after company officials cited “great progress” on the fighter jet program.
posted by Alberto Fattori @ 11:59 AM
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