Morgan Stanley, global financial services giant, is still trying to sell its entire holdings in China International Capital Corp (CICC), the country’s first and most profitable investment bank, confirmed by both the US-based financial advisor and CICC on Nov. 4, 2009.
Citing people familiar with the situation, the report in the Wall Street Journal on Tuesday pointed that Morgan Stanley had asked potential buyers to submit indicative first-round bids for its 34.3 percent stake in CICC. Read more…
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Invitation for Bids
The People’s Republic of China
Liaoning Medium Cities Infrastructure Project
(Loan No.: 4831-CHA)
The Vehicles and Equipment of Road Traffic Management for Benxi City (BTM21)
The Vehicles and Equipment of Road Traffic Management for Read more…
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1. The People’s Republic of China has received a loan from the Asian Development Bank (ADB) towards the cost of Jilin Urban Environmental Improvement Project. Part of the proceeds of this loan will be used for payments under the contract named above. Bidding is opening to bidders from eligible source countries of ADB.
2. China National Machinery Import & Export Corporation (CMC, the Procurement Agent), authorized by Changchun Municipal Water (Group) Co., Ltd. (the Purchaser) Read more…
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Although there are more and more Chinese investing directly overseas, these investment are still very likely being less than foreign direct investment (FDI) this year, government officials and experts said on July 1.
Recently, foreign banks and other organization forecast that ODI (overseas direct investment) would exceed FDI. However, government officials suggested that it is unlikely to happen soon, especially this year. It is partly because Chinalco’s $19.5 billion didn’t succeed to save Rio Tinto last month, which is the world’s third largest mining enterprise.
Read more…
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ICBC ranked first on the list of global banks last year with a profit of $21.3 billion, stated new industry rankings the other day.
China and Spain have enjoyed the five banks with the best performance. China Construction Bank just followed ICBC earning $17.5 billion. The third, fourth and fifth was Santander ($15.8 billion), Bank of China ($12.6 billion) and BBVA ($9.6 billion) successively, listed The Banker magazine. Read more…
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HSBC Holdings said on March 2, 2009 that it would raise a total of $17.7 billion in new capital from shareholders in a rights issue to strengthen its financial structure after reporting a more than 50% fall in 2008 earnings and, as expected, a surge in bad debts in the US.
The largest bank in Europe is in the process of offering 5.1 billion new shares at 254 pence apiece, or a 48% discount on Friday’s closing price, for subscription by its current shareholders. In Hong Kong, the issue price per new share is HK$28, or a 50.2% discount on its Friday close of HK$56.95.
Stephen Green, the Group Chairman, disagreed that the rights issue had appeared too late. He said it was the right time when they got the information about their performance in 2008.
Douglas Flint, the HSBC finance director, Read more…
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bank, capital, China, crisis, economy, HSBC, structure, U.S.
Qin Tian had lost 6,000 RMB ($882) before he got the warning that swindlers could get his money off his credit card magically without even touching his card.
At first, Qin suspected it was due to the insecurity of the bank to have his information leaked, but then he realized it was his own negligence to give out his own information through phone. The scammer claimed to be a bank employee, but only he was not. Read more…
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bank, China, credit card, economy, information, security
According to bankers and economists, next year, profitability of Chinese banks will be under pressure after lending rates are reduced.
The measures were announced by the central bank last week who had cut the reserve money requirements for banks and removed curbs on lending. These moves will squeeze interest spread of banks as well as Read more…
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bank, China, demand, economy, plan, stimulus
According to a source, the banking regulators have told policymakers that forcing banks to increase reserves has hurt the industry’s ability to repay debt.
Last month, to rein in loan growth and inflation, the People’s Bank of China raised its reserve ratio requirement to a record 17.5 percent. The source also said that the China Banking Regulatory Commission has warned against ordering further increase.
The Read more…
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Morgan Stanley, global financial services giant, is still trying to sell its entire holdings in China International Capital Corp (CICC), the country’s first and most profitable investment bank, confirmed by both the US-based financial advisor and CICC on Nov. 4, 2009. 
