Finance

Watchdog panel cites global impact of US bailout

MARCY GORDON My Way News 13.08.2010
Watchdog panel cites global impact of US bailout

The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Citigroup to Add 70 Retail Branches in Asia Within 12 Months

William Ahearn, Dan Kraut BusinessWeek 16.07.2010
Citigroup to Add 70 Retail Branches in Asia Within 12 Months

Citigroup Inc., the third-biggest U.S. bank by assets, said it plans to add 70 retail branches in Asia during the next 12 months.


European banks mull 20-bln-euro private bailout fund: report

Some big European banks are mulling the creation of a 20-billion-euro private sector recovery fund to bail out troubled financial institutions, the head of UniCredit bank told a newspaper on Monday.

Chinese rating agency strips Western nations of AAA status

Ambrose Evans-Pritchard Telegraph 13.07.2010
Chinese rating agency strips Western nations of AAA status

China's leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West.


Chinese consortiums eye AIA takeover: report

At least four consortiums made up of private Chinese investors have approached US insurance giant AIG to acquire its Asian unit AIA, a Hong Kong newspaper reported Tuesday.

China Is New 'Axis of Power' as Europe Banking-Fee Income Falls

Ambereen Choudhury BusinessWeek 02.07.2010

Global investment banking fee income more than doubled in China and Hong Kong in the first half of the year, as the “axis of power” shifted from western Europe.


Renaissance Capital is opening Hong Kong office

Lara Wozniak Finance Asia 29.06.2010
Renaissance Capital is opening Hong Kong office

Emerging markets investment bank Renaissance Capital said yesterday that it is opening an office in Hong Kong.

UnionPay goes to war with Visa

Inside Retailing 07.06.2010
UnionPay goes to war with Visa

Chinese card issuer UnionPay hit out at Visa on Friday after the US giant told banks to stop using the Chinese firm's system to process overseas transactions on cards bearing both firms' logos.


HSBC in Talks About Selling Five Buyout Fund Units

HSBC Holdings Plc is in discussions with the management teams of its private equity fund-management businesses that are expected to lead to five separate buyouts.

European Central Bank warns of more bank loan losses

Krista Hughes and Paul Day Yahoo! Finance 01.06.2010
European Central Bank warns of more bank loan losses

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone gov...


Hong Kong's savers turn to yuan

People's Daily 20.05.2010
Hong Kong's savers turn to yuan

A growing number of Hong Kong residents are choosing to save in yuan and are opening bank accounts in Shenzhen as they believe the currency will continue to rise this year.

HSBC chief warns hasty regulation could create second crisis

Hastily introduced banking industry regulation risks precipitating a second credit crunch and throwing the world's financial system back into crisis, HSBC chief executive Michael Geoghegan has warned.


EU Preps $645 Billion Fund to Fight ‘Wolfpack,’ Debt Crisis

James G. Neuger and Meera Louis Bloomberg.com 10.05.2010
EU Preps $645 Billion Fund to Fight ‘Wolfpack,’ Debt Crisis

European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.

Merkel blasts 'treacherous' banks in Greek crisis

German Chancellor Angela Merkel on Thursday slammed "treacherous" practices by banks during the Greek crisis and said governments must crack down on speculators hunting profits in the turmoil.


Euro market meltdown resumes despite Greek deal

Lefteris Papadimas and Kirsten Donovan Yahoo! Finance 05.05.2010
Euro market meltdown resumes despite Greek deal

A renewed selling frenzy gripped euro zone financial markets on Tuesday as concern mounted that a record EU/IMF bailout for Greece would not stop a debt crisis spreading in the single currency area.

European Central Bank President Favors Global Governance

The President of the European Central Bank, Jean-Claude Trichet, told Forbes that global governance is extremely necessary if we want to prevent another financial crisis. I


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China Construction Bank has unveiled plans for Asia's biggest ever rights issue — an $11 billion lunge for cash undertaken as the bank's capital adequacy ratio slips below the required level.

HK hedge fund DragonBack sees assets cut by 85 pct

Parvathy Ullatil Reuters 01.05.2010
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Hong Kong-based hedge fund manager DragonBack Capital has seen a dramatic reversal in its fortunes over the last 12 months, with its assets plunging 85 percent to around $45 million amid continued redemptions from fund of hedge funds.


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The head of Britain's biggest bank has declared the end of the "Western-centric mindset" and urged businesses to look to emerging markets for their future.

HK Prime Lending Rates Stay Flat As US Stands Pat

Chester Yung The Wall Street Journal 30.04.2010
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Hong Kong's major commercial banks left their prime lending rates steady Thursday after the U.S. Federal Reserve and the Hong Kong Monetary Authority kept benchmark interest rates unchanged.



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