Dec. 24 (Bloomberg) -- Temasek Holdings Pte, the biggest shareholder in Standard Chartered Plc, increased its stake in the U.K. bank by 1 percentage point to 18 percent, helping it boost banking investments in its $100 billion portfolio.
The Singapore sovereign wealth fund has been raising its stake in Standard Chartered since it first bought a 12 percent holding more than a year ago. Temasek bought 12 million shares to lift its stake to 253.7 million shares, the bank said in a filing on Dec. 21. The additional shares are worth 220 million pounds ($436 million) at that day's closing price of 1,835 pence.
Set up in 1974 to run state assets, Temasek's financial services investments now include India's ICICI Bank Ltd. and Bank of China Ltd., as well as a controlling stake in DBS Group Holdings Ltd., Southeast Asia's biggest bank. It may also invest $5 billion in Merrill Lynch & Co., the Wall Street Journal reported last week, citing unidentified people.
``Most of Temasek's investments in the banking sector are doing very well,'' Teng Ngiek Lian, who manages $3 billion of Asian stocks as chief executive officer of Target Asset Management in Singapore, said in an interview today. ``Standard Chartered is very well exposed to the emerging markets, which many view as very exciting.''
Shares of Standard Chartered, which gets most of its profit from Asia, rose 1.1 percent to 1,856 pence at 8:59 a.m. in London trading. The stock has risen 24 percent this year, the best performer on the nine-member FTSE All-Share Banks Index.
`Comfortable' With Shareholding
Temasek first bought a stake in Standard Chartered from the estate of late Singapore hotelier Khoo Teck Puat in March 2006. Temasek held 13 percent of the London-based bank as of March this year, according to its annual report.
``We are comfortable with our current level of shareholding'' in Standard Chartered, Simon Israel, executive director at Temasek, said in an e-mailed statement today. ``As a financial investor, we are not involved in the bank's board and management.''
Israel didn't comment on the Merrill report in today's e- mail. The Journal said Dec. 21 the Singapore fund will invest in the world's biggest brokerage through a cash infusion. Merrill announced $8.4 billion of writedowns on mortgage-related investments and corporate loans on Oct. 24, and then ousted Chief Executive Officer Stan O'Neal. The stock rose 1.9 percent on Dec. 21 following the report on Temasek's investment.
The latest purchase also puts Standard Chartered closer to being at risk of losing the ability to issue notes in Hong Kong. The city will bar lenders that are 20 percent owned by foreign governments from issuing bank notes denominated in the local currency, the Hong Kong Monetary Authority said in July.
Investments in financial services companies accounted for 38 percent of Temasek's portfolio in the year ended March, compared with 35 percent a year earlier, making it the biggest industry for the company's assets, according to its annual report.
Monday, December 24, 2007
Sunday, December 9, 2007
人 行 大 幅 調 高 準 備 金 率 1 個 百 分 點 抑 制 信 貸 過 快 增 長
人 民 銀 行 今 年 內 第 10 次 調 高 存 款 準 備 金 率 ， 幅 度 由 過 往 的 半 個 百 分 點 ， 擴 大 至 1 個 百 分 點 ， 是 4 年 來 首 次 。 新 的 存 款 準 備 金 率 是 14.5% ， 本 月 25 日 起 生 效 。
人 行 說 ， 調 高 存 款 準 備 金 率 ， 是 要 加 強 銀 行 體 系 流 動 性 管 理 ， 抑 制 貨 幣 信 貸 過 快 增 長 。
人 行 說 ， 調 高 存 款 準 備 金 率 ， 是 要 加 強 銀 行 體 系 流 動 性 管 理 ， 抑 制 貨 幣 信 貸 過 快 增 長 。
Saturday, December 8, 2007
China Life Is Said to Buy into Japan Financial Firm
BEIJING, Dec 07, 2007 (SinoCast China Financial Watch via COMTEX) -- LFC | charts | news | PowerRating -- China Life Insurance Company Limited (China Life and SHSE: 601628 and SEHK: 2628), the country's biggest life insurer, will be likely to buy into a Japanese counterpart or an asset management firm, according to the Japanese media.
Yang Chao, board chairman of China Life, disclosed in an interview that he had met executives of several Japanese insurance and asset management firms and talked with local financial institutions over the possible equity acquisition. However, the board chairman did not mention names of the specific targets, acquisition timetable or clauses.
Notably, the life insurer has had talks with several European and US insurers and asset management companies. Prudential Plc and Aviva Plc are two of the guessed companies, according to a report.
In addition, Axa and ING Group, which are now expanding business in Asia, are also China Life's possible acquisition targets.
Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318 and SEHK: 2318) recently gained the regulatory approval to use up to 15% of its assets for investments in Hong Kong and other important equity investments.
Generally, local insurers' such investments can only account for not more than 5% of their total assets. Ping An, China's second biggest insurer by market share, is the first one to win the highest quota.
Its assets had totaled CNY 624 billion by September 30, 2007. Thus, more than CNY 100 billion can be used for such investments in 2008.
The insurer was just permitted to buy a 4.2 percent stake in Dutch-Belgian financial services firm Fortis for EUR 1.81 billion.
China Life reaped net profit of CNY 24.7 billion in the nine months ended September 30, 2007.
Earnings per share were 0.87, showed the Beijing insurer's third-quarter financial results dated October 30.
Investment revenue surged sharply in the period. Investment assets stood at CNY 878.8 billion as of September 30, 2007 and return rate on investment hit 8.63%. Meanwhile, the life insurer saw a growth in the core business. Receivable premiums reached CNY 7.8 billion as at the end of this September, versus CNY 5.73 billion at last yearend.
As of September 30, 2007, assets of China Life totaled CNY 925.2 billion and capital stock consisted of 28.26 billion shares. In terms of market cap, it has become the biggest listed insurer globally. Also, its sellable financial assets were as many as CNY 381.9 billion, surging 59.49% over the end of last year.
Yang Chao, board chairman of China Life, disclosed in an interview that he had met executives of several Japanese insurance and asset management firms and talked with local financial institutions over the possible equity acquisition. However, the board chairman did not mention names of the specific targets, acquisition timetable or clauses.
Notably, the life insurer has had talks with several European and US insurers and asset management companies. Prudential Plc and Aviva Plc are two of the guessed companies, according to a report.
In addition, Axa and ING Group, which are now expanding business in Asia, are also China Life's possible acquisition targets.
Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318 and SEHK: 2318) recently gained the regulatory approval to use up to 15% of its assets for investments in Hong Kong and other important equity investments.
Generally, local insurers' such investments can only account for not more than 5% of their total assets. Ping An, China's second biggest insurer by market share, is the first one to win the highest quota.
Its assets had totaled CNY 624 billion by September 30, 2007. Thus, more than CNY 100 billion can be used for such investments in 2008.
The insurer was just permitted to buy a 4.2 percent stake in Dutch-Belgian financial services firm Fortis for EUR 1.81 billion.
China Life reaped net profit of CNY 24.7 billion in the nine months ended September 30, 2007.
Earnings per share were 0.87, showed the Beijing insurer's third-quarter financial results dated October 30.
Investment revenue surged sharply in the period. Investment assets stood at CNY 878.8 billion as of September 30, 2007 and return rate on investment hit 8.63%. Meanwhile, the life insurer saw a growth in the core business. Receivable premiums reached CNY 7.8 billion as at the end of this September, versus CNY 5.73 billion at last yearend.
As of September 30, 2007, assets of China Life totaled CNY 925.2 billion and capital stock consisted of 28.26 billion shares. In terms of market cap, it has become the biggest listed insurer globally. Also, its sellable financial assets were as many as CNY 381.9 billion, surging 59.49% over the end of last year.
Wednesday, December 5, 2007
Standard Chartered takes on $1.7 bln SIV assets
LONDON, Dec 5 (Reuters) - Asia-focused Standard Chartered said on Wednesday the dislocation in the credit markets and the liquidity crunch had forced it to take $1.7 billion of assets from a debt vehicle onto its balance sheet.
Standard Chartered -- an investor in the capital notes of the Whistlejacket structured investment vehicle that it manages -- said the SIV had offered capital note holders the opportunity to take "vertical" slices of its portfolio to cope with a drop in the value of its assets.
The bank said it had exchanged $140 million of capital notes for a slice of Whistlejacket assets amounting to around $1.68 billion. The move will have an impact on the bank's Tier 1 capital ratio of less than 0.1 percent.
Group Finance Director Richard Meddings said the deal accounted for around half of StandardChartered's capital note holdings and said it was "highly likely" that all of the bank's remaining capital notes in Whistlejacket would be retired by the end of the year.
Banks that have created these vehicles have been scrambling to find ways to support them as they have been caught out by the credit turmoil. SIVs' access to funding has been cut off and the value of their assets has fallen sharply, leading to pressure on triggers in the structures that could force fire sales of assets.
HSBC, Europe's biggest bank, last week took its two structured investment vehicles back on balance sheet in their entirety, taking $45 billion of assets and associated funding onto its books.
Whistlejacket's assets stood at $10.8 billion at the end of November, down from $18.2 billion at the end of August, after asset sales, repurchase operations and vertical slice deals with other noteholders.
"The group remains confident in the underlying quality of the assets acquired and it is expected that the temporary write down in value will flow back through income over the next three and a half years, which is the average life of the assets," the bank said.
VERY HIGH QUALITY
Standard Chartered said the assets remained of "a very high quality", 95 percent rated double-A or higher by Moody's Investors Service.
It said 40 percent of the exposure was to financial institution debt, 7 percent to triple-A rated monoline insurers, 48 percent in asset-backed securities and 5 percent in collateralised debt obligations backed by asset-backed securities (CDOs of ABS).
Moody's last week threatened to cut the top-ranking Aaa long-term and Prime-1 short-term ratings assigned to $4.9 billion of debt issued by Whistlejacket.
It said the structure's net asset value -- a measure of the value of the subordinated debt issued by the vehicle -- had declined to 69 percent from 80 percent as of Sept. 5 as market values of the assets held fell materially.
Standard Chartered -- an investor in the capital notes of the Whistlejacket structured investment vehicle that it manages -- said the SIV had offered capital note holders the opportunity to take "vertical" slices of its portfolio to cope with a drop in the value of its assets.
The bank said it had exchanged $140 million of capital notes for a slice of Whistlejacket assets amounting to around $1.68 billion. The move will have an impact on the bank's Tier 1 capital ratio of less than 0.1 percent.
Group Finance Director Richard Meddings said the deal accounted for around half of StandardChartered's capital note holdings and said it was "highly likely" that all of the bank's remaining capital notes in Whistlejacket would be retired by the end of the year.
Banks that have created these vehicles have been scrambling to find ways to support them as they have been caught out by the credit turmoil. SIVs' access to funding has been cut off and the value of their assets has fallen sharply, leading to pressure on triggers in the structures that could force fire sales of assets.
HSBC
Whistlejacket's assets stood at $10.8 billion at the end of November, down from $18.2 billion at the end of August, after asset sales, repurchase operations and vertical slice deals with other noteholders.
"The group remains confident in the underlying quality of the assets acquired and it is expected that the temporary write down in value will flow back through income over the next three and a half years, which is the average life of the assets," the bank said.
VERY HIGH QUALITY
Standard Chartered said the assets remained of "a very high quality", 95 percent rated double-A or higher by Moody's Investors Service.
It said 40 percent of the exposure was to financial institution debt, 7 percent to triple-A rated monoline insurers, 48 percent in asset-backed securities and 5 percent in collateralised debt obligations backed by asset-backed securities (CDOs of ABS).
Moody's last week threatened to cut the top-ranking Aaa long-term and Prime-1 short-term ratings assigned to $4.9 billion of debt issued by Whistlejacket.
It said the structure's net asset value -- a measure of the value of the subordinated debt issued by the vehicle -- had declined to 69 percent from 80 percent as of Sept. 5 as market values of the assets held fell materially.
Standard Chartered Says 2007 Profit Will Rise 25%
Dec. 5 (Bloomberg) -- Standard Chartered Plc, the only U.K. bank stock to rise this year, said 2007 profit will increase 25 percent and meet analysts' estimates even after a writedown.
The company is ``broadly comfortable'' with analysts' forecasts that pretax profit will be $3.96 billion, the London- based bank said today in a statement. It took a $46 million writedown on the Whistlejacket Capital Ltd. structured investment vehicle, and additional charges on the fund may reduce 2007 profit, the bank said on a conference call.
``It is not a profit warning, but at the margins this is slightly negative,'' said Simon Maughan, a London-based analyst at MF Global Securities Ltd. ``There will be hit on this year's numbers,'' said Maughan who has a ``neutral'' rating on the stock.
Standard Chartered, which gets most of its profit in Asia, said it will ``accelerate investment,'' with expenses increasing at the same rate as income. The bank spent more than $2.7 billion on acquisitions since 2006, including Hsinchu International Bank in Taiwan and Union Bank Ltd. in Pakistan. Its workforce in China has more than doubled to about 3,800.
Standard Chartered fell 0.1 percent to 1,855 pence at 10:06 a.m. in London trading, valuing the bank at 26 billion pounds ($53 billion). The stock is up 24 percent this year, the only gainer in the nine-member FTSE 350 Banks Index, down 19 percent.
Standard Chartered will take a $133 million charge on mortgage securitizations in Korea, it said. The company won't book a $120 million sale of an asset-management company in India this year as anticipated, Standard Chartered said. Operating profit before tax in Korea will show a ``moderate reduction'' from the year-earlier period, the company said.
`Acutely Vigilant'
The bank will be ``acutely vigilant for any signs of slowdown or deterioration impacting our markets,'' Chief Executive Officer Peter Sands said in the statement. A deterioration in the U.S. would have ``an impact'' on Asia, said Finance Director Richard Meddings on a conference call with reporters today.
Standard Chartered's net income will rise 18 percent to $2.7 billion this year, according to the median estimate of 10 analysts surveyed by Bloomberg.
``The underlying business showed some improvements, and that is probably good in this environment,'' said Neil Wesley, who helps manage 1.7 billion pounds ($3.5 billion) for London-based Morley Fund Management Ltd., including Standard Chartered. ``All in all, this is a positive.''
Thirteen analysts rate Standard Chartered ``sell'' or ``hold,'' according to data compiled by Bloomberg. They outnumber the 11 analysts who recommend buying the shares. Analysts' median price target is about 1,770 pence, less than yesterday's closing prices of 1,847 pence.
The stock has been lifted by speculation last month that Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. approached Temasek Holdings Pte about buying its 17.2 percent stake in the company, said Mona Chung, who helps manage $2.5 billion at Daiwa Asset Management Ltd. in Hong Kong. Temasek is Singapore's state-owned investment company.
The company is ``broadly comfortable'' with analysts' forecasts that pretax profit will be $3.96 billion, the London- based bank said today in a statement. It took a $46 million writedown on the Whistlejacket Capital Ltd. structured investment vehicle, and additional charges on the fund may reduce 2007 profit, the bank said on a conference call.
``It is not a profit warning, but at the margins this is slightly negative,'' said Simon Maughan, a London-based analyst at MF Global Securities Ltd. ``There will be hit on this year's numbers,'' said Maughan who has a ``neutral'' rating on the stock.
Standard Chartered, which gets most of its profit in Asia, said it will ``accelerate investment,'' with expenses increasing at the same rate as income. The bank spent more than $2.7 billion on acquisitions since 2006, including Hsinchu International Bank in Taiwan and Union Bank Ltd. in Pakistan. Its workforce in China has more than doubled to about 3,800.
Standard Chartered fell 0.1 percent to 1,855 pence at 10:06 a.m. in London trading, valuing the bank at 26 billion pounds ($53 billion). The stock is up 24 percent this year, the only gainer in the nine-member FTSE 350 Banks Index, down 19 percent.
Standard Chartered will take a $133 million charge on mortgage securitizations in Korea, it said. The company won't book a $120 million sale of an asset-management company in India this year as anticipated, Standard Chartered said. Operating profit before tax in Korea will show a ``moderate reduction'' from the year-earlier period, the company said.
`Acutely Vigilant'
The bank will be ``acutely vigilant for any signs of slowdown or deterioration impacting our markets,'' Chief Executive Officer Peter Sands said in the statement. A deterioration in the U.S. would have ``an impact'' on Asia, said Finance Director Richard Meddings on a conference call with reporters today.
Standard Chartered's net income will rise 18 percent to $2.7 billion this year, according to the median estimate of 10 analysts surveyed by Bloomberg.
``The underlying business showed some improvements, and that is probably good in this environment,'' said Neil Wesley, who helps manage 1.7 billion pounds ($3.5 billion) for London-based Morley Fund Management Ltd., including Standard Chartered. ``All in all, this is a positive.''
Thirteen analysts rate Standard Chartered ``sell'' or ``hold,'' according to data compiled by Bloomberg. They outnumber the 11 analysts who recommend buying the shares. Analysts' median price target is about 1,770 pence, less than yesterday's closing prices of 1,847 pence.
The stock has been lifted by speculation last month that Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. approached Temasek Holdings Pte about buying its 17.2 percent stake in the company, said Mona Chung, who helps manage $2.5 billion at Daiwa Asset Management Ltd. in Hong Kong. Temasek is Singapore's state-owned investment company.
Thursday, November 22, 2007
PetroChina considering third west-east pipeline for Russian gas - report
BEIJING (XFN-ASIA) - PetroChina Co Ltd (HK 0857), the country's top oil and gas producer, is drafting plans for a third west-east gas pipeline to carry Russian gas to eastern market, the Oriental Morning Post reported, citing company official.
The unidentified official was quoted as saying that the plan remains preliminary with no site studies conducted.
The route for the third pipeline is expected to run from the Altai area, where Russia and China share a border, to Bohai Bay on the eastern China coast, the official said.
PetroChina (nyse: PTR - news - people ) completed the first west-to-east natural gas pipeline in October 2004 from Lunnan Oilfield in the Tarim Basin in Xinjiang, running 2,400 kilometers to Shanghai.
It also plans to build second line next year, which will run south to the Pearl River region with an extension to the Yangtze River region.
Preparations for the third line are likely to get into gear after line two starts operations at the beginning of next year, the official said.
The third line, which will be at least 1 meter in diameter, will run for about 6,000 kilometres, although branch lines could bring the total length to 8,000 km, the official said.
Work on the line could accelerate if Russia and China agree early on terms for the sale of up to 80 bln cubic meters of gas per year, the official said.
Earlier this month, the official Xinhua news agency reported that the two countries reached a consensus on a pricing mechanism after months of negotiations, according to Alexander Medvedev, the deputy chairman of Russia's state-owned Gazprom.
The unidentified official was quoted as saying that the plan remains preliminary with no site studies conducted.
The route for the third pipeline is expected to run from the Altai area, where Russia and China share a border, to Bohai Bay on the eastern China coast, the official said.
PetroChina (nyse: PTR - news - people ) completed the first west-to-east natural gas pipeline in October 2004 from Lunnan Oilfield in the Tarim Basin in Xinjiang, running 2,400 kilometers to Shanghai.
It also plans to build second line next year, which will run south to the Pearl River region with an extension to the Yangtze River region.
Preparations for the third line are likely to get into gear after line two starts operations at the beginning of next year, the official said.
The third line, which will be at least 1 meter in diameter, will run for about 6,000 kilometres, although branch lines could bring the total length to 8,000 km, the official said.
Work on the line could accelerate if Russia and China agree early on terms for the sale of up to 80 bln cubic meters of gas per year, the official said.
Earlier this month, the official Xinhua news agency reported that the two countries reached a consensus on a pricing mechanism after months of negotiations, according to Alexander Medvedev, the deputy chairman of Russia's state-owned Gazprom.
Monday, November 19, 2007
China's Banks Seek Standard Chartered Stake, FT Says
Nov. 19 (Bloomberg) -- China's three largest banks approached Temasek Holdings Pte about buying its 17 percent stake in Standard Chartered Plc, the Financial Times reported, citing unidentified people familiar with the matter.
Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. have made ``informal and discreet'' contact with senior personnel at Temasek about the deal in recent months, the FT said.
Chinese banks, flush with cash after raising $63 billion selling stock in the past two years, are seeking takeover targets overseas. Temasek's stake in Standard Chartered was worth about $8.3 billion at the Nov. 16 closing price in London, more than the $5.5 billion ICBC will pay for 20 percent of South Africa's Standard Bank Group Ltd.
Standard Chartered ``is quite diversified, so it's definitely something that the Chinese banks would be looking for, in terms of expansion in Asia and other emerging markets,'' Mona Chung, who helps manage $2.5 billion at Daiwa Asset Management Ltd. in Hong Kong, said today in a phone interview.
Temasek rejected the proposal, the Financial Times said. The Singapore state-owned investment company owns 17.2 percent of Standard Chartered, the London-based bank said Sept. 13. ``It is inappropriate for Temasek to comment on market speculation,'' the state-owned company said in an e-mailed response to questions.
ICBC
ICBC, the world's largest bank by market value, agreed last month to buy 20 percent of Standard Bank, Africa's largest, in the biggest overseas investment by a Chinese company. Standard Chartered, which gets most of its profit from Asia, said last week it will buy 5.3 percent of South Korea's Kyobo Life Insurance Co.
Standard Chartered spokeswomen in Hong Kong and Singapore weren't immediately available for comment. Spokesmen at ICBC, Bank of China and China Construction Bank declined to comment on ``market speculation'' when contacted today.
The Hong Kong shares of Standard Chartered fell 0.5 percent to HK$271.60 at 12:08 p.m. local time. They have gained 18 percent this year, compared with larger rival HSBC Holdings Plc.'s 5 percent decline.
Industrial and Commercial Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. have made ``informal and discreet'' contact with senior personnel at Temasek about the deal in recent months, the FT said.
Chinese banks, flush with cash after raising $63 billion selling stock in the past two years, are seeking takeover targets overseas. Temasek's stake in Standard Chartered was worth about $8.3 billion at the Nov. 16 closing price in London, more than the $5.5 billion ICBC will pay for 20 percent of South Africa's Standard Bank Group Ltd.
Standard Chartered ``is quite diversified, so it's definitely something that the Chinese banks would be looking for, in terms of expansion in Asia and other emerging markets,'' Mona Chung, who helps manage $2.5 billion at Daiwa Asset Management Ltd. in Hong Kong, said today in a phone interview.
Temasek rejected the proposal, the Financial Times said. The Singapore state-owned investment company owns 17.2 percent of Standard Chartered, the London-based bank said Sept. 13. ``It is inappropriate for Temasek to comment on market speculation,'' the state-owned company said in an e-mailed response to questions.
ICBC
ICBC, the world's largest bank by market value, agreed last month to buy 20 percent of Standard Bank, Africa's largest, in the biggest overseas investment by a Chinese company. Standard Chartered, which gets most of its profit from Asia, said last week it will buy 5.3 percent of South Korea's Kyobo Life Insurance Co.
Standard Chartered spokeswomen in Hong Kong and Singapore weren't immediately available for comment. Spokesmen at ICBC, Bank of China and China Construction Bank declined to comment on ``market speculation'' when contacted today.
The Hong Kong shares of Standard Chartered fell 0.5 percent to HK$271.60 at 12:08 p.m. local time. They have gained 18 percent this year, compared with larger rival HSBC Holdings Plc.'s 5 percent decline.
Wednesday, November 7, 2007
Soho中國總裁稱未來三年仍專注於北京市場
北京 (XFN-ASIA) - Soho中國行政總裁張欣表示, Soho中國未來三年將繼續專注於北京市場, 並專注於商業項目發展。 張欣向記者表示, 政府每月都出台針對住宅投資的新措施, 這正是Soho中國四年前刻意繞開住宅項目而專注於商業項目發展的原因。 她重申, 未來3年左右Soho中國將守在北京這一單獨市場, 其後才考慮開拓其它城市。 她稱, 未來Soho中國無可避免要開拓其它市場, 但目前將守住北京。 她表示, 自上市以來, 已有不少省市政府邀請Soho中國前往發展業務。 她又指出, 人們對北京市中心物業的需求仍十分殷切。 她稱, 不管是山西礦主還是溫州廠家都想把部份財富泊在北京或上海的商業物業上。 她指出, Soho中國實現100%的出租率, 其物業存在充足需求。 她表示, Soho中國將繼續實施其快速買地快速推售物業的策略。
Hong Kong's HSI Services adds three new constituents to Hang Sang Index
HONG KONG (Thomson Financial) - HSI Services Ltd, which compiles the Hang Seng indexes, said it is adding PetroChina Co Ltd, China Shenhua Energy and China Overseas Land & Investments to the benchmark Hang Seng index from December 10.
With the new additions, the number of constituents on the Hang Seng Index will rise to 43.
Investors were expecting PetroChina, China's largest oil producer and the world's biggest company, to be added to the index this month.
China Shenhua is the largest coal producer in the country while China Overseas Land is a major property developer on the mainland.
PetroChina and China Shenhua listed on the Shanghai Stock Exchange recently, with the oil company raising 8.9 billion US from its initial public offering.
PetroChina overtook China Shenhua as having launched the world's biggest IPO by selling 4 billion A-shares in October.
PetroChina will have a weighting of 5.84 percent on the index, higher than rival CNOOC's 3.52 percent. China Shenhua will have a weighting of 2.39 percent, while China Overseas will be third biggest property stock on the HSI with a weighting of 1.07 percent.
HSI Services added Bank of Communications, China's fifth largest lender by assets, to the main index in September.
With the new additions, the number of constituents on the Hang Seng Index will rise to 43.
Investors were expecting PetroChina, China's largest oil producer and the world's biggest company, to be added to the index this month.
China Shenhua is the largest coal producer in the country while China Overseas Land is a major property developer on the mainland.
PetroChina and China Shenhua listed on the Shanghai Stock Exchange recently, with the oil company raising 8.9 billion US from its initial public offering.
PetroChina overtook China Shenhua as having launched the world's biggest IPO by selling 4 billion A-shares in October.
PetroChina will have a weighting of 5.84 percent on the index, higher than rival CNOOC's 3.52 percent. China Shenhua will have a weighting of 2.39 percent, while China Overseas will be third biggest property stock on the HSI with a weighting of 1.07 percent.
HSI Services added Bank of Communications, China's fifth largest lender by assets, to the main index in September.
Tuesday, November 6, 2007
SOHO中國<0410.HK>24億人民幣購北京兩物業，今早復牌
SOHO中國<0410.HK>宣布，全資附屬北京搜候物業，斥資約24.43億元(人民幣‧下同)收購北京兩項物業權益。包括以代價10.3億元，收購北京野力房地產100%權益；及以代價約14.13億元，收購千禧房地產100%權益。該股今早復牌。
野力主要業務為發展及銷售商務物業，擁有開發及興建「光華路SOHO2」的權益。該項目位於北京CBD中心，總建築面積約18萬平方米，預期2010年完成，並於明年底開始預售。
千禧則擁有豪華住宅「SOHO北京公館」的發展權利，該項目建築面積約6.63萬平方米，預期於明年第三季度完成，並將於今年底或明年初開始預售。
野力主要業務為發展及銷售商務物業，擁有開發及興建「光華路SOHO2」的權益。該項目位於北京CBD中心，總建築面積約18萬平方米，預期2010年完成，並於明年底開始預售。
千禧則擁有豪華住宅「SOHO北京公館」的發展權利，該項目建築面積約6.63萬平方米，預期於明年第三季度完成，並將於今年底或明年初開始預售。
Thursday, November 1, 2007
港 交 所 明 年 5 月 26 日 起 引 入 收 市 競 價 交 易 時 段
港 交 所 宣 布 ， 由 明 年 5 月 26 日 起 增 設 收 市 競 價 交 易 時 段 至 下 午 4 時 10 分 。
港 交 所 表 示 ， 早 前 進 行 的 公 眾 諮 詢 結 果 顯 示 ， 市 場 廣 泛 支 持 增 設 收 市 競 價 交 易 時 段 ， 最 近 已 獲 證 監 會 批 准 所 需 的 規 則 修 訂 ， 增 設 收 市 競 價 交 易 時 段 。
現 貨 市 場 部 主 管 葉 志 衡 表 示 ， 收 市 競 價 交 易 是 國 際 常 規 ， 目 的 是 提 供 一 個 公 平 以 及 市 場 主 導 的 方 法 以 結 束 交 易 時 段 及 釐 定 收 市 價 。
港 交 所 表 示 ， 早 前 進 行 的 公 眾 諮 詢 結 果 顯 示 ， 市 場 廣 泛 支 持 增 設 收 市 競 價 交 易 時 段 ， 最 近 已 獲 證 監 會 批 准 所 需 的 規 則 修 訂 ， 增 設 收 市 競 價 交 易 時 段 。
現 貨 市 場 部 主 管 葉 志 衡 表 示 ， 收 市 競 價 交 易 是 國 際 常 規 ， 目 的 是 提 供 一 個 公 平 以 及 市 場 主 導 的 方 法 以 結 束 交 易 時 段 及 釐 定 收 市 價 。
金 管 局 第 五 度 入 市 累 計 沽 出 逾 78 億 港 元
金 管 局 一 天 內 五 度 入 市 ， 應 銀 行 要 求 累 計 沽 出 78.28 億 港 元 ， 買 入 10 億 美 元 ， 令 到 後 日 結 算 的 戶 口 結 餘 增 至 近 106.19 億 水 平 。 發 言 人 表 示 ， 有 銀 行 對 港 元 有 需 求 ， 故 以 7.75 上 限 保 證 沽 出 港 元 ， 買 入 美 元 。
入 市 後 ， 港 匯 仍 然 高 企 於 7.75 水 平 拆 息 就 進 一 步 回 順 ， 隔 夜 拆 息 由 高 位 五 厘 跌 至 兩 厘 半 ， 一 至 三 個 月 回 落 至 於 4.4 厘 以 下 。
金 管 局 表 示 ， 政 府 有 信 心 維 持 聯 匯 制 度 ， 亦 留 意 到 市 場 傳 言 政 府 正 游 說 北 京 支 持 改 變 聯 匯 ， 金 管 局 指 有 關 傳 言 毫 無 根 據 。
入 市 後 ， 港 匯 仍 然 高 企 於 7.75 水 平 拆 息 就 進 一 步 回 順 ， 隔 夜 拆 息 由 高 位 五 厘 跌 至 兩 厘 半 ， 一 至 三 個 月 回 落 至 於 4.4 厘 以 下 。
金 管 局 表 示 ， 政 府 有 信 心 維 持 聯 匯 制 度 ， 亦 留 意 到 市 場 傳 言 政 府 正 游 說 北 京 支 持 改 變 聯 匯 ， 金 管 局 指 有 關 傳 言 毫 無 根 據 。
內 地 11 月 1 日 零 時 起 提 高 成 品 油 價 格
國 家 發 展 和 改 革 委 員 會 發 出 通 知 ， 決 定 自 11 月 1 日 零 時 起 將 汽 油 、 柴 油 和 航 空 煤 油 價 格 每 噸 各 提 高 500 元 。 天 然 氣 調 整 價 格 措 施 ， 也 將 於 近 期 實 施 。
發 改 委 負 責 人 表 示 ， 成 品 油 價 格 調 整 對 消 費 價 格 總 水 平 影 響 有 限 。 初 步 計 算 ， 直 接 影 響 按 月 消 費 價 格 指 數 上 升 0.05 個 百 分 點 。 雖 然 直 接 影 響 有 限 ， 但 要 嚴 格 控 制 連 鎖 反 應 。
發 改 委 負 責 人 表 示 ， 成 品 油 價 格 調 整 對 消 費 價 格 總 水 平 影 響 有 限 。 初 步 計 算 ， 直 接 影 響 按 月 消 費 價 格 指 數 上 升 0.05 個 百 分 點 。 雖 然 直 接 影 響 有 限 ， 但 要 嚴 格 控 制 連 鎖 反 應 。
Tuesday, October 30, 2007
HSBC sells Marbles credit card brand for $795 mln
LONDON, Oct 30 (Reuters) - Europe's biggest bank HSBC Holdings (HSBA.L: Quote, Profile , Research) has sold its Marbles and Beneficial branded credit cards in Britain to specialist lender SAV Credit Ltd. for 385 million pounds ($796 million).
HSBC said on Tuesday the portfolios consist of 338,000 accounts and were not a core part of its strategy to grow its card business. The bank is one of Britain's biggest four card issuers, with over 10 million cards in issue using brands including HSBC and first direct.
HSBC acquired Marbles as part of its purchase of U.S. lender Household in 2003. Marbles closed to new credit card customers in April.
SAV was founded in 2001 as a provider of credit cards to consumers unable to get cards among mainstream lenders. It has opened more than 150,000 credit card accounts.
The Marbles deal will be funded by a new debt facility from Royal Bank of Scotland (RBS.L: Quote, Profile , Research) and by its existing private equity partners, including Palamon Capital, Electra Private Equity and Morgan Stanley Alternative Investment Partners.
HSBC said on Tuesday the portfolios consist of 338,000 accounts and were not a core part of its strategy to grow its card business. The bank is one of Britain's biggest four card issuers, with over 10 million cards in issue using brands including HSBC and first direct.
HSBC acquired Marbles as part of its purchase of U.S. lender Household in 2003. Marbles closed to new credit card customers in April.
SAV was founded in 2001 as a provider of credit cards to consumers unable to get cards among mainstream lenders. It has opened more than 150,000 credit card accounts.
The Marbles deal will be funded by a new debt facility from Royal Bank of Scotland (RBS.L: Quote, Profile , Research) and by its existing private equity partners, including Palamon Capital, Electra Private Equity and Morgan Stanley Alternative Investment Partners.
Saturday, October 27, 2007
Bank of China not in talks with StanChart: sources
LONDON (Reuters) - Bank of China (BOC) (3988.HK: Quote, Profile, Research), the world's sixth-biggest bank by market capitalization, is not in talks with UK-based lender Standard Chartered Plc (STAN.L: Quote, Profile, Research), banking sources said on Friday.
Shares in Standard Chartered (STAN.L: Quote, Profile, Research), which derives over 90 percent of its profits from Asia, Africa and the Middle East, hit a record high on Friday on market talk that the Chinese lender was making an offer for the UK bank.
"They are not in talks," said a banker close to BOC, China's second biggest lender.
Wang Zhaowen, BOC's general manager and spokesman, also said he had not heard of any potential investment in Standard Chartered.
"I have not heard anything about that," Wang told Reuters.
Standard Chartered shares ended 4.5 percent higher on Friday at 1,799.11 each.
That values Standard Chartered at 2.43 times 2008 book value, similar to BOC's forward price-to-book valuation of 2.48 times, according to Reuters Estimates.
Analysts said Singapore state investment arm Temasek Holdings (TEM.UL: Quote, Profile, Research), Standard Chartered's single biggest shareholder, could have been buying shares in the London-based bank.
"Temasek has been buying StanChart shares in the past few months. They are sitting in a perfect position, and consider Standard Chartered a good investment," a source familiar with the situation said.
According to Reuters data, Temasek holds 17.22 percent stake in Standard Chartered as of September 13. Temasek spokeswoman Myrna Thomas confirmed on Sep. 4 that the company increased its holding in Standard Chartered to 16 percent from 15 percent on August 29.
Chinese financial firms have been increasingly active in making overseas deals.
Industrial and Commercial Bank of China (ICBC) (1398.HK: Quote, Profile, Research)(601398.SS: Quote, Profile, Research), the world's top bank by market capitalization, on Thursday, agreed to pay $5.56 billion for a 20 percent stake in South Africa's Standard Bank (SBKJ.J: Quote, Profile, Research), the biggest overseas acquisition by a Chinese bank.
On Monday, CITIC Securities Co.(600030.SS: Quote, Profile, Research), China's top broker, also agreed to swap stakes with Wall Street firm Bear Stearns (BSC.N: Quote, Profile, Research), with the Beijing-based firm paying $1 billion for bonds that will convert to about 6 percent of Bear Stearns shares.
Including China Development Bank's $3.14 billion investment in Barclays Bank (BARC.L: Quote, Profile, Research) and China's state investment agency's $3 billion buy in Blackstone Group (BX.N: Quote, Profile, Research), China has made about $12 billion worth of investments in overseas financial assets this year.
Shares in Standard Chartered (STAN.L: Quote, Profile, Research), which derives over 90 percent of its profits from Asia, Africa and the Middle East, hit a record high on Friday on market talk that the Chinese lender was making an offer for the UK bank.
"They are not in talks," said a banker close to BOC, China's second biggest lender.
Wang Zhaowen, BOC's general manager and spokesman, also said he had not heard of any potential investment in Standard Chartered.
"I have not heard anything about that," Wang told Reuters.
Standard Chartered shares ended 4.5 percent higher on Friday at 1,799.11 each.
That values Standard Chartered at 2.43 times 2008 book value, similar to BOC's forward price-to-book valuation of 2.48 times, according to Reuters Estimates.
Analysts said Singapore state investment arm Temasek Holdings (TEM.UL: Quote, Profile, Research), Standard Chartered's single biggest shareholder, could have been buying shares in the London-based bank.
"Temasek has been buying StanChart shares in the past few months. They are sitting in a perfect position, and consider Standard Chartered a good investment," a source familiar with the situation said.
According to Reuters data, Temasek holds 17.22 percent stake in Standard Chartered as of September 13. Temasek spokeswoman Myrna Thomas confirmed on Sep. 4 that the company increased its holding in Standard Chartered to 16 percent from 15 percent on August 29.
Chinese financial firms have been increasingly active in making overseas deals.
Industrial and Commercial Bank of China (ICBC) (1398.HK: Quote, Profile, Research)(601398.SS: Quote, Profile, Research), the world's top bank by market capitalization, on Thursday, agreed to pay $5.56 billion for a 20 percent stake in South Africa's Standard Bank (SBKJ.J: Quote, Profile, Research), the biggest overseas acquisition by a Chinese bank.
On Monday, CITIC Securities Co.(600030.SS: Quote, Profile, Research), China's top broker, also agreed to swap stakes with Wall Street firm Bear Stearns (BSC.N: Quote, Profile, Research), with the Beijing-based firm paying $1 billion for bonds that will convert to about 6 percent of Bear Stearns shares.
Including China Development Bank's $3.14 billion investment in Barclays Bank (BARC.L: Quote, Profile, Research) and China's state investment agency's $3 billion buy in Blackstone Group (BX.N: Quote, Profile, Research), China has made about $12 billion worth of investments in overseas financial assets this year.
Friday, October 26, 2007
金 管 局 再 沽 出 7.75 億 港 元
金 管 局 再 次 沽 出 7.75 億 港 元 ， 令 下 周 二 銀 行 體 系 戶 口 結 餘 增 加 至 28.52 億 港 元 ， 是 今 個 星 期 內 第 二 次 沽 出 港 元 。
金 管 局 發 言 人 表 示 ， 今 次 是 05 年 推 出 三 項 優 化 聯 匯 措 施 以 來 ，首 次 在 港 匯 處 於 7.75 強 方 保 證 上 限 買 美 元 ， 沽 港 元 。 而 本 周 早 段 沽 出 港 元 ， 就 是 在 強 弱 兌 換 保 證 範 圍 內 進 行 。
金 管 局 入 市 後 ， 港 匯 最 新 報 7.7506 元 ， 港 元 隔 夜 拆 息 報 4.6% ， 一 至 三 個 月 期 拆 息 介 乎 4.63% 至 4.75% 之 間 。
金 管 局 發 言 人 表 示 ， 今 次 是 05 年 推 出 三 項 優 化 聯 匯 措 施 以 來 ，首 次 在 港 匯 處 於 7.75 強 方 保 證 上 限 買 美 元 ， 沽 港 元 。 而 本 周 早 段 沽 出 港 元 ， 就 是 在 強 弱 兌 換 保 證 範 圍 內 進 行 。
金 管 局 入 市 後 ， 港 匯 最 新 報 7.7506 元 ， 港 元 隔 夜 拆 息 報 4.6% ， 一 至 三 個 月 期 拆 息 介 乎 4.63% 至 4.75% 之 間 。
Increasing Oil Reserves
An annual British Petroleum report claims that the world has enough oil reserves to last 40 more years. The study, based on officially submitted figures, show 15% more proven oil reserves globally than a decade ago. In fact, only North America has less known oil now than it had 20 years ago. Governments often rely on the BP reports, but many scientists questions whether the world really has that long to go before its fuel gauge hits empty.
Source: TIME digest October 2007 No. 140
Source: TIME digest October 2007 No. 140
Wednesday, October 24, 2007
PetroChina May Raise $8.9 Billion in Shanghai IPO
Oct. 24 (Bloomberg) -- PetroChina Co., the nation's biggest oil producer, may raise as much as 66.8 billion yuan ($8.9 billion) selling shares in Shanghai to expand refineries and output at oilfields, the company said in a stock exchange filing.
The company will sell shares at the price range of 15 yuan to 16.7 yuan each, according to the statement to the Hong Kong stock exchange. PetroChina said in a Oct. 21 share sale document that it will sell as many as 4 billion yuan-denominated shares in its Shanghai listing.
Surging energy demand has pushed PetroChina's share price up more than 15-fold since its Hong Kong listing in 2000, making the Beijing-based company the world's second largest by market value. The Shanghai sale gives investors in mainland China, home to the best-performing equity market this year, their first opportunity to buy the stock directly.
PetroChina slipped 0.21 percent in Hong Kong trading to HK$19.40 before the announcement. The stock has gained 76 percent this year, more than the 47 percent increase in the benchmark Hang Seng Index. The stock is set to start trading in Shanghai Nov. 5, PetroChina said Oct. 21.
If priced at the top end, the sale would surpass the 66.6 billion yuan generated by China Shenhua Energy Co. earlier this month and making it the world's largest stock offer this year.
The oil producer said Sept. 20 it plans to use 37.77 billion yuan of the funds raised in the Shanghai share sale for refinery and oilfield projects. The company will spend 17.5 billion yuan upgrading the Dushanzi refinery in the northwestern region of Xinjiang, it said.
Expansion Plans
PetroChina will spend 12.8 billion yuan to boost production capacity at its Changqing and Daqing fields, it said in its listing prospectus. The Beijing-based explorer and refiner will use 1.5 billion yuan to develop part of the Jidong Nanpu field, China's biggest oil discovery in almost 50 years, and 6 billion yuan to expand an ethylene plant at Daqing.
Oil and gas output increased by 5.6 percent in the third quarter at PetroChina, outpacing growth at Royal Dutch Shell Plc and Chevron Corp.
Total spending may jump 24 percent to $24.5 billion this year, PetroChina said in March. That is higher than Exxon Mobil Corp. and Europe's two largest oil companies, Shell and BP Plc.
Billionaire investor Warren Buffett's Berkshire Hathaway Inc. sold its entire stake in PetroChina, Buffett said in an interview on Fox Business Network Oct. 18. Berkshire was PetroChina's biggest shareholder after state-owned China National Petroleum Corp., holding more than 2.3 billion PetroChina shares as of the end of last year.
Berkshire bought its stake for less than HK$1.70 a share in April 2003. Activists have urged Buffett and other investors to divest PetroChina holdings over links to Sudan, whose government the U.S. accuses of supporting genocide. The decision to sell was ``100 percent'' based on share price, Buffett said.
UBS AG's China venture, UBS Securities Co., Citic Securities Co. and China International Capital Corp. are arranging the share sale.
The company will sell shares at the price range of 15 yuan to 16.7 yuan each, according to the statement to the Hong Kong stock exchange. PetroChina said in a Oct. 21 share sale document that it will sell as many as 4 billion yuan-denominated shares in its Shanghai listing.
Surging energy demand has pushed PetroChina's share price up more than 15-fold since its Hong Kong listing in 2000, making the Beijing-based company the world's second largest by market value. The Shanghai sale gives investors in mainland China, home to the best-performing equity market this year, their first opportunity to buy the stock directly.
PetroChina slipped 0.21 percent in Hong Kong trading to HK$19.40 before the announcement. The stock has gained 76 percent this year, more than the 47 percent increase in the benchmark Hang Seng Index. The stock is set to start trading in Shanghai Nov. 5, PetroChina said Oct. 21.
If priced at the top end, the sale would surpass the 66.6 billion yuan generated by China Shenhua Energy Co. earlier this month and making it the world's largest stock offer this year.
The oil producer said Sept. 20 it plans to use 37.77 billion yuan of the funds raised in the Shanghai share sale for refinery and oilfield projects. The company will spend 17.5 billion yuan upgrading the Dushanzi refinery in the northwestern region of Xinjiang, it said.
Expansion Plans
PetroChina will spend 12.8 billion yuan to boost production capacity at its Changqing and Daqing fields, it said in its listing prospectus. The Beijing-based explorer and refiner will use 1.5 billion yuan to develop part of the Jidong Nanpu field, China's biggest oil discovery in almost 50 years, and 6 billion yuan to expand an ethylene plant at Daqing.
Oil and gas output increased by 5.6 percent in the third quarter at PetroChina, outpacing growth at Royal Dutch Shell Plc and Chevron Corp.
Total spending may jump 24 percent to $24.5 billion this year, PetroChina said in March. That is higher than Exxon Mobil Corp. and Europe's two largest oil companies, Shell and BP Plc.
Billionaire investor Warren Buffett's Berkshire Hathaway Inc. sold its entire stake in PetroChina, Buffett said in an interview on Fox Business Network Oct. 18. Berkshire was PetroChina's biggest shareholder after state-owned China National Petroleum Corp., holding more than 2.3 billion PetroChina shares as of the end of last year.
Berkshire bought its stake for less than HK$1.70 a share in April 2003. Activists have urged Buffett and other investors to divest PetroChina holdings over links to Sudan, whose government the U.S. accuses of supporting genocide. The decision to sell was ``100 percent'' based on share price, Buffett said.
UBS AG's China venture, UBS Securities Co., Citic Securities Co. and China International Capital Corp. are arranging the share sale.
Tuesday, October 23, 2007
金 管 局 沽 出 7.75 億 港 元 是 自 有 強 弱 兌 換 保 證 以 來 第 二 次
2007-10-23 HKT 15:44
金 管 局 下 午 在 港 元 匯 市 進 行 干 預 ， 拋 售 了 總 值 7.75 億 港 元 ， 約 為 1 億 美 元 ， 以 壓 抑 港 元 的 強 勢 。 金 管 局 發 言 人 證 實 了 今 次 消 息 。
干 預 後 ， 港 元 兌 美 元 回 軟 到 7.7511 兌 1 美 元 ， 今 早 一 度 觸 及 7.75 兌 1 美 元 的 強 方 兌 換 保 證 水 平 ， 是 金 管 局 於 2005 年 5 月 推 出 三 項 優 化 匯 率 措 施 後 ， 首 次 觸 及 所 訂 立 的 強 方 兌 換 保 證 水 平 ， 主 要 是 受 到 資 金 持 續 流 入 所 推 動 。
在 現 有 匯 率 體 制 下 ， 如 果 即 期 匯 率 達 到 7.75 港 元 ， 香 港 金 融 管 理 局 承 諾 向 許 可 的 銀 行 賣 出 港 元 並 買 入 美 元 ， 並 將 資 金 注 回 銀 行 系 統 。
金 管 局 下 午 在 港 元 匯 市 進 行 干 預 ， 拋 售 了 總 值 7.75 億 港 元 ， 約 為 1 億 美 元 ， 以 壓 抑 港 元 的 強 勢 。 金 管 局 發 言 人 證 實 了 今 次 消 息 。
干 預 後 ， 港 元 兌 美 元 回 軟 到 7.7511 兌 1 美 元 ， 今 早 一 度 觸 及 7.75 兌 1 美 元 的 強 方 兌 換 保 證 水 平 ， 是 金 管 局 於 2005 年 5 月 推 出 三 項 優 化 匯 率 措 施 後 ， 首 次 觸 及 所 訂 立 的 強 方 兌 換 保 證 水 平 ， 主 要 是 受 到 資 金 持 續 流 入 所 推 動 。
在 現 有 匯 率 體 制 下 ， 如 果 即 期 匯 率 達 到 7.75 港 元 ， 香 港 金 融 管 理 局 承 諾 向 許 可 的 銀 行 賣 出 港 元 並 買 入 美 元 ， 並 將 資 金 注 回 銀 行 系 統 。
Monday, October 22, 2007
PetroChina Shanghai Shares to Start Trading on Nov. 5
Oct. 21 (Bloomberg) -- PetroChina Co., the nation's biggest oil producer, said it expects its yuan-denominated shares to start trading in Shanghai on Nov. 5.
The company, which is selling as many as 4 billion new shares, will start book building tomorrow, Beijing-based PetroChina said in a statement to the Shanghai stock exchange today. Investors can start applying for shares from Oct. 25 and a final price will be announced on Oct. 30, it said.
PetroChina's shares have gained 16-fold since its initial public offering in Hong Kong in 2000, making it the world's second-largest company by market value. The Shanghai sale gives investors in China, home to the best-performing equity market this year, their first opportunity to buy the stock directly.
The company said Sept. 20 it plans to raise 37.8 billion yuan ($5 billion) in the sale, based on the amount it plans to spend on refinery and oilfield projects. PetroChina will invest 17.5 billion yuan upgrading the Dushanzi refinery in the northwestern region of Xinjiang, it said.
Institutional investors can apply for shares from Oct. 25 and individuals can subscribe from Oct. 26, the company said.
PetroChina's shares rose 1.2 percent on Oct. 18 to close at a record HK$18.92, giving the company a market value of $437 billion. That ranks it between Exxon Mobil Corp.'s $511 billion and General Electric Co.'s $410 billion.
The company, which is selling as many as 4 billion new shares, will start book building tomorrow, Beijing-based PetroChina said in a statement to the Shanghai stock exchange today. Investors can start applying for shares from Oct. 25 and a final price will be announced on Oct. 30, it said.
PetroChina's shares have gained 16-fold since its initial public offering in Hong Kong in 2000, making it the world's second-largest company by market value. The Shanghai sale gives investors in China, home to the best-performing equity market this year, their first opportunity to buy the stock directly.
The company said Sept. 20 it plans to raise 37.8 billion yuan ($5 billion) in the sale, based on the amount it plans to spend on refinery and oilfield projects. PetroChina will invest 17.5 billion yuan upgrading the Dushanzi refinery in the northwestern region of Xinjiang, it said.
Institutional investors can apply for shares from Oct. 25 and individuals can subscribe from Oct. 26, the company said.
PetroChina's shares rose 1.2 percent on Oct. 18 to close at a record HK$18.92, giving the company a market value of $437 billion. That ranks it between Exxon Mobil Corp.'s $511 billion and General Electric Co.'s $410 billion.
Friday, October 19, 2007
HSBC activist investor wins some backing
LONDON (Reuters) - U.S. activist investor Knight Vinke has won some support for its call for change at HSBC Holdings, with a major fund manager and private shareholder lobby group saying the issues should be addressed.
New Star Asset Management, which owns just under 300 million pounds of shares, or about 0.3 percent, of Europe's biggest bank, said it supported the discussion about how HSBC (HSBA.L: Quote, Profile , Research) can revive its underperforming share price.
The UK Shareholders' Association (UKSA), a private shareholder lobby group, also said it supported Knight Vinke's concerns and urged HSBC to respond publicly.
Knight Vinke this week stepped up its attack on HSBC and said it should consider "radical solutions" such as a merger or completely exiting investment banking.
"We support the criticism about the poor share price performance of the last few years and are open to consider anything that could improve the share price performance," said Guy de Blonay, fund manager at New Star.
New Star has recently met Knight Vinke and HSBC's management, including Chief Executive Michael Geoghegan. De Blonay welcomed the increased focus on strategy, but said the fund manager had not yet decided whether to support Knight Vinke's campaign.
"As a result of this debate, shareholders should expect an improving news flow that should support the share price going forward," he said.
UKSA said it had studied Knight Vinke's report and said HSBC has "some legitimate questions to answer" about performance and strategy. It was unable to say how many HSBC shares its members held.
Major HSBC shareholders have been reluctant to comment on the proposals, but several have said HSBC has already shifted strategy and is addressing its underperformance.
HSBC has rejected the calls from Knight Vinke, saying it is already increasing its focus on Asia and other emerging markets.
Knight Vinke is backed by California state pension fund CalPERS and has also won support from the California State Teachers' Retirement System (CalSTRS), which owns HSBC shares worth $268 million (180 million pounds).
New Star Asset Management, which owns just under 300 million pounds of shares, or about 0.3 percent, of Europe's biggest bank, said it supported the discussion about how HSBC (HSBA.L: Quote, Profile , Research) can revive its underperforming share price.
The UK Shareholders' Association (UKSA), a private shareholder lobby group, also said it supported Knight Vinke's concerns and urged HSBC to respond publicly.
Knight Vinke this week stepped up its attack on HSBC and said it should consider "radical solutions" such as a merger or completely exiting investment banking.
"We support the criticism about the poor share price performance of the last few years and are open to consider anything that could improve the share price performance," said Guy de Blonay, fund manager at New Star.
New Star has recently met Knight Vinke and HSBC's management, including Chief Executive Michael Geoghegan. De Blonay welcomed the increased focus on strategy, but said the fund manager had not yet decided whether to support Knight Vinke's campaign.
"As a result of this debate, shareholders should expect an improving news flow that should support the share price going forward," he said.
UKSA said it had studied Knight Vinke's report and said HSBC has "some legitimate questions to answer" about performance and strategy. It was unable to say how many HSBC shares its members held.
Major HSBC shareholders have been reluctant to comment on the proposals, but several have said HSBC has already shifted strategy and is addressing its underperformance.
HSBC has rejected the calls from Knight Vinke, saying it is already increasing its focus on Asia and other emerging markets.
Knight Vinke is backed by California state pension fund CalPERS and has also won support from the California State Teachers' Retirement System (CalSTRS), which owns HSBC shares worth $268 million (180 million pounds).
HSBC cut to neutral at UBS
LONDON (MarketWatch) -- UBS downgraded banking giant HSBC (UK:HSBA) (NYSE:HBC) to neutral from buy, citing valuation as well as a likely slowdown in European growth in 2008 and a tough environment for its U.S. lending arm, Household. "The third-quarter of 2007 is set to look bad for Household, and we do not expect the group to make any effort at providing reassurance as to the near-term outlook," UBS said. It noted, on the other hand, that HSBC's Asian business is delivering its best growth in a decade.
Buffett says has sold entire PetroChina stake
NEW YORK (Reuters) - Warren Buffett said on Thursday his Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) insurance and investment company has sold its entire stake in PetroChina Co Ltd (0857.HK: Quote, Profile, Research), whose parent has been criticized for ties to Sudan.
In an interview on Fox Business Network, Buffett said, "we sold based on price," adding that "it was 100 percent a decision based on valuation."
He also said he probably sold too soon because shares of PetroChina have risen since the sales began.
Berkshire once owned more than 11 percent of the Chinese oil company's publicly floated shares.
The shares were worth $3.31 billion at the end of 2006, well above the $488 million that Berkshire paid for them, according to Berkshire's latest annual report. Berkshire's selling first surfaced in July.
Critics have said PetroChina, through its government-owned parent China National Petroleum Corp, is too closely linked to Sudan. The Sudanese government has been blamed for what the White House has called genocide in the Darfur region.
Shareholders at Omaha, Nebraska-based Berkshire's annual meeting in May overwhelmingly defeated a proposal calling on Berkshire to divest its PetroChina stake.
Buffett had opposed the proposal, though he said conditions in Darfur were deplorable and that he sympathized with people who wanted to change them. He said selling would not improve conditions in Sudan, and that Berkshire should not divest automatically because it disagrees with a particular activity.
Separately, Buffett denied rumors that Berkshire might buy a stake in Bear Stearns Cos (BSC.N: Quote, Profile, Research). The investment bank has this year suffered the collapse of two hedge funds and asset write-downs, helping push its shares down 27 percent.
An article last month in the New York Times said investors including Buffett may buy part of Bear Stearns. This month, Bear Stearns Chief Executive James Cayne said he would consider selling a stake to an investor from China or the Middle East.
In Thursday's interview, Buffett said he has not bought shares of mortgage lender Countrywide Financial Corp (CFC.N: Quote, Profile, Research) or luxury homebuilder Hovnanian Enterprises Inc (HOV.N: Quote, Profile, Research), shares of which are down 61 percent and 70 percent respectively this year.
He identified the Brazilian real as the currency Berkshire owned in May, when Buffett told shareholders he had a stake in one "surprise" currency.
Berkshire Class A shares closed down $995 at $129,000 on Thursday. The company's market value is about $199 billion.
In an interview on Fox Business Network, Buffett said, "we sold based on price," adding that "it was 100 percent a decision based on valuation."
He also said he probably sold too soon because shares of PetroChina have risen since the sales began.
Berkshire once owned more than 11 percent of the Chinese oil company's publicly floated shares.
The shares were worth $3.31 billion at the end of 2006, well above the $488 million that Berkshire paid for them, according to Berkshire's latest annual report. Berkshire's selling first surfaced in July.
Critics have said PetroChina, through its government-owned parent China National Petroleum Corp, is too closely linked to Sudan. The Sudanese government has been blamed for what the White House has called genocide in the Darfur region.
Shareholders at Omaha, Nebraska-based Berkshire's annual meeting in May overwhelmingly defeated a proposal calling on Berkshire to divest its PetroChina stake.
Buffett had opposed the proposal, though he said conditions in Darfur were deplorable and that he sympathized with people who wanted to change them. He said selling would not improve conditions in Sudan, and that Berkshire should not divest automatically because it disagrees with a particular activity.
Separately, Buffett denied rumors that Berkshire might buy a stake in Bear Stearns Cos (BSC.N: Quote, Profile, Research). The investment bank has this year suffered the collapse of two hedge funds and asset write-downs, helping push its shares down 27 percent.
An article last month in the New York Times said investors including Buffett may buy part of Bear Stearns. This month, Bear Stearns Chief Executive James Cayne said he would consider selling a stake to an investor from China or the Middle East.
In Thursday's interview, Buffett said he has not bought shares of mortgage lender Countrywide Financial Corp (CFC.N: Quote, Profile, Research) or luxury homebuilder Hovnanian Enterprises Inc (HOV.N: Quote, Profile, Research), shares of which are down 61 percent and 70 percent respectively this year.
He identified the Brazilian real as the currency Berkshire owned in May, when Buffett told shareholders he had a stake in one "surprise" currency.
Berkshire Class A shares closed down $995 at $129,000 on Thursday. The company's market value is about $199 billion.
China's BoCom says HSBC to raise stake in 12 mths
SHANGHAI/BEIJING, Oct 18 (Reuters) - HSBC Holdings Plc <0005.HK> wants to increase its stake in China's Bank of Communications <601328.SS><3328.HK> over the next 12 months, BoCom Chairman Jiang Chaoliang said on Thursday.
Jiang added that HSBC, which now holds an 18.6 percent stake in his bank -- China's fifth-largest in terms of assets -- would not be deterred by BoCom's rising share price.
"HSBC has the right to increase its stake and I believe it will definitely increase its stake," Jiang told a group of reporters during the Communist Party Congress in Beijing.
"I think you won't be asking me this question by this time next year," he said when asked about the timing of an increase.
In 2005, HSBC bought a 19.9 percent stake in BoCom for $1.75 billion, which was diluted to 18.6 percent early this year when the Chinese bank floated shares in the Shanghai market. It was already listed in Hong Kong.
"No matter from technical, supervision or legal perspectives, I don't see any obstacle for HSBC to increase its stake in BoCom currently," he said.
Following Jiang's comments, HSBC said in an e-mailed statement to Reuters: "HSBC continues its discussions with BoCom regarding restoring its shareholding to 19.90 percent."
"We have no further details to announce for the time being," it added.
Based on the HK$11.72 closing price of BoCom's Hong Kong-listed shares on Thursday, HSBC would need to pay about HK$7.46 billion ($962 million) for the 636.9 million shares needed to restore its stake to 19.9 percent.
20 PERCENT OR 40 PERCENT?
When HSBC bought 19.9 percent of BoCom in 2005, the Shanghai-based bank agreed that HSBC would have the option to raise its stake to 40 percent between 2008 and 2012, subject to the Chinese government's approval.
Currently, a single foreign investor can only own up to 20 percent of a Chinese bank, while overseas investors combined can hold no more than 25 percent of a domestic lender.
Foreign banks have been lobbying Beijing to increase the investment cap or scrap it altogether.
Citigroup Inc sought special permission from the Chinese government to purchase about 50 percent of Guangdong Development Bank in southern China last year, but it was eventually allowed only a 20 percent stake.
"It's unlikely that Beijing will lift or increase the investment cap for all foreign banks in China in the short term, but it's still hopeful for an individual foreign bank to seek special permission," said a foreign banker in China. Jiang did not elaborate on Thursday whether HSBC would increase its stake to 19.9 percent or 40 percent in the next 12 months, but he said the share price would not be a concern.
"Price should not have a big impact (on the deal) ... even if our H-share price reaches HK$30 to 40 apiece," he said.
A source close to BoCom told Reuters that the Chinese bank had set up a special team to work out a plan to allow HSBC to increase its stake eventually to 40 percent.
Jiang said BoCom was interested in expanding outside of China, with an overseas focus on the United States, Europe and the Asia-Pacific region, but he also mentioned India, South Africa and Brazil as possible destinations.
On Wednesday, media reports quoted Jiang as saying he expected the bank to post a 63.1 percent rise in profit this year, topping 20 billion yuan ($2.66 billion), but the bank later issued a statement saying the figure was only a target.
In response to Jiang's comments on its 2007 earnings, Goldman Sachs reiterated a "buy" rating on BoCom in a report to clients dated Oct. 18.
Jiang added that HSBC, which now holds an 18.6 percent stake in his bank -- China's fifth-largest in terms of assets -- would not be deterred by BoCom's rising share price.
"HSBC has the right to increase its stake and I believe it will definitely increase its stake," Jiang told a group of reporters during the Communist Party Congress in Beijing.
"I think you won't be asking me this question by this time next year," he said when asked about the timing of an increase.
In 2005, HSBC bought a 19.9 percent stake in BoCom for $1.75 billion, which was diluted to 18.6 percent early this year when the Chinese bank floated shares in the Shanghai market. It was already listed in Hong Kong.
"No matter from technical, supervision or legal perspectives, I don't see any obstacle for HSBC to increase its stake in BoCom currently," he said.
Following Jiang's comments, HSBC said in an e-mailed statement to Reuters: "HSBC continues its discussions with BoCom regarding restoring its shareholding to 19.90 percent."
"We have no further details to announce for the time being," it added.
Based on the HK$11.72 closing price of BoCom's Hong Kong-listed shares on Thursday, HSBC would need to pay about HK$7.46 billion ($962 million) for the 636.9 million shares needed to restore its stake to 19.9 percent.
20 PERCENT OR 40 PERCENT?
When HSBC bought 19.9 percent of BoCom in 2005, the Shanghai-based bank agreed that HSBC would have the option to raise its stake to 40 percent between 2008 and 2012, subject to the Chinese government's approval.
Currently, a single foreign investor can only own up to 20 percent of a Chinese bank, while overseas investors combined can hold no more than 25 percent of a domestic lender.
Foreign banks have been lobbying Beijing to increase the investment cap or scrap it altogether.
Citigroup Inc
"It's unlikely that Beijing will lift or increase the investment cap for all foreign banks in China in the short term, but it's still hopeful for an individual foreign bank to seek special permission," said a foreign banker in China. Jiang did not elaborate on Thursday whether HSBC would increase its stake to 19.9 percent or 40 percent in the next 12 months, but he said the share price would not be a concern.
"Price should not have a big impact (on the deal) ... even if our H-share price reaches HK$30 to 40 apiece," he said.
A source close to BoCom told Reuters that the Chinese bank had set up a special team to work out a plan to allow HSBC to increase its stake eventually to 40 percent.
Jiang said BoCom was interested in expanding outside of China, with an overseas focus on the United States, Europe and the Asia-Pacific region, but he also mentioned India, South Africa and Brazil as possible destinations.
On Wednesday, media reports quoted Jiang as saying he expected the bank to post a 63.1 percent rise in profit this year, topping 20 billion yuan ($2.66 billion), but the bank later issued a statement saying the figure was only a target.
In response to Jiang's comments on its 2007 earnings, Goldman Sachs
Thursday, October 18, 2007
China Stocks Drop on Arbitrage Comments; Hong Kong Shares Gain
Oct. 18 (Bloomberg) -- China's benchmark stock index fell the most in five weeks on speculation the securities regulator will adopt a plan that may narrow the price gap between shares traded simultaneously in Shanghai and Hong Kong.
China Securities Regulatory Commission Vice Chairman Tu Guangshao said yesterday that China is studying a plan to allow arbitrage between the two markets. Tu ``misspoke,'' Liu Fuhua, a spokesman for the regulator, said today after markets closed, declining to confirm whether such a plan is being considered.
Limits on inward and outward investment helped China's CSI 300 Index almost triple this year, outpacing a 91 percent gain in Hong Kong's Hang Seng China Enterprises Index, which measures 43 so-called H shares of Chinese companies.
Tu's comments ``had a negative impact on the local market and stocks with higher premium over their Hong Kong shares were dumped,'' said Wang Zheng, who manages the equivalent of $500 million at the asset management unit of Everbright Securities Co. in Shanghai.
Bank of Communications Co. and Aluminum Corp. of China Ltd.'s A shares paced the declines in China, with the CSI 300 Index sliding the most since Sept. 11. The two companies' H shares rose in Hong Kong, where the Hang Seng Index breached 30,000 for the first time.
The CSI 300, which tracks yuan-denominated A shares listed on China's two exchanges, slid 3.6 percent to 5,615.75 at the 3 p.m. close in Shanghai. The Hang Seng gained 0.6 percent to 29,465.05. It earlier touched 30,025.07. The H-share index added 1 percent to 19,722.38, after climbing as much as 5 percent.
Narrowing The Gap
The CSI 300 has jumped 175 percent this year, the most among 90 key stock indexes tracked by Bloomberg, valuing it at an average 54 times reported earnings. That's more than the 31 times for the Hang Seng China, which has gained 91 percent in 2007.
Tu's comments in Beijing raised expectations there will be measures installed to help narrow that gap. The regulator will announce the result of its study ``soon,'' Tu said.
C.K. Chan, a spokesman for the city's Securities and Futures Commission, declined to comment on such a plan today, as did Wong Hing-fung, a spokesman for the Hong Kong Monetary Authority, the city's de facto central bank.
Bank of Communications, China's fourth-largest lender by market value, fell 3.6 percent to 14.82 yuan in Shanghai. It climbed 7.1 percent to HK$11.72 in Hong Kong. Aluminum Corp.'s Shanghai shares slumped 6.2 percent to 50.72 yuan. The Hong Kong stock gained 2.9 percent to HK$24.80. The company, known as Chalco, is China's biggest aluminum producer.
Free Float
``It is reasonable to expect a much bigger impact on the A shares prices than a positive impact on H share prices,'' Vincent Chan, an analyst at Credit Suisse Group analyst wrote in a report today.
The percentage of free-float listed A shares is much smaller than for H shares, he wrote. If the two types of shares became fungible, large amounts of H shares would be swapped into A shares.
Chinese companies list in Hong Kong to lure international investors prohibited from buying shares on mainland exchanges. The market value of so-called H shares and red chips accounted for 53 percent of the total for the Hong Kong stock exchange's main board at the end of September, up from 26 percent at the end of 2002, according to the bourse's Web site. In 1997, when the U.K. handed Hong Kong back to China, they accounted for 16 percent.
China Eastern Airlines Corp., the country's third-largest carrier, slid 8.4 percent to 16.35 yuan in Shanghai. It added 2 percent to HK$8.01 in Hong Kong. Jiangxi Copper Co.'s A shares slid 6 percent to 65.95 yuan. The company, China's second-biggest copper producer, rose 4.1 percent to HK$30.75 in Hong Kong.
Years To Develop
Allowing arbitrage is ``clearly positive for H shares and Hong Kong in general,'' said Howard Wang, who oversees $30 billion as JF Asset Management Ltd.'s head of Greater China. Wang isn't changing his holdings just yet because the plan may take years to develop, the Hong Kong-based fund manager said.
Optimism for the plan to proceed may recede ``as people understand the further implications of this,'' Wang said.
The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, fell 3.5 percent to 5,825.28. The Shenzhen Composite Index dropped 2.5 percent to 1,494.59.
Tu's comments come on top of speculation mainland individuals will be allowed to invest directly in Hong Kong's equities. That expectation has helped fuel a two-month rally in the Hang Seng Index, driving the benchmark up 45 percent.
`Bite The Bullet'
``People don't know what to believe anymore but also don't want to miss out,'' said Brooke Babington, a trader at Helmsman Global Trading Ltd. in Hong Kong. ``They've got to bite the bullet.''
Analyst ``buy'' ratings on Hong Kong stocks jumped to 65 percent of recommendations last month, the highest percentage since January 2001, according to data compiled by Bloomberg. The last time they were as bullish was 2001 as the Internet bubble burst, and October 1997, when Asian currencies plummeted.
PetroChina Co., China's largest oil producer, gained 1.2 percent to HK$18.92. A 72 percent gain in its shares this year helped PetroChina to this week overtake General Electric Co. as the world's second-largest company by market value. Chairman Jiang Jiemin said on Oct. 15 that the company may debut in Shanghai next month.
Among Hong Kong-traded companies without a mainland listing, Cnooc Ltd., China's largest offshore oil producer, added 0.7 percent to HK$14.38.
China Securities Regulatory Commission Vice Chairman Tu Guangshao said yesterday that China is studying a plan to allow arbitrage between the two markets. Tu ``misspoke,'' Liu Fuhua, a spokesman for the regulator, said today after markets closed, declining to confirm whether such a plan is being considered.
Limits on inward and outward investment helped China's CSI 300 Index almost triple this year, outpacing a 91 percent gain in Hong Kong's Hang Seng China Enterprises Index, which measures 43 so-called H shares of Chinese companies.
Tu's comments ``had a negative impact on the local market and stocks with higher premium over their Hong Kong shares were dumped,'' said Wang Zheng, who manages the equivalent of $500 million at the asset management unit of Everbright Securities Co. in Shanghai.
Bank of Communications Co. and Aluminum Corp. of China Ltd.'s A shares paced the declines in China, with the CSI 300 Index sliding the most since Sept. 11. The two companies' H shares rose in Hong Kong, where the Hang Seng Index breached 30,000 for the first time.
The CSI 300, which tracks yuan-denominated A shares listed on China's two exchanges, slid 3.6 percent to 5,615.75 at the 3 p.m. close in Shanghai. The Hang Seng gained 0.6 percent to 29,465.05. It earlier touched 30,025.07. The H-share index added 1 percent to 19,722.38, after climbing as much as 5 percent.
Narrowing The Gap
The CSI 300 has jumped 175 percent this year, the most among 90 key stock indexes tracked by Bloomberg, valuing it at an average 54 times reported earnings. That's more than the 31 times for the Hang Seng China, which has gained 91 percent in 2007.
Tu's comments in Beijing raised expectations there will be measures installed to help narrow that gap. The regulator will announce the result of its study ``soon,'' Tu said.
C.K. Chan, a spokesman for the city's Securities and Futures Commission, declined to comment on such a plan today, as did Wong Hing-fung, a spokesman for the Hong Kong Monetary Authority, the city's de facto central bank.
Bank of Communications, China's fourth-largest lender by market value, fell 3.6 percent to 14.82 yuan in Shanghai. It climbed 7.1 percent to HK$11.72 in Hong Kong. Aluminum Corp.'s Shanghai shares slumped 6.2 percent to 50.72 yuan. The Hong Kong stock gained 2.9 percent to HK$24.80. The company, known as Chalco, is China's biggest aluminum producer.
Free Float
``It is reasonable to expect a much bigger impact on the A shares prices than a positive impact on H share prices,'' Vincent Chan, an analyst at Credit Suisse Group analyst wrote in a report today.
The percentage of free-float listed A shares is much smaller than for H shares, he wrote. If the two types of shares became fungible, large amounts of H shares would be swapped into A shares.
Chinese companies list in Hong Kong to lure international investors prohibited from buying shares on mainland exchanges. The market value of so-called H shares and red chips accounted for 53 percent of the total for the Hong Kong stock exchange's main board at the end of September, up from 26 percent at the end of 2002, according to the bourse's Web site. In 1997, when the U.K. handed Hong Kong back to China, they accounted for 16 percent.
China Eastern Airlines Corp., the country's third-largest carrier, slid 8.4 percent to 16.35 yuan in Shanghai. It added 2 percent to HK$8.01 in Hong Kong. Jiangxi Copper Co.'s A shares slid 6 percent to 65.95 yuan. The company, China's second-biggest copper producer, rose 4.1 percent to HK$30.75 in Hong Kong.
Years To Develop
Allowing arbitrage is ``clearly positive for H shares and Hong Kong in general,'' said Howard Wang, who oversees $30 billion as JF Asset Management Ltd.'s head of Greater China. Wang isn't changing his holdings just yet because the plan may take years to develop, the Hong Kong-based fund manager said.
Optimism for the plan to proceed may recede ``as people understand the further implications of this,'' Wang said.
The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, fell 3.5 percent to 5,825.28. The Shenzhen Composite Index dropped 2.5 percent to 1,494.59.
Tu's comments come on top of speculation mainland individuals will be allowed to invest directly in Hong Kong's equities. That expectation has helped fuel a two-month rally in the Hang Seng Index, driving the benchmark up 45 percent.
`Bite The Bullet'
``People don't know what to believe anymore but also don't want to miss out,'' said Brooke Babington, a trader at Helmsman Global Trading Ltd. in Hong Kong. ``They've got to bite the bullet.''
Analyst ``buy'' ratings on Hong Kong stocks jumped to 65 percent of recommendations last month, the highest percentage since January 2001, according to data compiled by Bloomberg. The last time they were as bullish was 2001 as the Internet bubble burst, and October 1997, when Asian currencies plummeted.
PetroChina Co., China's largest oil producer, gained 1.2 percent to HK$18.92. A 72 percent gain in its shares this year helped PetroChina to this week overtake General Electric Co. as the world's second-largest company by market value. Chairman Jiang Jiemin said on Oct. 15 that the company may debut in Shanghai next month.
Among Hong Kong-traded companies without a mainland listing, Cnooc Ltd., China's largest offshore oil producer, added 0.7 percent to HK$14.38.
China Studies Arbitrage Plan for Hong Kong Stocks
Oct. 17 (Bloomberg) -- China is studying a plan to allow arbitrage in shares of companies traded on domestic and Hong Kong exchanges, the nation's securities regulator said.
``We will announce the result of the study soon,'' Tu Guangshao, vice chairman of the China Securities Regulatory Commission said in Beijing today. The plan was proposed by Hong Kong authorities, he said, without elaborating.
Almost half the stocks traded in both markets are more than twice as expensive on the mainland because of limits on inward and outward investment. The regulator is seeking to end price discrepancies amid concern that a bubble is building at home after China's benchmark index almost tripled this year.
``This piece of news will give a boost to the Hong Kong market and might take some steam out of'' shares in Shanghai and Shenzhen, said Peter Alexander, principal at Shanghai-based research firm Z-Ben Advisors Ltd.
The plan would affect Chinese companies with so-called H shares traded in Hong Kong and A shares listed on either of China's two exchanges. China's stocks added $2.5 trillion in market capitalization this year and the CSI 300 Index is the world's most expensive major benchmark.
Companies on the CSI 300 trade at an average 56 times reported earnings, compared with 18 times for the S&P 500 Index, according to data compiled by Bloomberg.
Price Gap
Tu's remarks came after the Hong Kong exchange closed. The benchmark Hang Seng Index gained 1.2 percent today and is up 47 percent this year.
Hong Kong-traded shares of dual-listed companies such as China Petroleum & Chemical Corp. may benefit, said Steven Leung, a Hong Kong-based director of institutional sales at UOB-Kay Hian Ltd. Sinopec, as China's largest refiner is called, closed at HK$12.32 ($1.59) today in Hong Kong and at 26.13 yuan ($3.47) in Shanghai.
Investors can't profit from the price gap because of restrictions on currency conversion and stock ownership. Yuan- denominated A shares are available only to Chinese individual and institutional investors, as well as selected foreign investors.
H shares are denominated in Hong Kong dollars and trade on an open market. Mainland Chinese individuals, however, are so far restricted from investing in the city.
Through-Train
Only qualified foreign and domestic institutions picked by China's regulators can trade equities in both markets. Overseas firms including UBS AG and Goldman Sachs Group Inc. have been allowed to buy China's local-currency A shares under the qualified foreign institutional investor, or QFII, program. Selected domestic institutions are permitted to buy shares abroad under a qualified domestic institutional investor program.
It's ``inevitable'' for China to allow its citizens to buy shares overseas, Tu said today, reiterating that the regulator is considering letting individual Chinese investors buy Hong Kong- traded stocks under a plan dubbed the ``through-train.''
``China's QDII and through-train programs will be the key arbitrage vehicles in the near future,'' said Jing Ulrich, chairman of China equities at JPMorgan & Chase Co. in Hong Kong. Any other arbitrage mechanism ``won't happen overnight.''
The Hang Seng has rallied 36 percent since China announced the plan to allow citizens to buy Hong Kong stocks on Aug. 20.
``We will announce the result of the study soon,'' Tu Guangshao, vice chairman of the China Securities Regulatory Commission said in Beijing today. The plan was proposed by Hong Kong authorities, he said, without elaborating.
Almost half the stocks traded in both markets are more than twice as expensive on the mainland because of limits on inward and outward investment. The regulator is seeking to end price discrepancies amid concern that a bubble is building at home after China's benchmark index almost tripled this year.
``This piece of news will give a boost to the Hong Kong market and might take some steam out of'' shares in Shanghai and Shenzhen, said Peter Alexander, principal at Shanghai-based research firm Z-Ben Advisors Ltd.
The plan would affect Chinese companies with so-called H shares traded in Hong Kong and A shares listed on either of China's two exchanges. China's stocks added $2.5 trillion in market capitalization this year and the CSI 300 Index is the world's most expensive major benchmark.
Companies on the CSI 300 trade at an average 56 times reported earnings, compared with 18 times for the S&P 500 Index, according to data compiled by Bloomberg.
Price Gap
Tu's remarks came after the Hong Kong exchange closed. The benchmark Hang Seng Index gained 1.2 percent today and is up 47 percent this year.
Hong Kong-traded shares of dual-listed companies such as China Petroleum & Chemical Corp. may benefit, said Steven Leung, a Hong Kong-based director of institutional sales at UOB-Kay Hian Ltd. Sinopec, as China's largest refiner is called, closed at HK$12.32 ($1.59) today in Hong Kong and at 26.13 yuan ($3.47) in Shanghai.
Investors can't profit from the price gap because of restrictions on currency conversion and stock ownership. Yuan- denominated A shares are available only to Chinese individual and institutional investors, as well as selected foreign investors.
H shares are denominated in Hong Kong dollars and trade on an open market. Mainland Chinese individuals, however, are so far restricted from investing in the city.
Through-Train
Only qualified foreign and domestic institutions picked by China's regulators can trade equities in both markets. Overseas firms including UBS AG and Goldman Sachs Group Inc. have been allowed to buy China's local-currency A shares under the qualified foreign institutional investor, or QFII, program. Selected domestic institutions are permitted to buy shares abroad under a qualified domestic institutional investor program.
It's ``inevitable'' for China to allow its citizens to buy shares overseas, Tu said today, reiterating that the regulator is considering letting individual Chinese investors buy Hong Kong- traded stocks under a plan dubbed the ``through-train.''
``China's QDII and through-train programs will be the key arbitrage vehicles in the near future,'' said Jing Ulrich, chairman of China equities at JPMorgan & Chase Co. in Hong Kong. Any other arbitrage mechanism ``won't happen overnight.''
The Hang Seng has rallied 36 percent since China announced the plan to allow citizens to buy Hong Kong stocks on Aug. 20.
Eric Knight再抨擊匯控<0005.HK>業務策略
基金股東Eric Knight再次抨擊匯控<0005.HK>業務策略，昨日於英國報章刊登全版廣告，以童話故事「國王的新衣」來形容集團業務，嘲諷其口號「環球金融，地方智慧」，認為發展策略不足以產生協同效益。
Eric Knight指，匯控旗下投資銀行價值被嚴重侵蝕，要求將該部門分拆出售，再與競爭對手合併，以擴大環球業務規模。他又批評集團零售銀行資源錯配，發展過於分散，缺乏效益。
他表示，經過與40名機構投資者接觸的緘默期，對匯控攻勢現在才是序幕。惟《泰晤士報》指出，大部分股東對其建議均不感興趣，只有少數股東計劃公開支持。
Eric Knight指，匯控旗下投資銀行價值被嚴重侵蝕，要求將該部門分拆出售，再與競爭對手合併，以擴大環球業務規模。他又批評集團零售銀行資源錯配，發展過於分散，缺乏效益。
他表示，經過與40名機構投資者接觸的緘默期，對匯控攻勢現在才是序幕。惟《泰晤士報》指出，大部分股東對其建議均不感興趣，只有少數股東計劃公開支持。
Wednesday, October 17, 2007
Standard Chartered acquires 80 pct of Korean fund adminstrator A Brain Co
Standard Chartered PLC, the Asia-focused bank, said that it will acquire 80 pct of Korean fund administrator A Brain Co, Ltd (ABL) for an undisclosed sum, through its subsidiary company Standard Chartered First Bank Korea Limited.
SC First Bank will also have the option to buy the remaining 20 pct from January 2008, Standard Chartered said.
ABL had approximately 10 mln usd of total gross assets at end-March 2007.
It added that it expected the transaction to be completed by the end of 2007.
'ABL is a great fit with SC First Bank and a positive step forward in growing our Wholesale Banking business, 'David Edwards, President and CEO of SC First Bank said.
'Bringing ABL into the SC First Bank family highlights our determination to be the leading bank for Korean businesses and financial institutions by enhancing the comprehensive financial solutions we tailor for each of our clients.'
SC First Bank will also have the option to buy the remaining 20 pct from January 2008, Standard Chartered said.
ABL had approximately 10 mln usd of total gross assets at end-March 2007.
It added that it expected the transaction to be completed by the end of 2007.
'ABL is a great fit with SC First Bank and a positive step forward in growing our Wholesale Banking business, 'David Edwards, President and CEO of SC First Bank said.
'Bringing ABL into the SC First Bank family highlights our determination to be the leading bank for Korean businesses and financial institutions by enhancing the comprehensive financial solutions we tailor for each of our clients.'
Tuesday, October 16, 2007
PetroChina Surpasses GE as Second-Biggest Company
Oct. 15 (Bloomberg) -- PetroChina Co. gained the most in five months in Hong Kong trading as oil rose to a record above $85 a barrel, vaulting the state-owned oil producer over General Electric Co. to become the world's second-largest company.
The stock climbed 13 percent, valuing Beijing-based PetroChina at HK$3.36 trillion ($434 billion), compared with General Electric's $420 billion. Asia's biggest company is closing in on Exxon Mobil Corp.'s $518 billion value.
The rally, part of a record year for Chinese stocks, underscores PetroChina's key role in supplying oil to the world's fastest-growing major economy. U.S. billionaire Warren Buffett sold more than half of his stake in PetroChina this year. The stock has soared 14-fold since its 2000 public share sale.
``Chinese oil companies deserve higher valuations compared with their international peers, given the strong domestic economy and an expected influx of capital from mainland investors,'' said Wang Jing, a senior oil analyst with Orient Securities Co. Ltd. in Shanghai.
PetroChina may make further discoveries in the northern Liaohe and Dagang areas, Chairman Jiang Jiemin said at the Communist Party congress in Beijing today. The offshore finds will add to reserves from the Jidong Nanpu field, the nation's largest oil find in almost half a century.
China's biggest oil producer climbed as much as 14 percent to a record HK$18.94 a share and closed at HK$18.78 at 4 p.m.
`Share Surge'
``Petrochina's share surge is mainly due to investors' expectations of the company's further growth, high oil prices and a good market outlook,'' Jiang told reporters in Beijing.
Shares of the company may debut on the mainland stock exchange next month, Jiang said. PetroChina has completed ``all procedures'' for the sale and the stock may start trading in Shanghai in November, he said.
China's stock market regulator on Sept. 24 approved PetroChina's plan to sell as many as 4 billion yuan-denominated so-called A shares in Shanghai. The stock sale may raise $5 billion to expand refineries and boost output at oil fields, according to plans set out in PetroChina's listing prospectus.
Benchmark oil prices in New York today rose as much as 1.8 percent to a record $85.19 a barrel and traded at $84.87 at 7:32 p.m. Hong Kong time.
PetroChina and its nearest domestic rivals, China Petroleum & Chemical Corp. and Cnooc Ltd., led gains in Hong Kong amid increased optimism among fund managers after the Chinese government said on Aug. 20 that some of its citizens will be allowed to invest in the territory's shares. Household savings in China total $2.3 trillion and JPMorgan Chase & Co. estimates $60 billion of that may flow into Hong Kong in the next year.
Exodus
The plan to allow investment in Hong Kong shares has been delayed, officials at China's bank regulator said on Sept. 5 because of concern about a potential exodus of funds from stock exchanges in Shanghai and Shenzhen.
Almost all of this year's 44 percent gain in the Hang Seng Index, dominated by Chinese companies, took place since the government announcement. The Hang Seng advanced 3.6 percent last week and climbed above 29,000 for the first time. The 2007 gain compares with 40 percent for the Morgan Stanley Capital International Emerging Markets Index, 10 percent for the Standard & Poor's 500 Index and 7 percent for the Dow Jones Stoxx 600 Index of European shares.
Berkshire
Buffett's Berkshire Hathaway Inc. pared its stake in the Beijing-based company's Hong Kong stock to 3.1 percent from 11 percent in May, according an Oct. 10 U.S. stock exchange filing. As of the end of last year, Berkshire was the largest non- government shareholder, with about 13 percent of the publicly held stock, according to Berkshire's annual report.
Berkshire first reported disposing of its PetroChina shares two months after calls by activists for investors to shed PetroChina shares because the company's state-run parents has developed fields in Sudan, whose government is accused by the U.S. of supporting genocide.
PetroChina's third-quarter production climbed 5.6 percent to the equivalent of 275.4 million barrels (about 3 million barrels a day), the company said today. The output growth outpaced second-quarter production at Royal Dutch Shell Plc and Chevron Corp.
`Strong Buy'
``The overall growth in oil and gas output accelerated in the third quarter,'' said Gordon Kwan, head of China energy research at CLSA Ltd. ``The stock is a strong buy on the back of these statistics.''
PetroChina expects to outspend Exxon and Shell this year as it drills deeper and further afield and expands refineries. Capital spending may jump to 185.7 billion yuan this year from 148.7 billion yuan in 2006, the company said in March.
Exxon, the world's biggest oil company, set a capital budget of $21 billion for this year, the Irving, Texas-based company said March 7. Shell, Europe's largest oil company, said Feb. 1 it will spend as much as $23 billion to stem an expected fifth year of declining production.
PetroChina on Aug. 23 reported first-half net income rose 1.4 percent to a record 81.83 billion yuan as refineries returned to profit and tax payments fell.
The stock climbed 13 percent, valuing Beijing-based PetroChina at HK$3.36 trillion ($434 billion), compared with General Electric's $420 billion. Asia's biggest company is closing in on Exxon Mobil Corp.'s $518 billion value.
The rally, part of a record year for Chinese stocks, underscores PetroChina's key role in supplying oil to the world's fastest-growing major economy. U.S. billionaire Warren Buffett sold more than half of his stake in PetroChina this year. The stock has soared 14-fold since its 2000 public share sale.
``Chinese oil companies deserve higher valuations compared with their international peers, given the strong domestic economy and an expected influx of capital from mainland investors,'' said Wang Jing, a senior oil analyst with Orient Securities Co. Ltd. in Shanghai.
PetroChina may make further discoveries in the northern Liaohe and Dagang areas, Chairman Jiang Jiemin said at the Communist Party congress in Beijing today. The offshore finds will add to reserves from the Jidong Nanpu field, the nation's largest oil find in almost half a century.
China's biggest oil producer climbed as much as 14 percent to a record HK$18.94 a share and closed at HK$18.78 at 4 p.m.
`Share Surge'
``Petrochina's share surge is mainly due to investors' expectations of the company's further growth, high oil prices and a good market outlook,'' Jiang told reporters in Beijing.
Shares of the company may debut on the mainland stock exchange next month, Jiang said. PetroChina has completed ``all procedures'' for the sale and the stock may start trading in Shanghai in November, he said.
China's stock market regulator on Sept. 24 approved PetroChina's plan to sell as many as 4 billion yuan-denominated so-called A shares in Shanghai. The stock sale may raise $5 billion to expand refineries and boost output at oil fields, according to plans set out in PetroChina's listing prospectus.
Benchmark oil prices in New York today rose as much as 1.8 percent to a record $85.19 a barrel and traded at $84.87 at 7:32 p.m. Hong Kong time.
PetroChina and its nearest domestic rivals, China Petroleum & Chemical Corp. and Cnooc Ltd., led gains in Hong Kong amid increased optimism among fund managers after the Chinese government said on Aug. 20 that some of its citizens will be allowed to invest in the territory's shares. Household savings in China total $2.3 trillion and JPMorgan Chase & Co. estimates $60 billion of that may flow into Hong Kong in the next year.
Exodus
The plan to allow investment in Hong Kong shares has been delayed, officials at China's bank regulator said on Sept. 5 because of concern about a potential exodus of funds from stock exchanges in Shanghai and Shenzhen.
Almost all of this year's 44 percent gain in the Hang Seng Index, dominated by Chinese companies, took place since the government announcement. The Hang Seng advanced 3.6 percent last week and climbed above 29,000 for the first time. The 2007 gain compares with 40 percent for the Morgan Stanley Capital International Emerging Markets Index, 10 percent for the Standard & Poor's 500 Index and 7 percent for the Dow Jones Stoxx 600 Index of European shares.
Berkshire
Buffett's Berkshire Hathaway Inc. pared its stake in the Beijing-based company's Hong Kong stock to 3.1 percent from 11 percent in May, according an Oct. 10 U.S. stock exchange filing. As of the end of last year, Berkshire was the largest non- government shareholder, with about 13 percent of the publicly held stock, according to Berkshire's annual report.
Berkshire first reported disposing of its PetroChina shares two months after calls by activists for investors to shed PetroChina shares because the company's state-run parents has developed fields in Sudan, whose government is accused by the U.S. of supporting genocide.
PetroChina's third-quarter production climbed 5.6 percent to the equivalent of 275.4 million barrels (about 3 million barrels a day), the company said today. The output growth outpaced second-quarter production at Royal Dutch Shell Plc and Chevron Corp.
`Strong Buy'
``The overall growth in oil and gas output accelerated in the third quarter,'' said Gordon Kwan, head of China energy research at CLSA Ltd. ``The stock is a strong buy on the back of these statistics.''
PetroChina expects to outspend Exxon and Shell this year as it drills deeper and further afield and expands refineries. Capital spending may jump to 185.7 billion yuan this year from 148.7 billion yuan in 2006, the company said in March.
Exxon, the world's biggest oil company, set a capital budget of $21 billion for this year, the Irving, Texas-based company said March 7. Shell, Europe's largest oil company, said Feb. 1 it will spend as much as $23 billion to stem an expected fifth year of declining production.
PetroChina on Aug. 23 reported first-half net income rose 1.4 percent to a record 81.83 billion yuan as refineries returned to profit and tax payments fell.
Thursday, October 11, 2007
鄧普頓料中石油<0857.HK>股價將持續上升，或再增持
鄧普頓資產管理董事總經理麥樸思預料，中石油<0857.HK>股價將持續上升。
對於「股神」畢菲特今年逐步減持中石油，他表示有關減持不一定令股價下跌，而該行將繼續投資或增持中石油。
對於「股神」畢菲特今年逐步減持中石油，他表示有關減持不一定令股價下跌，而該行將繼續投資或增持中石油。
畢菲特再減持中石油<0857.HK>約2.34億股至4.33%
聯交所資料顯示，畢菲特旗下旗艦巴郡於9月27日，以每股平均價$13.89，再減持中石油<0857.HK>約2.34億股，涉資約32.5億元，其持股量已由5.44%減至4.33%，為第7次減持。不過，巴郡已向美國監管當局申報，截至9月30日止，其於中石油持股量已降至3.1%。
Buffett seen quitting PetroChina, Sudan spotlight
HONG KONG, Oct 10 (Reuters) - U.S. investor Warren Buffett's Berkshire Hathaway (BRKa.N: Quote, Profile, Research), which has slashed its holding in Chinese oil giant PetroChina (0857.HK: Quote, Profile, Research), may have sold up altogether, which would free it from criticism over links to Sudan, analysts said.
The next declaration of a sale would take Berkshire's interest below 5 percent, the threshold above which the firm is required to declare any shareholding changes that cross a full percentage point.
But analysts suspect Buffett is about to leave the stock entirely, if he hasn't already done so.
"Considering the price level (HK$13-15) and volumes (average of 400 million/day) traded in PetroChina since Sept. 25, we would not be surprised if Buffett has already sold off his entire stake," said JP Morgan analyst Brynjar Eirik Bustnes in a note.
CLSA oil and gas analyst Gordon Kwan said he thought Buffett could complete his exit by the end of October.
Buffett held 11.05 percent of PetroChina's free-floating shares until July, when he began a series of sales. The sixth sale, which took place on Sept. 25 but was only declared on Tuesday, left his interest at 5.44 percent.
PetroChina's share price has rocketed since Buffett paid an estimated HK$1.60 per share in April 2003 and he has locked in a return of around 600 percent. The shares stood at HK$14.42 at 0545 GMT on Wednesday.
PetroChina's parent company, state-owned CNPC, is a leading investor in Sudan, helping the oil industry there to develop despite U.S. sanctions. Activist groups have said Berkshire's investment supported genocide in the Sudanese region of Darfur and they have welcomed the sell-off.
"While Mr. Buffett is rightfully keeping quiet about his motives, it is increasingly clear that his pattern of sales indicates that he no longer wants to be associated with an investment that helps to fund genocide," activist group Investors Against Genocide said in a statement on Tuesday.
Berkshire Hathaway's shareholders quashed a proposal to sell out of PetroChina at its annual meeting in May in a non-binding vote. Berkshire's board defended the investment by saying that although CNPC had operations in Sudan, PetroChina did not.
The next declaration of a sale would take Berkshire's interest below 5 percent, the threshold above which the firm is required to declare any shareholding changes that cross a full percentage point.
But analysts suspect Buffett is about to leave the stock entirely, if he hasn't already done so.
"Considering the price level (HK$13-15) and volumes (average of 400 million/day) traded in PetroChina since Sept. 25, we would not be surprised if Buffett has already sold off his entire stake," said JP Morgan analyst Brynjar Eirik Bustnes in a note.
CLSA oil and gas analyst Gordon Kwan said he thought Buffett could complete his exit by the end of October.
Buffett held 11.05 percent of PetroChina's free-floating shares until July, when he began a series of sales. The sixth sale, which took place on Sept. 25 but was only declared on Tuesday, left his interest at 5.44 percent.
PetroChina's share price has rocketed since Buffett paid an estimated HK$1.60 per share in April 2003 and he has locked in a return of around 600 percent. The shares stood at HK$14.42 at 0545 GMT on Wednesday.
PetroChina's parent company, state-owned CNPC, is a leading investor in Sudan, helping the oil industry there to develop despite U.S. sanctions. Activist groups have said Berkshire's investment supported genocide in the Sudanese region of Darfur and they have welcomed the sell-off.
"While Mr. Buffett is rightfully keeping quiet about his motives, it is increasingly clear that his pattern of sales indicates that he no longer wants to be associated with an investment that helps to fund genocide," activist group Investors Against Genocide said in a statement on Tuesday.
Berkshire Hathaway's shareholders quashed a proposal to sell out of PetroChina at its annual meeting in May in a non-binding vote. Berkshire's board defended the investment by saying that although CNPC had operations in Sudan, PetroChina did not.
Warren Buffett cuts stake further in Hong Kong-listed PetroChina to 5.44 pct
HONG KONG (XFN-ASIA) - Billionaire global investor Warren Buffett further sold another 220.5 mln shares in PetroChina on Sept 25,reducing his personal stake in the Hong Kong-listed Chinese oil company to 5.44 pct from 6.49 pct, according to a stock exchange disclosure.
Buffett, the chief executive officer of Berkshire Hathaway Inc (nyse: BRKA - news - people ), sold the shares at an average price of 12.8 hkd per share for a total of 2.82 bln hkd.
Buffet had sold 66.61 mln shares in PetroChina (nyse: PTR - news - people ) on Sept 21.
In today's trade, PetroChina was up 0.18 hkd or 1.28 pct at 14.28.
Buffett, the chief executive officer of Berkshire Hathaway Inc (nyse: BRKA - news - people ), sold the shares at an average price of 12.8 hkd per share for a total of 2.82 bln hkd.
Buffet had sold 66.61 mln shares in PetroChina (nyse: PTR - news - people ) on Sept 21.
In today's trade, PetroChina was up 0.18 hkd or 1.28 pct at 14.28.
Standard Chartered Replaces Heads of Korea, Hong Kong Units
Oct. 10 (Bloomberg) -- Standard Chartered Plc, the U.K. bank that gets most of its profit from Asia, replaced the heads of its South Korean and Hong Kong units.
The company, based in London, appointed Ben Hung to succeed Peter Sullivan, who's retiring effective Dec. 31, as head of its Hong Kong operations. David Edwards was named to lead the Korean unit, replacing John Filmeridis, according to a regulatory filing.
Hung, 43, has been with the bank for 15 years and led the Hong Kong consumer banking division to record net income in the first half, said Standard Chartered Chief Executive Officer Peter Sands in a memo sent to employees. Sullivan, 59, said he's moving to London to be with his children.
``I hope to stay connected to Hong Kong,'' he said in an interview. Sullivan said he might take an advisory role at a bank, adding that ``it would depend on which bank. My loyalty is first and foremost with Standard Chartered.''
Sullivan, an Australian, was appointed chief executive officer of Standard Chartered Bank (Hong Kong) Ltd. in November 2004. He joined Standard Chartered from Citigroup Inc. 13 years ago.
Separately, Standard Chartered said the board of Korean unit SC First Bank Korea Ltd. approved the appointment of Edwards, 54. Edwards was previously chief operating officer for wholesale banking.
The company, based in London, appointed Ben Hung to succeed Peter Sullivan, who's retiring effective Dec. 31, as head of its Hong Kong operations. David Edwards was named to lead the Korean unit, replacing John Filmeridis, according to a regulatory filing.
Hung, 43, has been with the bank for 15 years and led the Hong Kong consumer banking division to record net income in the first half, said Standard Chartered Chief Executive Officer Peter Sands in a memo sent to employees. Sullivan, 59, said he's moving to London to be with his children.
``I hope to stay connected to Hong Kong,'' he said in an interview. Sullivan said he might take an advisory role at a bank, adding that ``it would depend on which bank. My loyalty is first and foremost with Standard Chartered.''
Sullivan, an Australian, was appointed chief executive officer of Standard Chartered Bank (Hong Kong) Ltd. in November 2004. He joined Standard Chartered from Citigroup Inc. 13 years ago.
Separately, Standard Chartered said the board of Korean unit SC First Bank Korea Ltd. approved the appointment of Edwards, 54. Edwards was previously chief operating officer for wholesale banking.
Wednesday, October 10, 2007
中石油在新疆拜城發現儲量超千億立方米大氣田
《中國日報》報道, 中石油(HK 0857)下屬塔裡木油田分公司近日在對新疆拜城縣境內大北三井的勘探開發獲重大發現, 經測算日產天然氣28.6萬立方米, 初步探明大北三井構造區天然氣資源總儲量達1,300億立方米。 報道稱, 在此之前, 拜城縣境內已探明的克拉二氣田天然氣儲量為2,500多億立方米, 庫車縣境內迪那二氣田已累計探明天然氣地質儲量1,700多億立方米。大北三井構造區將成為當地發現的第3個儲量超千億立方米的大氣田。 報道指出, 克拉二氣田是中國西氣東輸工程的主力氣田, 迪那二氣田是西氣東輸的二期資源。中石油塔裡木油田分公司有關人士表示, 大北三井構造區將與克拉二、迪那二氣田一起, 為“西氣東輸”提供充足的氣源保證。
Monday, October 8, 2007
HSBC Rejects California Teachers' Call for Strategic Review
Oct. 7 (Bloomberg) -- HSBC Holdings Plc, Europe's biggest bank, rejected a call from the California State Teachers' Retirement System for an outside strategic review.
Calstrs, based in Sacramento, wrote to HSBC Chairman Stephen Green criticizing the bank for its ``casual dismissal'' of ``very serious long-term'' performance and governance issues raised by Knight Vinke Asset Management LLC, the U.K.'s Observer newspaper reported today, saying it had seen the letter.
``The board sees no need for a further strategic review having already undertaken such a review earlier this year,'' London-based HSBC said in an e-mailed statement today distributed by external public relations firm Maitland. ``We believe that the principal points made by Knight Vinke have already been fully addressed.''
Knight Vinke, the activist investor that campaigned to block Suez SA's merger with Gaz de France SA, asked HSBC Chairman Green and the board last month for a ``fundamental review'' of strategy and management after the bank reported a drop in earnings due to losses from mortgages to borrowers with poor credit histories.
HSBC said Sept. 20 that Senior Independent Director Simon Robertson had rejected Knight Vinke's request.
The lender was the fourth-worst performer on Hong Kong's benchmark Hang Seng Index over the 12 months to Oct. 1, though the company's Hong Kong-listed shares last week had their biggest weekly advance in more than four years on optimism that earnings will recover.
`Diversified, Capitalized'
``We are one of the world's most diversified and strongly capitalized banks and our strengths are particularly obvious in the current market environment,'' HSBC said in its statement.
The company's London-listed shares have gained 3.3 percent this year, compared with the 5.1 percent decline in the 114- member Bloomberg European Financial Index. HSBC has a market value of 113.2 billion pounds ($231 billion).
Calstrs oversaw a total of about $169 billion as of July 31. It has $300 million invested in HSBC shares, and $1.5 billion in its corporate bonds, the Observer reported.
Calstrs, based in Sacramento, wrote to HSBC Chairman Stephen Green criticizing the bank for its ``casual dismissal'' of ``very serious long-term'' performance and governance issues raised by Knight Vinke Asset Management LLC, the U.K.'s Observer newspaper reported today, saying it had seen the letter.
``The board sees no need for a further strategic review having already undertaken such a review earlier this year,'' London-based HSBC said in an e-mailed statement today distributed by external public relations firm Maitland. ``We believe that the principal points made by Knight Vinke have already been fully addressed.''
Knight Vinke, the activist investor that campaigned to block Suez SA's merger with Gaz de France SA, asked HSBC Chairman Green and the board last month for a ``fundamental review'' of strategy and management after the bank reported a drop in earnings due to losses from mortgages to borrowers with poor credit histories.
HSBC said Sept. 20 that Senior Independent Director Simon Robertson had rejected Knight Vinke's request.
The lender was the fourth-worst performer on Hong Kong's benchmark Hang Seng Index over the 12 months to Oct. 1, though the company's Hong Kong-listed shares last week had their biggest weekly advance in more than four years on optimism that earnings will recover.
`Diversified, Capitalized'
``We are one of the world's most diversified and strongly capitalized banks and our strengths are particularly obvious in the current market environment,'' HSBC said in its statement.
The company's London-listed shares have gained 3.3 percent this year, compared with the 5.1 percent decline in the 114- member Bloomberg European Financial Index. HSBC has a market value of 113.2 billion pounds ($231 billion).
Calstrs oversaw a total of about $169 billion as of July 31. It has $300 million invested in HSBC shares, and $1.5 billion in its corporate bonds, the Observer reported.
Friday, October 5, 2007
BROKER CALL - HSBC rally to be short lived; target 114 hkd - CLSA
HONG KONG, Oct 05, 2007 (XFN-ASIA via COMTEX) --
CLSA said HSBC Holdings' recent rally will not last as current earnings are disappointing and the outlook for future earnings is not bright.
The brokerage has a "sell" call on the bank with a target price of 114 hkd. However, the report did not say what its previous target price was.
"At current levels we are close to similar levels before the bank made its disclosure on sub-prime loan problems late in 2006 and only 8 pct off all time highs," CLSA said, adding that HSBC is just entering a provision cycle.
It noted that shares in the bank have gone down quite considerably -- from 30-50 pct historically -- during times of rising provisions.
It noted that its balance sheet risk is higher with equity-to-assets now at 5.6 pct, compared with 6.8 pct in December 2000 and 5.7 pct in 1997.
It added that the market will be watching the third-quarter results of the bank's unit HSBC Finance and HSBC USA next month.
HSBC closed up 1.8 hkd or 1.21 pct at 150.8 today, rising for the fourth consecutive session.
CLSA said HSBC Holdings' recent rally will not last as current earnings are disappointing and the outlook for future earnings is not bright.
The brokerage has a "sell" call on the bank with a target price of 114 hkd. However, the report did not say what its previous target price was.
"At current levels we are close to similar levels before the bank made its disclosure on sub-prime loan problems late in 2006 and only 8 pct off all time highs," CLSA said, adding that HSBC is just entering a provision cycle.
It noted that shares in the bank have gone down quite considerably -- from 30-50 pct historically -- during times of rising provisions.
It noted that its balance sheet risk is higher with equity-to-assets now at 5.6 pct, compared with 6.8 pct in December 2000 and 5.7 pct in 1997.
It added that the market will be watching the third-quarter results of the bank's unit HSBC Finance and HSBC USA next month.
HSBC closed up 1.8 hkd or 1.21 pct at 150.8 today, rising for the fourth consecutive session.
Tuesday, October 2, 2007
Dubai Gets Financing From HSBC for Stakes in OMX, LSE
Oct. 1 (Bloomberg) -- Borse Dubai agreed to loans from HSBC Holdings Plc to help its bid for at least $6.5 billion of shares in OMX AB and London Stock Exchange Group Ltd.
State-run Borse Dubai will determine how much to borrow after Swedish regulators decide on its OMX takeover offer, Chief Executive Officer Per Larsson said in an interview today, declining to specify an amount. HSBC will lend Dubai as much as $5.7 billion, said three people with direct knowledge of the deal, who wouldn't be identified as the agreement is private.
Borse Dubai and Nasdaq Stock Market Inc., which had been rivals for control of Nordic exchange OMX, agreed last month that Dubai would proceed with its bid and then hand the shares to Nasdaq. In return, Nasdaq would give almost 20 percent of its stock to Borse Dubai and sell it a 28 percent holding in the London Stock Exchange for about $1.6 billion.
``We have secured all the financing we need for the transactions from HSBC,'' Larsson said.
Borse Dubai owns or has agreements to buy a combined 47.6 percent of OMX, and is in talks with other shareholders to raise its stake above the 50 percent threshold needed to clinch a takeover, he said.
The Swedish Financial Supervisory Authority last week ruled that Nasdaq is a ``fit and proper'' owner for OMX, boosting the chances of Dubai and the U.S. exchange completing their deal.
Qatar Stake
HSBC's loans may help Dubai fend off counter bids for OMX as the Persian Gulf emirate vies with neighboring Qatar for shares in the Stockholm-based company.
State-run Qatar Investment Authority issued a statement urging OMX shareholders to ``take no action'' after Dubai and Nasdaq announced their agreement on Sept. 20. Qatar later that day said it bought 9.98 percent of OMX and 20 percent of the London Stock Exchange as part of a plan to ``take supportive holdings'' in European bourses.
Dubai countered on Sept. 26, announcing agreements to buy OMX shares at 265 kronor from a group including Investor AB, Nordea Bank AB and exchange founder Olof Stenhammar. Those deals lapse if a rival bids at least 303 kronor a share, and Dubai fails to match the new bidder within 15 banking days.
Mega-Loans
HSBC is among banks including Royal Bank of Scotland Group Plc, Deutsche Bank AG and Citigroup Inc. that are helping Dubai state companies borrow internationally.
``Debt markets have recovered a bit in the last two to three weeks, and banks are showing more appetite for lending to companies in emerging markets where they can see growth,'' said Sven Kreitmair, co-head of corporate credit research at UniCredit SpA in Munich. ``There aren't many mega-loan transactions in the market, but the banks need them to meet their annual targets,''
Dubai World, the state-run group that in August agreed to invest as much as $5.1 billion in Las Vegas casino company MGM Mirage, is seeking a $2.7 billion one-year loan from Royal Bank of Scotland, Deutsche Bank and Credit Suisse Group, a banker with direct knowledge of the deal said last month.
Container port operator DP World hired Deutsche Bank, Royal Bank of Scotland, Barclays Capital and Citigroup for a $2.5 billion five-year borrowing, the banker said.
Dubai World's loan will pay interest of 85 basis points more than the London interbank offered rate, rising to 110 basis points after six months. DP World's will pay 65 basis points over Libor before switching to a rate based on its credit ratings. A basis point is 0.01 percentage point.
Nasdaq got $2 billion of loans and a revolving credit from Bank of America Corp. and JPMorgan Chase & Co. to help pay for the OMX shares it will buy from Borse Dubai. Nasdaq has to purchase the OMX shares from Dubai by April for the deal to complete, according to a Sept. 20 filing.
OMX shares fell 1.4 percent to 275.5 kronor at 5:09 p.m. in Stockholm, valuing the company at 33.4 billion kronor. The shares have more than doubled this year.
Tim Harrison, spokesman for HSBC's investment bank in Dubai, declined to comment on Borse Dubai's financing.
State-run Borse Dubai will determine how much to borrow after Swedish regulators decide on its OMX takeover offer, Chief Executive Officer Per Larsson said in an interview today, declining to specify an amount. HSBC will lend Dubai as much as $5.7 billion, said three people with direct knowledge of the deal, who wouldn't be identified as the agreement is private.
Borse Dubai and Nasdaq Stock Market Inc., which had been rivals for control of Nordic exchange OMX, agreed last month that Dubai would proceed with its bid and then hand the shares to Nasdaq. In return, Nasdaq would give almost 20 percent of its stock to Borse Dubai and sell it a 28 percent holding in the London Stock Exchange for about $1.6 billion.
``We have secured all the financing we need for the transactions from HSBC,'' Larsson said.
Borse Dubai owns or has agreements to buy a combined 47.6 percent of OMX, and is in talks with other shareholders to raise its stake above the 50 percent threshold needed to clinch a takeover, he said.
The Swedish Financial Supervisory Authority last week ruled that Nasdaq is a ``fit and proper'' owner for OMX, boosting the chances of Dubai and the U.S. exchange completing their deal.
Qatar Stake
HSBC's loans may help Dubai fend off counter bids for OMX as the Persian Gulf emirate vies with neighboring Qatar for shares in the Stockholm-based company.
State-run Qatar Investment Authority issued a statement urging OMX shareholders to ``take no action'' after Dubai and Nasdaq announced their agreement on Sept. 20. Qatar later that day said it bought 9.98 percent of OMX and 20 percent of the London Stock Exchange as part of a plan to ``take supportive holdings'' in European bourses.
Dubai countered on Sept. 26, announcing agreements to buy OMX shares at 265 kronor from a group including Investor AB, Nordea Bank AB and exchange founder Olof Stenhammar. Those deals lapse if a rival bids at least 303 kronor a share, and Dubai fails to match the new bidder within 15 banking days.
Mega-Loans
HSBC is among banks including Royal Bank of Scotland Group Plc, Deutsche Bank AG and Citigroup Inc. that are helping Dubai state companies borrow internationally.
``Debt markets have recovered a bit in the last two to three weeks, and banks are showing more appetite for lending to companies in emerging markets where they can see growth,'' said Sven Kreitmair, co-head of corporate credit research at UniCredit SpA in Munich. ``There aren't many mega-loan transactions in the market, but the banks need them to meet their annual targets,''
Dubai World, the state-run group that in August agreed to invest as much as $5.1 billion in Las Vegas casino company MGM Mirage, is seeking a $2.7 billion one-year loan from Royal Bank of Scotland, Deutsche Bank and Credit Suisse Group, a banker with direct knowledge of the deal said last month.
Container port operator DP World hired Deutsche Bank, Royal Bank of Scotland, Barclays Capital and Citigroup for a $2.5 billion five-year borrowing, the banker said.
Dubai World's loan will pay interest of 85 basis points more than the London interbank offered rate, rising to 110 basis points after six months. DP World's will pay 65 basis points over Libor before switching to a rate based on its credit ratings. A basis point is 0.01 percentage point.
Nasdaq got $2 billion of loans and a revolving credit from Bank of America Corp. and JPMorgan Chase & Co. to help pay for the OMX shares it will buy from Borse Dubai. Nasdaq has to purchase the OMX shares from Dubai by April for the deal to complete, according to a Sept. 20 filing.
OMX shares fell 1.4 percent to 275.5 kronor at 5:09 p.m. in Stockholm, valuing the company at 33.4 billion kronor. The shares have more than doubled this year.
Tim Harrison, spokesman for HSBC's investment bank in Dubai, declined to comment on Borse Dubai's financing.
Friday, September 28, 2007
Warren Buffett sells more shares of Hong Kong-listed PetroChina
HONG KONG (XFN-ASIA) - Billionaire global investor Warren Buffett sold 45.14 mln shares or a 0.22 pct stake in PetroChina Co Ltd on Sept 13, reducing his personal stake in the Hong Kong-listed Chinese oil company to 7.99 pct from 8.21 pct, according to a stock exchange disclosure.
Buffett, the chief executive officer of Berkshire Hathaway Inc (OOTC:HWYI) (NYSE:BRK A) , sold the shares at an average price of 11.26 hkd per share for a total of 508 mln hkd.
Buffet also sold 28 mln shares in PetroChina on Sept 6.
In today's trade, PetroChina was up 0.68 hkd or 4.84 pct at 14.74.
(1 usd = 7.8 hkd)
Buffett, the chief executive officer of Berkshire Hathaway Inc (OOTC:HWYI) (NYSE:BRK A) , sold the shares at an average price of 11.26 hkd per share for a total of 508 mln hkd.
Buffet also sold 28 mln shares in PetroChina on Sept 6.
In today's trade, PetroChina was up 0.68 hkd or 4.84 pct at 14.74.
(1 usd = 7.8 hkd)
Tuesday, September 25, 2007
柯清輝：無意改變匯豐及恆生<0011.HK>的關係
恆生<0011.HK>副董事長柯清輝表示，近日股市上升，主要集中數隻股份，部份藍籌市盈率仍處於合理水平，惟未評論股市是否過熱，只呼籲投資者量力而為。
至於有股東建議匯控<0005.HK>私有化恆生，他指出，匯豐及恆生既是合作又是競爭對象，暫時無意改變兩者的關係。
至於有股東建議匯控<0005.HK>私有化恆生，他指出，匯豐及恆生既是合作又是競爭對象，暫時無意改變兩者的關係。
匯豐推四氣候變化基準指數
匯豐企業銀行、投資銀行及資本市場(CIBM)公布, 推出四項可供投資的環球氣候變化分類指數, 包括第一項氣候變化指數、第二項低碳能源生產指數、第三項能源效率及能源管理指數, 以及第四項水、廢物及污染控制指數。 CIBM表示, 該系列的氣氛變化指數旨在反映和追蹤那些最能從氣候變化機遇中獲取利潤的主要公司的股價表現, 投資者可用利上述指數設立多元化的投資組合, 如長倉基金、對沖基金、指數股票基金、全權委託投資基金和結構產品等。 CIBM表示, 低碳能源生產指數包括太陽能、風力、生物燃料等; 能源效率及能源管理數包括節能汽車、能源效率方案、燃料電池; 水、廢物及污染控制指數包括循環再造水、廢物處理科技等。
Monday, September 24, 2007
中證監通過中石油A股首發申請
中國證監會公布, 發行審核委員會已審核通過中石油(857.HK)的A股首發申請。 中石油公布的A股首發招股書稱, 計劃發行不超過40億股人民幣A股普通股, 中信證券、瑞銀證券和中國國際金融公司將共同擔任本次發行的主承銷商。 集資所得將全數用於3個石油生產設施擴產項目、兩個煉油和乙烯廠房提升項目, 公司未透露有關項目的投資額等細節。 《中國日報》早前報道, 中石油最早於10月份完成新股首發, 募集資金逾400億人民幣。
中國發放第2批原油銷售及倉儲經營許可證
中國商務部今日公布, 該部發放第二批原油銷售和原油倉儲經營許可證, 批准中國石油天然氣集團公司和中國石油化工集團公司從事上述業務。今年7月份, 商務部宣布批予中石化(386.HK)、中石油(857.HK)原油銷售及倉儲兩項經營資格, 另授予三間企業包括中海石油煉化、中化國際、中藝華海進出口公司經營原油銷售資格。商務部今日發布聲明指出, 商務部已授予3家民營公司- -中油首鋼(北京)石油銷售有限公司、北京市燕房石油化工服務有限公司、雲南強林石化有限公司成品油批發經營資格; 同時授予另外3家民營公司秦皇島港務局集團有限公司、日照濱海石油化工有限公司、故城縣熱電民用能源供應中心成品油倉儲經營資格。中國政府今年初發布成品油銷售新規定, 允許獲得經營許可的民營公司從事成品油批發業務, 但外資不得控股有成品油批發或零售經營權的中國公司。在此之前, 只有中石油和中石化有成品油批發經營權。
Friday, September 21, 2007
HSBC Shuts Down Subprime Mortgage Unit
HSBC Shuts Down Wholesale Subprime Mortgage Division, Decision One Mortgage
NEW YORK (Associated Press) - HSBC Finance Corp., a unit of HSBC Holdings Plc., said Friday it will close its wholesale mortgage lender Decision One Mortgage.
Decision One originates subprime mortgages through brokers. Subprime mortgages are loans given to customers with poor credit. Banks and investors have shied away from originating and purchasing subprime mortgages because of rising delinquencies and defaults among the risky loans.
HSBC will continue to originate mortgages through its consumer lending branch network under its HFC and Beneficial brands.
About 750 employees will be affected by the closing.
HSBC will record a non-cash charge of about $880 million for goodwill impairment and a $65 million charge for restructuring costs, which include severance and facility closure costs.
NEW YORK (Associated Press) - HSBC Finance Corp., a unit of HSBC Holdings Plc., said Friday it will close its wholesale mortgage lender Decision One Mortgage.
Decision One originates subprime mortgages through brokers. Subprime mortgages are loans given to customers with poor credit. Banks and investors have shied away from originating and purchasing subprime mortgages because of rising delinquencies and defaults among the risky loans.
HSBC will continue to originate mortgages through its consumer lending branch network under its HFC and Beneficial brands.
About 750 employees will be affected by the closing.
HSBC will record a non-cash charge of about $880 million for goodwill impairment and a $65 million charge for restructuring costs, which include severance and facility closure costs.
匯控無意於日本併購
匯控(5.HK)主席葛霖表示, 其於日本的業務拓展會以自然增長方式進行, 計劃中長線開設25-35家分行, 並否定會於當地進行收購。 匯控將於明年初在日本開展消費銀行業務, 計劃於東京、大阪及其他主要城市設立分行, 目標為630萬名流動資產至少達1,000萬日圓(約8.67萬美元)以上的富裕人士服務。 葛霖表示, 該行特別看準日本的資產管理及私人銀行市場, 可能會於未來設立本地公司經營其零售銀行業務, 冀匯控可成為當地最大金磚四國(BRIC─即巴西、俄羅斯、印度和中國)相關投資產品供應者。
畢菲特再減持中石油<0857.HK>2800.4萬股至8.93%
聯交所資料顯示，股神畢菲特旗下巴郡於9月6日，以每股平均價$11.47，再減持中石油<0857.HK>2800.4萬股，套現約3.2億元，其持股量已由9.07%降至8.93%。
中證監發審委24日審核中石油A股首發申請
中國證監會發行審核委員會工作會議發表公告稱, 定於07年9月24日召開07年第135次發行審核委員會工作會議, 審核中國石油天然氣股份有限公司(HK 0857)的A股首發申請。 中石油公布的首次公開發行A股股票招股說明書稱, 計劃發行不超過40億股人民幣普通股（A股）, 中信證券、瑞銀證券和中國國際金融有限公司將共同擔任本次發行的主承銷商。
Wednesday, September 19, 2007
減息四分一厘
美國聯儲局宣布減息半厘, 減幅高於市場預期, 匯豐率先宣布減息四分一厘, 最優惠利率由7.75厘調低至7.5厘。 同時匯豐給予戶口結餘5,000港元或以上的港元儲蓄存款利率調低四分一厘, 15萬港元及以上年利率為2.25厘; 1.0萬-15萬港元以下年利率為2.0%; 5,000-1.0萬港元以下利率為1.0%。 另外, 匯豐給予全面理財總值達100萬港元及以上的額外年利率為0.1%。 美國聯儲局周二宣布將聯邦基金利率調低50點子至4.75%, 這是該局四年多以來首次減息。
渣打宣布跟隨減息四分一厘, 最優惠利率由8.0厘調低至7.75厘, 明天生效。 渣打同日起調整港元儲蓄利率, 50萬港元及以上, 年利率為2.5厘; 15萬-50萬元以下, 年利率為2.25厘, 15萬元以下年利率為1.75厘。 匯豐, 中銀香港(2388.HK)、恆生已宣布減息四分一厘, 最優惠利率由7.75厘調低至7.5厘。 美國聯儲局周二宣布將聯邦基金利率調低50點子至4.75%, 是美國四年多以來首次減息。
渣打宣布跟隨減息四分一厘, 最優惠利率由8.0厘調低至7.75厘, 明天生效。 渣打同日起調整港元儲蓄利率, 50萬港元及以上, 年利率為2.5厘; 15萬-50萬元以下, 年利率為2.25厘, 15萬元以下年利率為1.75厘。 匯豐, 中銀香港(2388.HK)、恆生已宣布減息四分一厘, 最優惠利率由7.75厘調低至7.5厘。 美國聯儲局周二宣布將聯邦基金利率調低50點子至4.75%, 是美國四年多以來首次減息。
Tuesday, September 18, 2007
渣打斥8.6億美元收購美國運通銀行
渣打集團(2888.HK)宣布收購美國運通銀行, 總現金代價相當於美國運通銀行於完成收購時的資產淨值加3億美元, 截至6月底代價約為8.6億美元。交易仍有待監管機構同意, 如作實料將於明年第1季完成。 渣打指, 整合預期需時約24個月完成, 預計中的整合成本大部分將於交易完成後首12個月內承擔, 該行計劃以內部現金及持續的債項融資計劃支付收購代價, 又預期收購將於09年開始對渣打的每股盈利作出貢獻。 收購代價相當於美國運通銀行年度化2007上半年除稅後溢利14.3倍, 及其於截至6月底資產淨值1.5倍。美國運通銀行今年上半年除稅後溢利3,000萬美元, 06年則為3,100萬美元。 渣打表示, 預料收購將創造重大協同效應, 預期由09年起每年節省除稅前成本總額逾1億美元。此外, 收購將擴大渣打美元結算業務規模1倍、鞏固其作為美元結算行的地位, 及於全球排行第6位。 另外, 渣打指, 收購可加快其私人銀行業務, 而收購將包括於印度及台灣的具價值分行牌照, 料可進一步深化現有網絡。 作為交易的一部分, 於收購美國運通銀行後18個月, 渣打可購買American Express International Deposit Company(AEIDC), 代價為AEIDC屆時的資產淨值。AEIDC主要向美國運通銀行客戶發行短期定息存款證。 美國運通銀行為一家主要國際銀行, 於47個國家經營業務, 透過全面代理銀行業務及提供全面服務的私人銀行業務, 致力為金融機構及高資產淨值客戶提供服務。截至去年受管理總資產約225億美元。
Friday, September 14, 2007
Temasek Raises Its Stake in Standard Chartered to 17 Percent
Sept. 13 (Bloomberg) -- Temasek Holdings Pte raised its investment in Standard Chartered Plc, the U.K. bank that makes most of its profit in Asia, to 17 percent, giving it a stake valued at about $7.3 billion.
Temasek, a state-owned investment company in Singapore, previously held 16 percent, London-based Standard Chartered said today in a Regulatory News Service statement.
Temasek, the bank's largest shareholder, bought a 12 percent holding in March 2006 from the estate of late Singapore hotelier Khoo Teck Puat for 2.3 billion pounds ($4.7 billion). Temasek also holds about 2 percent of London-based Barclays Plc.
Temasek, a state-owned investment company in Singapore, previously held 16 percent, London-based Standard Chartered said today in a Regulatory News Service statement.
Temasek, the bank's largest shareholder, bought a 12 percent holding in March 2006 from the estate of late Singapore hotelier Khoo Teck Puat for 2.3 billion pounds ($4.7 billion). Temasek also holds about 2 percent of London-based Barclays Plc.
Thursday, September 13, 2007
「壞孩子」Knight建議匯控全購恆生
有「壞孩子」稱號的Eric Knight致函匯控<0005.HK>主席葛霖，認為匯控應專注亞 太等新興市場，建議匯控全購恆生銀行<0011.HK>，及將總部由倫敦遷回香港，指出合併可帶來顯著效益。
Eric Knight旗下Knight Vinke資產管理於今年6月，與集團財務董事范智廉會面時提出此建議，但對方表示持有的恆生股權在有需要時，可用來交換其他股權。Eric Knight認為，這是十分危險的策略，因恆生表現理想，若減持將削弱匯控在香港的領導地位。(ia)
Eric Knight旗下Knight Vinke資產管理於今年6月，與集團財務董事范智廉會面時提出此建議，但對方表示持有的恆生股權在有需要時，可用來交換其他股權。Eric Knight認為，這是十分危險的策略，因恆生表現理想，若減持將削弱匯控在香港的領導地位。(ia)
Wednesday, September 12, 2007
畢菲特減持中石油0.44%股權
畢菲特減持中石油0.44%股權
香港 (XFN-ASIA) - 美國股神畢菲特再度減持中石油(857.HK)股權。根據聯交所資料披露, 畢菲特於上月29日以每股平均11.473港元, 減持中石油9,265.8萬股, 或佔0.44%權益, 套現10.63億港元。 完成後, 畢菲特於中石油的持股量, 由10.16%降至9.72%。 ec/ twl AFN
畢菲特再減持中石油<0857.HK>9265.8萬股至9.72%
聯交所資料顯示，「股神」畢菲特旗下巴郡於8月29日，以每股平均價$11.473，再減持中石油<0857.HK>9265.8萬股，涉資約10.6億元，其持股量已由10.16%減至9.72%。
香港 (XFN-ASIA) - 美國股神畢菲特再度減持中石油(857.HK)股權。根據聯交所資料披露, 畢菲特於上月29日以每股平均11.473港元, 減持中石油9,265.8萬股, 或佔0.44%權益, 套現10.63億港元。 完成後, 畢菲特於中石油的持股量, 由10.16%降至9.72%。 ec/ twl AFN
畢菲特再減持中石油<0857.HK>9265.8萬股至9.72%
聯交所資料顯示，「股神」畢菲特旗下巴郡於8月29日，以每股平均價$11.473，再減持中石油<0857.HK>9265.8萬股，涉資約10.6億元，其持股量已由10.16%減至9.72%。
渣打收購飛機租貸商Pembroke
渣打收購飛機租賃融資業務
香港 (XFN-ASIA) - 渣打集團(2888.HK)宣布, 收購飛機租賃融資公司Pembroke Group, 但未有透露收購作價, 預期交易可於今年末季完成。 渣打表示, Pembroke基地位於都柏林, 相信其可為渣打提供優越的平台, 以提升其融資解決方案, 以及應付亞洲、非洲及中東市場對飛機租賃不斷增長的需求。 Pembroke截至去年底資產總值4.27億美元, 旗下自有及管理的飛機組合達79項。 ec/gl AFN
渣打<2888.HK>收購飛機租貸商Pembroke
渣打<2888.HK>公布，收購飛機租貸金融管理商Pembroke，惟須待監管機構審批，預期可於第4季完成。截至今年12月底，Pembroke的總資產為4.27億美元。(wr)
香港 (XFN-ASIA) - 渣打集團(2888.HK)宣布, 收購飛機租賃融資公司Pembroke Group, 但未有透露收購作價, 預期交易可於今年末季完成。 渣打表示, Pembroke基地位於都柏林, 相信其可為渣打提供優越的平台, 以提升其融資解決方案, 以及應付亞洲、非洲及中東市場對飛機租賃不斷增長的需求。 Pembroke截至去年底資產總值4.27億美元, 旗下自有及管理的飛機組合達79項。 ec/gl AFN
渣打<2888.HK>收購飛機租貸商Pembroke
渣打<2888.HK>公布，收購飛機租貸金融管理商Pembroke，惟須待監管機構審批，預期可於第4季完成。截至今年12月底，Pembroke的總資產為4.27億美元。(wr)
金管局再委渣打香港任歐元結算系統結算機構
香港 (XFN-ASIA) - 金管局宣布, 再度委任渣打銀行(香港)為本港歐元結算系統的結算機構, 為期5年。 歐元結算系統於03年3月推出, 當時渣打香港首次獲委任為該系統的結算機構。該系統推出的目的, 是為亞洲營業時間內的歐元交易提供即時結算。 金管局稱, 透過與香港的港元與美元結算系統以及證券交收系統聯網, 歐元結算系統可為涉及歐元的外匯交易提供同步交收服務, 以及為歐元證券買賣提供貨銀兩訖結算, 兩者均有助提高結算效率及消除結算風險。 於今年次季內, 歐元結算系統平均每月處理3,152宗交易, 平均每月交易額為270億歐元。目前歐元結算系統有28個直接參與機構及21個間接參與機構。 wkp/ec AFN
Sunday, September 9, 2007
匯控數周內回應基金批評
【明報專訊】面對近日有基金小股東及維權人士公開質疑匯控(0005)現行的業務策略及管理能力，匯控主席葛霖(Stephen Green)周六接受英國《金融時報》訪問時，首度開腔作出反擊，重申集團一貫擁有清晰的策略，目標是集中在新興市場發展。據悉匯控將於未來數星期內召開董事會，就有關股東的質詢草議一份回應。
葛霖﹕拓新興市場目標清晰
「我們擁有清晰的策略，就是要投資及發展我們強勁的新興市場業務，我們會繼續這樣做。」葛霖又以近日斥63億美元入股韓國外換銀行為例解釋說：「這交易也是我們的策略之一，早在今年初我們已經在詳細研究。」
有「小股東維權人士」之稱的紐約投資者埃里克‧奈特(Eric Knight)，日前透過旗下公司Knight Vinke，並聯同另一大型投資者「加州公務員退休基金」，去信匯控，要求集團檢視現行策略，並與股東進行建設性對話。
基金籲獨立董事作檢討
據《金融時報》報道，該長達10頁紙的信函，指匯控現時市值被低估了50%，就是由於市場不確定匯控的長遠策略及其管理層質素所致；Eric Knight指出，過去15年，匯控動用了超過400億美元在亞洲以外收購，但除了香港外，業務上沒有一個地方是「一哥」。
信中同時亦表達了對匯控董事會的組成和結構、薪酬政策，及其環球資產分布比例的憂慮，並提出匯控應出售其美歐兩地的資產，把資金重新投入亞洲主場。
埃里克又建議，未來應由匯控的獨立非執行董事、現任勞斯萊斯(Rolls-Royce)主席Simon Robertson領導匯控進行業務策略檢討，而非由葛霖負責。
葛霖﹕拓新興市場目標清晰
「我們擁有清晰的策略，就是要投資及發展我們強勁的新興市場業務，我們會繼續這樣做。」葛霖又以近日斥63億美元入股韓國外換銀行為例解釋說：「這交易也是我們的策略之一，早在今年初我們已經在詳細研究。」
有「小股東維權人士」之稱的紐約投資者埃里克‧奈特(Eric Knight)，日前透過旗下公司Knight Vinke，並聯同另一大型投資者「加州公務員退休基金」，去信匯控，要求集團檢視現行策略，並與股東進行建設性對話。
基金籲獨立董事作檢討
據《金融時報》報道，該長達10頁紙的信函，指匯控現時市值被低估了50%，就是由於市場不確定匯控的長遠策略及其管理層質素所致；Eric Knight指出，過去15年，匯控動用了超過400億美元在亞洲以外收購，但除了香港外，業務上沒有一個地方是「一哥」。
信中同時亦表達了對匯控董事會的組成和結構、薪酬政策，及其環球資產分布比例的憂慮，並提出匯控應出售其美歐兩地的資產，把資金重新投入亞洲主場。
埃里克又建議，未來應由匯控的獨立非執行董事、現任勞斯萊斯(Rolls-Royce)主席Simon Robertson領導匯控進行業務策略檢討，而非由葛霖負責。
Saturday, September 8, 2007
美股東促匯控釐清發展路向
【明報專訊】今年對「大笨象」匯豐控股(0005)來說可謂多事之秋，繼年初因次按問題發盈警、主席葛霖被轟欠領導能力、亞太區行政總裁邵銘高6月份突然跳槽，外界紛揣測匯控內部管治出現問題(見表)。美國維權投資者Knight Vinke資產管理公司公然發表聲明，要求與匯控董事會就集團未來方向及管治作出建設性對話。
有「股東維權人士」之稱的埃里克‧奈特(Eric Knight)，今年5月25日透過旗下公司Knight Vinke致函匯控主席葛霖，6月12日在紐約與集團財務董事范智廉(Douglas Flint)會面，本月4日更致函全體董事局，表示「要求匯控諮詢股東，從根本上對其策略進行一次檢視」。該信更提及數項與「管治」相關的重要關注，並要求董事局考慮。
已獲另一機構股東支持
Knight Vinke日前發出上述聲明，目的是迫使匯豐在策略和管理架構方面推行具有深遠影響的改革。綜合外電報道，埃里克‧奈特昨日會發布一份聲明，以爭取其他機構股東的支援。英國《金融時報》指，Knight Vinke現持有少於1%的匯控股份，但已獲得另一維權投資機構「加州公務員退休基金」(Calpers)的支持。
埃里克‧奈特是一位紐約投資者，他在股東維權活動方面建立了一定的聲譽，其公司Knight Vinke今年更被《金融時報》讀者選為最具影響力的環球進取投資者。事實上，在他喚起外界對匯控管治的關注前，市場及其他投資者早對葛霖有意見。
市場對葛霖早有意見
去年5月，葛霖由行政總裁升任為主席，當時已有股東質疑這安排違反英國最佳企業管治的標準，但委任最終順利獲通過。及至今年初，不少投資界人士公開批評匯控業務及股價表現，認為集團在03年收購匯豐融資的前身Household International屬錯誤決定，又質疑葛霖的領導能力。
1月份，更有投資界人士批評曾當牧師的葛霖「似未睡醒」；2月，匯控因美國次級按揭問題罕有發出盈警，令集團出現前所未有的信心危機。
6月份在匯控服務長達29年的原亞太行政總裁邵銘高，突然被澳紐銀行高薪挖角，震驚市場，令外界質疑集團內部管治已響警號。
明報記者賴美玲報道
有「股東維權人士」之稱的埃里克‧奈特(Eric Knight)，今年5月25日透過旗下公司Knight Vinke致函匯控主席葛霖，6月12日在紐約與集團財務董事范智廉(Douglas Flint)會面，本月4日更致函全體董事局，表示「要求匯控諮詢股東，從根本上對其策略進行一次檢視」。該信更提及數項與「管治」相關的重要關注，並要求董事局考慮。
已獲另一機構股東支持
Knight Vinke日前發出上述聲明，目的是迫使匯豐在策略和管理架構方面推行具有深遠影響的改革。綜合外電報道，埃里克‧奈特昨日會發布一份聲明，以爭取其他機構股東的支援。英國《金融時報》指，Knight Vinke現持有少於1%的匯控股份，但已獲得另一維權投資機構「加州公務員退休基金」(Calpers)的支持。
埃里克‧奈特是一位紐約投資者，他在股東維權活動方面建立了一定的聲譽，其公司Knight Vinke今年更被《金融時報》讀者選為最具影響力的環球進取投資者。事實上，在他喚起外界對匯控管治的關注前，市場及其他投資者早對葛霖有意見。
市場對葛霖早有意見
去年5月，葛霖由行政總裁升任為主席，當時已有股東質疑這安排違反英國最佳企業管治的標準，但委任最終順利獲通過。及至今年初，不少投資界人士公開批評匯控業務及股價表現，認為集團在03年收購匯豐融資的前身Household International屬錯誤決定，又質疑葛霖的領導能力。
1月份，更有投資界人士批評曾當牧師的葛霖「似未睡醒」；2月，匯控因美國次級按揭問題罕有發出盈警，令集團出現前所未有的信心危機。
6月份在匯控服務長達29年的原亞太行政總裁邵銘高，突然被澳紐銀行高薪挖角，震驚市場，令外界質疑集團內部管治已響警號。
明報記者賴美玲報道
招行有意申辦「港股直通車」
【明報專訊】繼工商銀行(1398)、建設銀行(0939)及交通銀行(3328)先後表示有意申辦「港股直通車」後，招商銀行(3968)行長馬蔚華昨天表示，對此亦感興趣。內地媒體又續引消息人士指出，港股直通車的試點將由天津擴大至3個，試點銀行亦增至3家。
馬蔚華昨天在北京出席「金融品牌論壇」後指出，正擬申請港股直通車業務，但沒有透露申請的進度及具體情况。他又指，近日正密切關注房屋貸款的風險，「因為全球受到美國次按債券問題的影響，亦給中國敲響了警鐘」。他亦強調，中央過去多次加存款準備金率，本周四再加對該行已沒有多少影響。
另一方面，《上海證券報》昨天引述權威人士消息透露，港股直通車的試點地區除了天津以外，再加入上海與深圳兩地，而參與的試點銀行，亦由中國銀行(3988)擴大至3家。報道又指，有關機構將視試點的情况再逐步在全國推開。
明報駐京記者譚凱韻報道
馬蔚華昨天在北京出席「金融品牌論壇」後指出，正擬申請港股直通車業務，但沒有透露申請的進度及具體情况。他又指，近日正密切關注房屋貸款的風險，「因為全球受到美國次按債券問題的影響，亦給中國敲響了警鐘」。他亦強調，中央過去多次加存款準備金率，本周四再加對該行已沒有多少影響。
另一方面，《上海證券報》昨天引述權威人士消息透露，港股直通車的試點地區除了天津以外，再加入上海與深圳兩地，而參與的試點銀行，亦由中國銀行(3988)擴大至3家。報道又指，有關機構將視試點的情况再逐步在全國推開。
明報駐京記者譚凱韻報道
Friday, September 7, 2007
HSBC Trinkaus Would Consider Buying IKB, Schmitz Says
Sept. 7 (Bloomberg) -- HSBC Trinkaus & Burkhardt AG, the German bank controlled by HSBC Holdings Plc, would consider buying IKB Deutsche Industriebank AG after a government-sponsored bailout following losses in the U.S. subprime mortgage market.
``IKB, reduced to its core of classical long-term corporate lending, is interesting,'' HSBC Trinkaus head Andreas Schmitz said in an interview in Frankfurt yesterday. Both lenders are based in Dusseldorf, offering ``certain synergies,'' he said.
IKB, which lends to German companies with more than 10 million euros ($13.7 million) in annual sales, said on Sept. 3 it will post a loss of as much as 700 million euros in the current fiscal year and will curtail investments in the international securities funded by commercial paper that drove it to a near- default. German Finance Minister Peer Steinbrueck said the government is open to selling shares it owns through KfW Group.
KfW, which owns 38 percent of IKB, replaced the company's chief executive and chief financial officers with its own managers. It agreed with German banking associations to cover as much as 3.5 billion euros of potential losses at IKB and its Rhineland Funding Capital Corp. affiliate.
It also assumed IKB's funding obligations to Rhineland, which invests in and sells short-term debt backed by assets including subprime mortgages, totaling 8.1 billion euros. Home loans are going bad at the highest rate in 10 years.
DZ Bank Interested
IKB shares have fallen 48 percent since the end of June, cutting the company's market value to 1.21 billion euros. The stock fell 1.7 percent to 13.75 euros in Frankfurt trading. The 65-member Bloomberg Europe Banks and Financial Services Index declined 2.9 percent.
DZ Bank AG, Germany's largest cooperative lender, also would be interested in buying IKB to attract mid-sized corporate clients, CEO Wolfgang Kirsch said at a banking conference in Frankfurt this week.
HSBC Trinkaus would consider acquisitions in institutional asset management and private banking in Germany, Schmitz said. The bank currently employs around 2,000 people in the country.
London-based HSBC, the U.K.'s biggest bank, this week agreed to pay about $6.3 billion for control of Korea Exchange Bank in the company's largest acquisition in Asia.
HSBC owns 78.6 percent of HSBC Trinkaus. Landesbank Baden- Wuerttemberg has a 20.3 percent stake. LBBW, Germany's biggest state-owned bank, has said it wants to acquire WestLB AG, Germany's third-largest state-owned bank.
Schmitz ruled out a takeover of WestLB, whose trading business is being probed by regulators and prosecutors. WestLB is ``a bank without clients and a duplication in investment banking wouldn't advance us,'' he said.
``IKB, reduced to its core of classical long-term corporate lending, is interesting,'' HSBC Trinkaus head Andreas Schmitz said in an interview in Frankfurt yesterday. Both lenders are based in Dusseldorf, offering ``certain synergies,'' he said.
IKB, which lends to German companies with more than 10 million euros ($13.7 million) in annual sales, said on Sept. 3 it will post a loss of as much as 700 million euros in the current fiscal year and will curtail investments in the international securities funded by commercial paper that drove it to a near- default. German Finance Minister Peer Steinbrueck said the government is open to selling shares it owns through KfW Group.
KfW, which owns 38 percent of IKB, replaced the company's chief executive and chief financial officers with its own managers. It agreed with German banking associations to cover as much as 3.5 billion euros of potential losses at IKB and its Rhineland Funding Capital Corp. affiliate.
It also assumed IKB's funding obligations to Rhineland, which invests in and sells short-term debt backed by assets including subprime mortgages, totaling 8.1 billion euros. Home loans are going bad at the highest rate in 10 years.
DZ Bank Interested
IKB shares have fallen 48 percent since the end of June, cutting the company's market value to 1.21 billion euros. The stock fell 1.7 percent to 13.75 euros in Frankfurt trading. The 65-member Bloomberg Europe Banks and Financial Services Index declined 2.9 percent.
DZ Bank AG, Germany's largest cooperative lender, also would be interested in buying IKB to attract mid-sized corporate clients, CEO Wolfgang Kirsch said at a banking conference in Frankfurt this week.
HSBC Trinkaus would consider acquisitions in institutional asset management and private banking in Germany, Schmitz said. The bank currently employs around 2,000 people in the country.
London-based HSBC, the U.K.'s biggest bank, this week agreed to pay about $6.3 billion for control of Korea Exchange Bank in the company's largest acquisition in Asia.
HSBC owns 78.6 percent of HSBC Trinkaus. Landesbank Baden- Wuerttemberg has a 20.3 percent stake. LBBW, Germany's biggest state-owned bank, has said it wants to acquire WestLB AG, Germany's third-largest state-owned bank.
Schmitz ruled out a takeover of WestLB, whose trading business is being probed by regulators and prosecutors. WestLB is ``a bank without clients and a duplication in investment banking wouldn't advance us,'' he said.
渣打執董南凱英突辭職
【明報專訊】渣打集團(2888)董事會突然宣布，執行董事南凱英(Kai Nargolwala)已決定昨日起辭任職務，以開展其他事業機會。據了解，其辭任消息在渣打內部傳出約一星期，其匆忙離開，是另謀高就，料應繼續從事銀行業工作。
白承睿接替職務
南凱英自99年5月起擔任渣打董事，專責亞洲的管治工作及風險與特別資產管理職務。接管其職務的將是該集團的執行委員會成員白承睿(Jaspal Binra)，他將擴闊其現有的南亞及東南亞工作範疇，以負責整個亞洲地區(南韓除外)的增長及管治工作，並直接向行政總裁Peter Sands匯報。
白承睿46歲，98年加入渣打，現為東南及南亞區總經理，曾於印度擔任客戶關係環球主管及區域總經理。
已辭任渣打的南凱英，56歲，現為Singapore Telecommunications Ltd及Tate & Lyle PLC的非執董，亦為Visa International亞太區董事。
白承睿接替職務
南凱英自99年5月起擔任渣打董事，專責亞洲的管治工作及風險與特別資產管理職務。接管其職務的將是該集團的執行委員會成員白承睿(Jaspal Binra)，他將擴闊其現有的南亞及東南亞工作範疇，以負責整個亞洲地區(南韓除外)的增長及管治工作，並直接向行政總裁Peter Sands匯報。
白承睿46歲，98年加入渣打，現為東南及南亞區總經理，曾於印度擔任客戶關係環球主管及區域總經理。
已辭任渣打的南凱英，56歲，現為Singapore Telecommunications Ltd及Tate & Lyle PLC的非執董，亦為Visa International亞太區董事。
匯豐：港沒空間減息
匯豐：港沒空間減息
3個月拆息見4.97厘 續企6年高位 2007年9月7日
【明報專訊】全球關注美國聯儲局於本月18日的議息結果，會否真的出手減息救市，而屆時本港又會否跟隨。向來主導本港息口走勢的匯豐銀行，其執行董事王冬勝表示，現時美國在本月減息的機會仍是「一半一半」；而即使美國減息，香港也沒有跟隨的空間。昨日本港同業拆息繼續在全球信貸緊縮下被抽高，3個月拆息升至4.97厘，再創6年新高。
陸續爆出有歐美銀行以資產負債表外的公司來投資按揭證券產品，同業拆借市場息率抽升。不過，昨日在歐洲央行向市場注資420億歐元後，倫敦同業市場的隔夜歐元息率，終回落55點子(100點子為1厘)至1星期的低位4.13厘，而3個月美元拆息就仍維持在5.72厘的高位。
王冬勝︰直通車勢令港「水浸」
對於美國本月會否透過減息，來紓緩市場上的資金壓力及刺激經濟，王冬勝表示現時減息機會仍是「一半一半」。「在聯儲局議息日之前，美國有一批次按到期須重訂息率，相信當局到時要再看市場反應，資金流動會不會有所改善才再作決定，可能透過調節貼現窗(率)已足夠穩定市場，未必一定要全面減息。」王冬勝認為，次按風暴帶來的影響，市場需時慢慢消化，時間可能達1年。
至於香港會否跟隨美國減息，王冬勝就認為本港現時並沒有減息的空間：「過去美國加了兩次息，我們都沒有跟隨，今次即使美國減息半厘，我們仍有條件維持現時的息率。」王冬勝又指出，未來「資金自由行」抵港，勢令香港「水浸」。「今時今日減息要看兩個因素：一是美國息口走勢，二是內地資金對本港市場的影響。」
至於上周曾預料本港會跟隨美國減息的$&副董事長柯清輝，昨日接受本報查詢時亦同意，以現時本港的拆息水平，是沒有減息的空間。不過，他補充，如美國減息，屆時本港拆息理應回軟，會否減息要再觀察。
業界：美減息無助拆息回順
不過，美國減息，到底是否真的能令拆息回落，市場對此存有懷疑。美國運通銀行財資市場部主管陸庭龍就指出，是次本港拆息高企，不是因為缺乏資金，而是因為國際信貸市場出現了信心危機的問題：「你無法知道，你借錢出去的對手到底有沒有問題(投資次按)，所以大家都傾向把錢留在自己手中。」
$&董事兼副總經理黃遠輝亦預料，即使美國減息，亦無助解決環球拆息高企問題，短期內本港的拆息勢難回落；而倚仗從拆息市場拆入資金的中小型銀行，因拆借成本上升，未來亦很可能需要調減按揭利率上的優惠。
明報記者吳綺慧報道
3個月拆息見4.97厘 續企6年高位 2007年9月7日
【明報專訊】全球關注美國聯儲局於本月18日的議息結果，會否真的出手減息救市，而屆時本港又會否跟隨。向來主導本港息口走勢的匯豐銀行，其執行董事王冬勝表示，現時美國在本月減息的機會仍是「一半一半」；而即使美國減息，香港也沒有跟隨的空間。昨日本港同業拆息繼續在全球信貸緊縮下被抽高，3個月拆息升至4.97厘，再創6年新高。
陸續爆出有歐美銀行以資產負債表外的公司來投資按揭證券產品，同業拆借市場息率抽升。不過，昨日在歐洲央行向市場注資420億歐元後，倫敦同業市場的隔夜歐元息率，終回落55點子(100點子為1厘)至1星期的低位4.13厘，而3個月美元拆息就仍維持在5.72厘的高位。
王冬勝︰直通車勢令港「水浸」
對於美國本月會否透過減息，來紓緩市場上的資金壓力及刺激經濟，王冬勝表示現時減息機會仍是「一半一半」。「在聯儲局議息日之前，美國有一批次按到期須重訂息率，相信當局到時要再看市場反應，資金流動會不會有所改善才再作決定，可能透過調節貼現窗(率)已足夠穩定市場，未必一定要全面減息。」王冬勝認為，次按風暴帶來的影響，市場需時慢慢消化，時間可能達1年。
至於香港會否跟隨美國減息，王冬勝就認為本港現時並沒有減息的空間：「過去美國加了兩次息，我們都沒有跟隨，今次即使美國減息半厘，我們仍有條件維持現時的息率。」王冬勝又指出，未來「資金自由行」抵港，勢令香港「水浸」。「今時今日減息要看兩個因素：一是美國息口走勢，二是內地資金對本港市場的影響。」
至於上周曾預料本港會跟隨美國減息的$&副董事長柯清輝，昨日接受本報查詢時亦同意，以現時本港的拆息水平，是沒有減息的空間。不過，他補充，如美國減息，屆時本港拆息理應回軟，會否減息要再觀察。
業界：美減息無助拆息回順
不過，美國減息，到底是否真的能令拆息回落，市場對此存有懷疑。美國運通銀行財資市場部主管陸庭龍就指出，是次本港拆息高企，不是因為缺乏資金，而是因為國際信貸市場出現了信心危機的問題：「你無法知道，你借錢出去的對手到底有沒有問題(投資次按)，所以大家都傾向把錢留在自己手中。」
$&董事兼副總經理黃遠輝亦預料，即使美國減息，亦無助解決環球拆息高企問題，短期內本港的拆息勢難回落；而倚仗從拆息市場拆入資金的中小型銀行，因拆借成本上升，未來亦很可能需要調減按揭利率上的優惠。
明報記者吳綺慧報道
Wednesday, September 5, 2007
發改委：油企採油補貼煉油
【明報專訊】基於確保供應穩定的社會責任，內地兩大石油企業——中石油(0857)、中石化(0386)的煉油業務，在國際油價高企下一直「虧本生產」。
國家發改委副主任畢井泉昨指出，煉油環節虧損的矛盾確實在加劇，但上游原油生產及成品油銷售都是盈利的，故1至7月總計，中石油總公司及中石化集團的盈利比上年同期有所增加。
「發改委迄今為止沒有接到中國石油天然氣總公司、中國石油化工集團，由於國際原油漲價而提出提高成品油價格的申請。但逐步理順成品油價格的政策已經確定，具體的調價時間，要根據國際市場的油價和社會各方面的承受能力統籌考慮。」畢井泉昨在國務院新聞辦公室舉行新聞發布會上說。
中石油中石化未提加價
他續指出，內地成品油整體市場供求總量是平衡的，市場也是比較穩定的。針對8月份福建省、黑龍江省等個別地區出現成品油供應偏緊的情，發改委已要求兩個石油公司增加生產、組織進口、加強調運，採取有力措施，確保市場的供應。
石油分析員指出，石油企業的煉油業務盈虧平衡點，約是國際油價每桶60美元至64美元，以油價持續高企情，煉油業務7月份開始便再次出現虧損，但成品油調價遙遙無期，確保生產的硬性指標，均增加油公司經營負擔。
殼牌中石油訂輸氣協議
另外，皇家殼牌與中石油簽訂天然氣供應協議，持有澳洲西部海上Gorgon液化天然氣項目的殼牌，將向中石油每年輸出100萬噸液化天然氣，雙方將爭取在明年底前落實詳細協議。Gorgon項目約擁天然氣儲量40萬億立方呎，佔澳洲已確認的天然氣儲量四分之一。
國家發改委副主任畢井泉昨指出，煉油環節虧損的矛盾確實在加劇，但上游原油生產及成品油銷售都是盈利的，故1至7月總計，中石油總公司及中石化集團的盈利比上年同期有所增加。
「發改委迄今為止沒有接到中國石油天然氣總公司、中國石油化工集團，由於國際原油漲價而提出提高成品油價格的申請。但逐步理順成品油價格的政策已經確定，具體的調價時間，要根據國際市場的油價和社會各方面的承受能力統籌考慮。」畢井泉昨在國務院新聞辦公室舉行新聞發布會上說。
中石油中石化未提加價
他續指出，內地成品油整體市場供求總量是平衡的，市場也是比較穩定的。針對8月份福建省、黑龍江省等個別地區出現成品油供應偏緊的情，發改委已要求兩個石油公司增加生產、組織進口、加強調運，採取有力措施，確保市場的供應。
石油分析員指出，石油企業的煉油業務盈虧平衡點，約是國際油價每桶60美元至64美元，以油價持續高企情，煉油業務7月份開始便再次出現虧損，但成品油調價遙遙無期，確保生產的硬性指標，均增加油公司經營負擔。
殼牌中石油訂輸氣協議
另外，皇家殼牌與中石油簽訂天然氣供應協議，持有澳洲西部海上Gorgon液化天然氣項目的殼牌，將向中石油每年輸出100萬噸液化天然氣，雙方將爭取在明年底前落實詳細協議。Gorgon項目約擁天然氣儲量40萬億立方呎，佔澳洲已確認的天然氣儲量四分之一。
渣打購石油燃氣業併購顧問Harrison Lovegrove
渣打<2888.HK>公布已訂立協議，擬收購Harrison Lovegrove，惟須待監管部門審批，料可於10月底完成。
Harrison Lovegrove為石油燃氣業併購顧問，在倫敦、莫斯科等地均有辦事處，及於華盛頓設有研究中心。截至去年底，Harrison Lovegrove的總資產約2300萬美元。
Harrison Lovegrove為石油燃氣業併購顧問，在倫敦、莫斯科等地均有辦事處，及於華盛頓設有研究中心。截至去年底，Harrison Lovegrove的總資產約2300萬美元。
匯豐花旗高息搶存戶
【明報專訊】同業拆息高企，銀行紛出招以高息吸納存款，匯豐銀行本月推出最新高息活期存款計劃，本月28日前，客戶在戶口新增存款最少5萬元，每兩個月可獲額外年利率，最高年息達4厘，卓越理財客戶更可獲最高5.25厘，息率較5月份該行推出的高息存款計劃還要高。另一邊廂，花旗銀行推出3個月定期年息達4.25厘。
匯豐卓越理財最高可獲5.25厘
新一浪新股集資潮本月開始，料將抽走資金，進一步影響拆息上升，銀行唯有吸納存款「儲」彈藥。匯豐於5月曾推出高息活期吸客，當時一般客戶最高年息達3.8厘，卓越理則客戶則享5厘，今次推出的計劃息率更高。
匯豐新推計劃，適用於新舊客戶，只需於本月28日前，透過網上銀行或電話登記，並同時存入5萬至500萬元，於9月29日起至08年3月27日6個月內，每兩個月可額外獲得0.3厘、0.6厘、1.4厘年息，最高可獲4厘，卓越理財客戶於回報期最後1個月，更可額外獲2.65厘，即總儲蓄年息高達5.25 厘。另外，花旗銀行日前亦公布，推出港元定期存款新優惠，旗下Citigold客戶以新資金，開立3個月港元定存戶口，可享高達4.25厘年息，1個月期則為4.15厘。花旗銀行其他客戶，新開立3個月定存戶口年息為4厘，1個月為3.9厘，但有關優惠於本月15日止，最低存款額為5萬元。
匯豐卓越理財最高可獲5.25厘
新一浪新股集資潮本月開始，料將抽走資金，進一步影響拆息上升，銀行唯有吸納存款「儲」彈藥。匯豐於5月曾推出高息活期吸客，當時一般客戶最高年息達3.8厘，卓越理則客戶則享5厘，今次推出的計劃息率更高。
匯豐新推計劃，適用於新舊客戶，只需於本月28日前，透過網上銀行或電話登記，並同時存入5萬至500萬元，於9月29日起至08年3月27日6個月內，每兩個月可額外獲得0.3厘、0.6厘、1.4厘年息，最高可獲4厘，卓越理財客戶於回報期最後1個月，更可額外獲2.65厘，即總儲蓄年息高達5.25 厘。另外，花旗銀行日前亦公布，推出港元定期存款新優惠，旗下Citigold客戶以新資金，開立3個月港元定存戶口，可享高達4.25厘年息，1個月期則為4.15厘。花旗銀行其他客戶，新開立3個月定存戶口年息為4厘，1個月為3.9厘，但有關優惠於本月15日止，最低存款額為5萬元。
Tuesday, September 4, 2007
Singapore's Temasek says Stanchart "a good investment"
SINGAPORE, Sept 4 (Reuters) - Singapore's state investment company Temasek Holdings [TEM.UL] confirmed on Tuesday that it has raised its stake in London-based Standard Chartered (STAN.L: Quote, Profile , Research) because it thought the emerging markets bank was an attractive investment.
"We have always considered Standard Chartered to be a good investment," Temasek spokeswoman Myrna Thomas said in an email. "We capitalised on current market opportunities to increase our exposure to a strong financial services player."
Standard Chartered said in a disclosure statement on Monday that Temasek had on Aug. 29 raised its holding to 16 percent from 15 percent.
"We have always considered Standard Chartered to be a good investment," Temasek spokeswoman Myrna Thomas said in an email. "We capitalised on current market opportunities to increase our exposure to a strong financial services player."
Standard Chartered said in a disclosure statement on Monday that Temasek had on Aug. 29 raised its holding to 16 percent from 15 percent.
中壽力拓非壽險業務
【明報專訊】中國人壽(2628)董事長楊超昨天在北京重申，要將中壽打造為綜合金融企業，並向銀行﹑證券﹑信託及資產管理業務上發展，成為金融產品的大超市，不過管理層拒絕預測未來非壽險業務的盈利佔比目標，只表示遇有合適機會，會持續進行收購。
中壽昨天在北京舉行針對國內媒體的業績發布會，楊超在會上表示，發展非保險業務，如資產管理已有兩年時間，未來會開拓養老金﹑及財產險等業務，目前中信集團及光大集團已在做類似的事情，相信中壽可以利用現有強大的網絡發揮其優勢。
中壽首席投資官劉樂飛指出，中壽05年開始投資銀行等業務，包括建設銀行(0939)﹑工商銀行(1398)﹑中國銀行(3988)及民生銀行等IPO或定向發行，亦有投資於中信證券及廣東發展銀行，主要原因是非常看好這塊業務的發展前景，不過大部分均是財務性的策略投資。未來將會慎重地考慮是否收購包括銀行及信託類業務，但主要還是看市場有沒有機會。
控股銀行與否看協同效應
董事長楊超期後補充，中壽目前持有9家銀行作為長期投資，對這些銀行未來的發展有信心，不過將來會否控股銀行，則沒有明確的時間表，但會從是否能跟保險業務有幫助的角度作考慮。
中壽昨天隨大市微跌0.93%，或0.35元，收報37.3元。
(明報記者譚凱韻北京報道)
中壽昨天在北京舉行針對國內媒體的業績發布會，楊超在會上表示，發展非保險業務，如資產管理已有兩年時間，未來會開拓養老金﹑及財產險等業務，目前中信集團及光大集團已在做類似的事情，相信中壽可以利用現有強大的網絡發揮其優勢。
中壽首席投資官劉樂飛指出，中壽05年開始投資銀行等業務，包括建設銀行(0939)﹑工商銀行(1398)﹑中國銀行(3988)及民生銀行等IPO或定向發行，亦有投資於中信證券及廣東發展銀行，主要原因是非常看好這塊業務的發展前景，不過大部分均是財務性的策略投資。未來將會慎重地考慮是否收購包括銀行及信託類業務，但主要還是看市場有沒有機會。
控股銀行與否看協同效應
董事長楊超期後補充，中壽目前持有9家銀行作為長期投資，對這些銀行未來的發展有信心，不過將來會否控股銀行，則沒有明確的時間表，但會從是否能跟保險業務有幫助的角度作考慮。
中壽昨天隨大市微跌0.93%，或0.35元，收報37.3元。
(明報記者譚凱韻北京報道)
匯控落實493億購韓KEB
【明報專訊】曾多次在韓國收購均臨門脫腳、敗北而回的匯控(0005)，今次無懼賣家仍有官非纏身，昨日正式宣布以63.17億美元(約493億港元)代價，收購韓國第六大銀行韓國外換銀行(Korea Exchange Bank，簡稱KEB)51.02%的權益，金額較這兩個星期以來市傳的55億美元為多，再一次顯露匯控拓展韓國市場的決心。
不過，根據南韓的法例，若要購入當地銀行超過10%股權，就須南韓金融監管委員會的批准。由於是次的賣家私募基金Lone Star，仍牽涉於2003年收購KEB時涉嫌操控股價的訴訟之中，早前就有消息指出，韓國的監管機構在有關判決出爐前，均不會展開出售KEB予匯控的審核程序，所以交易何時才能完成，尚存變數。匯控表示，如交易未能如期於明年1月底前完成的話，則須額外向Lone Star支付1.33億美元(約10.37億港元)。
賣方涉訴訟 交易存變數
匯控於公告中透露，是次約63億美元的代價，即折合為每股1.8045萬韓圜(即約150港元)，代價為KEB在6月底帳面值的1.83倍，將以現金支付。收購價較KEB於上周五在韓國的收市價有21.5%的溢價，不過較過去1個月的平均收市價就有溢價達29%。
美資大行高盛認為匯控把資金由經合組織市場，重新調配投資在高增長的亞洲市場，有助提升價值；外換銀行的貿易融資及企業銀行業務表現強勁，正好配合匯控在這方面的發展，也為零售銀行業務提供平台。摩根士丹利則預期，交易可提升匯控亞洲業務收入約2%，明年整體盈利增加1.4%。
外換銀擁540萬存戶
KEB現時於韓國有540萬個存款客戶，分行超過350間，截至今年6月底，該行的總資產達782億美元，股東權益為67億美元。
去年KEB的稅前及稅後溢利，就分別為15.77億及10.7億美元，較05年倒退近一成及五成。匯控表示，KEB的專長在於貿易融資及外匯業務之上，未來會擴展其他範疇，如個人理財以至信用卡等業務。
匯豐過去進軍韓國市場，可謂連番波折，共有3次未能成功收購韓國銀行的經驗。當中包括04年匯控在收購韓美銀行，不敵對手花旗銀行；翌年收購韓國第一銀行，亦以大熱姿態，敗於出價18億英鎊的渣打(2888)，匯控一度表示要以自然增長來發展南韓市場，但發展一直不如渣打及花旗。
(明報記者吳綺慧、楊盈慧報道)
不過，根據南韓的法例，若要購入當地銀行超過10%股權，就須南韓金融監管委員會的批准。由於是次的賣家私募基金Lone Star，仍牽涉於2003年收購KEB時涉嫌操控股價的訴訟之中，早前就有消息指出，韓國的監管機構在有關判決出爐前，均不會展開出售KEB予匯控的審核程序，所以交易何時才能完成，尚存變數。匯控表示，如交易未能如期於明年1月底前完成的話，則須額外向Lone Star支付1.33億美元(約10.37億港元)。
賣方涉訴訟 交易存變數
匯控於公告中透露，是次約63億美元的代價，即折合為每股1.8045萬韓圜(即約150港元)，代價為KEB在6月底帳面值的1.83倍，將以現金支付。收購價較KEB於上周五在韓國的收市價有21.5%的溢價，不過較過去1個月的平均收市價就有溢價達29%。
美資大行高盛認為匯控把資金由經合組織市場，重新調配投資在高增長的亞洲市場，有助提升價值；外換銀行的貿易融資及企業銀行業務表現強勁，正好配合匯控在這方面的發展，也為零售銀行業務提供平台。摩根士丹利則預期，交易可提升匯控亞洲業務收入約2%，明年整體盈利增加1.4%。
外換銀擁540萬存戶
KEB現時於韓國有540萬個存款客戶，分行超過350間，截至今年6月底，該行的總資產達782億美元，股東權益為67億美元。
去年KEB的稅前及稅後溢利，就分別為15.77億及10.7億美元，較05年倒退近一成及五成。匯控表示，KEB的專長在於貿易融資及外匯業務之上，未來會擴展其他範疇，如個人理財以至信用卡等業務。
匯豐過去進軍韓國市場，可謂連番波折，共有3次未能成功收購韓國銀行的經驗。當中包括04年匯控在收購韓美銀行，不敵對手花旗銀行；翌年收購韓國第一銀行，亦以大熱姿態，敗於出價18億英鎊的渣打(2888)，匯控一度表示要以自然增長來發展南韓市場，但發展一直不如渣打及花旗。
(明報記者吳綺慧、楊盈慧報道)
Friday, August 31, 2007
Wednesday, August 29, 2007
Standard Chartered's innovative marketing campaign to target SMEs
With the Middle East in an economic boom, specifically the UAE, the marketing concept depicts the growth of SMEs and the support they require through the illustration of two real-life size construction workers supporting a wall, with the slogan 'You want to help your business grow, we'll give you the right support'. The 3D format used to develop the concept was very effective in attracting customers' attention.
The mock-up version of the advertisement was designed by TBWA, Standard Chartered's global advertising agency. The construction workers, dressed in construction apparel are fully kitted out with real tools including hammers, measuring tapes, and safety hats.
'The SME sector is growing at an incredible pace and is currently at a record high, accountable for a good share of businesses in the UAE,' said Sandeep Bose, Regional Head of SME Banking, Middle East & South Asia, Standard Chartered Bank. 'The visual selected communicates the support and backing that Standard Chartered, through its comprehensive suite of products and services, provides to SMEs in this region.'
The Bank is currently working on a strategic plan of where to place the full scale models to ensure its message reaches the right people. 'Eye-catching and innovative - the 3D visual is intended to drive brand traits and emphasise our position as the right partner to SMEs in the region. This campaign goes to show that Standard Chartered believes in innovation at all levels,' added Patricia Bentham, Head of Corporate Affairs, Standard Chartered, UAE.
The mock-up version of the advertisement was designed by TBWA, Standard Chartered's global advertising agency. The construction workers, dressed in construction apparel are fully kitted out with real tools including hammers, measuring tapes, and safety hats.
'The SME sector is growing at an incredible pace and is currently at a record high, accountable for a good share of businesses in the UAE,' said Sandeep Bose, Regional Head of SME Banking, Middle East & South Asia, Standard Chartered Bank. 'The visual selected communicates the support and backing that Standard Chartered, through its comprehensive suite of products and services, provides to SMEs in this region.'
The Bank is currently working on a strategic plan of where to place the full scale models to ensure its message reaches the right people. 'Eye-catching and innovative - the 3D visual is intended to drive brand traits and emphasise our position as the right partner to SMEs in the region. This campaign goes to show that Standard Chartered believes in innovation at all levels,' added Patricia Bentham, Head of Corporate Affairs, Standard Chartered, UAE.
Friday, August 24, 2007
中石油賺818億勝預期
【明報專訊】亞洲市值最大石油企業中石油(0857)昨公布中期業績，實現油價下降而經營成本則上漲，上游勘探與生產利潤減少，在天然氣及化工業務增長帶動下，盈利再創新高，達818億元(人民幣．下同)，按年增長1.4%，略勝市場預期。
中石油董事長蔣潔敏昨表示，公司計劃修建全長8000公里的西氣東輸二線，年輸氣量為300億立方米，氣源來自中亞地區的土庫曼斯坦，天然氣與管道業務將成為中石油新經濟增長點。
「土庫曼斯坦、鳥茲別克等和中國對管道興建都持正面態度，當這條全長1萬公里的管道完成，將成為全球最長、輸氣量最高的天然氣管道，現在前期工作順利。」蔣潔敏昨在業績會上說。
中國為解決華南地區能源匱乏的狀，以及發展燃氣電廠對天然氣的需求，計劃建設第二條西氣東輸管道。管道工程的氣源來自土庫曼斯坦阿姆河右岸氣田，並在中國境外興建2000公里的管道，橫跨烏茲別克斯坦、哈薩克斯坦抵達新疆霍爾果斯，然後在中國境內興建西氣東輸二線，途經烏魯木齊、蘭州、西安、南昌、終點站為廣州。
千億建管道 引中亞天然氣
蔣潔敏說，公司正研究是否向深圳、香港供氣的問題，目前正在進行前期研究。蔣潔敏沒有透露西氣東輸二線的投資預算，但說不包括在A股募集資金用途內，市場估計管道里數較一線高近1倍的西氣東輸二線，單是管道涉及投資額可能高達1000億元。
業績方面，中石油營業額3927億元，升20.3%，每股盈利0.46元，派中期息0.20569元。值得注意，稅前利潤按年下跌4.8%，至1103億元，期內因統一中外稅率及遞延稅項安排，稅項減少21%。
中石油上半年生產原油4.197億桶，微升0.1%；實現油價每桶57.69美元，下降1.8%；天然氣產量升16.5%，至7980億立方英尺。期內，油氣操作成本每桶7.1美元，急升20%。
實現油價跌原油產量僅增0.1%
此外，市場關心的冀東南堡油氣田儲量，中石油管理層向分析員表示，公司正在該項目的中、深油層進行勘探，初步探明儲量已達10億噸，估計最終儲量規模可觀。根據國土資源部評審，冀東南堡油田三級(探明、控制、預測)油氣地質儲量約11.8億噸。
蔣潔敏表示，南堡儲量在經過第三方審計後，可望於今年底入帳成為公司的資產。他預測，未來2至3年或更長的時間，中石油可實現原油替換率大於100%，天然氣替換率大於300%，而下半年原油產量將扭轉少量增長的趨勢。
(明報記者楊盈慧報道)
中石油董事長蔣潔敏昨表示，公司計劃修建全長8000公里的西氣東輸二線，年輸氣量為300億立方米，氣源來自中亞地區的土庫曼斯坦，天然氣與管道業務將成為中石油新經濟增長點。
「土庫曼斯坦、鳥茲別克等和中國對管道興建都持正面態度，當這條全長1萬公里的管道完成，將成為全球最長、輸氣量最高的天然氣管道，現在前期工作順利。」蔣潔敏昨在業績會上說。
中國為解決華南地區能源匱乏的狀，以及發展燃氣電廠對天然氣的需求，計劃建設第二條西氣東輸管道。管道工程的氣源來自土庫曼斯坦阿姆河右岸氣田，並在中國境外興建2000公里的管道，橫跨烏茲別克斯坦、哈薩克斯坦抵達新疆霍爾果斯，然後在中國境內興建西氣東輸二線，途經烏魯木齊、蘭州、西安、南昌、終點站為廣州。
千億建管道 引中亞天然氣
蔣潔敏說，公司正研究是否向深圳、香港供氣的問題，目前正在進行前期研究。蔣潔敏沒有透露西氣東輸二線的投資預算，但說不包括在A股募集資金用途內，市場估計管道里數較一線高近1倍的西氣東輸二線，單是管道涉及投資額可能高達1000億元。
業績方面，中石油營業額3927億元，升20.3%，每股盈利0.46元，派中期息0.20569元。值得注意，稅前利潤按年下跌4.8%，至1103億元，期內因統一中外稅率及遞延稅項安排，稅項減少21%。
中石油上半年生產原油4.197億桶，微升0.1%；實現油價每桶57.69美元，下降1.8%；天然氣產量升16.5%，至7980億立方英尺。期內，油氣操作成本每桶7.1美元，急升20%。
實現油價跌原油產量僅增0.1%
此外，市場關心的冀東南堡油氣田儲量，中石油管理層向分析員表示，公司正在該項目的中、深油層進行勘探，初步探明儲量已達10億噸，估計最終儲量規模可觀。根據國土資源部評審，冀東南堡油田三級(探明、控制、預測)油氣地質儲量約11.8億噸。
蔣潔敏表示，南堡儲量在經過第三方審計後，可望於今年底入帳成為公司的資產。他預測，未來2至3年或更長的時間，中石油可實現原油替換率大於100%，天然氣替換率大於300%，而下半年原油產量將扭轉少量增長的趨勢。
(明報記者楊盈慧報道)
Thursday, August 23, 2007
Temasek Raises Stake in Standard Chartered to 15%
Aug. 22 (Bloomberg) -- Temasek Holdings Pte raised its stake in Standard Chartered Plc, a U.K. bank that makes most of its profit in Asia, as the region's economy expands faster than the U.S. or Europe.
Temasek, a Singapore state-owned investment company that manages the equivalent of $107 billion, increased its interest to 15 percent from 14 percent, Standard Chartered said in a statement yesterday. The stake is valued at about 216.2 million pounds ($428 million), based on the bank's market capitalization as of yesterday's close.
``We have increased our stake in what we have always considered to be a good investment, the reason we went in, in the first place,'' Myrna Thomas, Temasek's spokeswoman, said in an e-mailed statement today.
Temasek's move underscores the increasing appetite of so- called sovereign wealth funds, which control an estimated $2.5 trillion, more than all the world's hedge funds combined. Stephen Jen, London-based global head of currency research at Morgan Stanley, estimates the funds, which invest currency reserves in foreign assets and other investments, may expand to $12 trillion by 2015.
Temasek and state-owned China Development Bank will contribute about $11.2 billion in U.K. lender Barclays Plc's revised bid for ABN Amro Holdings NV in the largest financial- services takeover.
Single-Largest Shareholder
Temasek, which raised its stake in Standard Chartered to 14 percent from 13 percent last month, is the bank's single-largest shareholder. The investment company bought 12 percent of the lender in March 2006 from the estate of late Singapore hotelier Khoo Teck Puat for 2.3 billion pounds.
Standard Chartered said on Aug. 7 that first-half profit rose 26 percent to $1.37 billion on gains in India, China and the Middle East.
The stock has risen 3.3 percent this year, making it the best-performing U.K. bank, ahead of the nine-member FTSE All- Share Banks Index, which has lost 9.8 percent. The lender is also the third-fastest growing bank in the U.K. in the past year, in terms of sales, according to Bloomberg data.
Emerging economies in Asia are estimated to expand as much as 9.6 percent this year, the International Monetary Fund said in July. The U.S. may grow 2 percent and the U.K 2.9 percent.
Standard Chartered shares fell 12 percent from Aug. 14 to Aug. 16, posting their biggest three-day loss since September 2001, on concerns that a global credit crunch stemming from U.S. subprime loans will hurt earnings.
Temasek, run by 54-year-old Chief Executive Officer Ho Ching, said financial services swelled to 38 percent of total assets in the year to March from 35 percent a year earlier. The company owns shares in ICICI Bank Ltd., India's second-biggest lender by assets, and financial-services companies in Indonesia, Singapore, South Korea and Pakistan.
Temasek, a Singapore state-owned investment company that manages the equivalent of $107 billion, increased its interest to 15 percent from 14 percent, Standard Chartered said in a statement yesterday. The stake is valued at about 216.2 million pounds ($428 million), based on the bank's market capitalization as of yesterday's close.
``We have increased our stake in what we have always considered to be a good investment, the reason we went in, in the first place,'' Myrna Thomas, Temasek's spokeswoman, said in an e-mailed statement today.
Temasek's move underscores the increasing appetite of so- called sovereign wealth funds, which control an estimated $2.5 trillion, more than all the world's hedge funds combined. Stephen Jen, London-based global head of currency research at Morgan Stanley, estimates the funds, which invest currency reserves in foreign assets and other investments, may expand to $12 trillion by 2015.
Temasek and state-owned China Development Bank will contribute about $11.2 billion in U.K. lender Barclays Plc's revised bid for ABN Amro Holdings NV in the largest financial- services takeover.
Single-Largest Shareholder
Temasek, which raised its stake in Standard Chartered to 14 percent from 13 percent last month, is the bank's single-largest shareholder. The investment company bought 12 percent of the lender in March 2006 from the estate of late Singapore hotelier Khoo Teck Puat for 2.3 billion pounds.
Standard Chartered said on Aug. 7 that first-half profit rose 26 percent to $1.37 billion on gains in India, China and the Middle East.
The stock has risen 3.3 percent this year, making it the best-performing U.K. bank, ahead of the nine-member FTSE All- Share Banks Index, which has lost 9.8 percent. The lender is also the third-fastest growing bank in the U.K. in the past year, in terms of sales, according to Bloomberg data.
Emerging economies in Asia are estimated to expand as much as 9.6 percent this year, the International Monetary Fund said in July. The U.S. may grow 2 percent and the U.K 2.9 percent.
Standard Chartered shares fell 12 percent from Aug. 14 to Aug. 16, posting their biggest three-day loss since September 2001, on concerns that a global credit crunch stemming from U.S. subprime loans will hurt earnings.
Temasek, run by 54-year-old Chief Executive Officer Ho Ching, said financial services swelled to 38 percent of total assets in the year to March from 35 percent a year earlier. The company owns shares in ICICI Bank Ltd., India's second-biggest lender by assets, and financial-services companies in Indonesia, Singapore, South Korea and Pakistan.
Standard Chartered To Purchase 49% Stake In UTI Securities For About US$36 Mln
8/23/2007 4:39:46 AM Standard Chartered (STAN.L) on Thursday said that it entered into a strategic partnership with Securities Trading Corporation of India Limited, or STCI, to acquire a 49% stake in UTI Securities Limited for about US$36 million cash. Standard Chartered expects the acquisition to close by October 2007, subject to certain conditions, including regulatory approvals.
Standard Chartered noted that as at 31 March 2007, the gross assets that are the subject of the Transaction was US$19 million and UTISEL's total gross assets were US$38 million.
As per the agreement, STCI and Standard Chartered have provided for necessary options to raise Standard Chartered's stake in stages to 100% by 2010, subject to necessary regulatory approvals.
Standard Chartered noted that the entry into securities broking would enable it to widen its product offering in Wealth Management and Private Banking within India, and the non-resident Indian product portfolio in its footprint countries.
Standard Chartered noted that as at 31 March 2007, the gross assets that are the subject of the Transaction was US$19 million and UTISEL's total gross assets were US$38 million.
As per the agreement, STCI and Standard Chartered have provided for necessary options to raise Standard Chartered's stake in stages to 100% by 2010, subject to necessary regulatory approvals.
Standard Chartered noted that the entry into securities broking would enable it to widen its product offering in Wealth Management and Private Banking within India, and the non-resident Indian product portfolio in its footprint countries.
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