February 27, 2012, 10:33 PM EST
By Chong Pooi Koon
(Updates with analyst’s reaction in seventh paragraph.)
Feb. 28 (Bloomberg) — CIMB Group Holdings Bhd., Malaysia’s second-biggest bank, said fourth-quarter profit surged 30 percent to a record on increased lending as it seeks to grow its Asia-Pacific reach.
The Kuala Lumpur-based bank is in talks to buy part of the Royal Bank of Scotland Plc’s investment banking and securities business in the region, CIMB Chief Executive Officer Nazir Razak told reporters in Kuala Lumpur yesterday. It’s simultaneously in negotiations to acquire a stake in Manila-based Bank of Commerce, he said, declining to give details on both deals.
Net income climbed to 1.13 billion ringgit ($374 million), or 15.2 sen per share, in the three months ended Dec. 31 from 872.6 million ringgit, or 11.8 sen per share, a year earlier, the company said in an exchange filing. It declared a higher dividend of 10 sen per share, compared with 8 sen previously.
“I think 2012 could surprise on the upside as most of the downside risks are already quite visible,” Nazir said in a separate e-mailed statement. “The investment banking deal pipeline is good,” he told reporters.
CIMB wants to extend its regional reach after being Malaysia’s top underwriter for equity and rights offerings in the past three years. It has made acquisitions in Singapore, Thailand and Indonesia in the last seven years and may be one of two remaining bidders for RBS’s Asian equities, mergers and acquisitions businesses as well as its research arm, the Financial Times reported Feb. 7, citing people it didn’t name.
Philippine Talks
The Malaysian group is in separate talks with San Miguel Corp. and other shareholders to buy a 60 percent stake in Bank of Commerce, a person with knowledge of the matter said last month. It was the 16th largest lender in the Philippines by assets as of June 30 with 122 branches, according to the county’s central bank.
“Management again reassured that both mergers and acquisitions if successful won’t be financed through equity,” UOB-Kay Hian Holdings Ltd. said in a report today. “Financing will come mostly through internal funds.”
UOB upgraded the stock to “hold” and increased its price target to 6.90 ringgit from 6.20 ringgit, still below its unchanged market price of 7.14 ringgit at 11:05 a.m. in Kuala Lumpur trading today. Hong Leong Investment Bank Bhd. boosted its price target for CIMB to 7.78 ringgit from 7.69 ringgit, according to a separate broking report.
CIMB joined other Malaysian lenders Malayan Banking Bhd. and Public Bank Bhd. in posting increased earnings for the quarter as a domestic economy that expanded 5.1 percent last year helped spur demand for loans and financing. Hong Leong Bank Bhd. yesterday reported a 31 percent jump in quarterly net income, while RHB Capital Bhd. is expected to report today.
Net interest income, or revenue from borrowers after deducting interest paid to depositors, increased 7 percent to 1.76 billion ringgit in the quarter, CIMB said. Allowances for impairment losses on loans and financing grew 73 percent to 289 million ringgit, the company said.
–Editors: Barry Porter, Chan Tien Hin
To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net
To contact the editor responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net
http://tourism9.com/ http://vkins.com/
2012年2月20日星期一
Walmart Global eCommerce Announces Increased Investment in Yihaodian
BENTONVILLE, Ark., Feb. 19, 2012 /PRNewswire/ – Wal-Mart Stores, Inc. (NYSE: WMT – News) announced today that it has reached an agreement to increase its investment in the holding company of Yihaodian, a fast-growing eCommerce website in China, to bring Walmart’s total ownership stake to approximately 51 percent. Closing of the transaction is subject to Chinese government regulatory approval.
Launched in July 2008, Yihaodian offers more than 180,000 SKUs and has achieved a significant position in online grocery sales, as well as in categories such as baby/mom, consumer electronics and apparel. With 5,400 employees and an existing logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, Yihaodian is serving a growing customer base with same-day and next-day delivery of essential daily items at competitive prices.
Neil Ashe, President and CEO of Walmart Global eCommerce, said, “This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smart phones and social media. We are on track to create the next generation of eCommerce, offering the latest in online innovations to give our customers a unique shopping experience.”
“We are very impressed with Yihaodian’s strong management team, solid competence in supply chain management and, like Walmart, they are committed to outstanding service to their customers,” Ashe continued. “Our further investment in Yihaodian demonstrates that we are committed to investing in China in a key growth industry and developing all that goes with it: logistics, infrastructure, innovative talent and new technologies that will help China meet its development goals. In addition to contributing to China’s eCommerce goals, with our increased investment in Yihaodian, we are pleased to be able to further contribute to China’s domestic consumption, help stabilize prices, and advance expansion in the middle and western regions.”
Gang Yu, co-founder and chairman of Yihaodian, said, “Walmart not only brings us nearly 50 years of retailing experience and history, but also innovative technology and eCommerce solutions that will help us better meet our customers’ needs. Their excellence in supply chain will enable us to improve our customer experience and operational efficiency.”
Junling Liu, co-founder and CEO of Yihaodian, said, “More than an investment of funds, Walmart will share its knowledge and technology together with its best-in-class practices in retail and transfer them to Yihaodian’s existing organization, leveraging these synergies with our local market expertise to deliver enhanced product offerings, lower prices and a better shopping experience for our customers.”
Ruisheng Sheng, spokesperson for Ping An Group, said, “Ping An welcomes the investment from Walmart. We continue to be a strategic investor in this exciting eCommerce business. With Walmart’s and Ping An’s strategic partnership and with the vision and leadership of the current management, we believe that Yihaodian will better serve Chinese consumers.”
About WalmartWal-Mart Stores, Inc. (NYSE: WMT – News) serves customers and members more than 200 million times per week at over 10,000 retail units under 69 different banners in 28 countries. With fiscal year 2011 sales of $419 billion, Walmart employs 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://walmartstores.com and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
About YihaodianLaunched in 2008, Yihaodian has become one of the leading B2C e-commerce companies in China. Offering more than 180,000 products, Yihaodian runs logistics centers in Shanghai, Beijing, Guangzhou, Wuhan, and Chengdu, along with delivery stations in 34 cities across China. Yihaodian is one of the fastest growing companies in China, and has earned first place for Deloitte Technology Fast500 Asia Pacific and first place for China Entrepreneur Magazine’s Future Stars of China Enterprises in 2011. Through innovation, Yihaodian is committed to bringing its customers a new lifestyle of one-stop online shopping and services with superior experience. For more information, please visit www.yihaodian.com.
About Ping An GroupPing An Insurance (Group) Company of China, Ltd (Hong Kong Stock Exchange under stock code “2318″& Shanghai Stock Exchange under “601318″) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to have a shareholding structure. Today it has developed into an integrated financial services conglomerate with three core businesses: insurance, banking, and investment. Ping An was ranked No.147 in Forbes’ Global 2000 league table, No.107 in The Financial Times Global 500 list, and No.328 in Fortune Magazine’s Global 500 Leading Companies ranking and No.1 among China’s non-State owned enterprises. For more information please visit www.pingan.com.http://tourism9.com/ http://vkins.com/
Launched in July 2008, Yihaodian offers more than 180,000 SKUs and has achieved a significant position in online grocery sales, as well as in categories such as baby/mom, consumer electronics and apparel. With 5,400 employees and an existing logistics network based in Shanghai, Beijing, Guangzhou, Wuhan and Chengdu, Yihaodian is serving a growing customer base with same-day and next-day delivery of essential daily items at competitive prices.
Neil Ashe, President and CEO of Walmart Global eCommerce, said, “This investment further enables Walmart to deliver a superb customer experience to Chinese consumers that are already connected to the world through smart phones and social media. We are on track to create the next generation of eCommerce, offering the latest in online innovations to give our customers a unique shopping experience.”
“We are very impressed with Yihaodian’s strong management team, solid competence in supply chain management and, like Walmart, they are committed to outstanding service to their customers,” Ashe continued. “Our further investment in Yihaodian demonstrates that we are committed to investing in China in a key growth industry and developing all that goes with it: logistics, infrastructure, innovative talent and new technologies that will help China meet its development goals. In addition to contributing to China’s eCommerce goals, with our increased investment in Yihaodian, we are pleased to be able to further contribute to China’s domestic consumption, help stabilize prices, and advance expansion in the middle and western regions.”
Gang Yu, co-founder and chairman of Yihaodian, said, “Walmart not only brings us nearly 50 years of retailing experience and history, but also innovative technology and eCommerce solutions that will help us better meet our customers’ needs. Their excellence in supply chain will enable us to improve our customer experience and operational efficiency.”
Junling Liu, co-founder and CEO of Yihaodian, said, “More than an investment of funds, Walmart will share its knowledge and technology together with its best-in-class practices in retail and transfer them to Yihaodian’s existing organization, leveraging these synergies with our local market expertise to deliver enhanced product offerings, lower prices and a better shopping experience for our customers.”
Ruisheng Sheng, spokesperson for Ping An Group, said, “Ping An welcomes the investment from Walmart. We continue to be a strategic investor in this exciting eCommerce business. With Walmart’s and Ping An’s strategic partnership and with the vision and leadership of the current management, we believe that Yihaodian will better serve Chinese consumers.”
About WalmartWal-Mart Stores, Inc. (NYSE: WMT – News) serves customers and members more than 200 million times per week at over 10,000 retail units under 69 different banners in 28 countries. With fiscal year 2011 sales of $419 billion, Walmart employs 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://walmartstores.com and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
About YihaodianLaunched in 2008, Yihaodian has become one of the leading B2C e-commerce companies in China. Offering more than 180,000 products, Yihaodian runs logistics centers in Shanghai, Beijing, Guangzhou, Wuhan, and Chengdu, along with delivery stations in 34 cities across China. Yihaodian is one of the fastest growing companies in China, and has earned first place for Deloitte Technology Fast500 Asia Pacific and first place for China Entrepreneur Magazine’s Future Stars of China Enterprises in 2011. Through innovation, Yihaodian is committed to bringing its customers a new lifestyle of one-stop online shopping and services with superior experience. For more information, please visit www.yihaodian.com.
About Ping An GroupPing An Insurance (Group) Company of China, Ltd (Hong Kong Stock Exchange under stock code “2318″& Shanghai Stock Exchange under “601318″) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to have a shareholding structure. Today it has developed into an integrated financial services conglomerate with three core businesses: insurance, banking, and investment. Ping An was ranked No.147 in Forbes’ Global 2000 league table, No.107 in The Financial Times Global 500 list, and No.328 in Fortune Magazine’s Global 500 Leading Companies ranking and No.1 among China’s non-State owned enterprises. For more information please visit www.pingan.com.http://tourism9.com/ http://vkins.com/
2012年2月13日星期一
China tells banks to roll over local govt loans – FT
SYDNEY (Reuters) – China has told its banks to start a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a $1.7 trillion debt hangover from the global financial crisis.
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
http://tourism9.cm/ http://vkins.com/
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
http://tourism9.cm/ http://vkins.com/
China tells banks to roll over local govt loans: report
SYDNEY (Reuters) – China has told its banks to start a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a $1.7 trillion debt hangover from the global financial crisis.
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
http://tourism9.cm/ http://vkins.com/
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
http://tourism9.cm/ http://vkins.com/
2012年2月6日星期一
Credit Agricole prepares new financing model
LONDON (ShareCast) – French bank Credit Agricole (Milan: ACA.MI – news) is preparing to change its financing model for its investment and corporate bank, announced general director Jean-Yves Locher, the Financial Times reports. “We will be slimmer, operating in a smaller network of countries and a business model focused on the financing business,” he explained. The new model is expected to be ready by the end of the year. “And we are very much focused on debt capital markets because our customers need more and more to issue bonds,” Locher added. Shares were down 3.65% at €5.13 by 12:14 in Paris. S.B.
http://tourism9.cm/ http://vkins.com/
http://tourism9.cm/ http://vkins.com/
2012年2月3日星期五
PRESS DIGEST – Financial Times – Feb 3
Financial Times
GLENCORE AND XSTRATA CLOSE TO MERGER DEAL
Glencore and Xstrata (Dusseldorf: XTR.DU – news) have launched merger talks to create a $88 billion commodities trading and mining giant with the financial muscle to sweep up some of its biggest rivals. http://www.ft.com/cms/s/0/a672e172-4d6c-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
BT SET TO LAUNCH ‘ULTRA-FAST’ INTERNET
“Ultra-fast” broadband using direct fibre-optic connections will become available to most British homes and businesses next year, after a significant technological breakthrough by BT , the UK telecoms group. http://www.ft.com/cms/s/0/f7cad70c-4da6-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
SNB STANDS FIRM ON SWISS FRANC CAP
The independence of the Swiss National Bank risks being compromised due to political pressure following the departure of Philipp Hildebrand as chairman, the central bank’s acting chairman has warned. http://www.ft.com/cms/s/0/4109d3c8-4dbb-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
DEUTSCHE BANK CONCERNED BY ECB LOANS
Deutsche Bank (Xetra: 514000 – news) has risked a clash with the European Central Bank by indicating it sees a stigma attached to the long-term help offered to banks to try to ease the euro zone’s funding crisis. http://www.ft.com/cms/s/0/ad4e2782-4cda-11e1-8b08-00144feabdc0.html#axzz1ksWapJt6
SPANISH BANKS TOLD TO FIND BILLIONS
Spanish banks must find 50 billion euros ($65.86 billion)from profits and capital this year to finance a clean-up of their balance sheets or agree to merge with another bank by May to gain an extra year’s grace, according to Spain’s economy minister Luis de Guindos. http://www.ft.com/cms/s/0/34a3a576-4dc7-11e1-a66e-00144feabdc0.html#axzz1ksWapJt6
RECESSION PREDICTED TO RETURN TO UK
The British economy will suffer a modest contraction this year, according to an influential academic institute that is the first to forecast a return to outright recession for the UK. http://www.ft.com/cms/s/0/a891b292-4dc3-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
CHINA’S STATE GRID TO TAKE 25 PERCENT IN REN
State Grid Corporation of China is to acquire 25 percent of Portugal’s national power grid in the second large-scale Portuguese acquisition by a Chinese energy group in six weeks. http://www.ft.com/cms/s/0/41a0c572-4dba-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
CHINA CONSIDERING DEEPER INVOLVEMENT IN EFSF
China is considering how to get “more deeply involved” in resolving Europe (Chicago Options: ^REURUSD – news) ‘s debt crisis by co-operating more closely with European rescue funds, Chinese premier Wen Jiabao said on Thursday. http://www.ft.com/cms/s/0/7b5870fa-4d63-11e1-b96c-00144feabdc0.html#axzz1ksWapJt6
($1 = 0.6321 British pounds) (Reporting by Stephen Mangan)
http://tourism9.com http://vkins.com/
2012年1月19日星期四
PRESS DIGEST – Financial Times – Jan 19
Financial Times
FEARS RISE OVER LOOMING COMMERZBANK AND MPS FISCAL PLANS
European regulators are convinced that two of the continent’s banks, Commerzbank (Other OTC: CRZBF.PK – news) and Monte dei Paschi (Milan: BMPS.MI – news) , will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalisation. http://www.ft.com/cms/s/0/7e956578-4202-11e1-9506-00144feab49a.html#axzz1jYRS14J4
RBS PAY PLANS TEST RESOLVE ON REWARDS
David Cameron’s pledge to curb executive pay and stop “rewards for failure” is set to face its biggest test, as Royal Bank of Scotland prepares to offer a bonus of more than 1 million pound to its chief executive, even though the state-controlled bank’s share price has almost halved in a year. http://www.ft.com/cms/s/0/eb2aa428-41c1-11e1-a586-00144feab49a.html#axzz1jYRS14J4
CAIRN INVESTORS CRITICISE CHIEF’S BONUS
Some of the biggest shareholders in Cairn Energy (LSE: CNE.L – news) , the oil group, are marshalling support to vote down a pay award worth nearly 2.5 million pounds for the Edinburgh-based oil group’s chief executive-turned-chairman Bill Gammell. http://www.ft.com/cms/s/0/e499aca4-41e8-11e1-a586-00144feab49a.html#axzz1jYRS14J4
LSE IN U-TURN ON ITALIAN STOCKS
The London Stock Exchange plans to shift the trading system used for trading Italian stocks back to Milan after complaints from Italian banks and brokers that their trades had been slowed down by taking place in the UK capital. http://www.ft.com/cms/s/0/c0a28298-41f3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
WPP HOPING FOR US ELECTION BOOST
WPP (LSE: WPP.L – news) saw a stronger than expected finish to 2011, according to Martin Sorrell, chief executive, as the marketing services group looks forward to improving conditions in the U.S. ahead of a lucrative period of election campaign spending. http://www.ft.com/cms/s/0/eaeb582e-41fb-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
SEVEN CHARGED OVER WALL STREET INSIDER TRADING
Seven hedge fund portfolio managers and analysts have been charged in a $61.8 million insider trading scheme as U.S. authorities escalate their crackdown on Wall Street corruption. http://www.ft.com/cms/s/0/f8ef1b2c-41d3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
IMF REQUESTS $500 BILLION FOR BAIL OUT LOANS
The International Monetary Fund has asked its member countries for an extra $500bn in firepower to combat the world’s spreading fiscal emergencies, which it estimates will generate demand for bail out loans totalling $1 trillion over the next two years. http://www.ft.com/cms/s/0/b0d1a476-41e3-11e1-a586-00144feab49a.html#axzz1jYRS14J4
GERMANY’S CENTRAL BANK TO SELL LEHMAN LOANS
Germany’s central bank is set to sell almost 2 billion euros ($2.6 billion) of property loans left over from the collapse of Lehman Brothers, in a deal that marks the latest sign of the growing appetite for distressed real estate debt. http://www.ft.com/cms/s/0/55c10ddc-41e4-11e1-a586-00144feab49a.html#axzz1jYRS14J4
PAYPAL DRIVES EBAY’S GROWTH
Ebay (NasdaqGS: EBAY – news) reported strong revenue growth in the fourth quarter of 2011, driven mainly by its payment arm, PayPal, which the company expects to be at the centre of its innovation in the coming year. http://www.ft.com/cms/s/0/cbf677f0-422d-11e1-9506-00144feab49a.html#axzz1jYRS14J4
($1 = 0.6490 British pounds) (Reporting by Stephen Mangan)
http://tourism9.com/ http://vkins.com/
FEARS RISE OVER LOOMING COMMERZBANK AND MPS FISCAL PLANS
European regulators are convinced that two of the continent’s banks, Commerzbank (Other OTC: CRZBF.PK – news) and Monte dei Paschi (Milan: BMPS.MI – news) , will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalisation. http://www.ft.com/cms/s/0/7e956578-4202-11e1-9506-00144feab49a.html#axzz1jYRS14J4
RBS PAY PLANS TEST RESOLVE ON REWARDS
David Cameron’s pledge to curb executive pay and stop “rewards for failure” is set to face its biggest test, as Royal Bank of Scotland prepares to offer a bonus of more than 1 million pound to its chief executive, even though the state-controlled bank’s share price has almost halved in a year. http://www.ft.com/cms/s/0/eb2aa428-41c1-11e1-a586-00144feab49a.html#axzz1jYRS14J4
CAIRN INVESTORS CRITICISE CHIEF’S BONUS
Some of the biggest shareholders in Cairn Energy (LSE: CNE.L – news) , the oil group, are marshalling support to vote down a pay award worth nearly 2.5 million pounds for the Edinburgh-based oil group’s chief executive-turned-chairman Bill Gammell. http://www.ft.com/cms/s/0/e499aca4-41e8-11e1-a586-00144feab49a.html#axzz1jYRS14J4
LSE IN U-TURN ON ITALIAN STOCKS
The London Stock Exchange plans to shift the trading system used for trading Italian stocks back to Milan after complaints from Italian banks and brokers that their trades had been slowed down by taking place in the UK capital. http://www.ft.com/cms/s/0/c0a28298-41f3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
WPP HOPING FOR US ELECTION BOOST
WPP (LSE: WPP.L – news) saw a stronger than expected finish to 2011, according to Martin Sorrell, chief executive, as the marketing services group looks forward to improving conditions in the U.S. ahead of a lucrative period of election campaign spending. http://www.ft.com/cms/s/0/eaeb582e-41fb-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
SEVEN CHARGED OVER WALL STREET INSIDER TRADING
Seven hedge fund portfolio managers and analysts have been charged in a $61.8 million insider trading scheme as U.S. authorities escalate their crackdown on Wall Street corruption. http://www.ft.com/cms/s/0/f8ef1b2c-41d3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
IMF REQUESTS $500 BILLION FOR BAIL OUT LOANS
The International Monetary Fund has asked its member countries for an extra $500bn in firepower to combat the world’s spreading fiscal emergencies, which it estimates will generate demand for bail out loans totalling $1 trillion over the next two years. http://www.ft.com/cms/s/0/b0d1a476-41e3-11e1-a586-00144feab49a.html#axzz1jYRS14J4
GERMANY’S CENTRAL BANK TO SELL LEHMAN LOANS
Germany’s central bank is set to sell almost 2 billion euros ($2.6 billion) of property loans left over from the collapse of Lehman Brothers, in a deal that marks the latest sign of the growing appetite for distressed real estate debt. http://www.ft.com/cms/s/0/55c10ddc-41e4-11e1-a586-00144feab49a.html#axzz1jYRS14J4
PAYPAL DRIVES EBAY’S GROWTH
Ebay (NasdaqGS: EBAY – news) reported strong revenue growth in the fourth quarter of 2011, driven mainly by its payment arm, PayPal, which the company expects to be at the centre of its innovation in the coming year. http://www.ft.com/cms/s/0/cbf677f0-422d-11e1-9506-00144feab49a.html#axzz1jYRS14J4
($1 = 0.6490 British pounds) (Reporting by Stephen Mangan)
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2012年1月3日星期二
Will Lloyds’ Distressed Property Loan Sales Spark Similar Deals?
At the beginning of December, the Financial Times reported that Lloyds Banking Group had opened discussions with US private equity group Lone Star about selling off GBP 900 million of distressed real estate loans. According to the news provider, the deal would signal the largest such loan disposal by a financial institution in the UK since the difficulties experienced in the property market in 2008. The newspaper suggested this could herald a deluge of similar sales and chairman of Chainbow Roger Southam agrees.
He stated that in 2012 “a lot more problems will come out of the woodwork” for UK banks. As a result, Mr Southam believes other deals like that between Lloyds and Lone Star will definitely be on the cards. “They are going to have to bite the bullet and do the bulk deals that we have seen in this distressed way [as Lloyds have done],” Mr Southam asserted. However, he stressed the biggest difficulty will come in finding buyers for such bundles of assets. “Over the last six months and a little bit before that, yields and the purchase prices would seem very good value, [however], people are not in the marketplace for taking [them] on board,” he explained.
Mr Southam stressed the number of potential buyers for portfolios of distressed real estate and loans is “very, very limited”, so even if the banks are keen to offload these assets and shore up their books, it may be a difficult task to accomplish. He added that if the market becomes inundated by financial establishments hoping to complete deals of this kind, it could be “very detrimental” for the real estate sector as a whole. Bloomberg recently cited data from Standard & Poors, showing that as much as GBP 4.8 billion of loans tied to mortgage-backed securities are due to mature in 2012. The assets behind the loans will therefore have to be sold, or the loans themselves refinanced over the next 12 months, the news provider revealed.
Mr Southam stressed the number of potential buyers for portfolios of distressed real estate and loans is “very, very limited”, so even if the banks are keen to offload these assets and shore up their books, it may be a difficult task to accomplish. He added that if the market becomes inundated by financial establishments hoping to complete deals of this kind, it could be “very detrimental” for the real estate sector as a whole. Bloomberg recently cited data from Standard & Poors, showing that as much as GBP 4.8 billion of loans tied to mortgage-backed securities are due to mature in 2012. The assets behind the loans will therefore have to be sold, or the loans themselves refinanced over the next 12 months, the news provider revealed.
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Ed Stansfield, chief property economist at Capital Economics, told the news agency there is a discrepancy between the type of assets being put up for sale and the sort that investors with cash are seeking to acquire. He said the real estate behind the bank loans tends to be “pretty poor quality” and this is not what investors are looking for in the current economic climate. Meanwhile, Sue Munden, analyst at investment bank Seymour Pierce, noted it will be the UK real estate investment trusts that hold higher calibre property that will be able to take advantage of this sentiment. “The good are going to continue getting better and the bad are going to carry on getting worse,” she stated in an interview with Bloomberg.
A further stumbling block for the financial establishments hoping to offload some of their assets could therefore be their quality, with the Financial Times citing data from Savills which revealed that only one-quarter of the estimated GBP 350 billion of the banks’ exposure to the UK’s commercial property sector is comprised of prime real estate, indicating the remainder will not be as attractive to potential investors. In its European Investment Bulletin for summer 2011, Savills stressed that buyers are still averse to anything other than prime property.
The report highlighted the popularity of assets in desirable locations or that fall into the prime bracket, but indicated investors “remain wary of secondary markets due to the lack of transactional evidence, and questions about the timing and strength of the economic and leasing market recovery in some UK markets”. However, the research showed the UK still attracts the greatest level of global investment within Europe, accounting for 34 per cent of the transactions that occurred during the first quarter of 2011.
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Ed Stansfield, chief property economist at Capital Economics, told the news agency there is a discrepancy between the type of assets being put up for sale and the sort that investors with cash are seeking to acquire. He said the real estate behind the bank loans tends to be “pretty poor quality” and this is not what investors are looking for in the current economic climate. Meanwhile, Sue Munden, analyst at investment bank Seymour Pierce, noted it will be the UK real estate investment trusts that hold higher calibre property that will be able to take advantage of this sentiment. “The good are going to continue getting better and the bad are going to carry on getting worse,” she stated in an interview with Bloomberg.
A further stumbling block for the financial establishments hoping to offload some of their assets could therefore be their quality, with the Financial Times citing data from Savills which revealed that only one-quarter of the estimated GBP 350 billion of the banks’ exposure to the UK’s commercial property sector is comprised of prime real estate, indicating the remainder will not be as attractive to potential investors. In its European Investment Bulletin for summer 2011, Savills stressed that buyers are still averse to anything other than prime property.
The report highlighted the popularity of assets in desirable locations or that fall into the prime bracket, but indicated investors “remain wary of secondary markets due to the lack of transactional evidence, and questions about the timing and strength of the economic and leasing market recovery in some UK markets”. However, the research showed the UK still attracts the greatest level of global investment within Europe, accounting for 34 per cent of the transactions that occurred during the first quarter of 2011.
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