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AgBank closes mega IPO with tepid HK debut
Agricultural Bank of China’s $19.3bn IPO crossed the finish line on July 16 after a hectic three-month sprint, notching up modest gains in its Hong Kong debut amid concerns about valuations and glut of bank share sales. Industrial & Commercial Bank of China and Bank of China both soared 15 percent on their Hong Kong openings after listing in 2006. Founded in 1951 by Mao Zedong as the rural unit of the central bank, AgBank is the last of China’s “Big Four” state-owned lenders to list its shares. “Even though the response from the retail side was a bit disappointing, it was well received by institutions, so this was expected,” ... -
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Economists
The tarnished Alan GreenspanArchitect of the now much-derided “Greenspan put”, he protected the US economy from the collapse of the dotcom stock market bubble by dropping official interest rates. However that action is also seen as fuelling the risk-taking that preceded the most severe financial meltdown in 75 years. The global Jeffrey WilliamsonAn authority on globalisation this Harvard economics professor argues that the upheavals were much bigger in the 50 years between 1820-1870 than they are today. Back then, globalisation was triggered by migration, colonial expansion, and rapid industrialisation. In short, not that much different... -
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Russia and Germany pledge closer economic ties
Russia and Germany have pledged to strengthen economic ties as Russian President Dmitry Medvedev called Europe’s largest economy Moscow’s “key partner” for the future. German Chancellor Angela Merkel said relations between the two states had taken a stride forward as she led a delegation of business leaders on a tour of Russia, China and Kazakhstan. “Germany is our key strategic partner,” Medvedev said after meeting Merkel in the Urals city of Yekaterinburg, urging Germany to invest in Russia and help modernise its economy. The Russian leader has called for warmer relations with the West as he seeks to diversify the Russian econom... -
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Ukraine bows to IMF demands, raises gas prices
Ukraine, bowing to pressure from the IMF ahead of a new loan deal, will take the painful step of raising gas prices for households from August, the government has announced. Prime Minister Mykola Azarov said the 50 percent price hike, an unpopular move aimed at cutting the budget deficit, was necessary to secure a new $14.9bn stand-by facility from the fund. “We have to tell people the truth. In these circumstances, we had no other choice than to agree with the IMF on financial support,” Azarov said at a televised government meeting. “In talks with the IMF, the government defended its own vision of ways to combat the crisis and protect ... -
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Total recall
It is every manufacturer’s worst nightmare – the product that the company has spent millions developing, producing, marketing and shipping all around the world may have a fault. There is a risk that some of the products – maybe a few, perhaps many – could be harmful. The company faces a stark choice: voluntarily pull the stock off the shelves or the forecourt and ask customers to return items for an immediate refund, or wait until the authorities compel them to do so, while also making potentially sensitive product information public. Either way, the costs can easily escalate into tens of millions of pounds and leave the company reeli... -
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Japan signals tax reform, seeks to avoid deadlock
Japan’s government has announced it will press on with tax reforms to cut a huge public debt despite a stunning election setback, and was looking to two opposition parties to help drive policy change. Prime Minister Naoto Kan’s ruling coalition lost its upper house majority in a weekend election, putting his policies to deal with debt and generate growth at risk and prompting warnings by credit rating agencies S&P and Fitch on Japan’s sovereign ratings. His Democratic Party of Japan (DPJ) still controls the more powerful lower house. But it needs help from other parties to push bills through the upper chamber in the struggle to end... -
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Santander to buy SEB’s German retail banking unit
Spain’s largest bank Santander moved one step closer to its goal to be a full service retail bank in Germany with the acquisition of Sweden’s SEB retail banking division, the bank has announced. The Ä555m ($699.1m) deal comes as Santander attempts to increase its footprint in both Europe, particularly Germany and Britain, as well as in higher growth markets like Latin America, where it is reported to be planning acquisitions in Columbia and Peru. “Germany is a core market for Santander. This acquisition is a significant step toward achieving our goal of being a full service retail bank in Europe,” Chairman Emilio Botin said in the ba... -
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ECB’s Trichet: budget cuts won’t lead to new slump
ECB President Jean-Claude Trichet dismissed warnings that drastic and simultaneous spending cuts planned by eurozone governments could send the 16-country bloc back into recession. US policymakers have called for continued stimulus to keep momentum in the global recovery, while many economists and academics have raised fears that austerity measures on the cards in Athens and a clutch of other European capitals could snuff out the eurozone’s nascent recovery. “We are totally against the view that reducing public expenditures will hinder economic growth,” Trichet said at an ECB watchers conference organised by the Goethe University Frankf... -
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Japan machinery orders slide on economy doubts
Japanese machinery orders tumbled by the most in almost two years in May as companies grew more cautious about the business outlook due to a rising yen and signs of a global economic slowdown. Bank lending in June also fell, matching the biggest annual decline in almost five years, as demand from companies for funds to invest in plants and equipment remained sluggish. Bank of Japan Governor Masaaki Shirakawa stuck to the central bank’s view that Japan’s economy was showing further signs of a moderate recovery, but he and other market watchers voiced concerns about the potential fallout from Europe’s debt woes. A senior government offici... -
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Germany drafts Ä9bn defence savings plan
German defence ministry experts have drawn up a list of potential savings in weapons and equipment worth Ä9.3bn in the long-term, according to newspaper reports. German daily Bild reported the number of A400M military transport aircraft would be reduced and 15 Transall transport planes taken out of service immediately. Under the proposal, Germany would buy only 80 NH-90 helicopters instead of the planned 122 and halve the number of new Tiger attack helicopters to 40. Bild and business daily Handelsblatt reported the plan included buying 37 fewer Eurofighter combat jets than originally planned. Handelsblatt said the 23-page document recommend...
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