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Spyker avoids more debt in final Saab payment
Dutch carmaker Spyker Cars used internal funding rather than external debt to pay General Motors the final $24m purchase price for Sweden’s Saab, ending concern over how it would foot the bill. Niche carmaker Spyker, which has never made a profit, took over the larger Saab from GM earlier this year and is now working to revive the flagging brand, but the final instalment of the purchase price had been due on July 15. Spyker Cars said it made the payment without increasing its external debt or issuing new shares, adding the internal funding became available after the acquisition of Saab Great Britain Limited by Spyker on May 31. A Spyker Car... -
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Japan business mood best in two years
Japanese business confidence was at its best in two years in the three months to June and big firms revised up capital spending plans, a Bank of Japan survey showed, in a sign the export-driven economic recovery is taking hold. The tankan survey showed Europe’s sovereign debt woes and the sharp appreciation in the yen that followed have not yet taken a toll as Japanese companies benefit from solid exports to Asia, to the relief of policymakers. But analysts say sentiment may sour as world stock prices extend losses on fresh sovereign debt stress in Europe and growing fears of another global economic downturn. “Overall, the tankan survey s... -
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StanChart stumps up $500m for AgBank IPO
Asia-focused bank Standard Chartered Plc said it will invest $500m as a cornerstone investor in Agricultural Bank of China’s IPO in Hong Kong. AgBank is seeking to raise more than $20bn in a Hong Kong and Shanghai IPO, and sources had previously told reporters that Standard Chartered would invest $500m. The listing is expected to value AgBank at about $150bn. Standard Chartered will be buying just over two percent of the shares on offer in the IPO and will get a stake of about 0.3 percent in the enlarged bank. The two banks have signed an agreement to develop new business opportunities together. “For Standard Chartered, this deal has a lo... -
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Stocks fall as bank funding worries intensify
World stocks hit a 2-1/2 week low on Tuesday while oil and the euro also slipped as investors grew nervous over the funding situation of banks about to repay 442 billion euros ($545.5 billion) to the European Central Bank. Banks must repay the money borrowed a year ago at rock bottom rates on Thursday, leaving a potential liquidity shortfall in the financial system of over 100 billion euros. The ECB holds a three-month tender on Wednesday which many in the market expect will be tapped as banks scramble to pay back the one-year funds. Expectations are that 210 billion euros will be allotted at the offer. “There’s concern over the ECB expir... -
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Cuts expected to reduce police numbers
The government said on Tuesday it was cutting police red tape by scrapping two targets introduced by the ousted Labour administration ahead of budget cuts expected to see a reduction in officers. Police minister Nick Herbert said sweeping away bureaucracy would allow officers to “do more with less” but accepted that “substantial” funding cuts were on the way to help tackle Britain’s record budget deficit. The Home Office, responsible for the 43 police forces in England and Wales, faces losing around a quarter of its budget by 2015 as part of austerity plans unveiled by Chancellor George Osborne in his emergency budget last week. “... -
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Asia stocks rise as US bank bill fears ease
Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders’ summit. G20 leaders meeting in Toronto agreed to take their own paths to ensuring economic growth and left room to move at their own pace, trying to balance contrasting priorities by pledging to halve budget deficits by 2013 without stunting growth. The heads of the G20 rich and developing nations also promised to clamp down on risky behaviour by banks without restricting lending, and agreed to give banks more time to a... -
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Shanghai stocks slip, AgBank IPO pricing eyed; HK firm
China’s key stock index was down 0.6 percent by midday Monday, with volume slipping further as tight liquidity conditions worsened by Agricultural Bank of China’s looming stock offering starved the market of momentum for near-term gains. The Shanghai Composite Index (SSEC) ended the morning at 2,537.2 points, slipping for a fourth day in a row after a rally at the start of last week on the yuan’s surge. Analysts said the index was likely to stick to its recent narrow range unless it was jarred by a major news event, while tightening liquidity would continue to restrict volume. “The low volume is due to the lack of liquidity in... -
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India fuel hike threatens strikes
India’s opposition parties are gearing up for a national strike to protest the government’s move to hike fuel prices, putting pressure on Prime Minister Manmohan Singh’s coalition before the next parliament’s session. Last Friday’s hikes in petrol, diesel and kerosene were seen as a bold reform with which to attack India’s fiscal deficit and that also play well at the G20 summit in Toronto, which has urged the phasing out of fossil fuel subsidies. Opposition parties — and members of Singh’s coalition — have slammed the hike as an attack on people’s pockets. The main opposition Hindu nationalist Bharatiya Janata Party (... -
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Afghan mineral wealth put at $1-3 trillion
Afghanistan’s untapped mineral deposits could be worth up to $3 trillion, the country’s mines minister said on Friday, higher than a recent U.S. estimate. Officials from the U.S. Department of Defense said this month that Afghanistan’s mineral wealth could top $1 trillion, a finding that could reshape the country’s economy and help U.S. efforts to bolster the war-battered government. “According to our estimation, the potential value of the mineral deposits are something between one until three trillion dollars,” Afghan Mines Minister Wahidullah Shahrani told BBC radio. Shahrani is in London for a “road show” on Friday at...
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