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Apr 5, 2013

China culls birds as flu death toll rises to six

SHANGHAI/HONG KONG (Reuters) – Chinese authorities slaughtered over 20,000 birds at a poultry market in Shanghai on Friday as the death toll from a new strain of bird flu mounted to six, spreading concern overseas and sparking a sell-off in airline shares in Europe and Hong Kong.

The local government in Shanghai said the Huhuai market for live birds had been shut down and 20,536 birds had been culled after authorities detected the H7N9 virus from samples of pigeons in the market. Other live poultry markets in the city will be closed down from Saturday, it said.

Apr 5, 2013

More deaths in China from new bird flu; U.S., Japan on guard

SHANGHAI/HONG KONG (Reuters) – China said it was mobilizing resources nationwide to combat a new strain of bird flu that has killed six people, as Japan and Hong Kong stepped up vigilance and the United States said it was closely monitoring the situation.

All of the 14 reported infections from the H7N9 bird flu strain have been in eastern China and at least four of the six dead are in the financial hub of Shanghai, a city of 20 million people.

Jan 28, 2013

Ex-chairman of firm linked to Caterpillar fraud “dismayed”

HONG KONG, Jan 28 (Reuters) – The former chairman of a
Chinese mining equipment firm bought by Caterpillar Inc
said on Monday he was dismayed by allegations of accounting
misconduct at a subsidiary that prompted the U.S. firm to take a
$580 million writedown.

Emory Williams Jr said Caterpillar had conducted extensive
due diligence before its takeover of Hong Kong-listed ERA Mining
Machinery Ltd last June, adding that he was seeking further
details from the company, the world’s largest maker of tractors
and excavators.

Jan 24, 2013

Red flags revealed in filings of firm linked to Caterpillar fraud

HONG KONG (Reuters) – A Chinese mining equipment company at the centre of an alleged accounting fraud was also involved in a web of insider loans and asset transfers prior to its purchase by Caterpillar Inc., public filings show.

The transactions, while not illegal, should have sounded warnings about the company’s finances when the U.S. firm came calling last year, corporate governance experts said.

Jan 9, 2013

China’s insurance regulator to reject $9.4 billion HSBC deal: reports

HONG KONG (Reuters) – China’s insurance regulator is expected to reject HSBC’s sale of its $9.4 billion stake in Ping An Insurance (2318.HK: Quote, Profile, Research, Stock Buzz) (601318.SS: Quote, Profile, Research, Stock Buzz) to Thai conglomerate CP Group, media reports said on Wednesday.

The failure of the deal would be a blow to HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) (0005.HK: Quote, Profile, Research, Stock Buzz) and an embarrassment to the various parties involved in a corporate deal that was set to be Asia’s second-largest last year.

Jan 9, 2013

China’s insurance regulator to reject $9.4 bln HSBC deal-reports

HONG KONG, Jan 9 (Reuters) –
China’s insurance regulator is expected to reject HSBC’s sale of
its $9.4 billion stake in Ping An Insurance
to Thai conglomerate CP Group, media reports said on
Wednesday.

The failure of the deal would be a blow to HSBC
and an embarrassment to the various parties involved
in a corporate deal that was set to be Asia’s second-largest
last year.

Jan 8, 2013

China’s CDB wavers in support of HSBC sale of Ping An stake: sources

BEIJING/HONG KONG (Reuters) – State-run China Development Bank (CDB) has expressed concern over the funding behind the effort of Thailand’s CP Group to buy HSBC’s stake in Ping An Insurance (601318.SS: Quote, Profile, Research, Stock Buzz) (2318.HK: Quote, Profile, Research, Stock Buzz), sources told Reuters, a stance that may scupper the $9.4 billion deal.

The collapse of the deal, Asia’s second-biggest M&A transaction announced last year, would be a huge blow for HSBC Holdings Plc (HSBA.L: Quote, Profile, Research, Stock Buzz) (0005.HK: Quote, Profile, Research, Stock Buzz). The bank said in December it stood to reap a post-tax gain of $2.6 billion from the sale that forms part of its plan to rid itself of non-core assets.

Nov 15, 2012

China PICC in talks with AIG as buyer for $4 billion HK IPO

HONG KONG (Reuters) – Chinese state-owned insurer PICC Group is in talks with American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) and others to become cornerstone investors for its planned Hong Kong listing worth up to $4 billion, in what will be the city’s biggest IPO in two years.

PICC started meeting institutional investors in Hong Kong on Thursday to gauge demand for the initial public offering, braving a slump this year in equity deals.

Nov 15, 2012

China’s PICC Group to raise up to $4 bln in HK IPO

HONG KONG, Nov 15 (Reuters) – Chinese state-owned insurer
PICC Group started meeting institutional investors in Hong Kong
on Thursday to gauge demand for a listing worth up to $4
billion, braving a slump in equity deals with the city’s largest
IPO in two years.

People’s Insurance Company of China Group (PICC), one of the
country’s largest insurers, will offer 6.9 billion new shares in
the IPO, equivalent to a 16.7 percent stake in the company, said
a source with direct knowledge of the plans who was not
authorised to speak publicly on the matter and declined to be
named.

Nov 12, 2012

AIG keen to sell bank, expand in mortgages: CEO

HONG KONG (Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) is planning to sell its savings and loan business as soon as a federal panel labels the insurance giant “too big to fail,” its chief executive said on Monday.

But even without a banking business, AIG is now looking more aggressively at making and purchasing mortgages as investment vehicles, Chief Executive Officer Bob Benmosche said in a telephone interview from Tokyo.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
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