Chief Correspondent, Hong Kong
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Mar 26, 2014

Fed’s Bullard says U.S. jobless rate expected to fall below six percent this year

HONG KONG (Reuters) – The U.S. unemployment rate will fall below 6 percent by the end of this year, a Federal Reserve official said on Wednesday, offering a bullish view on the country’s economy after central bank comments sent shock waves through financial markets last week.

James Bullard, president of the Federal Reserve Bank of St. Louis, said that the outlook for the U.S. economy is “quite good,” despite data from early in the year.

Mar 26, 2014

Fed’s Bullard says U.S. jobless rate expected to fall below 6 pct this year

HONG KONG, March 26 (Reuters) – The U.S. unemployment rate
will fall below 6 percent by the end of this year, a Federal
Reserve official said on Wednesday, offering a bullish view on
the country’s economy after central bank comments sent shock
waves through financial markets last week.

James Bullard, president of the Federal Reserve Bank of St.
Louis, said that the outlook for the U.S. economy is “quite
good,” despite data from early in the year.

Mar 14, 2014

Temasek-led group offers 1.26 billion pounds for remaining Olam shares

SINGAPORE/HONG KONG (Reuters) – A Temasek-led shareholders group has offered to pay $2.1 billion (1.26 billion pounds) in cash for shares in Olam International Ltd (OLAM.SI: Quote, Profile, Research) they don’t already own, putting the heft of the Singapore state investor behind the commodity trading firm’s weak balance sheet.

The proposal comes after a tumultuous stretch for Olam, one of the world’s leading traders in rice, coffee and cocoa, that saw it come under attack from short-seller Muddy Waters in late 2012 for its accounting practices.

Mar 14, 2014

Temasek-led group offers $2.1 billion for remaining Olam shares

SINGAPORE/HONG KONG (Reuters) – A Temasek-led shareholders group has offered to pay $2.1 billion in cash for shares in Olam International Ltd (OLAM.SI: Quote, Profile, Research, Stock Buzz) they don’t already own, putting the heft of the Singaporean state investor behind the commodity trading firm’s weak balance sheet.

The proposal comes after a tumultuous stretch for Olam, one of the world’s leading traders in rice, coffee and cocoa, that saw it come under attack from short-seller Muddy Waters in late 2012 for its accounting practices.

Jan 11, 2014

China’s State Grid buys biggest chunk of HK Electric’s IPO: sources

HONG KONG (Reuters) – Government-owned State Grid Corp of China is coming in as the biggest cornerstone investor in a Hong Kong initial public offering (IPO) worth up to $5.7 billion by Li Ka-shing-backed HK Electric Investments, people familiar with the matter told Reuters.

Li’s Power Assets Holdings Ltd (0006.HK: Quote, Profile, Research, Stock Buzz) is planning to list its Hong Kong electricity business, HK Electric Investments, as it seeks funds for overseas expansion. The IPO is set to be launched on Monday, they added.

Dec 20, 2013

Li tightens grip on Hong Kong mobile as Telstra bows out

SYDNEY/HONG KONG (Reuters) – Australia’s Telstra Corp. has agreed to sell its Hong Kong mobile phone business to a company controlled by billionaire Richard Li in a deal worth $2.4 billion (1.4 billion pounds) that boosts the scion’s share of the city’s saturated mobile phone market.

Australia’s biggest phone company said in a filing that it had agreed to sell its 76.4 percent stake in its CSL New World to HKT (6823.HK: Quote, Profile, Research), a listed arm of Li’s PCCW Ltd (0008.HK: Quote, Profile, Research) media conglomerate, for A$2 billion.

Dec 20, 2013

Everbright Bank slides in HK debut amid China cash crunch fears

HONG KONG (Reuters) – China Everbright Bank Co Ltd (601818.SS: Quote, Profile, Research, Stock Buzz) fell in its Hong Kong debut on Friday, as renewed cash crunch fears about China’s banking system exacerbated weak sentiment towards a mid-sized lender that has taken three attempts to come to market.

Everbright (6818.HK: Quote, Profile, Research, Stock Buzz), which raised $3 billion in its IPO, is the latest in a raft of banks rushing to tap investors to meet more stringent capital rules, and which have seen profits shrink and unpaid debts climb amid slower economic growth.

Dec 20, 2013

New securities watchdog targets corporate fraud in Hong Kong

HONG KONG, Dec 20 (Reuters) – Hong Kong’s securities
regulator has set up an independent task force to detect fraud
by listed companies, extending its increasingly muscular
approach into an area traditionally overseen by the city’s stock
exchange.

The power shift marks the latest step by the Securities and
Futures Commission (SFC) to try to tackle fraud in the Hong Kong
stock market, which is particularly tough to police given the
majority of its companies are based overseas.

Dec 20, 2013

Australia’s Telstra to sell Hong Kong unit to Li’s HKT for $2 billion

SYDNEY/HONG KONG (Reuters) – Australia’s Telstra Corp. has agreed to sell its Hong Kong mobile phone business to a company controlled by billionaire Richard Li for A$2 billion ($1.8 billion), in a deal expanding the scion’s grip on the city’s telecom market.

Australia’s biggest phone company said in a filing that it had agreed to sell its 76.4 percent stake in its CSL business to HKT Ltd. (6823.HK: Quote, Profile, Research, Stock Buzz), a listed arm of Li’s PCCW (0008.HK: Quote, Profile, Research, Stock Buzz) media conglomerate.

Dec 2, 2013

Deluge of M&A deals pays off for SE Asia’s banking rainmakers

HONG KONG (Reuters) – A recruitment firm looking to track down Asia’s most highly prized investment bankers would normally begin searching in their natural habitat – Hong Kong.

Now, a headhunter would more likely book a flight to Manila, home to one-man deal factory Lauro Baja of Swiss bank UBS.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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