Chief Correspondent, Hong Kong
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Apr 4, 2013

Exclusive: UBS was mystery lender for Thai group’s Ping An buy from HSBC – sources

HONG KONG (Reuters) – The mystery lender behind a Thai billionaire’s $9.4 billion purchase of a stake in China’s No.2 insurer was UBS, people with direct knowledge of the matter told Reuters, revealing how the bank stepped in at the last minute to offer a complex financing package known only to a few involved.

The Swiss bank’s financial backing for China’s largest ever foreign stock purchase explains how a Thai conglomerate scraped together $7.4 billion in cash for the deal’s final payment, after its main lender backed out at the 11th hour.

Apr 4, 2013

UBS was mystery lender for Thai group’s $9.4 bln Ping An deal-sources

HONG KONG, April 5 (Reuters) – The mystery lender behind a
Thai billionaire’s $9.4 billion purchase of a stake in China’s
No.2 insurer was UBS, which offered a last minute and complex
financing package known to only a few involved, people with
knowledge of the matter told Reuters.

The Swiss bank’s financial backing for China’s largest ever
foreign stock purchase explains how Thailand’s richest person
and his conglomerate pulled together $7.4 billion in cash for
the deal’s final payment, after its main lender backed out at
the 11th hour.

Apr 2, 2013

UBS’s Burnett joins mate Dowie for Asia StanChart role

SINGAPORE/HONG KONG (Reuters) – Standard Chartered PLC (STAN.L: Quote, Profile, Research, Stock Buzz) has hired Peter Burnett from UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) as its North East Asia head of corporate finance, beefing up its senior leadership with another high-profile regional veteran of the Swiss investment bank.

The hiring of Burnett, the Asia chairman of global capital markets at UBS, comes less than two years after Standard Chartered hired Mark Dowie. Dowie is Standard Chartered’s global head of corporate finance and a former UBS vice chairman of investment banking.

Mar 24, 2013

Jamaicans overcome hardships to make Sevens progress

HONG KONG (Reuters) – In the neighbourhoods where the Jamaican rugby sevens team trains, bullets fly and local gangs rule.

Their fields are as thin as asphalt and there is no weight training room.

Poor facilities is just one bump the organization has faced in the past few years, a larger one being the murder of Jamaica rugby stalwart Jacob Thompson in 2009.

Mar 24, 2013

Rugby-Jamaicans overcome hardships to make Sevens progress

HONG KONG, March 24 (Reuters) – In the neighbourhoods where the Jamaican rugby sevens team trains, bullets fly and local gangs rule.

Their fields are as thin as asphalt and there is no weight training room.

Poor facilities is just one bump the organization has faced in the past few years, a larger one being the murder of Jamaica rugby stalwart Jacob Thompson in 2009.

Mar 23, 2013

Slim budget, yellow grass fails to stall Kenyan sevens team

HONG KONG (Reuters) – On his first trip to Nairobi last year after being named Kenya’s new rugby sevens coach, Mike Friday entered the training facility and immediately had second thoughts.

“When I walked through the door, I remember thinking ‘what have I done?’” Friday recalls.

Mar 23, 2013

Rugby-Slim budget, yellow grass fails to stall Kenyan sevens team

HONG KONG, March 23 (Reuters) – On his first trip to Nairobi last year after being named Kenya’s new rugby sevens coach, Mike Friday entered the training facility and immediately had second thoughts.

“When I walked through the door, I remember thinking ‘what have I done?’” Friday recalls.

Mar 15, 2013

Goldman partner Barg moves to New York from Asia in new role

HONG KONG (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has appointed Steven Barg to a newly created role in New York, moving the veteran Asia equity capital markets banker to the firm’s headquarters less than six months after he took on a senior role in Singapore.

Barg’s title will be head of M&A capital markets, a role that will involve advising the firm’s clients on the equity market implications of their merger and acquisitions activities, according to a memo obtained by Reuters.

Dec 19, 2012

Analysis: Too big to fail? China’s wealth management products stir debate

HONG KONG (Reuters) – The default of a Chinese investment plan has handed Beijing a tough choice: bail out investors and endorse moral hazard or let it fail and risk unnerving those who hold at least $1 trillion in so-called wealth management products.

China’s bank regulators are debating what to do about the investment sold at a Hua Xia Bank (600015.SS: Quote, Profile, Research, Stock Buzz) branch near Shanghai, which failed to pay out on maturity late last month. The bank, a mid-sized lender partly owned by Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), says a Jiading district branch employee sold the product without authorization.

Dec 19, 2012

Too big to fail? China’s wealth management products stir debate

HONG KONG (Reuters) – The default of a Chinese investment plan has handed Beijing a tough choice: bail out investors and endorse moral hazard or let it fail and risk unnerving those who hold at least $1 trillion in so-called wealth management products.

China’s bank regulators are debating what to do about the investment sold at a Hua Xia Bank (600015.SS: Quote, Profile, Research) branch near Shanghai, which failed to pay out on maturity late last month. The bank, a mid-sized lender partly owned by Deutsche Bank (DBKGn.DE: Quote, Profile, Research), says a Jiading district branch employee sold the product without authorisation.

    • 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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