Chief Correspondent, Hong Kong
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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.

Dec 9, 2012

CNOOC pledge small step for China transparency, sceptics abound

SINGAPORE/HONG KONG Dec 10 (Reuters) – CNOOC’s promise of
transparency, pledged to win approval from Canada for its $15.1
billion purchase of Nexen Inc, looks like a positive step on the
face of it but is unlikely to represent a sea change in Chinese
business practices.

To be sure, the details of commitment are not clear. The
state-controlled energy firm has promised the Canadian
government an annual compliance report on all its commitments
that are part of its takeover of Nexen Inc, China’s biggest ever
takeover. These include listing shares on Toronto stock
exchange, which comes with certain disclosure requirements.

Dec 7, 2012

Chinese group in talks to buy AIG air lease arm

HONG KONG (Reuters) – A group of Chinese companies, including Industrial and Commercial Bank of China (ICBC), is in talks to buy nearly all of American International Group Inc’s (AIG.N: Quote, Profile, Research) aircraft leasing unit for about $5.5 billion (3.4 billion pounds), AIG said on Friday.

The deal is expected to be announced as soon as early next week, a source familiar with the matter said on condition of anonymity.

Dec 7, 2012

Chinese group in talks to buy AIG air leasing arm-source

HONG KONG, Dec 7 (Reuters) – A group of Chinese companies,
including the Industrial and Commercial Bank of China (ICBC), is
in talks to buy American International Group’s aircraft
leasing unit for around $5.5 billion, a source familiar with the
matter said on Friday.

AIG, which has been selling assets to pay back a $182
billion U.S. government bailout in 2008, had long been hoping to
float its ILFC unit through an initial public offering (IPO),
but poor market conditions forced it to delay the plans.

Nov 27, 2012

Hong Kong watchdog says IPO sponsors to have more power to probe

HONG KONG, Nov 27 (Reuters) – Proposed new regulations for
sponsors of IPOs in Hong Kong will give bankers greater
authority to scrutinise their clients before they list, the CEO
of city’s securities watchdog told Reuters on Tuesday, referring
to a controversial plan that could make banks liable for listing
documents.

Ashley Alder, chief executive of the Securities and Futures
Commission (SFC), told Reuters that responses to a consultation
on initial public offering sponsor regulation would be released
next month and include proposals to give sponsors more powers.

    • 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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