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A boutique worth visiting.
The article profiles the Bank Hapoalim International (BHI) Swiss Private Banking, a boutique private bank managed by strong, professional conservative group of private bankers which offers world-class services to its clients in Switzerland. It expanded its services in Singapore and Hong Kong and maintained its financial stability despite of the recession in 2008. The company has 10 billion Swiss francs in assets under management and 300 million Swiss francs on equity capital.
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A MONTH IN ASIA.
The article offers updates related to political and economic issues in Asia. These include the week-long siege of Suvarnabhumi airport in Thailand from November 25, 2008 by anti-government protesters, the decline of profits in state-owned enterprises in China and the controversial bill that would raise a decades-old ban on casinos in Taiwan. It also cites the plan of South Sumatra province in Indonesia to invest about 1 billion in railroads.
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A Shangli-La by any other name.
The article explores the tourist spots in Western China. It cites on the area of the Tiger Leaping Gorge which passes an extraordinary landscape of snow-capped mountains with broad valleys and ice-clear rivers. It also indicates that visitors prefer to stay at Zhongdian and Banyan Tree's resort in Ringha because these places are more peaceful and calm.
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A summary of key equity and debt deals.
The article offers developments related to the financial services industry in Asia in 2009. China National Building Material Co. Ltd. is now designing and selling building materials to pay its debt and fund acquisitions. Manila-based Asian Development Bank is planning to help promote economic and social development in Asian and Pacific countries. Morgan Stanley &Co. Inc. has decided to change itself into a traditional bank holding company to organize a better assets and benefits.
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A summary of key equity and debt deals.
The article presents an overview of some of the key equity and debt deals in Asia. These include Bank of America Corp.'s (BoA) $2.8 billion sell-down in China Construction Bank Corp. (CCB), DBS Group Holding Ltd's $2.7 billion rights issue, and the $201 million placement deal of Ascendas Real Estate Investment Trust (A-Reit). Other information about the deals, including their structure, pricing and valuation, is also provided.
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ACHIEVEMENT AWARDS.
The article announces awards given to banks in Australia and New Zealand, including the Best Local Commercial Bank award to ANZ Banking Group Ltd., the Best Foreign Commercial Bank award to Citigroup Inc. and the Best Investment Bank award to UBS AG.
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Aid in a crisis.
The article focuses on the effort of Marcus Agius, chairman of Barclays PLC, to assess economic industry in Vietnam. Agius discussed and proposed loans to Vietnamese to rear pigs and grow crops for their daily living. He asserts that the loan's rate is high, but lower compared to a 25% rates from the black-market moneylenders.
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ASIA IN NUMBERS.
The article presents statistics related to business in Asia, including the number of jobs lost caused by the closure of about 4,800 toy factories in China in 2008, the price of a 128 kilogram Japanese bluefin tuna and the amount lost by China Eastern Airlines Corp. Ltd. in hedging in 2008.
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Bakrie pulls the strings in Bumi shadow play.
The article discusses the business transactions of the conglomerate Bakrie &Brothers in Indonesia. These include a joint-venture it has established with local private equity firm Northstar Pacific, its completion of its debt restructurings and its repayment of over $1.2 billion in short-term debt. It also cites its plan to sell assets, including shares in coal miner Bumi Resources, as well as the consortium created by Northstar to purchase the 35% of Bumi Resources shares.
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Beating the down cycle.
The article discusses the structured products that worked in 2008 and the structured products that were expected to work in 2009 in Asia. Marc Saffon of SocGen predicts that a multi-strategy fund relying on a variety of volatility trading ideas would continue to be successful. Other structured products cited include the trend-following macro-managed futures strategies and quantitative and alpha strategies.
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Bringing it home.
The article offers information on the 13th annual Finance Asia Achievement Awards gala night which was held at the Conrad Hotel in Hong Kong, China in February 12, 2009. The event was organized by several bankers and corporate leaders in the country, which focused on its financial performance in 2008. Several guests are featured in the event,, including Stephen Roach, Anthony Ryan and Ken Poon.
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Brunei Darussalam plans to diversify.
The article reports on the diversification plans of Brunei Darussalam. It states that the country's 2007-2012 National Development Plan explicitly sets out its aim to diversify its economic base from a dependence on hydrocarbon extraction in favour of downstream petrochemical industries, agriculture, production of halal food, and development of high-end tourism, where it is promoting the country as a family-friendly destination for golfers and environmentally-friendly warriors.
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Brunei seeks finance niche.
The article reports on the issue concerning the Islamic finance in Brunei. It discusses the stiff competition that the country is facing as it reinvents itself as a financial hub. Meanwhile, the country's government has been anxious about the growth in consumer loans, and has been keen to encourage saving. It states that Sultan Haji Hassanal Bolkiah urges his people to move from a consumer society to a savings society.
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Brunei: Asia's undiscovered treasure.
The article offers information about Brunei Darussalam. It states that travelers can enjoy a safe and tranquil vacation, filled with variety and adventure, yet cushioned by comfort and free from the ills of mass tourism. It says that Brunei is a democratic country which combines Malay traditions with a tolerant form of Islam and respect for the nation's monarchy.
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Building gone bust.
The article discusses the financial performance of the property market in Singapore. Real estate consultancy CB Richard Ellis has revealed that investment in the country's real estate market has declined by 70% year-on-year. There was also a decline in office rents by 6.5% during the last quarter of 2008. Analysts have predicted that rents would fall by 60% in 2010. Moreover, it is noted that the condition was worsened by tight government control over development in the city.
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Bullish on wine.
The article explains why fine wines managed to have high-return assets. It cites that the value of the Liv-ex 100 Fine Wine Index increased by 1.2% in January 2009 and fine wine mutual funds were up by 4.6%. It indicates that the stability of fine wine market depends on its finite availability and increasing demand in emerging markets.
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Caution prevails.
The article offers investment tips to current financial markets and recommends investors be cautious and be defensive in the current market condition. It indicates that credit markets need to unfreeze which is an important prerequisite to equity markets. Moreover, it also predicts that major commodity currencies will stay range-rebound against the major currencies.
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China goes shopping in Australia.
The article reports on the move of the state-owned-enterprise Aluminuim Corp. of China (Chinalco) to invest $19.5 billion with Rio Tinto Group in Australia in February. It is stated that Chinalco invested about $12.3 billion in aluminium, copper and iron ore joint ventures and $7.2 billion in two tranches of convertible bonds. Chinalco believes that the bonds will increase its shares in the Rio Tinto of up to 18% upon conversion.
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China tightens distribution of investment-linked policies.
The article reports on the move of China Insurance Regulatory Commission (CIRC) to take some steps to revamp the way investment-linked policies are sold to gain back consumer confidence. It states that CIRC is banning banks from selling investment-linked policies from their regular counters. Also, CIRC is clamping down on distribution of investment products in rural regions and is banning sales of investment-linked policies by agents with less than one year of experience.
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China's path breaker.
The article profiles Lee Zhang, head of global banking Asia Pacific and chairman of Deutsche Bank in China. He earned his Masters in Agriculture and Biology degree at the University of Alberta, and received his Master in Business Administration (MBA) from the Santa Clara University in California. He became a member of the firm's global banking executive committee as well as member of the National Committee of the Chinese People's Political Consultative Conference.
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Chinese investors turn to structures.
The article reports on the move of investment banks in China to sell structured products. These banks include Bank of Ningbo, which would market its first equity structured product. It cites that the structured product pays a coupon between 2.5% and 10% with an electronic funds transfers (ETF) price of not more than 20% above or below the starting price. It also includes a get-out-of-jail-free feature, which allows the ETF to trade outside of the range.
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Choosing a private bank.
The article presents a discussion between several private bankers with regards to the benefits of two major camps of private banking, the boutique firms and global business network. Kees Stoute, managing director of EFG bank, stated boutique firms make all individuals in the bank to work and dedicate themselves in the same cause. Sam Tse, managing director of North Asia region head Citi Private Bank, believes that global business network with a strong balance sheet is beneficial to clients.
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Citi reshuffles its staff.
The article announces two appointments at Citi, including Mark Renton as global co-head of the public sector group and Farhan Faruqui as head of global banking in Asia Pacific.
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Citi veteran returns to the fold.
The article announces that Debashish Dutta Gupta has been appointed as head of capital markets for the global wealth management and global group businesses in the Asia-Pacific region at Citi.
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Citi's good bank, bad bank solution.
The article discusses the impact of Citigroup Inc.'s proposed restructuring in Asia. It cites that chief executive officer (CEO) Vikram Pandit has proposed to split the bank into a core bank, Citicorp, and a non-core bank, Citi Holdings. It adds that the proposal was driven by the problems faced by the bank, including its weakening revenues and continued exposure to toxic assets. Credit Suisse suggests the importance of considering the credit cycle and the cost of asset disposals.
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Credit markets could be first to rebound.
The article offers update on the financial services industry in Asia in 2009. According to a report, most of the Asian companies are giving their best returns in which traders and executives are buying back their debt with relish. Others purchased back the remainder of a $300 million bond due in 2013, offering to pay 53 cents to the dollars. An analyst believes that the country's credit market will be the first to suffer of the down market.
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End of cheap oil.
The article focuses on the economic infrastructure in Brunei in 2009. According to the BP Statistical Review of World Energy's report, the country has totaled 12 billion barrels of crude oil reserves at the end of 2007, down from 1.6 billion in 1987. It reports that the government upgrade its technology, developing a downstream business and rejuvenating its liquefied natural gas (LNG) production to maximize its returns from the sector.
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Export-Import Bank of Korea.
The article focuses on the funding deal acquired by the Export-Import Bank of Korea (Kexim) in South Korea. The deal, which was launched on January 12, 2009, has given Kexim a $2 billion-$3 billion offshore funding requirement. The non-callable notes, which were due on January 21, 2014, include a coupon of 8.125% and were issued at a yield of 8.218%. Moreover, the price for the issue was 99.624, while net proceeds after underwriting discount deductions were $1.98 billion.
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Facing challenge from strength.
The article focuses on the marketing strategy of Sun Hung Kai Properties Ltd. (SHKP), one largest developer in Asia. The company's corporate culture of quality and efficiency helped them overcome the challenges in the previous year. SHKP's tradition of providing their customers the finest properties and service keep them in a leading position in the industry.
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Flying solo.
The article offers operational issues with regards purchasing a corporate jet in Hong Kong or China. It indicates that China has 100 airports having a high import duties on aircraft and a shortage of facilities. While in Hong Kong, the distinction between the public transport and private flights is on the fractional ownership fractures.
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Global competitiveness forum.
Information about several topics discussed at the third Global Competitiveness Forum (GCF) held in Riyadh, Saudi Arabia on January 25-27, 2009 is presented. It highlighted key areas where major changes can be made to stimulate the recovery of the global economy. Delegates of the event also debated about responsible competitiveness and the future of energy.
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HKMA toughens issuer standards.
The article reports on the improved recommendations of the Hong Kong Monetary Authority (HKMA) on structured products in China. The recommendations were expected to enforce tougher standards on structured products issuers. The recommendations include a health warning on all retail structured products with embedded derivatives, a restructuring of pay deals for frontline sales staff and another on the improvement of the sales process.
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HOGGING THE BALL.
The article discusses several banking mergers in Australia. These include the merger of banking firms Westpac Banking Corp. and St. George Bank Ltd., which was expected to establish a A$55 billion banking firm and narrow a limited playing field in the region's bank market. It also cites the deal between CBA and HBOS PLC that allows CBA to purchase HBOS' BankWest and St. Andrew's businesses for A$2.1 billion.
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How to predict which companies will go bankrupt.
The article offers information on the Z-score bankruptcy-prediction model, developed by finance professor Ed I. Altman at the Stern School of Business, New York University. The multi-variate model has five fundamental inputs used to predict the condition of a firm. The model has been implemented in the financial industry due to its simplicity, accuracy, and free to use. Furthermore, the model has been considered as a leading indicator.
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HSBC's woes mount.
The article discusses several issues involving HSBC Holdings PLC in Great Britain. These include the bank's statement concerning its strong capital and its failure to sought capital support from the government after it has lost 3% on the Hong Kong stock exchange. It also cites activist investor Knight Vinke Asset Management LLC's statement about its approval of the research issued by Morgan Stanley and Goldman Sachs that HSBC has a worsening capital shortfall.
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J.P. Morgan wins Taifex settlement mandate.
The article reports on the approval of the local futures exchange Taifex on J.P. Morgan Chase &Co.'s plan to provide settlement services for futures and options transactions in Taiwan. It cites that the agreement would allow users to process settlements for Taifex's range of futures and options contracts, inlcuding government bonds, equities and interest rates. It adds that the approval was intended to attract more foreign investors to the Taiwanese futures market.
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Job and pay cuts.
The article discusses various reports published within the issue, including one on the effort of Korea to stabilise its banking sector, another on Brunei's efforts in diversifying its economy away from oil and one on Barclay's corporate social responsibility.
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Korea's financial tug-of-war.
The article offers information on the economic status in Korea in 2009. It reports that the country's banking industry has declined in the past few weeks. The government has launched $13 billion bank recapitalization fund and urged banks to use it to bulk up their Bank for International Settlements capital ratios in mid-February. As part of the Korean economic aid, the government was publicly backing away from using taxpayers' money to protect its banks from the global financial crisis.
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Macquarie's model faces a real-time stress test.
The article discusses the infrastructure model of banking firm Macquarie Bank Ltd. in Australia. It cites the issue concerning the bank's use of debt, overpaying for assets and its use of a Ponzi scheme. It then mentions the statements of banking analysts at J.P. Morgan that there is no single case proving the bank's overpayment of assets and that its funds have separate governance structure. It further looks into the bank's financial performance in November 2008.
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Morgan Stanley and Citi form largest US brokerage.
The article reported on the joint venture Morgan Stanley Smith Barney, which was created by Morgan Stanley and Citigroup Inc. Under the deal, Morgan Stanley, which would control four board seats, was expected to own about 51% of the business, while Citi would own 49%. The deal also requires Morgan Stanley to pay Citi $2.7 billion. Moreover, J.P. Morgan Chase &Co. regards the deal as positive for Morgan Stanley, considering its accretion and control of a much bigger distribution franchise.
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MOVES IN BRIEF.
The article announces appointments of several executives in the financial services industry worldwide including Johnson Tan as chief executive officer (CEO) at BNP Paribas Capital, Timothy Chia as vice chairman of UBS Investment Bank in Asia, and Michael Borch as head of Asian industrials investment banking business of Citi.
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Norman Villamin.
An interview with Norman Villamin, head of the investment analysis for consumer banking and global wealth management at Citi, is presented. When asked about the value of asset classes, he asserts that asset classes are trading which can be attributed to the unwillingness or inability of global financial institutions to give credit or desire by investors. Villamin believes that investors could find attractive value in investment grade debt in the credit space.
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Out of pocket.
The article reports on the impact of the financial crisis to banks in Asia. It states that banking business has slowed and banks that were staffed for a bull market are already offloading employees all together to be better prepared for the grim times ahead. It adds that banks started reducing headcount in the middle of 2008, and at the same time, the number of people fired or pushed out was on a scale too small to be recognised as an official round of lay-offs.
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Picture this.
The article discusses how to survive and invest more money in the film industry. In order to invest more money in a film, it needs an experienced producer who knows the relevance of the business and budgetary considerations need to be one of the priority. According to North Korea expert Nick Bonner, documentaries are not good for making investment and stresses that an investor needs to be a patron of arts in the documentary business.
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Quality matters.
The article discusses the importance of promoting a core quality corporate bonds and equities in the order to maintain stability in the current economic downturn. It indicates that companies need to focus more on quality specially those companies that have strong visible cash flows with low financial and operational gearing. Moreover, it suggests that bonds need to be of short-to-medium duration and recommends government guaranteed bank bonds.
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RBS reviews its presence in Asia.
The article reports on the move of Royal Bank of Scotland (RBS) to review its business in 36 of the 54 countries in which it operates and reduce its presence in Asia. According to RBS, all of its divisions were profitable except global banking and markets and Asia retail and commercial banking. It states that RBS will sell or significantly reduce its operations in 36 of the 54 countries in which it operates and enhance focus in Great Britain.
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Re-inflated.
The article offers information on Barclays Capital Inc.'s AUD Inspire Index, which allows pension funds to create economically efficient inflation portfolios and hedge against inflationary trends in Australia. It uses liquid inflation swap indices in the U.S., Great Britain and Europe as a starting point and applies an optimisation model that dynamically replicates Australian inflation measures by applying different weights to the inflation rates derived from the liquid swap markets.
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Real Gold Mining.
The article reports on the launch of the $132 million initial public offering (IPO) of Real Gold Mining in Hong Kong, China. It states that at the launch of the IPO, it was trading at about $900 an ounce and it continued to rise throughout the bookbinding reaching around $940 an ounce by the time of pricing. It says that the base deal size consisted of 165 million H-shares, representing 25% of the company.
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Real simple.
The article reports on the move of emerging local and global corporations to embrace straight forward cash management solutions in United Arab Emirates (UAE). It states that foreign banks that offer treasury services to UAE companies report increasing levels of interest in global cash products. However, banks' lack of scale and inability to invest in the electronic infrastructure necessary for successful electronic cash management solutions hinders their growth in the sector.
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Revolutionary Road.
The article reviews the film "Revolutionary Road," starring Leonardo DiCaprio and Kate Winslet, directed by Sam Mendes.
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Satish Ramanathan.
An interview with Satish Ramanathan, head of equities of Sundaram BNP Paribas Mutual Fund in India, is presented. Ramanathan discusses several issues that hinder the country's growth, such as lags in project execution and delays in capital access. He also examines the impact of the financial crisis on the country's weaknesses in its finances and lack of strategy. He further cites his projections on the performance of various sectors, including the real estate and information technology sectors.
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Satyam fraud shakes investor confidence.
The article discusses the issue concerning the accounting fraud at Internet technology firm Satyam Computer Services Ltd. in India. It cites that there were non-existent cash and bank balances of Rs50.4 billion in the Satyam balance sheet as of September 30, 2008. Its quarter revenues and profits were also overstated. Steve Wilford of Control Risks asserts that the Satyam fraud indicates the country's weakness in terms of corporate governance.
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Serious reservations.
The article discusses the implications of China's actions towards its foreign reserves. It cites that the country's reserves have increased by $417 to $1.95 trillion in 2008 after suffering a decline during the fourth quarter due to the outflows of capital. It is believed that the foreign exchange (FX) market has contributed to the reserve situation. It then examines the concerns over the country's move to use its reserves to U.S. debt.
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Shin Kong Life CIO resigns over record losses.
The article announces that Ian Lui has resigned as the influential chief investment officer at Shin Kong Life Insurance Co. It cites that Lui has worked in the company approximately five-and-a-half years. Lui clarifies that the reason for his resignation is to move back in Hong Kong. On the other hand, the company announced that Julian Chiu, deputy chief information officer at Shin Kong Life, will replace Lui as the new chief investment officer of the company.
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Singapore slump makes for a toxic cocktail.
The article discusses the economic condition in Singapore. It cites that its government has reduced its gross domestic product (GDP) forecast for 2009 to a range of -5.1% to -2.1%. It blames the global economic crisis as evidenced by the declines in world demand, trade and investment. Citi economist Kit Wei Zheng considers the condition as the worst recession in the country's history.
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Societe Generale names new structured products head.
The article announces that Yann Garnier has been appointed head of structured products sales at Societe Generale's global equities and derivatives solutions division.
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Spending spree.
The article focuses on the developments of the financial services industry in China in 2009. It asserts that the country's lending services has increased in response to their determination to protect its gross domestic product (GDP) growth rate of 8% per year. It adds that China's total new lending exceeded about $230 billion in January, accomplishing one-third of the entire year's lending quota.
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Spring cleaning.
An introduction to the journal is presented in which the editor discusses an article on the current trends of financial markets by Arjuna Mahendran, on fine wines by Edward Russell, and an interview with film makers in Asia by Daniel Inman.
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Still in the dumps.
Several charts are presented depicting the equity market condition in Asia, including loans, merger and acquisition, and FinanceAsia 100.
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STRUCTURED PRODUCTS AWARDS 2008.
The article announces recipients for the Structured Products Awards in Asia in March 2008 including Best Commodities House Award to Societe Generale SA, Best Equities House Award to UBS AG and Best FX House to Barclays Capital Inc.
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Sun Hung Kai to buy back minibonds.
The article reports on the decision of Sun Hung Kai Investment Services Ltd. to repurchase Lehman Brothers Holdings Inc. minibonds that were sold to its clients in Hong Kong, China. A reprimand has been issued by the Securities and Futures Commission (SFC) to Sun Hung Kai that involved inadequate internal systems and compliance systems relating to the sale of the HK$85 million-worth minibonds. According to Sun Hung Kai Financial, the compensation would cover about 301 primary market clients.
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Sustainable structured products.
The article reports on the launch of the two new sustainability indices Dow Jones Sustainability Asia Pacific and Dow Jones Sustainability Asia Pacific 40 by Dow Jones Indexes in Asia in February 2009. The new structured products is drawn from Sam's analysis of corporate economic, environmental and social performance. The company asserts that the product contains dedicated indexes for each of the three major investment regions, including Asia Pacific, Europe and in the U.S.
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Taiwan's legal system is not breaking down.
The article discusses the issue concerning the state of the judicial system in Taiwan. It cites the issue of the manipulation of the judiciary by the Kuomintang Party (KMT) regarding the hunt against former President Chen Shuibian for corruption and money laundering cases during his term. It also indicates the concerns of the power of the country's president.
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Team player.
The article focuses on the career of Frederic Laine, head of fixed income at Calyon for Asia ex-Japan. It views on the comparison between the position played by Laine in rugby game and his role at Calyon. It explores the effort of Laine to manage his people by bringing them up when down and reminding them that they are a team when everything is in good condition. Information on the state of the business of Calyon is also discussed.
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The Audi R8 takes on the Aston Martin Vantage.
The article evaluates the Aston Martin Vantage and Audi R8 automobiles.
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The Gulf's ebbs and flows.
An interview with Ala'a Al-Yousuf, chief economist at Gulf Finance House (GFH) in Bahrain, is presented. When asked about the economic sentiment in the Persian Gulf, he cites the oil price cycle and the credit crunch as the two factors shaping sentiment in the Gulf. He also discusses its report concerning its naming of Qatar and Saudi Arabia as the Gulf's strongest economies. He further compares the banking sector in the Gulf with that of the West.
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The year of the bull.
Several charts are presented that depict the deal value for equity and bond issuances by banks in Asia as of January 30, 2009, including HSBC Holdings PLC, Deutsche Bank AG and Bank of America Corp.
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Too big to ignore.
The article discusses the financial performance of the financial services industry in Australia. It cites the companies that were under risk of bankruptcy, which include Allco Finance, ABC Learning and mining company Oz Minerals. It also mentions the common errors of the companies, including high levels of leverage and lack of management skills. Moreover, it examines the concerns of banks in the region over the availability of access to capital in the international markets.
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Treasury tips.
Information about several topics discussed at the Corporate Treasury Summit held at the Mandarin Oriental Hotel in Kuala Lumpur, Malaysia in December 11, 2008 is presented. Topics include the economic slowdown in the country, the impact of the condition on financial institutions and business, and the contributions of cash management solutions to prepare for the downturn. The summit also featured several executives including Andre Lee, Norsani Ayob, and Lim Wen Tzer.
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Wearing the customer's shoes.
The article reports on the implementation of the automated clearing house (ACH) and lockbox services by Robinsons Land Corp., considered as the second-largest property firm by market capitalisation in the Philippines. The services, which have been offered in North American, are implemented due to the large percentage of overseas Filipinos in the continent. The solution is indicated to benefit companies trading goods abroad.
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Will UBS give up the names?
The article reports on the lawsuit filed against UBS AG in a Swiss federal court by several wealthy American clients seeking to prevent the disclosure of their identities. It states that the lawsuit accuses UBS and financial regulator Swiss Financial Market Supervisory Authority of violating the Swiss bank secrecy laws and of conducting what Swiss law considers illegal activities with foreign authorities.
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Withnail and I.
An interview with one of the actor of the film "Withnail and I" is presented. It discusses the story of the motion picture which revolves around the two friends living in London's Camden Town in England. It also describes the life of the two friends and the time when they already decided to part ways.
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Worried down under.
The article discusses various reports published within the issue, including one on the Bakrie &Brothers transactions in Indonesia, the economic slump and property market crash in Singapore and the Taiwanese legal system.
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Your Success. Our Commitment.
The article features Brunei Economic Development Board (BEDB), a statutory organization in Brunei. It was developed by Yang Di Pertuan of Brunei Darussalam in November 2001. BEDB's objective is to contribute to the country's success as a land of opportunity for its people and all investors. The group's plan addressed on nurturing industries and economic activities which could bring knowledge, markets and employment opportunities in the country.
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