Shanghai Pudong Development Bank (SPDB)<600000>, one of China’s leading joint-stock lenders partly owned by Citigroup, announced on Wednesday it has achieved an agreement with Laishang Bank to pay RMB 378 million to buy 108 million shares, or 18% of the total equity of the latter, market sources reported.
Upon the completion of the acquisition, Shanghai-based SPDB [...]
Shanghai’s key stock index fell yesterday in the wake of a tumble on Wall Street as jittery investors showed their concern over the deepening financial crisis.
The Shanghai Composite Index dropped 0.72 percent, or 14.37 points, to 1,969.39, after reaching an intraday low of 1,893.15. Losers outnumbered gainers 640 to 208 while 18 remained unchanged. Turnover [...]
Hong Kong stocks rose 2.9 percent on Friday, as U.S. stock futures pointed to a recovery on Wall Street and talk swirled of another round of rate cuts in China, sending mainland lenders soaring.
But the main index finished the week 6.5 percent lower, its worst weekly performance in three weeks, on bleak economic data, job [...]
Bank of America Corp. will pay $7 billion to almost double its stake in China Construction Bank Corp., adding to the purchase of Merrill Lynch & Co. even as it cuts jobs and gets government bailout funds.
The biggest U.S. bank by market value will boost the three- year-old holding in China’s No. 2 lender to [...]
While China’s successful story of weathering the 1997 Asian financial storm is still fresh in minds, the country is trying to repeat the feat once again, this time, on a much grand scale, a much faster fashion and against a much worse crisis.
The State Council, or the Cabinet, unveiled a 4 trillion yuan ($586 billion) [...]
HONG Kong’s economy entered its first recession since the outbreak of SARS in 2003 as the global financial crisis cut exports and spending cooled, forcing the government to lower its full-year growth forecast.
Gross domestic product shrank a seasonally adjusted 0.5 percent in the third quarter from the previous three months, the government said yesterday. The [...]
