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Banco Bilbao Vizcaya Argentaria (BBVA and NYSE: BBVA), the third largest shareholder of China CITIC Bank Corporation Limited (SHSE: 601998 and SEHK: 0998), said yesterday that it would buy shares in the Chinese bank’s private placement next year. BBVA plans to spend EUR 450 million or around CNY 4 billion on the China CITIC Bank [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Bank of Wenzhou Suspends IPO Plan
November 5th, 2010 
gary Bank of Wenzhou has suspended its initial public offering plan due to ongoing risk control-focused internal readjustment. Bank of Wenzhou’s shareholder meeting in January 2008 approved of its IPO plan, which has been shelved since 2009 in the wake of Lin Xiaoya fraud scandal. The scandal triggered the bank’s internal readjustment, said sources. Bank of [...]
ICBC Has Buit Presence in Five ASEAN Countries
November 5th, 2010 gary The Industrial and Commercial Bank of China has built preliminary presence in ASEAN countries so far. ICBC in April 2010 acquired approximately 97.24% stake in Thailand’s ACL Bank Public Company Limited via a tender offer, and ACL Bank in July was renamed Industrial and Commercial Bank of China (Thai) Public Company Limited. Taking over former [...]
CDB Achieves A Breakthrough in Diversified Operations
November 5th, 2010 gary China Development Bank (CDB) expects to acquire one trust company in the latest efforts to diversifying its operations when converting into commercial bank from policy-oriented one. The State Council has approved of CDB’s commercial conversion scheme, pursuant to which CDB can provide commercial banking services and private equity and securities brokerage business. CDB in February [...]
Fresh Del Monte Produce Posts 3Q 2010 Financial Results
November 5th, 2010 gary Fresh Del Monte Produce Inc. reported financial results for the third quarter ended October 1. In a release on November 2, the Company reported earnings per diluted share of $0.24 in the third quarter of 2010, compared with earnings per diluted share of $0.45 in the third quarter of 2009. Excluding asset impairment and other [...]
AUST’S AXA APH CONFIRMS AXA SA, AMP STILL IN ACQUISITION TALKS
November 5th, 2010 gary AXA Asia Pacific Holdings Ltd (AXA APH, ASX:AXA) has confirmed its French parent, AXA SA, is in talks with AMP Ltd (ASX:AMP) over a possible acquisition of AXA APH’s businesses. But AXA APH said in a statement on Friday the discussions are incomplete and may not result in a transaction. “AXA APH confirms it has [...]
Expeditors International Releases 3rd Quarter 2010 Financial Results
November 5th, 2010 gary Expeditors International of Washington, Inc. announced quarterly net earnings attributable to shareholders of $96,105,000 for the third quarter of 2010, as compared with $57,752,000 for the same quarter of 2009, an increase of 66 percent. In a release on Nov. 2, the company said that net revenues for the third quarter of 2010 increased 32 [...]
SKOREA’S TONGYANG GROUP SEEKS SALE OF STAKES IN LIFE INS. UNIT
November 5th, 2010 gary Tongyang Group, a mid-sized South Korean conglomerate, said Friday that it is pushing to sell part of its stakes in Tongyang life insurance Co. (KSE:082640) to improve its cement unit’s financial health. The group, which has been put under a creditor-led restructuring program since April in 2009, said the planned stake sale aims to reduce [...]
