Elliot Management Sues Bank of East Asia

Elliot Management Sues Bank of East Asia

Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement. Elliot which has a 7% stake in BEA has filed a lawsuit in Hong Kong court against the bank, majority of the bank directors, its CEO and chairman. In a statement, Elliott cited “allegations of unfairly prejudicial conduct” and “alleged serious corporate governance failings” in relation to last year’s issue of new shares to Japan’s Sumitomo Mitsui Banking Corp (SMBC).

“Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement.”

~ Reuters

The dispute pits the $27 billion hedge fund against BEA’s chairman and former politician David Li, whose grandfather founded the bank nearly 100 years.

Related Reports: Reuters, Bloomberg

 

About Elliot Management

Elliot Management Corporation is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity, fixed income and alternative investment markets across the globe. The firm obtains external research to complement its in-house research. Elliot Management Corporation was founded in 1977 and is based in New York City with an additional office in London, United Kingdom.

Visit: Elliot Management

 

About Bank of East Asia

Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is dedicated to providing comprehensive corporate banking, personal banking, wealth management, and investment services to its customers in Hong Kong, Mainland China, and other major markets around the world.

BEA is Hong Kong’s largest independent local bank, with total consolidated assets of HK$781.4 billion (US$100.8 billion) as of 31st December, 2015. Listed on The Stock Exchange of Hong Kong, the Bank is a constituent stock of the Hang Seng Index. BEA also operates one of the largest branch networks in Hong Kong, with 88 branches, 55 SupremeGold Centres, and 10 i-Financial Centres throughout the city.

Visit: Bank of East Asia


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Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs Bankers Accused of Hiring Prostitutes to Win Libyan Business

Goldman Sachs bankers have been accused of paying for prostitutes, private jets and five star hotels and held business meetings on yachts to win business from a Libyan investment fund set up under Gaddafi regime.

“The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades. “

~ The Guardian

The Libyan Investment Authority (LIA) was set up in 2006 to invest the country’s oil wealth as its status from a pariah state was being lifted. Lawyers for LIA are claiming for losses on nine trades that Goldman Sachs executed between January and April 2008. The LIA lost almost all its investment through the trades, while Goldman Sachs generated profits of over more than $200million from the trades.

Related Reports: The Guardian, Daily Mail

 

About Libyan Investment Authority

The Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. It was established in 2006 and, in accordance with law No (13) of 2010, aims to develop and maximise state revenue surpluses to achieve three goals:

Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view.

  • Stimulate Libya’s economy through major, transformational private sector projects
  • engaging international expertise through joint ventures and knowledge transfer.
  • Provide stability against volatile oil revenues and government budget shortfalls.

Visit: Libyan Investment Authority


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Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial Plans to Buy 20% Stake in Thailand’s Ascend Money

Ant Financial is planning to purchase a 20% stake in Thailand’s Ascend Money in a bid to become a key financial services player in Southeast Asia. An investment into Ascend Money, parent of True Money and Ascend Nano would help Ant Financial expand its online payments and small loans business in Southeast Asia.

“The company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.”

~ Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa

Ascend Group Chief Executive Officer Punnamas Vichitkulwongsa in April told the Bangkok Post the company will spend 6 billion baht (US$170 million) on expansion this year, 83 percent of which will be spent outside of Thailand.

Related Reports: Bloomberg, Reuters

 

About Ascend Group

We provide scalable, cost-effective end-to-end eCommerce platform and services, with fulfillment solution that enhances delivery efficiency for both online and offline sales channels, ePayment and lending, eService business providing comprehensive digital marketing solutions, world-class data centers and cloud services and venture capital.

Visit: Ascend Group

 

About True Money

Thailand’s premier online payment brand, encompassing multiple solutions that help facilitate various transactional needs. TrueMoney provides several platforms for the community including;

  • Wallet by TrueMoney – a smartphone application enabling people to manage their daily transactional needs
  • WeCard by MasterCard – a virtual and physical debit card brand for both online and physical payments designed specifically with the user in mind, and seamlessly integrated within Wallet
  • TrueMoney CashCard – Built for online gamers in mind, CashCard facility provides an easy way to convert physical money into virtual cash. Available nationwide at all 7-Eleven stores, CashCard can be also used to Top Up cash on TrueMoveH’s Prepaid mobile services
  • PayPoint & PayPoint Auto – Designed for self-services (Kiosk) and rural areas through partner, PayPoint provides people with access to bill payments.

Visit: True Money


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Qatalyst Partners and Allen & Co are the Banks for Linkedin- Microsoft Deal

Qatalyst Partners and Allen & Co are the Banks for Linkedin- Microsoft Deal

Two boutique banks will lay claim to million in fees on Linkedin $26.2 billion sale to Microsoft. It is going to be a big payday for the banks with just a few dozen staffs. Wall Street has seen deals fall by a double digit percentage to start 2016 compared to last year, putting pressure on big banks revenue.

“Wall Street has seen deals fall by a double digit percentage to start 2016 compared to last year, putting pressure on big banks revenue. “

~CNBC

This will serve as a stark reminder for Wall Street that its clout only goes so far and that boutique banks are starting to hone on big banks business. Further, since June of last year, 68% of deals valued at $10 billion or more had a boutique bank advising.

Related Reports: CNBCForbes, Microsoft News Center

 

About Qatalyst Partners

Qatalyst Partners is a global, independent investment bank that provides high impact strategic and financial advice to senior management and boards of established and emerging technology leaders on matters crucial to their growth and success

Visit: Qatalyst Partners

 

About Allen & Co 

Allen & Company is an investment banking firm that provides private placement, underwriting and brokerage services to entertainment and media companies. Its clients include Seagram, Universal Studios, Hasbro and Galoob Toys, Disney, and ABC. The firm also maintains an investment arm that provides venture capital financing to entertainment and media companies. Allen & Company was founded in 1922 by Charles Allen and is based in New York. Allen & Company Incorporated operates as a subsidiary of Allen Holding Inc.

Visit: Allen & Co


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IPOs Start to Flow in Southeast Asia

IPOs Start to Flow in Southeast Asia

Companies in industries from real estate, cement to power generation are looking to raise nearly $1.5 billion in Singapore, Philippines and Indonesia. Previously, many companies delayed or scrapped their fund raising plans. Malaysia’s Sime Darby Bhd, the world’s largest listed palm oil producer by market value last year dropped plans for an IPO of its automotive business.

“Companies in industries from real estate, cement to power generation are looking to raise nearly $1.5 billion in Singapore, Philippines and Indonesia. “

~ Wall Street Journal

Deals now in South East Asia include Singapore IPO of Frasers Logistics & Industrial Trust, IPO of Cemex Holdings Philippines Inc. (Mexican cement and construction materials Cemex) and Indonesia power company PT Cikarang Listrindo Tbk.

Related Reports: Wall Street Journal, Reuters

 

About Sime Darby

Sime Darby is a Malaysia-based diversified multinational with operations in 26 countries & 4 territories and a total workforce of more than 130,000 employees. The group is involved in 5 core sectors, namely Plantation, Industrial Equipment, Motors, Property and Energy & Utilities.

Visit: Sime Darby

 

About Cemex Holdings

We are one of the leading cement producers in the Philippines, based on installed annual capacity as of December 31, 2015, according to the Cement Manufacturers Association of the Philippines. We produce and market cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using our extensive marine and land distribution network. Our cement manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as APO, Island and Rizal, each of which has a multi-decade history in the Philippines. Our brand recognition and customer-centric direct sales approach have helped us develop a long-term customer base.

Visit: Cemex Holdings

 

About PT Cikarang Listrindo Tbk

PT Cikarang Listrindo Tbk is a power company that provides energy to industrial and residential customers in Indonesia. The Company’s plants use gas turbines that run on gas or liquid fuel. Cikarang Listrindo is based in Jakarta, Indonesia.

Visit: PT Cikarang Listrindo Tbk


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Thai Billionaire Seeks Singapore Listing of Australian Assets

Thai Billionaire Seeks Singapore Listing of Australian Assets

 A Thai billionaire who owns residential and industrial properties in Australia is seeking to raise about SGD900 million through an initial public offering in Singapore. Thai billionaire Charoen Sirivadhanabhakdi, through his Singapore-based real-estate firm Frasers Centrepoint Ltd. ,agreed in 2014 to buy Australand for US$2.40 billion. Earlier this year, it was looking to pursue a real-estate investment trust or REIT IPO for some of the logistics and industrial assets of Australand in Singapore.

“A Thai billionaire who owns residential and industrial properties in Australia is seeking to raise about SGD900 million through an initial public offering in Singapore.”

~ Wall Street Journal

If successful, the deal would be one of the biggest in Singapore in more than three years. This deal, if successful, could also lift sentiment toward the IPO market in Southeast Asia, which has experienced a lack of investor demand for new offerings.

Related Reports: Wall Street Journal

 

About Frasers Centrepoint

Frasers Centrepoint Limited is an international real estate company with a portfolio that spans residential, commercial, hospitality and industrial asset classes. We invest in and develop properties in three core markets of Singapore, where we are listed and have our roots, Australia and China where strong market fundamentals characterise these territories. Over the years, we have developed an intimate knowledge of our core markets and also of our secondary markets of the United Kingdom, Vietnam, Thailand and Malaysia. We also manage hospitality properties in over 70 cities across North Asia, Southeast Asia, Australia, Europe, and the Middle East.

Visit: Frasers Centrepoint

   

About Australand

Australand is now Frasers Property Australia, one of Australia’s leading diversified property groups with over 600 staff and operations in five states of Australia, and New Zealand.  Australand joined Frasers Centrepoint Limited, an international real estate company focused on Singapore, Australia and China with total assets of more than $16 billion and a portfolio spanning 77 cities around the world.

Frasers Property Australia’s activities across Australia cover development of residential land, housing and apartments, development of and investment in income producing commercial and industrial properties and property management.

Visit: Australand


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Singapore Exchange in Talks to Buy London Exchange

Singapore Exchange in Talks to Buy London Exchange

The Singapore Exchange is in talks to buy the London’s Baltic Exchange which has been at heart of the global shipping industry for centuries. The takeover talks come as the global shipping industry struggles with the market conditions after a slump in commodities coincided with an increase in the number of vessels, sending freight costs to record lows.

” A purchase by SGX, would boost its plans to diversify its revenue streams …. hit by sluggish equity listings and securities volumes “

A purchase by SGX, would boost its plans to diversify its revenue streams at a time when it has been hit by sluggish equity listings and securities volumes.

Related Reports: Reuters, Bloomberg

 

About Singapore Exchange 

Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid offshore market for the benchmark equity indices of China, India, Japan and ASEAN. The exchange was one of the first globally to adopt the Principles for Financial Market Infrastructure, the first and only central counterparty in the region to be fully approved by U.S. regulators as a Derivatives Clearing Organisation and a Foreign Board of Trade, and is recognised by European Union regulators for both securities and derivatives. As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities. In 2015, SGX was awarded Derivatives Exchange of the Year by Asia Risk, Futures and Options World and Global Capital as well as Central Counterparty (CCP) of the Year by Asia Risk.

Visit: Singapore Exchange

 

About London Baltic Exchange

The Baltic Exchange is the world’s only independent source of maritime market information for the trading and settlement of physical and derivative shipping contracts. Our international community of over 600 member firms encompasses the majority of world shipping interests and commits to a code of business conduct encapsulated in the motto our word our bond.

Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels. Headquartered in London, with regional offices in Singapore, Shanghai and Athens, the Baltic is owned by its shareholders, most of whom are members. It is governed by a board of directors elected by shareholders and members.

Visit: London Baltic Exchange


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Busted Deals Have Cost Banks Over US$300 million

Busted Deals Have Cost Banks Over US$300 million

In the world of mergers and acquisitions, 2015 was a record breaking year. However 2016 is proving to be a year of broken deals. More than $395.4 billion in US mergers, including, most recently, Staples’s combination with Office Depot, have fallen apart in 2016, according to data provider Dealogic, felled by exacting regulators, rocky markets or reluctant targets .

“More than $395.4 billion in US mergers, including, most recently, Staples’s combination with Office Depot, have fallen apart in 2016.”

~ Dealogic

Three of the largest collapsed deals this year – Pfizer’s takeover of Allergan, Halliburton’s purchase of Baker Hughes and Staples’ merger with Office Depot – will cost banks more than $300 million in advisory fees, according to a review of regulatory filings. That does not include potentially large fees banks aren’t legally required to disclose.

Related Reports: Wall Street Journal, Financial News

 

About Dealogic

Uncertain markets, continued challenging trading conditions, tighter regulation and increased competition have placed greater pressure on banks to operate more efficient businesses with fewer resources for optimal performance.

Supporting the key businesses within an Investment Bank, the Dealogic Platform provides a consistent management framework across Equity Capital Markets, Fixed Income, Investment Banking and Sales, Trading & Research. Connecting professionals between each core unit, the Platform helps Investment Banking professionals better understand their clients so they can make better decisions, allocate resources and compete more effectively to optimize the flow of capital around the world.

Visit: Dealogic


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