Briefs, September 20, 2012

PUBLISHED : Thursday, 20 September, 2012, 12:00am
UPDATED : Thursday, 20 September, 2012, 2:56am


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Zhengzhou Coal 'to aim for' US$600m offering

Zhengzhou Coal Mining Machinery would likely launch a marketing roadshow for its US$600 million international share offering and Hong Kong listing next week, a person familiar with the deal said. The provincial government-controlled firm, based in Henan's capital, Zhengzhou, is listed in Shanghai. It planned to issue 350 million new shares, or a quarter of the shares already outstanding. The proposed offer is being arranged by Deutsche Bank, JPMorgan and UBS. Eric Ng


AXA, Fubon team up on insurance products

AXA Hong Kong and Fubon Bank formed a strategic partnership yesterday to tap the growing demand for investment-linked, savings- and health-related insurance products among mass-affluent customers in Hong Kong. The partnership will enable the distribution of AXA's products through Fubon's retail outlets and telemarketing team in the city. Lulu Chen


New date set for Titan's hearing in Bermuda

Titan Petrochemicals Group says a Bermuda court adjourned a hearing of a petition by Saturn Petrochemical Holdings, an associate of United States private equity fund Warburg Pincus, which is seeking to appoint provisional liquidators to administer the assets of debt-troubled Titan. The new hearing date is November 16. Eric Ng


China on track for bumper sugar crop

China, the world's biggest sugar importer, is set to harvest its second-largest crop after favourable weather spurred farmers to increase planting, potentially cutting overseas purchases and widening a global surplus. Production might climb 19 per cent to 13.7 million tonnes in the season starting October, according to the median estimate in a Bloomberg survey of nine analysts and traders. Output totalled 11.5 million tonnes this season, according to the China Sugar Association. Bloomberg


Schwartz to take over Goldman's CFO spot

Investment banking firm Goldman Sachs has named senior trading executive Harvey Schwartz to replace David Viniar as chief financial officer, the latest in a series of executive shuffles as the company prepares for a change in top management. Schwartz, 48, is among a small group of executives who are considered potential candidates to take over as chief executive when Lloyd Blankfein eventually steps down. When Schwartz starts his new job at the end of January, he will replace the longest-serving CFO on Wall Street. Reuters