Briefs, November 20, 2012

PUBLISHED : Tuesday, 20 November, 2012, 12:00am
UPDATED : Tuesday, 20 November, 2012, 3:51am

CSRC loosens capital rules for brokerages

The nation's securities regulator has loosened capital-reserve requirements for brokerages to help them expand their asset management business, in the latest effort to buoy a weak stock market. The China Securities Regulatory Commission (CSRC) said the minimum reserve ratios for asset management businesses of brokerages have been cut from 2 to 4 per cent to 1 to 2 per cent. The regulator also allowed brokerages to buy bonds on the interbank market. Daniel Ren


PetroChina sells bonds to raise 20b yuan

PetroChina, the country's largest listed oil firm by capacity, raised 20 billion yuan (HK$24.6 billion) through three tranches of fixed-rate bonds. Half the net proceeds will be used to repay outstanding loans while the rest is aimed to replenish liquidity. The bonds are all rated the highest AAA. Ray Chan


Citic Pacific project in Australia nearly ready

Citic Pacific says its much-delayed iron ore mining project in Western Australia has started producing small quantities of iron ore at its first production line. After a fine-tuning of the plant, shipments will start early next year. The second production line is expected to come on stream in May, followed by the third to the sixth production lines in 2014. Eric Ng


Brazil forecast to grow over 4pc in last quarter

Brazil's economy will grow more than 4 per cent in the fourth quarter this year, compared with the 2.7 per cent in the year-ago period, Brazil's central bank deputy governor Luiz Awazu Pereira da Silva said. Analysts covering Brazil's economy have lowered their forecast for growth next year to 3.96 per cent from 4 per cent. Reuters, Bloomberg


EU gives ING more time to repay bailout loans

Dutch bank ING and the European Commission said they have agreed to an extension for the bank to repay bailout loans granted during the financial crisis. The new agreement gives the bank more time to sell its insurance interests and to repay the remainder of the €10 billion (HK$98.8 billion) it received in state aid in 2008. AFP