Business Digest, December 21, 2012

PUBLISHED : Friday, 21 December, 2012, 12:00am
UPDATED : Friday, 21 December, 2012, 3:46am


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QFII scheme may include index futures

The mainland may let foreign funds trade stock index futures, the China Securities Journal reported. HSBC and UBS may be among the first firms allowed to trade on the China Financial Futures Exchange under the qualified foreign institutional investor programme, the newspaper said. Bloomberg


Taiwan in talks to list mainland firms' shares

Taiwan and the mainland will start talks during the next three months aimed at setting a framework for mainland companies to list on the Taipei bourse, Taiwan's regulator, Chen Yuh-chang, minister of financial supervisory commission, told the legislative council. Reuters


HSBC selling its stake in Vietnamese insurer

Sumitomo Life Insurance, one of Japan's top four life insurers, said it is buying HSBC's 18 per cent stake in Vietnamese insurer Baoviet for about US$340 million, the latest in a spate of acquisitions by Japanese financial firms in Southeast Asia. The transaction is subject to regulators' approval. Reuters


EU approves cash for four Spanish banks

The European Union approved a cash injection of €1.87 billion (HK$19.2 billion) into four former Spanish savings banks, which ran into trouble when a decade-long property boom burst five years ago, in the second phase of the overhaul of the country's banking sector. In return for the funds, the four lenders will reduce their balance sheets by up to 40 per cent by 2017. Reuters


US GDP growth revised upwards to 3.1pc

The US economy grew at a 3.1 per cent annual rate in the third quarter, reflecting the first gain in state and local government spending in three years and more consumer purchases. The Department of Commerce's earlier estimate for growth in gross domestic product was 2.7 per cent. Bloomberg