Business Digest, March 2, 2013

PUBLISHED : Saturday, 02 March, 2013, 12:00am
UPDATED : Saturday, 02 March, 2013, 4:17am


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US$37.3b quota set for short-term foreign debt

China's foreign exchange regulator has set a quota of US$37.3 billion on the short-term foreign debt banks and companies can borrow this year. Of the total, the quota for selected Chinese banks will be US$11.6 billion, while that for qualified foreign banks operating on the mainland will be US$15.3 billion, the State Administration of Foreign Exchange said. Reuters


S&P must compensate Australian towns

An Australian Federal Court judge ordered rating agency Standard & Poor's and two other firms to pay a total of A$20 million (HK$158 million) to 12 Australian towns for losses on top-rated securities, the value of which plunged during the global financial crisis. S&P said it would appeal. Bloomberg


HKEx upholds delisting of Hontex International

The Hong Kong stock exchange has upheld its decision in November to delist sport fabric maker Hontex International, after the firm appealed. After trading for only 64 days, Hontex was suspended on March 30, 2010, after the Securities and Futures Commission alleged it overstated its profit and turnover figures in its listing prospectus in December 2009. In June, the High Court ordered the firm to refund HK$1.03 billion to small shareholders through share buybacks. Enoch Yiu


Beijing ruling awaited for Xstrata takeover

Glencore International, the largest publicly traded commodities supplier, said it will not complete its US$33 billion takeover of coal producer Xstrata by March 15, as it awaits approval from China. It is the third time Glencore has pushed back the deadline for the deal to create the world's fourth-largest mining company. Bloomberg


Cathay cancels order for 8 Boeing freighters

Cathay Pacific Airways, the world's biggest international air-cargo carrier, cancelled an order for eight Boeing 777-200 freighters as it revamps its fleet. Cathay will instead buy three Boeing 747-8 freighters worth US$1 billion at list prices, the carrier told the Hong Kong stock exchange. The firm will sell four Boeing 747-400 converted freighters to Boeing as part of the restructuring. Meanwhile, Air China told the exchange it will buy 31 Boeing aircraft for US$4.8 billion. Bloomberg