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  • November 24, 2014
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  1. Business - Banking & Finance - MONEY LAUNDERING

    HSBC likely to face criminal charges for money laundering

    Posted Nov 06th 2012, 12:00am by Lulu Chen

    ... HSBC Holdings, Europe's largest bank by market value, said yesterday it was likely to face criminal charges stemming from US anti-money laundering investigations. It said the cost of a settlement could "significantly" exceed the US$1.5 bill ...

  2. Business - Banking & Finance - EARNINGS

    HSBC to dispose of non-core assets in bid to cut costs

    Posted Nov 06th 2012, 12:00am by Lulu Chen

    ... Banking giant reports 125 per cent surge in underlying profit for the third quarter HSBC says it will continue to save costs by disposing of non-core businesses and focus on lending business in emerging markets, especially China. The lender's underly ...

  3. Shanghai restaurant drops IPO

    Posted Sep 22nd 2011, 12:00am

    ... Lulu Chen lulu.chen@scmp.com Shanghai restaurant chain Xiao Nan Guo is pulling its HK$737 million initial public offering because of 'excessive market volatility', according to an announcement yesterday. Xiao Nan Guo is the latest company to shelve a listing amid the global economic downturn and the sovereign debt crisis in Europe. It had planned to sell 335 million shares ...

  4. Rising costs blamed for plunge in profit

    Posted Jul 20th 2010, 12:00am by Lulu Chen

    ... Lulu Chen Karrie International Holdings, a manufacturer of computer casings, said business remained difficult due to rising costs, after profit dropped 55 per cent to HK$9.11 million for the year to the end of March. Revenue fell 9 per cent to HK$2.25 billion. The company has experienced continuous turnover declines since 2006. Labour costs rose about 20 per cent in May ...

  5. Business - Money

    ING sells HK Macau,Thailand insurance businesses to Richard Li for US$2.14 billion

    Posted Oct 19th 2012, 02:00pm by Lulu Chen

    ... Lulu Chen ING Group said it has agreed to sell its Hong Kong, Macau and Thailand insurance businesses to Richard Li Tzar-kai’s Pacific Century Group for US$2.14 billion (HK$16.59 billion ...

  6. Merry Garden IPO target US$207m

    Posted Jun 25th 2012, 12:00am

    ... Lulu Chen lulu.chen@scmp.com Merry Garden, a Fujian-based producer of timber products, kicks off its initial public offering today, aiming to raise as much as HK$207 million in a test of investor sentiment in a sluggish economic environment. The company, which produces timber cabins, landscape garden products and other leisure goods, such as swings and pet houses, plans to issue ...

  7. Billionaire spared the death sentence after outcry for mercy

    Posted Apr 21st 2012, 12:00am

    ... Lulu Chen lulu.chen@scmp.com A 30-year-old billionaire was spared the death penalty yesterday after the mainland's highest court ruled on a case that attracted an unprecedented outcry for mercy including sympathetic comments from Premier Wen Jiabao. Wu Ying (pictured), once one of the richest women in China, was sentenced to death in 2009 on charges of raising funds ...

  8. Legalise underground banks, delegates urge

    Posted Mar 12th 2012, 12:00am

    ... Lulu Chen and Eric Ng Delegates to the mainland's top political advisory body have called for underground banks that operate in the grey area of informal lending and fund-raising ... banks even existed, said Ming-Jer Chen, a professor at the Darden School of Business at the University of Virginia. People from the same villages, very often relatives and friends, would pool ...

  9. Business Digest

    Posted Aug 03rd 2012, 12:00am

    ... Wah Nam changes name to Brockman Mining Wah Nam International, formerly a limousine rental services firm and copper miner, is changing its name due to a shift in core business. The new name, Brockman Mining, reflects its key business of iron ore mining projects in western Australia following the completion of a takeover offer of Brockman Resources in June. Lulu Chen ...

  10. Bank to raise interest rates today

    Posted May 13th 2011, 12:00am

    ... Lulu Chen Bank of China Hong Kong will raise interest rates based on the Hibor today. The mortgage rate would rise to Hibor plus 1.3-1.7 per cent from Hibor plus 1-1.5 per cent. The benchmark one-month Hong Kong interbank offered rate stood at 0.19 per cent yesterday. Other banks said they would monitor the markets, but had no plans to raise Hibor-based mortgage rates. ...




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