Travellers left high and dry as Smart Holiday closes

Travellers left high and dry as Smart Holiday closes

Travel agency Smart Holiday closed its branches across the city yesterday after its licence was cancelled, leaving 1,900 travellers out of pocket.

Wednesday, 9 January, 2013, 5:17am 1 comment

Ex-IRA man's road to ruin likely to be repeated across Ireland

The former home of Thomas McFeely, former IRA hunger striker and property developer, in the Ballsbridge area of Dublin, one of the Irish capital's most affluent areas. Photo: Bloomberg

Few people represent the extremes of Ireland's recent history more than Thomas McFeely.

12 Dec 2012 - 4:17am

Euro gains to six-week high as Greece offers debt-buyback plan

The euro gains to six-week high as Greece offers to spend 10 billion euros to buy back government securities.

The euro rose to a six-week high versus the dollar as a Greek offer to spend as much as 10 billion euros to buy back government securities eased concern the regions’ debt crisis is worsening.

4 Dec 2012 - 7:14am

CCB joins capital raising queue - again

Photo: Bloomberg

The near non-stop capital raising by major Chinese banks is showing no sign of slowing, with China Construction Bank (0939.HK; Shanghai: 601939) announcing yet another new plan to sell up to 40 billion yuan, or US$

19 Nov 2012 - 7:19pm

What 'pivot'? Real US-China war will be over money

What 'pivot'? Real US-China war will be over money

Anyone who fears that Washington's "pivot" towards the Pacific increases the risk of conflict between the United States and China is behind the times.

America and China are already at war. Only the battle ground isn't the East China Sea. It's money.

13 Sep 2012 - 3:14am 3 comments

Worries as debts start to mount

A steel manufacturing plant in Anhui province. Officials in Beijing are becoming concerned about rising industrial debt. Photo: Reuters

Beijing is getting increasingly nervous about the rapid build-up of debt in industries such as steel and power, as cooling demand and overcapacity cause delays in payments amid the slowest economic growth in three years.

30 Aug 2012 - 3:17am

High debt burden stymies Sinopec's quest to buy parent's overseas assets

Fu Chengyu says development of shale gas resources on the mainland will take years. Photo: Nora Tam

China Petroleum & Chemical (Sinopec) is being constrained in its quest to buy its parent's overseas assets.

Its high debt burden and tight cash flow amid adverse market conditions mean that will not happen any time soon, Sinopec's chairman says.

28 Aug 2012 - 3:38am

Tighter rules for trusts and bills

Beijing is readying twin initiatives to curb opaque financing practices that threaten the stability of the country's US$864 billion investment trust industry and booming corporate paper market, sources say.

18 Aug 2012 - 3:10am

Lenders hold fire on ailing shipping firms

Sanko Line, Korea Line and subsidiaries of Berlian Laju Tanker are among a steady stream of Asian and Western shipping companies that have sought bankruptcy protection in recent months, victims of weak freight rates and haemorrhaging cash reserves.

13 Aug 2012 - 9:46am

Cash firm cleared of money lending

In a case that could dramatically change the city's lending industry, a court ruled that a cash-advance product offered to businesses is not a loan and does not breach the Money Lenders Ordinance.

Global Merchant Funding Limited was cleared yesterday of one charge of carrying on business as an unlicensed money lender after a trial at Eastern Court.

14 Jul 2012 - 12:00am

Lower interest rates may do little to boost China's growth

Last night the People's Bank of China cut interest rates for the second time in just four weeks.

The surprise reduction is sure to stoke fears that the mainland's second-quarter economic growth rate - due to be announced next week - will be even weaker than the 7.5 per cent or so that analysts were expecting.

6 Jul 2012 - 12:00am

New paths to funds in tough IPO times

As the euro-zone sovereign debt crisis and the faltering US economy cast a pall over global markets, the initial public offering (IPO) market is drying up, forcing European companies to be more inventive about raising money.

3 Jul 2012 - 12:00am

Lenders likely to take a hit as interest margin shrinks

Profitability of mainland banks will be hit this year as the government liberalises interest rates, says Standard & Poor's.

16 Jun 2012 - 12:00am

Bank chief linked to loan sharking

The president of the Postal Savings Bank of China (PSBC), who has been taken into custody on suspicion of having committed economic crimes, is found to have been involved in illegal fund-raising activities as well.

The revelation is a fresh sign that lax supervision had made the lender vulnerable to irregularities.

13 Jun 2012 - 12:00am

Smaller banks join rush to higher deposit rates

Second-tier banks followed major lenders in offering higher deposit rates than the benchmark, boosting competition in the finance sector after a recent move towards interest rate deregulation.

12 Jun 2012 - 12:00am