Stung By Indictment, Power Broker Punches Back David A. Stockman, President Ronald Reagan’s budget director, is facing a trial on fraud charges.... Read Full Article Top Editor In Miami To Retire Tom Fiedler, the executive editor of The Miami Herald, will retire at the end of February.... Read Full Article Telstra Fails To Make Coonan Pay For Backing Optus Plan Telstra sued Communications Minister Helen Coonan over a $958 million rural broadband subsidy for Optus partly to boost its campaign against ’foreign aid for Singapore’, a judge rules.... Read Full Article Music Review | ’Sounds Of Summer’: Played ?William Tell?? Yes They Did, Yes They Did, Yes They Did, Did, Did Friday’s program at Avery Fisher Hall, led by the conductor and amiable conversationalist Bramwell Tovey, was a chestnut roast from start to finish.... Read Full Article AT&T Raises Dividend And Expands TV Plans The company raised its dividend 12.7 percent, announced a share buyback and set a long-term target for its TV service, saying it will be available to 30 million customers by 2010.... Read Full Article |
Taiwanese Pay HSBC £700m To Rescue Rebar BankAn HSBC subsidiary will receive $1.5 billion (£734.4 million) in assistance from the Taiwanese Government to rescue a failed bank on the island. The Government took control of the Chinese Bank in January after its parent company, the Rebar Group, became embroiled in a scandal involving allegations of insider trading and embezzlement. It was alleged that Rebar had hidden financial problems arising from bad loans at the Chinese Bank for years. The Hong Kong and Shanghai Banking Corporation agreed to take over Chinese Banks following a formal auction yesterday. It will inject between $300 million and $400 million in additional capital into the bank. HSBC chairman Victor Cheng, said: Taiwan is a key component of HSBCs Greater China positioning. &&&§ionName=IndustrySectorsBankingFinance,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links HSBC’s performance in China unimpressive HSBC to inject $35bn to keep funds afloatMr Cheng said that more than 750,000 Taiwanese companies were currently operating in China, with $7.6 billion in direct foreign investment from Taiwan into the country last year, up 180 per cent on 2005. He said that the acquisition would help HSBC benefit from the growing trade between the two countries. The purchase takes HSBCs presence in Taiwan from eight to 47 branches. Chinese Bank has $3 billion in assets. Rebars chief executive and founder Wang You-theng fled Taiwan in December 2006 when the Government began an investigation into the company and is currently detained in the US. He is wanted by the Taiwanese Government for allegedly embezzling $1.8 billion from Rebar. The Taiwanese Government has been keen to encourage consolidation in its over-crowded banking industry. Citigroup, Standard Chartered and ABN Amro have all acquired Taiwanese lenders in the past two years. Domestic companies, Cathay and Chinatrust Financial, both received Government assistance to take over struggling banks earlier this year. Tag CloudExternal InformationAdditional InformationStocks & Bonds: Stocks Drop, Led by Tech Shares...Lenders write off a record £1.4bn of IVA debt... Victoria to benefit from NSW energy... Homey New Uses for Old Utilities... Where Am I?News Main Page - Business - Taiwanese Pay HSBC £700m To Rescue Rebar Bank |
i8news.com |