Sunday 30th August 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

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UC Rusal appoints Barry Cheung as new chairman

Friday, 16 March 2012
UC Rusal appoints Barry Cheung as new chairman The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt.  http://www.ftseglobalmarkets.com/

The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt. 

Cheung, a non-executive director of the board since 2009, will have an expanded role in providing leadership and guidance for RUSAL’s growth strategy, especially in China and the rest of Asia.

The board of directors also ruled to conduct a comprehensive review of corporate governance with the results to be presented at the next board meeting in April 2012. Additionally, the firm wants to have one third of the board comprised of independent directors and will start a search for new INEDs with a help of an international executive search firm.



The question is whether Cheung's appointment will shore up the confidence of investors after this week's broadside by Vekselberg, who together with partner Len Blavatnkik owns 15.8% of the company. The company's market capitalisation has nearly halved since it floated in Hong Kong in early 2010, and its equity value barely exceeds its $11bn debt burden.

Cheung, is currently chairman of the Hong Kong Mercantile Exchange, Chairman of the Board of Hong Kong's Urban Renewal Authority, and the Standing Committee on Disciplined Services Salaries and Conditions of Service. He is also Alternate Chairman of the Pay Trend Survey Committee, a member of the Commission on Strategic Development and a member of the Standing Commission on Civil Service Salaries and Conditions of Service. 


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