Foreign business news in brief

  • Business
  • Tuesday, 07 Jan 2003

  • SINGAPORE: Asian debt issuance rose 13.73% in 2002 to a total of US$152.4bil, Thomson Corp said in a report. Domestic bonds made up the biggest segment, totalling US$66.24bil, followed by loans (US$62bil) and international bonds (US$24.1bil), the report said. 

    HSBC was the top arranger of domestic bonds at US$6.5bil, partly due to its strength in Hong Kong. Morgan Stanley topped the list in issuing international bonds, followed by Citigroup/Salomon Smith Barney. Citigroup/Salomon Smith Barney topped the list in the Asian loan markets, followed by Standard Chartered Bank. – AFX 

  • SYDNEY: Australia’s Macquarie Bank Ltd's South Korean joint-venture infrastructure fund has raised A$370mil to invest mainly in South Korean toll roads and tunnels. The joint venture with a unit of South Korea’s Shinhan Finance Holding Co plans to raise commitments of at least A$520mil for the 10-year closed-end fund by mid-2003. 

    Macquarie has committed A$45mil to the Korean Road Infrastructure Fund and Shinhan around A$67mil. The fund has exclusive or preferred rights to invest in three existing toll roads and a further three under construction in Seoul and other Korean cities. – Reuters 

  • HONG KONG: Investment holding firm Millennium Group Ltd plans to buy a 35% stake in a company involved in TV-related businesses in China for HK$105mil. Millennium Group said it would buy the stake in CMEP Ltd from China Media International Group Ltd to tap the rapid growth of the TV industry in China. Millennium Group, which has investments in telecommunications, properties and securities trading, will pay HK$82mil cash and the rest through the allotment of 200 million new shares at HK$0.115 each. – Reuters  

  • HONG KONG: China Insurance International Holdings Co Ltd is looking for a partner to jointly establish a fund management company in China, the Sing Tao Daily reported, citing the company’s deputy chief executive officer, Dong Ming. 

    Separately, the company had already applied to develop its reassurance business in China, the report said. – AFX  

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