Market wrap-r2:AMM grid in qxp 12/24/09 9:24 AM Page 7
GREENPOLICIES
PUNCTURED
Australia’ssenate
voteddownthe
deputyinspectorgeneral toreduceitsdebtandfund currentbehav-
plansbytheLabor
LaxmiNarayanasaidinmedia capitalexpenditure.Theelec- iour.“Even governmentto
reports.However,thecompa- tronicsconglomerateplansto thoughthe
introduceanemis-
ny’ssharesbegantoclimbonce issue1.01billionnewsharesto outlookfor
sionstrading
schemeandcutcar-
moreafterMahindraSatyam's thepublic,alongwithanaddi- Copenhagenis
bonemissionson
president,globaloperations tional50millionnewsharesin bleak,South December4.The
AtulKunwarsaidthatcus- caseofoverallotment,plusa Koreacan
defeatdealtaheavy
tomerattritionhasstopped. ¥100billionconvertiblebond. boostits
blowtoprimemin-
isterKevinRudd
Itwantstousethemoneyto nationalstatus
thathecouldactas
JAPAN helpfundareassuchaspower andprideby akeyproponentat
Tokyolookedsettotryand andindustrialsystems,aswell voluntarily
theglobalclimate
weakentherelativestrengthof aspayingoffloansitusedto announcingan
conferencein
Copenhageninearly
theyenversustheUSdollar, takeoverfiveinternalsub- emissionstar-
December.Thegov-
followingremarksbyprime sidiaries.Hitachimadea get,”saidLee ernmentintendsto
ministerYukioHatoyamaon ¥787.3billionnetlossinthe Myung-bak,
reintroducetheleg-
December2thattheyen’s financialyearendingMarch SouthKorea’s
islationinFebruary.
strength“can’tbeleftasitis”. 31,thelargesteverfora president.
Hiscommentsraisedspecula- Japanesemanufacturer.
tionthattheBankofJapan Hyosung,achemicalcon- notprovidespecificsonfund-
(BoJ)couldinterveneinthe MACAU glomerate,withdrewfromits ingsourcesorinvestors.
currencymarketsforthefirst CasinooperatorGalaxy bidfora28%stakeinsemi- Observersbelievethatthereg-
timesince2004.Attheendof EntertainmentGroupaimsto conductormanufacturer ulatorisworriedthattheback-
Novembertheyenrisetoa14- raiseoverUS$1billionindebt Hynix,throwingupthe
SPAIN’SSECOND-
yearhighof¥84.81,althoughit
LARGESTabank
ersaremainlandChinesein
tofinishfinancingthecon- prospectofablocksaleof
BBVAspent€1
origin.HoweverRaymondOr,
subsequentlyweakenedto structionofitsCotaimega- sharesinthecompanyifanew
billion
chiefexecutiveofChina
¥90.62onDecember4. resort.Thefinancingpackage setofinvitationsseekingbids
(US$1.49bil-
Strategichasexplicitlydenied
couldincludehigh-yieldor doesnotyieldenoughinterest-
lion)toraiseits
thatthemoneyiscomingfrom
MitsubishiUFJFinancial convertiblebondsandbank edparties.Thestakeisowned
stakeinChina
CiticBankby
mainlandsources.Theconsor-
Group(MUFG)aimstoissue loans,saidpeoplefamiliar byagroupofcreditorsledby
another5%,
tiumwassettoputinarevised
upto¥1trillion(US$11.2bil- withitsplans.Bankof KoreaExchangeBank,and raisingitstotal bidandhopedtocompletethe
lion)insharesinlate America-MerrillLynchis theirlastefforttogaininter-
staketo15%.
purchasebytheendofMarch.
Decemberandwilldelaythe believedtohavebeensound- estedbuyersonlyendedwith
mergerofitsdomesticsecuri- ingoutinvestorsonpotential Hyosungshowinginterest. VIETNAM
tiesarmwithMorganStanley’s issuesfromthecompany. Hynix’ssharepricecollapsed
CHINAMIN-
Thecentralbankdevalued
Japanesebrokerageunitby Galaxyhasincreasedthe onfearsofablocksale.It’s
SHENGBANK
thedongagainsttheUSdollar
twomonths.Japan’slargest budgetforitsresortto sharesdroppedtoW18,400 raisedUS$3.86 toahistoriclowVND17,961,
bankbyassetsissettoraisethe HK$14.1billion(US$1.8bil- (US$18.87)onNovember18,
billionina
whileraisingitsbenchmark
moneytostrengthenitscapital lion),about40%higherthan a7%drop.
HongKong
baseaheadofexpectationsof itsinitialHK$10billionesti-
IPO,aftersell-
baseinterestratefrom7%to
ing3.32billion
8%.Itwasthethirddevalua-
morestringentinternational mates. TAIWAN
sharesat
tionthisyearandcamejusta
regulation.Otherbankssuch Theacquisitionofa30%
HK$9.08each.
weekafterVietnam’spresident
asSumitomoMitsuiFinancial SOUTHKOREA stakeinNanShanLife
Butitsshares
andfinanceministersaidthat
GroupandMizuhoFinancial TheKoreangovernment Insurancebyaconsortium
performed
weaklyonits
thecountryplannedtodrop
Groupareexpectedtofollow pledgedtocutitsgreenhouse headedbyChinaStrategic
marketdebut
theeconomy’srelianceonthe
suit.MUFGisaimingtoraise emissionsby4%fromcurrent Holdingsfellafoulofthe onNovember USdollarandwouldnotdeval-
itstieronecapitalbeforenew levelsby2020,despitestrong island’sregulators.China
25,slipping
ueitscurrency.Vietnam’s
ratioshavebeenfinalised. oppositionfromlocalindustri- Strategic’sconsortiumorigi-
3.2%onits
firstday.
sharesdroppedonthebackof
algroups.Thecutwouldbean nallywonthestakebyoffering thedevaluation,withthe
Hitachisaiditplanstoraise effective30%droponwhatis US$2.15billioninOctober, benchmarkVNIndexsliding
upto¥415.7billionthrough predictedtobeKorea’semis- butTaiwan’sInvestment 4.1%onNovember25toclose
newequity-linkedfund-raising sionlevelin2020basedon Commissionsaidthebiddid at482.60.
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