SINGAPORE/HONG KONG (Reuters) - Citigroup Inc <C.N> has agreed to sell its stake in its Citi Orient Securities joint venture to its Chinese partner, paving the way for the U.S. bank to set up its own brokerage in the world's second-largest economy. In December, Citigroup Global Markets Asia Ltd informed Orient Securities Co <600958.SS> <3958.HK> that the bank intended to sell all of its shareholding, the Chinese company said in an exchange filing on Tuesday. Orient said its board gave the green light for the acquisition of Citi's stake, adding that the deal will be subject to approval from China's securities regulator and state asset regulator. The transaction paves the way for Citi to set up a majority-owned securities joint venture in China, and a person familiar with the matter said that the bank was expected to finalise a new partner for that by end of the year. "On the back of recent regulatory changes, Citi wants to pursue ownership of a domestic JV with a … [Read more...] about Citigroup to end Chinese securities JV to set up majority-owned venture
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Global markets rally after Trump-Xi cease-fire eases trade worries
By Georgi Kantchev The Wall Street Journal Mike Bird Mon., Dec. 3, 2018 U.S. stocks were poised to open sharply higher on Monday and global markets rallied after a cease-fire in the trade spat between the U.S. and China boosted investor sentiment following a rocky stretch for risk assets. Futures pointed to opening gains of 1.5% for the S&P 500 and 1.8% for the Dow Jones Industrial Average. In Europe, the Stoxx Europe 600 rose 1.3%, led by gains in autos and resources stocks. Asian markets finished sharply higher and the Chinese yuan gained against the dollar. Oil prices also climbed sharply, with Brent crude, the global price benchmark, jumping 3.7% to $61.62 (U.S.) a barrel after Russia and Saudi Arabia agreed to extend efforts by the Organization of the Petroleum Exporting Countries to curb production and Canada’s oil-rich province of Alberta also ordered a limit on output. On the trade front, President Trump and Chinese President Xi Jinping … [Read more...] about Global markets rally after Trump-Xi cease-fire eases trade worries
Listing to value Spanish oil firm Cepsa around 10 bln euros
MADRID (Reuters) - Spain's Cepsa will sell a stake of about 25 percent in an initial public offering that sources close to the matter expect to value the company at around 10 billion euros ($11.6 billion), making it one of the largest oil company listings in a decade. The listing, expected in the fourth quarter, will be for a 25 percent stake prior to any greenshoe option whereby more shares could be sold depending on demand, according to the company, owned by Abu Dhabi state investor Mubadala. The price range and implied market value are still to be decided, Cepsa added in a statement. A recovery in oil prices in recent months, after a deep sell-off that started in 2014, has analysts expecting an acceleration of public listings of oil and gas companies. Rothschild is the sole financial adviser of the Cepsa deal, while Banco Santander, Citigroup Global Markets Limited, Merrill Lynch and Morgan Stanley are acting as joint global coordinators and joint bookrunners, Cepsa said. The … [Read more...] about Listing to value Spanish oil firm Cepsa around 10 bln euros
A decade after crisis, derivatives market is still a murky world
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Emily Flitter New York Times July 22, 2018 NEW YORK — In the maze of subsidiaries that make up Goldman Sachs Group, two in London have nearly identical names: Goldman Sachs International and Goldman Sachs International Bank.Both trade financial instruments known as derivatives with hedge funds, insurers, governments, and other clients.US regulators, however, get detailed information only about the derivatives traded by Goldman Sachs International. Thanks to a loophole in laws enacted in response to the financial crisis, trades by Goldman Sachs International Bank don’t have to be reported. Advertisement A decade after a financial crisis fueled in part by a tangled web of derivatives, regulators still have an incomplete picture of who holds what in this $600 trillion market. Get Talking Points in your inbox: An afternoon recap of the … [Read more...] about A decade after crisis, derivatives market is still a murky world
Decade After Crisis, a $600 Trillion Market Remains Murky to Regulators
Sections SEARCH Skip to content Skip to site index Business Day Subscribe Log In Subscribe Log In Advertisement Supported by ByEmily Flitter July 22, 2018 In the maze of subsidiaries that make up Goldman Sachs Group, two in London have nearly identical names: Goldman Sachs International and Goldman Sachs International Bank. Both trade financial instruments known as derivatives with hedge funds, insurers, governments and other clients. United States regulators, however, get detailed information only about the derivatives traded by Goldman Sachs International. Thanks to a loophole in laws enacted in response to the financial crisis, trades by Goldman Sachs International Bank don’t have to be reported. A decade after a financial crisis fueled in part by a tangled web of derivatives, regulators still have an incomplete picture of who holds what in this $600 trillion market. “It’s a global market, so you really have … [Read more...] about Decade After Crisis, a $600 Trillion Market Remains Murky to Regulators