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Market news: Asia media round-up

Date: 03 Jul 2009

China releases new rules to allow select companies to settle trade transactions in renminbi. Separately, India’s Tata Steel is reportedly planning to raise US$600 million via a sale of global depositary receipts, South Korea is looking to launch a fund to revive corporate investment, and Australia sees its trade position worsen for the second month running.

Keywords (click to search): [Asia] [media] [round-up]

Leigh Powell

Asiamoney rounds up the major financial news stories in the media today in Asia.

BANKING
John Peace was confirmed yesterday (July 2) as chairman of emerging markets bank Standard Chartered. Peace became acting chairman of the bank after Mervyn Davies left in January to become UK trade minister. StanChart is in pole position to acquire Royal Bank of Scotland (RBS) assets being sold in China, India and Malaysia, while ANZ is closing in on purchasing RBS’ assets in Hong Kong, Taiwan, Singapore and Indonesia.

AUSTRALIA
Australia’s trade position worsened in May as the value of its key commodity exports tumbled. The balance of goods and services deteriorated to a May deficit of A$556 million (US$442 million), from A$282 million in April. It was the second straight monthly trade gap, ending eight months of surpluses.

CHINATwo of China’s biggest oil groups have approached Spanish oil company...

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