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Business news: the past week in Asia

Date: 26 Feb 2010

BoCom announces plans for a rights issue, while Morgan Stanley moves closer to selling its stake in CIC. Hong Kong said it would raise taxes to deflate a potential property bubble and Dai-ichi Life’s targets what would be the world’s largest IPO this year.

Keywords (click to search): [Asia-Pacific] [news] [round-up] [February 2010]

Leigh Powell

ECONOMICS
The US Federal Reserve caught markets off guard when it raised its discount rate – the rate at which commercial banks tap the central bank for emergency funding – by a quarter of a percentage point to 0.75%. This puts it above the Fed funds rate, its intended targeted rate for banks to lend to each other. But the Fed sought to calm fears that it was trying to tighten credit more broadly. And Fed chairman Ben Bernanke offered added that interest rates would remain at exceptionally low levels for an extended period.

AUSTRALIA
Kerry Stokes moved to merge his media assets with his mining services company, WesTrac, in an all-share deal to create Seven Group, which will be worth A$2 billion (US$1.8 billion), including debt. Seven Network’s acquisition of WesTrac will leave Stokes with 68% of Seven Group.

Consolidated Media said it was considering options for its...

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