Rabu, 8 Januari 2014

The Star Online: Business

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The Star Online: Business

China issues US$413mil yuan-denominated bonds in London

Posted: 08 Jan 2014 06:21 PM PST

SHANGHAI: Bank of China's London branch issued 2.5 billion yuan's (US$413mil) worth of yuan-denominated bonds in London on Wednesday local time, the first such issue by the UK branch of a Chinese bank, according to a statement by the bank and domestic media reports.

It comes as Beijing seeks to increase the international usage of its currency for trade and investment by foreign multinationals, even as it tinkers with liberalising its capital account at home.

The plan to conduct the issue was published on the Bank of China's website without specifying the amount, which was reported by the official Xinhua news service.

The announcement added that the bond will list on the London stock exchange.

"The funds raised from the deal will all be retained in London to support the further development of the London offshore RMB market as well as UK-China bilateral trade and investment," the Bank of China statement said.

The statement said HSBC, UBS and Bank of America Merrill Lynch have been appointed as joint managers for the issue, to be coordinated by Bank of China – Reuters. 

US judge upholds JPMorgan settlement in Madoff case

Posted: 08 Jan 2014 06:34 PM PST

NEW YORK: A federal judge on Wednesday approved an agreement between JPMorgan Chase & Co and US prosecutors to settle charges that the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi schemer Bernard Madoff.

The settlement, which deferred the criminal charges against the bank until Jan 8 2016, requires JPMorgan to pay a US$1.7bil forfeiture and improve its anti-money laundering controls.

If it meets the terms by the appointed date, prosecutors can dismiss the charges against it.

US district Judge P. Kevin Castel approved the deferred prosecution agreement during a short hearing Wednesday, saying "I find the need to require judicial intervention to protect the integrity of the process is not necessary."

Appearing on behalf of the bank, JPMorgan General Counsel Steven Cutler entered "not guilty" pleas to two criminal charges of violating the Bank Secrecy Act. Prosecutors charged the bank with violating the act by failing to maintain adequate anti-money laundering controls and failing to file a suspicious activity report.

Dressed in a gray suit and a blue tie, the silver-haired Cutler did not speak except to affirm that he was authorised to represent JPMorgan and that he had taken the steps necessary to enter into the settlement agreement with prosecutors.

He declined to comment after the hearing.

JPMorgan is paying US$2.6bil in all to settle criminal, civil and regulatory actions against it related to its business with Madoff, who pleaded guilty to fraud in 2009 and is serving a 150-year prison term. Even as the bank cut its exposure to Madoff's fund to minimise its losses in what ended up being a US$17.3bil Ponzi scheme, JPMorgan never shared its doubts with US authorities, government prosecutors said – Reuters. 

Scomi Energy shares up after RM90mil Petronas deal

Posted: 08 Jan 2014 06:31 PM PST

KUALA LUMPUR: Shares of Scomi Energy Services rose to a high of 85.5 sen in mid-morning trade on Thursday after it had secured two jobs worth RM90mil from Petroliam Nasional (Petronas).

At 10.21am, its share price was up 2.5 sen to 85.5 sen with some 2.66 million shares traded between 83.5 sen and 85.5 sen.

The FBM KLCI retreated, down 0.34 of a point to 1,830.96. Turnover was 533.03 million valued at RM323.934mil. There were 249 gainers, 278 decliners and 243 counters unchanged.

On Wednesday, Scomi Energy told Bursa Malaysia that it had secured two contracts  from Petronas Carigali Myanmar Inc and Petronas Carigali (Hong Kong) Ltd for drilling fluids, solid control, well bore clean-out, drilling waste management equipment, materials and services.

With this award, the group's order book has increased to RM5.1bil.

Kredit: www.thestar.com.my

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