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Blackstone, company leaders bid to take Chinese tech company Pactera private in $680M deal

The Canadian PressMay 20, 2013 14:01
Private equity firm Blackstone Group LP, along with Pactera's CEO and other managers, have offered to take Pactera private in a deal that values the Chinese technology consulting and outsourcing firm at $680.4 million. Shares rose 31 per cent Monday. Through Friday's close, before news of the offer, Pactera's stock had lost about two-thirds of its value over the past year.

Ex-Goldman banker Thornton steps down from HSBC board

May 20, 2013 10:46
LONDON (Reuters) - John Thornton, the former Goldman Sachs <GS.N> president who specializes in Chinese affairs, is stepping down from the board of HSBC <HSBA.L> to spend more time on his other business interests, Europe's biggest bank said on Monday. Thornton, who heads HSBC's remuneration committee, will not seek re-election to the bank's board at its annual shareholder meeting on Friday in view of "recent expanded responsibilities within his other business interests," HSBC said.

Dell says cannot disclose more information to Icahn yet

May 20, 2013 08:01
(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private.

Gulf wealth funds raising private equity investments: study

May 20, 2013 07:31
By Dinesh Nair DUBAI (Reuters) - Sovereign wealth funds in the Gulf Arab region are raising their allocations to private equity investments at a faster rate than other types of investment, U.S. fund manager Invesco <IVZ.N> says in a new study. "Contrary to popular perceptions these vast state funds are not piling into global property and global infrastructure projects," Nick Tolchard, head of Invesco Middle East said.

Goldman exits China's ICBC, seven years and billions later

May 20, 2013 06:30
By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs <GS.N> launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China <1398.HK>, offering to sell its entire remaining stake in the world's biggest bank by market value.

StanChart to buy Morgan Stanley India wealth management arm

May 20, 2013 04:48
By Sumeet Chatterjee (Reuters) - Standard Chartered has agreed to buy the Indian wealth management unit of Morgan Stanley, helping the British bank expand its private banking business in Asia's third-largest economy. The sale underscores growing consolidation of Asia's wealth management industry, which is struggling with rising regulatory costs and wafer-thin advisory fees.

Ahead of shareholder meeting, JPMorgan CEO Dimon is under pressure; fighting for chairman job

The Canadian PressMay 19, 2013 15:45
NEW YORK, N.Y. - Jamie Dimon, chairman and CEO of the country's biggest bank, faces a key test this week: His shareholders are voting on whether to let him keep both jobs.

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Agence France-PresseMay 18, 2013 04:00
India faces at least "a one-in-three" chance of losing its prized sovereign grade rating, global ratings agency Standard and Poor's has warned, amid new threats to economic growth and reforms. The announcement surprised the finance ministry which had been pitching for a ratings upgrade, saying the government has taken strong steps to improve India's public finances, promote investment and revive growth.

Commodity prices mainly retreat

Agence France-PresseMay 17, 2013 22:31
Commodity prices mostly weakened this week, hit by a stronger dollar and falling demand for raw materials amid persistent concerns about the state of the troubled global economy, according to analysts. Figures published Wednesday revealed that the dogged recession across the eurozone has snared key economy France. In Brussels, French President Francois Hollande tipped 'zero' growth on the national level, blaming an EU-wide, German-led austerity trap -- and hitting out at banks for holding back on lending.
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