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CORRECTED: HSBC to sell part of Singapore insurance business

April 3, 2013 09:00
Global banking giant HSBC said Wednesday it would sell part of its insurance business in Singapore in a deal valued at around $19.3 million, as part of a plan to cut costs by offloading non-core assets. HSBC said its insurance unit in the city-state has agreed to sell the group term life insurance and group medical portfolios to AXA Life Insurance Singapore, the country's number two general insurer by revenue according to AXA. The transaction is expected to be completed this year. The rest of the life insurance business is unaffected.

HSBC to sell Singapore insurance businesses

April 3, 2013 06:15
Global banking giant HSBC said Wednesday it would sell its insurance businesses in Singapore in a deal valued at around $19.3 million, as part of its plan to cut costs by offloading non-core assets. HSBC said its insurance unit in the city-state has agreed to sell the life insurance and medical insurance portfolios to AXA Life Insurance Singapore, the country's number two general insurer by revenue according to AXA. The transaction is expected to be completed within this year.

Hong Kong stocks close 0.14% lower

April 3, 2013 05:45
Hong Kong stocks fell 0.14 percent Wednesday giving up early gains following a strong lead from Wall Street, where US stocks surged to fresh record highs. The benchmark Hang Seng Index lost 30.33 points to end at 22,337.49 on turnover of HK$52.28 billion ($6.73 billion). Hong Kong markets will be closed Thursday for a public holiday. US stocks reached fresh highs Tuesday on solid manufacturing orders data and strong results from US automakers, with the Dow Jones Industrial Average closing at a record 14,662.01, up 89.16 or 0.61 percent.

Hong Kong stocks close 0.14% lower

April 3, 2013 04:45
Hong Kong stocks fell 0.14 percent Wednesday giving up early gains following a strong lead from Wall Street, where US stocks surged to fresh record highs. The benchmark Hang Seng Index lost 30.33 points to end at 22,337.49 on turnover of HK$52.28 billion ($6.73 billion). Chinese shares closed down 0.11 percent. The benchmark Shanghai Composite Index fell 2.44 points to 2,225.30 on turnover of 68.8 billion yuan ($11.1 billion). pj/jms

SinoPac shares up on selling 20% stake to ICBC

April 3, 2013 03:30
Share prices on Taiwan's SinoPac Financial Holdings rose Wednesday after it announced plans to sell a 20 percent stake to the Industrial & Commercial Bank of China (ICBC), the mainland's biggest lender. The deal, estimated at around Tw$19.7 billion ($660 million), would become the first ever investment in a Taiwanese bank by a Chinese lender and is the latest sign of warming ties between Beijing and Taipei.

Hong Kong stocks close 0.31% higher

April 2, 2013 05:30
Hong Kong stocks rose 0.31 percent Tuesday in the first day's trading after a long holiday weekend, although gains were capped by below-forecast manufacturing data from China and the United States. The benchmark Hang Seng Index added 68.19 points to end at 22,367.82 on turnover of HK$60.16 billion ($7.76 billion). In the United States the Institute for Supply Management said its manufacturing index fell to 51.3 in March from 54.2 in February. While anything above 50 points to expansion, the figure reflected slower growth in most of the sectors surveyed.

Hong Kong stocks close 0.31% higher

April 2, 2013 04:31
Hong Kong stocks rose 0.31 percent Tuesday in the first day's trading after a long holiday weekend, although gains were capped by below-forecast manufacturing data from China and the United States. The benchmark Hang Seng Index added 68.19 points to end at 22,367.82 on turnover of HK$60.16 billion ($7.76 billion). Chinese shares closed down 0.30 percent. The benchmark Shanghai Composite Index fell 6.66 points to 2,227.74 -- its lowest since December 27 -- on turnover of 77.6 billion yuan ($12.5 billion). dan/sm

China shares close 0.10% lower

April 1, 2013 05:30
Chinese shares closed 0.10 percent lower on Monday, despite official data showing an improvement in manufacturing activity last month, dealers said. The benchmark Shanghai Composite Index fell 2.22 points to 2,234.40 on turnover of 67.0 billion yuan ($10.6 billion). China's purchasing managers' index (PMI) hit 50.9 in March, from 50.1 in February and reaching the highest level in almost a year, according to official statistics.

Hong Kong stocks close down 0.74%

March 28, 2013 04:30
Hong Kong stocks fell 0.74 percent Thursday, in line with a regional sell-off amid growing concerns about the eurozone. The benchmark Hang Seng Index added 165.19 points to 22,299.63 on turnover of HK$73.57 billion ($9.49 billion). Chinese shares tumbled 2.82 percent. The benchmark Shanghai Composite Index lost 2.82 percent, or 64.96 points, to 2,236.30 on turnover of 107.6 billion yuan ($17.3 billion), the lowest close since December 28. dan/lm

China's ICBC shares down after slower profit growth

March 28, 2013 00:16
Shares in the Industrial and Commercial Bank of China (ICBC), the nation's biggest lender by assets, fell in Hong Kong Thursday after it reported a slowdown in profit growth for 2012. The firm slipped 1.65 percent to HK$5.36 ($0.69) in morning trade, a day after reporting net profit for rose 15 percent to 238.53 billion yuan ($38.38 billion) last year. That compared with a jump of 26 percent in 2011 and represented the weakest pace since 2006, with the bank blaming a slowdown in China's economic growth, lower interest rates and a deeper financial regulatory reform.
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