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Australia’s Centro posts $1.8bn year loss
Centro Properties Group, an Australian victim of the subprime crisis that is struggling to restructure, reported a $1.8 billion full-year loss, including more than A$1 billion in property revaluations
Allco to sell assets to pay debts
Allco Finance Group Ltd reported a full year loss of US$1.5bn and said it would sell assets and scrap dividends as it tries to recover from its bad investments
HSBC first foreign bank to hold a 20% stake in Vietnam bank
HSBC has become the first foreign bank in Vietnam to hold a 20 per cent stake in a domestic bank as it increased its stake in Techcombank for a consideration of $77.1m
Toyota cuts world car sales forecast by 7%
Toyota Motor cut its 2009 sales forecast by 700,000 vehicles, about 7 per cent, as it acknowledged that the downturn in the US car market would last at least until the end of next year. It now expects to sell 9.7m cars and trucks worldwide next year instead of 10.4m
JPMorgan nets ICICI executive to run India
JPMorgan has hired Kalpana Morparia, one of India’s most senior domestic bankers, to run its operations in the country
Demand not short for tallest building in China
Fallout from the global financial crisis will not depress demand for office space in China’s tallest building, the 101-storey Shanghai World Financial Centre
Beijing plans more change for telecoms
The country’s biggest fixed-line operator, China Telecom, which has acquired a mobile business as part of an industry-wide restructuring, expects Beijing to introduce further measures to promote competition in the world’s biggest telecommunications market
B&B reviews asset management firm
Babcock & Brown will review its ownership and management rights of Babcock & Brown Capital, which could potentially lead to B&B Capital being managed independently
Australian power privatisation plan collapses
In a move that could damage the state’s standing in the eyes of international investors, the state government of New South Wales abandoned a parliamentary vote on selling $8.6bn worth of Australian power assets
Australia’s Origin sees growth of at least 10%
Australia’s biggest producer of gas from coal seams forecast profit growth of at least 10 per cent, as it seeks to fend off BG Group’s A$13.7bn takeover bid
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