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Daily Dispatches – China IPO raises bad debts red flag

The Wall Street Journal reports that China’s state-owned debt clearing agency Cinda Asset Management, has invited bankers to submit proposals for its initial public offering in Hong Kong, which could raise around US$2 billion.Cinda could list in Hong Kong as early as Q4.  Cinda’s IPO comes amid mounting concerns in China that bad loans may be on the rise once again after a decade.

Abbott ups the ante

The Wall Street Journal reports that Tony Abbott, head of Australia’s centre-right Liberal-National coalition, which us running against Kevin Rudd’s ruling Labour Party in next month’s election, has put a corporate-tax cut at the heart of his campaign to win power for the first time in six years.

Abbott said his party would cut the tax rate to 28.5% from 30% in the middle of 2015 if he wins.

GFC oracle for India’s central bank

Bloomberg reports that India has appointed a new governor for its central bank in a move that is expected to restore some confidence to the markets that have been anxious about the flagging economic growth, rampant inflation and struggling currency.

Raghuram Rajan, who is famous for having predicted the 2008 global financial crisis, says there’s no “magic wand” to fix India’s problems instantaneously. The ex-International Monetary Fund chief economist also said the Reserve Bank of India and the government will deal with the challenges.

“Rajan’s appointment will be very reassuring for the markets and we could see more measures such as sovereign bond issuances to attract more inflows,” said Soumya Kanti Ghosh, chief economic adviser at State Bank of India told Bloomberg. 

Guangzhou group eyeing Chong Hing Bank

Bloomberg reports that Yue Xiu Group is considering a bid for Hong Kong family-run lender Chong Hing Bank, according to unnamed sources.Talks are said to be at an early stage but Yue Xiu is apparently arranging financing for an acquisition. The Hong Kong Economic Journal, which reported the talks earlier, said Yue Xiu, the trading arm of Guangzhou city’s government, is interested in the stake held by the Liu family.

Chong Hing Bank’s CEO Lau Wai-man said in March that the lender was open to proposals from prospective buyers for all or part of the bank.

Why didn’t I think of that?

The Huffington Post has a list of 17 ideas which it calls crazy yet borderline genius. Among them is a car with two different sounding horns/hooters – one for cross, the other for happy. There are also staples to keep your taco/burrito/wrap closed to avoid all the stuffing falling out and all over your suit at lunchtime. Our personal favourite? Tweets that are restricted in length to your IQ.

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