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Dispatches: Why Morgan Stanley is right to off load CICC stake

Offloading a 34 per cent stake in the number one securities firm of one of the world’s fastest-growing securities markets hardly looks like one of the great decisions in the history of investment banking. Yet Morgan Stanley’s exit from China International Capital Corp, which may be confirmed soon, is the sensible thing to do. (Financial Times)

Bank of Communications has officially opened its representative office in Taipei as one of the first Chinese mainland banks to establish business in Taiwan. (Shanghai Daily)

Citigroup and China Life have fully participated in the US$2.2bn rights issue of Guangdong Development Bank, maintaining their leading stakes in the Chinese lender, China Life said on Friday. (Reuters)

Living in Hong Kong just got a little pricier. In a list of the world’s most expensive cities for expatriates, Hong Kong rose to 32nd place from 52nd in 2009, according to a report released Thursday. (Wall Street Journal)

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