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Dispatches: Chinese banks ordered to account for loans

Chinese banks have been ordered to account for around Rmb2,300bn ($340bn) in off-balance sheet loans in a move that could put some lenders under serious stress and require another large round of capital-raising. (Financial Times)

Industrial and Commercial Bank of China (1398) is offering a premium of nearly 28 percent, or about 2.1 times price-to-book value, to privatize its Hong Kong unit ICBC (Asia) (0349), according to a statement yesterday. (The Standard)

Nomura has hired Henrik Melph from Royal Bank of Scotland as part of an effort to win more business from central banks and sovereign wealth funds. (Finance Asia)

Employers in Singapore should raise the monthly variable component (MVC) of workers’ wages beyond 10 per cent, so that their companies have greater flexibility to deal with future economic shocks, said Manpower Minister Gan Kim Yong. (Asia One)

How to quit your job in style. (Daily Mail)

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