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Daily Dispatches – Goldman Sachs exits ICBC investment

Striding ahead on earnings

Striding ahead on earnings

Goldman Sachs has sold its remaining shareholding in Industrial and Commercial Bank of China (ICBC) in a $1.1 billion block trade. This is the last of six sell-downs over the past seven years.

New RBS chairman for Asia

Royal Bank of Scotland’s John McCormick will leave the bank’s Asia-Pacific operations later this year. He will be replaced by Donald Workman, who has been appointed executive chairman.

New rights issue in China’s non-life insurance market

PICC Property & Casualty, China’s largest non-life insurer plans to raise $944 million in a rights offer in Hong Kong and China to help meet capital requirements.

Hong Kong bankruptcy woes

New bankruptcy petitions were up a fifth in Hong Kong in April, reflecting prevailing tough business conditions

China trade surplus inflated, say Bank of America

Lu Ting, Bank of America’s head of Greater China economics in Hong Kong claims China’s trade surplus is one-tenth the official $61 billion reported so far this year after accounting for fake transactions used to disguise hot-money inflows.

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