Fallen Angels Surpass Rising Stars By 17% In 2007, Says Report
Before the recent shift, merger and acquisition (M&A) activity played a dominant role in the crossover of companies to speculative grade from investment grade in 2007, with 44% of movements to the speculative-grade domain citing M&A activity, according to an article published today by Standard & Poor’s.
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Thai bourse’s highlights the need to increase supply and expand the investor base
The Stock Exchange of Thailand (SET)’s Investor Expansion Committee met on February 25 and urged that there must be a range of marketing strategies and product promotions to expand each different investor group. Also, the number of quality listings should be increased to attract investors, SET and Committee Chairman Pakorn Malakul Na Ayudhya said.
This committee, appointed by SET’s Board of Governors, is made up of 15 executives from public and private sector agencies, such as National Economic and Social Advisory Council, Securities and Exchange Commission, SET, Government Pension Fund, Capital Market Development Fund and Revenue Department, and listed firms, brokerages and insurance companies.
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Standard & Poor’s Enhances Investor/Advisor Interactions With Advisor Communication Service
New MarketScope Advisor Module Allows Financial Advisors To Integrate Client Communication and Thematic Investment Research
Standard & Poor’s Equity Research Services, the world’s leading producer of independent investment research, today introduced the Advisor Communication Service (ACS) module for MarketScope? Advisor.
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Thai bourse’s Korat road show attracts transactions of THB 75 million
The Stock Exchange of Thailand (SET) and capital market professionals showcased information and products at a recent showcase in Money Expo Korat 2008, during February 22 – 24 in Nakorn Ratchasima (aka Korat) province. This popular event, similar to the Bangkok-based SET in the City, stimulated around 300 capital market transactions, including the opening of mutual fund accounts worth THB 75 million.
PR Newswire’s MultiVu Launches Mobile Video Distribution
Mobile video platform enables MultiVu customers to target mobile users worldwide with their latest news and information in real-time.
MultiVu?, PR Newswire’s multimedia and broadcast PR company, today announced the launch of a new mobile video distribution service that enables MultiVu customers to extend the reach of their video content to mobile phones, PDAs and other portable devices.
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HSBC Bank Canada reports 4Q and 2007 results
HSBC Bank Canada (“the bank”) recorded net income attributable to common shares for the year ended 31 December 2007 of C$530 million compared with C$497 million for 2006, an increase of C$33 million, or 6.6 per cent. Net income attributable to common shares was C$111 million for the fourth quarter ended 31 December 2007, a decrease of C$17 million, or 13.3 per cent, from C$128 million for the fourth quarter of 2006.
During the year, the bank took a charge in respect of its holdings of Canadian non-bank sponsored Asset Backed Commercial Paper (“non-bank ABCP”) of C$47 million (C$30 million net of related income taxes).
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Moody’s says Islamic finance market shows no sign of slowing
Moody’s Investors Service says the global Islamic finance market, which includes Asia Pacific, has grown by approximately 15% in each of the past three years, partly as a result of the increased wealth in Islamic countries, driven in turn by high oil prices.
Furthermore, the market shows no signs of slowing, says Moody’s in a new special report entitled “2007 Review & 2008 Outlook: Islamic Finance”.
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Moody’s affirms GIB’s A2 rating with negative outlook
Moody’s Investors Service has affirmed the A2/Prime-1 deposit ratings and A3 subordinated debt rating of Gulf International Bank B.S.C. (”GIB”) with their existing negative outlook. Moody’s also changed the outlook on GIB’s C- bank financial strength rating (”BFSR”) to negative from stable.
The rating actions were prompted by GIB’s release of full-year results for 2007 and follow Moody’s decision to change the outlook on the A2/Prime-1 deposit ratings and A3 subordinated debt rating to negative in December 2007.
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Fitch comments on Hana Bank given potential tax charges
Fitch Ratings notes that on February 19, 2008, Korea’s Ministry of Finance and Economy (MOFE) issued an authoritative interpretation (in support of an earlier interpretation by Korea’s National Tax Service or “NTS”) that the merger in December 2002 between Hana and the then faltering Seoul Bank was a reverse merger - as it met three certain pre-conditions defined in Korea’s tax law - and that Hana inappropriately benefited from corporate tax savings over the period between 2002 to 2005.
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Fitch affirms HDFC, places Centurion on ratings watch
Fitch Ratings has affirmed HDFC Bank Ltd (HBL) following its announcement to pursue a merger with Centurion Bank of Punjab Ltd (CBP) through a share swap. At the same time, CBP’s Long-term, Individual and Support ratings have been placed on Rating Watch Positive.
The following ratings of HBL have been affirmed with a Stable Outlook: National Long-term at ‘AAA(ind)’, National Short-term at ‘F1+(ind)’, Individual at ‘C’, Support at ‘3′, INR24 billion lower tier 2 subordinated debt at ‘AAA(ind)’, fixed deposit programme at ‘AAA(ind)’ and INR50bn certificates of deposit programme at ‘F1+(ind)’.
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