A proposed merger in Malaysia will create the first Islamic bank that will have enough clout to challenge conventional, often Western, banks.» Read More
DUBAI, Oct 3- Qatar Islamic Bank, the Gulf Arab state's largest sharia-compliant lender, is set to issue a $750 million five-year Islamic bond on Wednesday, a document from the lead arrangers said. Final price guidance for the sukuk tightened to 175-180 basis points over midswaps after substantial demand for the deal, with order books over $6 billion.
*HSBC cuts Fortum Oyj to underweight from overweight. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
*HSI flat, H-shares index down 0.1 percent* China telecoms, AIA lead gains in HK* IATA profit forecast lifts Cathay Pacific* ADB cuts China GDP forecast, sees soft landing By Vikram Subhedar.
*FTSE 100 closes up 0.3 percent at 5,825.81 points. *Traders say technical levels favouring FTSE at present. *Intl Airlines Group and ARM top FTSE 100 leaderboard By Sudip Kar-Gupta.
More than a dozen of Europe’s biggest banks face the upheaval and cost of building a ringfence around their trading activities if the findings of the EU-appointed Liikanen review are implemented. The likes of Deutsche Bank, Barclays and BNP Paribas are likely to be the hardest hit. The FT reports.
BEIJING, Oct 3- China's normally robust services sector weakened sharply in September to its lowest point since November 2010, as slow growth in manufacturing finally began to feed through to the rest of the economy, an official survey showed on Wednesday.
-1100 New Times Energy Corporation Ltd. -1000 Pacific Plywood Holdings Ltd. Function Room 4, 11/ F, L'hotel Nina et Convention Centre.
Oct 2- CHC Helicopter SA on Tuesday added $200 million of first lien senior secured notes to an existing issue, said IFR, a Thomson Reuters service. Morgan Stanley, HSBC, RBC and UBS were the joint bookrunning managers for the sale.
*India is largest source of migrants to Australia. SYDNEY, Oct 3- India's wealthy, from old money to nouveaux riches IT entrepreneurs, are quietly snapping up hotels and mines Down Under just as Australia embarks on an immigration campaign to attract long-term investment.
JERUSALEM-- He has been the poster boy for Israel's powerhouse technology industry and a leading proponent of a great dream _ to end the world's addiction to oil. But on Tuesday, Shai Agassi stepped down as chief executive of Better Place, the Israel- based electric car company he founded with great fanfare five years ago.
*Regulators at European Commission to consider the proposals. Recommendations of the group, set up by the European Commission, aim to shield taxpayers from having to fund further bailouts and to protect savers from any more banking collapses after more than five years of crisis.
LONDON, Oct 2- The Republic of Poland priced its 3.375% EUR1.75bn 12- year bond due July 9 2024 via Commerzbank, HSBC, ING and SG CIB on Tuesday. Order books for the A2/A-/A- rated deal closed at EUR3.5bn before reconciliation. The bond has a spread of 143 bp over mid-swaps and a reoffer price of 99.195, confirmed lead banks.
JERUSALEM, Oct 2- Electric car venture Better Place said it had replaced chief executive officer Shai Agassi with the CEO of its Australia unit, five years after Agassi founded the company. Agassi set up Better Place with the aim of using new technology to make electric cars more affordable and more convenient than gasoline-powered cars.
HSBC equity strategists expect European equities to rise further, boosted by central banks' quantitative easing programmes and attractive valuations, and they have an "overweight" position on Spanish equities, despite concerns over Spain's sovereign debt crisis. Many analysts expect Spain to seek a full sovereign bailout package in the coming weeks.
LONDON, Oct 2- The Republic of Poland has set final terms on its EUR1.75bn 12 year bond due July 9 2024 via Commerzbank, HSBC, ING and SG CIB. Order books for the A2/A-/A- rated deal closed at EUR3.5bn before reconciliation. The bonds will have a spread of 143 bp over mid-swaps once priced, which will occur shortly, a manager said.
DUBAI, Oct 2- Qatar Islamic Bank, the Gulf state's largest sharia-compliant lender, is planning to issue a five-year benchmark-sized Islamic bond, or sukuk, this week, arranging banks said on Tuesday. Benchmark-sized is understood to be at least $500 million. HSBC, Standard Chartered, Deutsche Bank.
LONDON, Oct 2- The Republic of Poland, rated A2/A-/A-, will price a new 12- year euro benchmark well inside where it first started to sound out investors after demand reached over EUR3.3bn.
LONDON, Oct 2- The Republic of Poland has opened books on its new 12- year Eurobond with official guidance set at mid-swaps plus 145 bp area, said an official managing the deal. Commerzbank, HSBC, ING and SG CIB received indications of interest totalling EUR2.5bn when sounding out investors earlier on Tuesday morning at swaps plus 150 bp area.
ISTANBUL, Oct 2- The Turkish lira was slightly weaker and bond yields were steady on Tuesday as investors geared up for data expected to show local inflation spiked last month due to higher global energy prices. By 0753 GMT, the lira stood at 1.7925 against the dollar, slightly weaker than 1.7911 late on Monday. The yield on Turkey's two-year benchmark bond.
*Case builds for rate cut at Bank of Korea Oct. 11 meeting. SEOUL, Oct 2- South Korea's central bank promised on Tuesday to direct policy at shoring up the sputtering economy, as a survey showed the manufacturing sector shrank by the most in nearly four years, adding to expectations it will cut interest rates next week.