Glencore Moving Beyond the 'Ghost' of Marc Rich

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

Good evening, I'm Christine Tan and you're watching "Asia Market Daily".

Glencore has made a lackluster debut in London and HK,

With its shares in both markets falling below their issue price.

Concerns over valuations - and the outlook for commodities - weighed on Glencore's dual-listing, which had been highly anticipated.

But Warren Gilman of CEF Holdings says with only 2-and-a-half percent of the new shares listed in Hong Kong, the market will understandably track movements in its UK listed shares.

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Warren Gilman, Chairman & CEO of CEF Holdings:
The opening price below the IPO price not surprising in the context of where we've been in the grey market trading over the past week. But let's keep this clear, in Hong Kong, we're going to be a price taker, we're not going to be a price leader on Glencore.

Founded in 1974 by the controversial Marc Rich, Glencore has grown into the world's biggest diversified commodities trader.

The once secretive Swiss firm has subsidiaries employing tens of thousands of people... and even has an oil division with more ships than Britain's Royal Navy.

Warren Gilman, Chairman & CEO of CEF Holdings:
We've probably exorcised the ghost of Marc Rich, but we're probably going to have more disclosure that probably Marc Rich ever would have wanted when he was running this company. And it will be a bit of an adjustment for management and the board of Glencore, to get used to the amount of, not only disclosure, but perhaps the change in attitude and change in business style that this is going to necessitate.

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Elsewhere, the U.S. treasury has announced a 29 dollar a share price tag, for the AIG share offering - which is just hitting the market.

Treasury is selling 200 million shares - or 15 percent of its 92 percent holdings in the insurer.

The issue price is 28 cents above the so-called breakeven price - for the U.S. treasury to recoup its investment.

And it's a very different AIG now, nearly 3 years after Washington decided the insurer was 'too big to fail'.

CNBC's Mary Thompson reports.

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Mary Thompson, CNBC:
Well it wasn't quite a complete teardown, but certainly the company that was founded in 1919 underwent an extensive renovation. AIG's expansion ramped up starting in the 1960s. That's when the company's former CEO and Chairman Hank Greenberg took the reins and built it into a global insurance powerhouse. But it was much more than that. Its broad portfolio included consumer finance, businesses in Russia, Poland and Mexico as well as interests in Spanish solar plats. These businesses, as well as 23 others were sold or partially spun off over the last three years, so AIG could repay the government. Today it's a leaner more focused firm, with two primary businesses. Its core global property and casualty business known as Chartis, and a domestic life and retirement business called SunAmerica. Its other smaller and non-core businesses include its financial products group, which is being wound down, an aircraft leasing firm ILFC (International Lease Finance Corp), and its mortgage insurance arm United Guaranty. AIG has made no secret of the fact that if the price is right, it would be willing to sell both the aircraft leasing as well as the mortgage insurance business. With assets now trimmed by over $200 billion dollars to the present $611 billion, AIG's revenue and earnings have been trimmed as well, down 25 and 64 percent respectively from 2007-2010. Though now, with its transformation close to complete, CEO Robert Benmosche predicts in the long-term, the new AIG can generate higher profits of between 6 and 8 billion dollars a year. A level within striking distance of last year's earnings of $5.6 billion dollars. Back to you.

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Well that wraps up the latest "Asia Market Daily". I'm Christine Tan from CNBC, thanks for watching.

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