Dental Corporation runs 190 clinics in the two countries and employs more than 560dentists.
The move comes after Bupa’s announcement in July that it would pump millions into developing its dentistry business in the UK with a target of running more than 60 centres across this country up from its present 11.
Bupa is paying £244 million for all shares in Dental Corporation and will pay a further £47 million over thenext three years to the management and dentists.
Dean Holden, managing director of Bupa Australia and New Zealand, commented: “We’re really excited by this acquisition and look forward to working with Dental Corporation’s management team and its dentists to build on their track record of growth and success.
“Bupa already provides dental services to many thousands of people in a number of countries, and we see this acquisition as being core to our future ambition, and to bringing our purpose — longer, healthier, happier lives — tomore people.”
In Spain, a €70 million (£57 million) investment in Bupa’s dental business will take the company’s Spanish dental network to 200 dental centres by 2014
Tuesday, 18 December 2012
Inpex inks project finance pact $US20bn for Ichthys
INPEX Corp said today that it has signed an up to $US20 billion project finance pact with eight export credit agencies and 24 banks for the Ichthys LNG project in Australia.
The Ichthys LNG project will use gas from the Ichthys field in the Browse Basin offshore Western Australia that is transported to an onshoreliquefaction plant in Darwin via an 889-kilometre sub-sea pipeline.
The Ichthys LNG project will use gas from the Ichthys field in the Browse Basin offshore Western Australia that is transported to an onshoreliquefaction plant in Darwin via an 889-kilometre sub-sea pipeline.
Commonwealth Bank of Australia ups stake in Aussie Home Loansto 80pc
COMMONWEALTH Bank of Australia has signaled an intention to take full control of John Symond'sAussie Home Loans, as it moved to a controlling stake in the mortgage broker.
In its first deal since the$373 million purchase of wealth group Count Financial last year, CBA today said it has inked a deal to increase its investment in Aussie to 80 per cent, from 33 per cent.
The nation’s largest lender also said the deal provided the “right to subsequently move to 100 per cent ownership”, signalling an eventual takeout of the broker.
CBA, which has long been seen as the eventual owner of Aussie,did not disclose the terms of the deal, labeling it immaterial to the bank, but is thought to have paid about $200 million for the increased stake.
The transaction is subject to approval from the Australian Competition and Consumer Commission. We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products,” said CBA’s executive of strategic development Rob Jesudason.
Mr Symond will remain as executive chairman and Aussie will continue to operate as a standalonemortgage broker and financial services provider, CBA said.
Mr Symond, who will retain his 20 per cent stake in the lender, said itwas an opportunity for Aussie to accelerate its growth.
"The Commonwealth Bank will give us additional strength to grow and service our customers," he said, adding: "It's business as usual for Aussie."
Aussie was established byMr Symonds in 1992 as an alternative to the Big Four banks and now lends $38 billion to morethan 250,000 customers, backed by a panel of 18 lenders. It also sells insurance, personal loans,credit cards and other financial products.
CBA, along with Westpac, already controls the majority of the mortgage market, ahead of rivals National Australia Bank and ANZ.
The deal comes as the Reserve Bank tries to kick-start the property market and other areas ofthe economy sensitive to interest rates by cutting official rates to offset the peak in mining investment, expected as early as next year.
It also follows the recent tie-up between Macquarie Group and Mark Bouris's Yellow Brick Road, which will see YBR distribute white-labelled financial products manufactured by Macquarie, starting with aggressively priced home loans.
The deal came as JPMorgan today downgraded CBA to"underweight" following the bank’s 6 per cent outperformance relative to the banking index this year, a gain which has boosted its market value to almost $100 billion.
"Despite 175 basis points of cash rate cuts over the last year, net new mortgage lending commitments are still contracting,” analysts at Citi said last week, showing credit growth is giving little sign of an imminent rebound, which is weighing on the banks’ growth prospects.
In its first deal since the$373 million purchase of wealth group Count Financial last year, CBA today said it has inked a deal to increase its investment in Aussie to 80 per cent, from 33 per cent.
The nation’s largest lender also said the deal provided the “right to subsequently move to 100 per cent ownership”, signalling an eventual takeout of the broker.
CBA, which has long been seen as the eventual owner of Aussie,did not disclose the terms of the deal, labeling it immaterial to the bank, but is thought to have paid about $200 million for the increased stake.
The transaction is subject to approval from the Australian Competition and Consumer Commission. We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products,” said CBA’s executive of strategic development Rob Jesudason.
Mr Symond will remain as executive chairman and Aussie will continue to operate as a standalonemortgage broker and financial services provider, CBA said.
Mr Symond, who will retain his 20 per cent stake in the lender, said itwas an opportunity for Aussie to accelerate its growth.
"The Commonwealth Bank will give us additional strength to grow and service our customers," he said, adding: "It's business as usual for Aussie."
Aussie was established byMr Symonds in 1992 as an alternative to the Big Four banks and now lends $38 billion to morethan 250,000 customers, backed by a panel of 18 lenders. It also sells insurance, personal loans,credit cards and other financial products.
CBA, along with Westpac, already controls the majority of the mortgage market, ahead of rivals National Australia Bank and ANZ.
The deal comes as the Reserve Bank tries to kick-start the property market and other areas ofthe economy sensitive to interest rates by cutting official rates to offset the peak in mining investment, expected as early as next year.
It also follows the recent tie-up between Macquarie Group and Mark Bouris's Yellow Brick Road, which will see YBR distribute white-labelled financial products manufactured by Macquarie, starting with aggressively priced home loans.
The deal came as JPMorgan today downgraded CBA to"underweight" following the bank’s 6 per cent outperformance relative to the banking index this year, a gain which has boosted its market value to almost $100 billion.
"Despite 175 basis points of cash rate cuts over the last year, net new mortgage lending commitments are still contracting,” analysts at Citi said last week, showing credit growth is giving little sign of an imminent rebound, which is weighing on the banks’ growth prospects.
Cerberus to Sell Gunmaker Stake After School Massacre
The private equity firm Cerberus Capital Management said on Tuesday that it would sell its investment in the gunmaker Freedom Group in response to the school shootings last week in Connecticut.
Cerberus acquired Bushmaster — the manufacturer of the rifle used by the gunman in theNewtown attacks that killed27 people, including 20 schoolchildren — in 2006.
The private equity giant later merged it with other gun companies to create Freedom Group, which reported net sales of$677.3 million for the nine months that ended in September 2012, a 20 percent increase compared with the same period last year.
Cerberus acquired Bushmaster — the manufacturer of the rifle used by the gunman in theNewtown attacks that killed27 people, including 20 schoolchildren — in 2006.
The private equity giant later merged it with other gun companies to create Freedom Group, which reported net sales of$677.3 million for the nine months that ended in September 2012, a 20 percent increase compared with the same period last year.
Sunday, 16 December 2012
AIG offers AIA shares inrange of HK$29.65-HK$30.65
HONG KONG, Dec 17 (Reuters) - American International Group Inc may raise as much as $6.5 billion from the sale of its remaining stake in AIA Group Ltd in Asia's second-largest block sale ever, exiting a business the U.S. insurer helped found nearly 100 years ago.
AIG is offering its 13.69 percent stake in AIA , or 1.65 billion shares, in a range of HK$29.65-HK$30.65 apiece, sources with direct knowledge of the plan said.
That is a discount of up to 6.3 percent to AIA's close at HK$31.65 in Hong Kong on Friday, the sources said, declining to be identified as the terms of the offering weren't yetpublic. Trading of AIA was suspended on Monday at the company's request.
The sale marks the end of an era for AIG in Asia andits Chief Executive Robert Benmosche, who took AIApublic in Hong Kong in the world's third-biggest initial public offering ever.
AIG was forced to sell parts of its massive business after the U.S. government bailed the company out in 2008 as it teetered on the brink of collapse. The United States ultimately sent$182 billion on the rescue. AIA was one of the assets it put up for sale.
Since AIA's $20.5 billion IPO, its shares have soared about 61 percent and become a top choice of fund managers looking to benefit from growing wealth in Asia and booming demand for insurance and other financial products.
The widely expected block offering of Asia's third-biggest insurer will be surpassed only by Vodafone plc's $6.6 billion stake sale in China Mobile two years ago. Theoffering also comes one week after a lockup on the shares expired, adding to two other rounds of AIA share sales earlier this year that had raised about $8 billion in total.
Deutsche Bank AG and Goldman Sachs Group Incwere hired as joint global coordinators for the offering, with Citigroup Inc, JPMorgan Chase & Coand Morgan Stanley also acting as bookrunners.
AIG, which expects to usethe net proceeds from theAIA sale for general corporate purposes, said earlier on Monday that it had commenced a sale of the shares in Hong Kong by placing them to certaininstitutional investors. AIGdid not identify the potential buyers or disclose the terms of the offering.
After selling $2.02 billion in AIA shares in September, AIG was barred from selling any further shares until Dec. 10. The company had raised $6 billion from its first selldown in AIA in March.
OPPORTUNITIES IN ASIA
AIG's exit from AIG comes at a time when Asia's insurance industry is growing, attracting buyers hoping to tap into the expansion.
A Thai conglomerate bought HSBC's stake in Ping An Insurance for$9.38 billion, while Hong Kong businessman Richard Li acquired ING'sHong Kong, Macau and Thailand insurance units for $2.14 billion.
AIG's exit from AIA has forced the U.S. insurer to strike out on its own in Asia, where it is focusing its attention on China. AIGbecame the biggest cornerstone investor in the $3.6 billion IPO of People's Insurance Company (Group) of China (PICC), also inking ajoint venture to sell life insurance in the world's second-largest economy.
AIA's 2010 IPO came after a failed takeover offer from Prudential Plc.
AIG's business started in Shanghai in 1919 by U.S. entrepreneur C.V. Starr, with AIA ultimately becoming the name of its regional operation. Twenty years later, Starr temporarily relocated to the United States to avoid political instability in Asia, and following World War II, decided to run his U.S.businesses from New York.They came to be known asAIG, whose shares began trading on the New York Stock Exchange in 1984.
AIA has built a sprawling and successful business across the region, with an army of hundreds of thousands of agents competing head-to-head with Prudential in several countries.
AIA moved to split off from AIG after the U.S. company nearly collapsedin the wake of the 2008 financial crisis, prompting the U.S. government bailout.
On Friday, the U.S. Treasury Department said it has completed its final sale of common stock in AIG, cutting its shares in the insurer to zero four years after the bailout.
AIG is offering its 13.69 percent stake in AIA , or 1.65 billion shares, in a range of HK$29.65-HK$30.65 apiece, sources with direct knowledge of the plan said.
That is a discount of up to 6.3 percent to AIA's close at HK$31.65 in Hong Kong on Friday, the sources said, declining to be identified as the terms of the offering weren't yetpublic. Trading of AIA was suspended on Monday at the company's request.
The sale marks the end of an era for AIG in Asia andits Chief Executive Robert Benmosche, who took AIApublic in Hong Kong in the world's third-biggest initial public offering ever.
AIG was forced to sell parts of its massive business after the U.S. government bailed the company out in 2008 as it teetered on the brink of collapse. The United States ultimately sent$182 billion on the rescue. AIA was one of the assets it put up for sale.
Since AIA's $20.5 billion IPO, its shares have soared about 61 percent and become a top choice of fund managers looking to benefit from growing wealth in Asia and booming demand for insurance and other financial products.
The widely expected block offering of Asia's third-biggest insurer will be surpassed only by Vodafone plc's $6.6 billion stake sale in China Mobile two years ago. Theoffering also comes one week after a lockup on the shares expired, adding to two other rounds of AIA share sales earlier this year that had raised about $8 billion in total.
Deutsche Bank AG and Goldman Sachs Group Incwere hired as joint global coordinators for the offering, with Citigroup Inc, JPMorgan Chase & Coand Morgan Stanley also acting as bookrunners.
AIG, which expects to usethe net proceeds from theAIA sale for general corporate purposes, said earlier on Monday that it had commenced a sale of the shares in Hong Kong by placing them to certaininstitutional investors. AIGdid not identify the potential buyers or disclose the terms of the offering.
After selling $2.02 billion in AIA shares in September, AIG was barred from selling any further shares until Dec. 10. The company had raised $6 billion from its first selldown in AIA in March.
OPPORTUNITIES IN ASIA
AIG's exit from AIG comes at a time when Asia's insurance industry is growing, attracting buyers hoping to tap into the expansion.
A Thai conglomerate bought HSBC's stake in Ping An Insurance for$9.38 billion, while Hong Kong businessman Richard Li acquired ING'sHong Kong, Macau and Thailand insurance units for $2.14 billion.
AIG's exit from AIA has forced the U.S. insurer to strike out on its own in Asia, where it is focusing its attention on China. AIGbecame the biggest cornerstone investor in the $3.6 billion IPO of People's Insurance Company (Group) of China (PICC), also inking ajoint venture to sell life insurance in the world's second-largest economy.
AIA's 2010 IPO came after a failed takeover offer from Prudential Plc.
AIG's business started in Shanghai in 1919 by U.S. entrepreneur C.V. Starr, with AIA ultimately becoming the name of its regional operation. Twenty years later, Starr temporarily relocated to the United States to avoid political instability in Asia, and following World War II, decided to run his U.S.businesses from New York.They came to be known asAIG, whose shares began trading on the New York Stock Exchange in 1984.
AIA has built a sprawling and successful business across the region, with an army of hundreds of thousands of agents competing head-to-head with Prudential in several countries.
AIA moved to split off from AIG after the U.S. company nearly collapsedin the wake of the 2008 financial crisis, prompting the U.S. government bailout.
On Friday, the U.S. Treasury Department said it has completed its final sale of common stock in AIG, cutting its shares in the insurer to zero four years after the bailout.
Friday, 14 December 2012
List of Banks in New Zealand
ABN AMRO NEW ZEALAND +64 9 358 7500
ANZ BANK +64 4 496 7000
ASB BANK LTD +64 9 306 3000
BANK OF NEW ZEALAND +64 4 924 2424
BANK OF SCOTLAND INTERNATIONAL NEW ZEELAND NA
CITIBANK +64 9 307 1902
DEUTSCHE BANK +64 9 351 1000
GE MONEY +613 9921 6309
GOLDMAN SACHS JBWEREPTY LTD +64 9 357 3200
ING LIMITED +64 9 356 4000
JPMORGAN CHASE BANK NA +64 9 363 2757
KIWIBANK LIMITED +64 4 473 1133
KOOKMIN BANK +64 9 3661000
MANCHESTER UNITY SOCIETY OFFICE +64 4 473 6155
NZINVEST LIMITED +64 9 966 5560
RABOBANK NEDERLAND +64 4 819 2700
RABOBANK NEW ZEALAND +64 4 462 5650
RESERVE BANK OF NEW ZEALAND +64 4 472 2029
SOUTHLAND BUILDING SOCIETY +64 8 005 02442
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC) +64 9 915 4868
THE NATIONAL BANK OF NEW ZEALAND LIMITED 0800 751 750
TSB BANK 099 2 042 22
UBS IN AUCKLAND +64 9 913 4800
WESTPACTRUST +64 9 912 8000
ANZ BANK +64 4 496 7000
ASB BANK LTD +64 9 306 3000
BANK OF NEW ZEALAND +64 4 924 2424
BANK OF SCOTLAND INTERNATIONAL NEW ZEELAND NA
CITIBANK +64 9 307 1902
DEUTSCHE BANK +64 9 351 1000
GE MONEY +613 9921 6309
GOLDMAN SACHS JBWEREPTY LTD +64 9 357 3200
ING LIMITED +64 9 356 4000
JPMORGAN CHASE BANK NA +64 9 363 2757
KIWIBANK LIMITED +64 4 473 1133
KOOKMIN BANK +64 9 3661000
MANCHESTER UNITY SOCIETY OFFICE +64 4 473 6155
NZINVEST LIMITED +64 9 966 5560
RABOBANK NEDERLAND +64 4 819 2700
RABOBANK NEW ZEALAND +64 4 462 5650
RESERVE BANK OF NEW ZEALAND +64 4 472 2029
SOUTHLAND BUILDING SOCIETY +64 8 005 02442
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC) +64 9 915 4868
THE NATIONAL BANK OF NEW ZEALAND LIMITED 0800 751 750
TSB BANK 099 2 042 22
UBS IN AUCKLAND +64 9 913 4800
WESTPACTRUST +64 9 912 8000
Our earnings will be weak Deutsche Bank warns.
Deutsche Bank can't seem to get a break.
A day after prosecutors raided the company's headquarters in a tax evasion investigation, Deutsche Bank cautioned that unexpected costs would be a drag on profit. The cost of overhauling a retail banking unit in Germany, coupled with thedeclining value of some securities, could "have a significant negative impact on the bank's earnings" in the last three months of theyear, the bank said on Thursday.
But Stefan Krause, the bank's chief financial officer, tried to put the outlook in a more positive light. "This is not seen as a profit warning," he said in aconference call with analysts. "This is a guidance."
Mr. Krause also took note ofthe investigation in the call,but did not address the accusations in detail. On Wednesday, Deutsche Bank disclosed that Mr. Krause and Jürgen Fitschen, a co-chief executive of the bank, werethe focus of an investigationover the value-added tax on the trading of carbon emissions certificates. The inquiry resulted in raids byabout 500 police officers, tax inspectors and other officials at the bank's headquarters in Frankfurt, as well as offices and private homes in Düsseldorfand Berlin. The two executives are subjects of the inquiry because they signed tax return documents.
"The criminal investigation is going on, and it is very difficult to predict when that will be over," Mr. Krause said.
The bank is dealing with a difficult environment even without pressure from law enforcement authorities. Like its rivals, Deutsche Bank has been trying to revamp its businesses in theface of a sluggish market and economic weakness. The bank is also moving to reduce risk as new regulations take effect over the next several years. The rules will increase the amount of capital banks must hold against certain kinds of assets.
Deutsche Bank, which is in the midst of closing its books for the year, decidedto update investors on the unanticipated costs. Mr. Krause said the bank did not know the amount of those expenses.
"The outcome is still open,"he said. "But there will be quite a large amount of things to consider, which could be substantial and could lead to a loss."
Some costs relate to an overhaul of Postbank, a Deutsche Bank unit that offers banking services fromGerman post offices. In addition, the bank may need to record losses from debt or other securities thatit owns.
A day after prosecutors raided the company's headquarters in a tax evasion investigation, Deutsche Bank cautioned that unexpected costs would be a drag on profit. The cost of overhauling a retail banking unit in Germany, coupled with thedeclining value of some securities, could "have a significant negative impact on the bank's earnings" in the last three months of theyear, the bank said on Thursday.
But Stefan Krause, the bank's chief financial officer, tried to put the outlook in a more positive light. "This is not seen as a profit warning," he said in aconference call with analysts. "This is a guidance."
Mr. Krause also took note ofthe investigation in the call,but did not address the accusations in detail. On Wednesday, Deutsche Bank disclosed that Mr. Krause and Jürgen Fitschen, a co-chief executive of the bank, werethe focus of an investigationover the value-added tax on the trading of carbon emissions certificates. The inquiry resulted in raids byabout 500 police officers, tax inspectors and other officials at the bank's headquarters in Frankfurt, as well as offices and private homes in Düsseldorfand Berlin. The two executives are subjects of the inquiry because they signed tax return documents.
"The criminal investigation is going on, and it is very difficult to predict when that will be over," Mr. Krause said.
The bank is dealing with a difficult environment even without pressure from law enforcement authorities. Like its rivals, Deutsche Bank has been trying to revamp its businesses in theface of a sluggish market and economic weakness. The bank is also moving to reduce risk as new regulations take effect over the next several years. The rules will increase the amount of capital banks must hold against certain kinds of assets.
Deutsche Bank, which is in the midst of closing its books for the year, decidedto update investors on the unanticipated costs. Mr. Krause said the bank did not know the amount of those expenses.
"The outcome is still open,"he said. "But there will be quite a large amount of things to consider, which could be substantial and could lead to a loss."
Some costs relate to an overhaul of Postbank, a Deutsche Bank unit that offers banking services fromGerman post offices. In addition, the bank may need to record losses from debt or other securities thatit owns.
Thursday, 13 December 2012
Tuesday, 11 December 2012
Good news for India Industrial production growth hits 8.2% in October
Industrial production growth rate bounced back to a 16-month high of 8.2 per cent in October on good performance of the manufacturing, power sector and higher output ofcapital as well as consumer goods, indicating sudden recovery in the economy.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October last year. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth inthe April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released here today.
Meanwhile, the contraction in the industrial productionduring September this yearwas revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released lastmonth.
The manufacturing sector, which constitutes over 75 per cent of the index, grewby robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at one per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per centin October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October last year. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth inthe April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released here today.
Meanwhile, the contraction in the industrial productionduring September this yearwas revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released lastmonth.
The manufacturing sector, which constitutes over 75 per cent of the index, grewby robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at one per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per centin October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
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