 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
Shanghai (AFP) Jan 7, 2011 Wall Street banking giants Morgan Stanley and JP Morgan Chase said Friday they had won approval to set up joint ventures in mainland China. They said in separate statements the China Securities Regulatory Commission had approved tie-ups with Chinese securities companies to allow them to underwrite stocks and bonds in China. "Through this joint venture JP Morgan has dramatically expanded its access and growth potential in the world's fastest growing capital markets," JP Morgan Asia Pacific chairman and chief executive Gaby Abdelnour said. The decisions allow the banks to compete with Goldman Sachs, which has had a Chinese joint venture since 2006, and European banks including UBS, Deutsche Bank and Credit Suisse, which have similar partnerships. The announcements come ahead of Chinese President Hu Jintao's January 18-21 visit to Washington. Wall Street banks have been aggressively pushing for greater access to the world's second largest economy as more mainland companies go public and China's capital markets expand. "Developing our domestic market capabilities in China has been and continues to be a priority for the firm," said Morgan Stanley president and chief executive James P. Gorman said. Morgan Stanley will form a joint venture with Shanghai-based Huaxin Securities Co. while JP Morgan is teaming up with Shenzhen-based First Capital Securities Co. The US banks said they would hold 33 percent stakes in their respective ventures -- the maximum a foreign firm can own under Chinese rules. For Morgan Stanley, the approval marks a fresh start in China after it agreed to sell its stake last year in China International Capital Corporation, the mainland investment bank it helped found in 1995.
Share This Article With Planet Earth
Related Links Global Trade News
China rare earth curbs could raise prices: reportBeijing (AFP) Jan 7, 2011 China plans tougher environmental standards for miners of rare earths which could raise export prices of the elements used to make products such as iPods and wind turbines, state media said Friday. The Ministry of Environmental Protection has already approved the regulations, which will slash the amount of pollutants that miners of the minerals are allowed to produce, the China Daily said, c ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook
