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KNN Writ Of Seizure For CC Debt Less than 10K
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- Start date
Standard Chartered cuts 800 jobs
Business Times
Standard Chartered cuts 800 jobs
2011/05/05
HONG KONG/LONDON: Standard Chartered plc said it had cut 800 jobs this year to restrain rising costs after making record first quarter profits and revenue on the back of strong Asian markets like India and Hong Kong.
Standard Chartered said yesterday its income rose by more than 10 per cent in the first quarter, putting it on track for its ninth successive year of record earnings.
Costs rose at a faster rate than income after a hiring spree last year, however, taking the shine off the trading update.
Standard Chartered is under pressure to show it has costs under control, and the first quarter rise knocked its shares 2 per cent lower. - Reuters
Business Times
Standard Chartered cuts 800 jobs
2011/05/05
HONG KONG/LONDON: Standard Chartered plc said it had cut 800 jobs this year to restrain rising costs after making record first quarter profits and revenue on the back of strong Asian markets like India and Hong Kong.
Standard Chartered said yesterday its income rose by more than 10 per cent in the first quarter, putting it on track for its ninth successive year of record earnings.
Costs rose at a faster rate than income after a hiring spree last year, however, taking the shine off the trading update.
Standard Chartered is under pressure to show it has costs under control, and the first quarter rise knocked its shares 2 per cent lower. - Reuters
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More Writs Of Seizure Coming Your Way
Liverpool chief Ayre says Standard Chartered delighted with partnership
07.05.11 | tribalfootball.com
Liverpool managing director Ian Ayre is convinced their relationship with Standard Chartered will be mutually beneficial.
Liverpool stunned observers with a record shirt sponsorship agreement with Standard Chartered.
Ayre told Managementtoday.co.uk: "At the outset, it's all about raising the profile of their brand; they're very successful in Asia, Africa and the Middle East, but less well known in the rest of the world. So they want people to know about the bank, and for people in their core markets to know more about the bank. They say that every internal metric they've set to measure the success of this relationship has been surpassed by an unbelievable amount already. So it clearly works for them, and it works for us.
"But nothing's set in stone; we've agreed we'll have an open mind about how we'll work together as things progress. Perhaps for the first couple of years it's all about being on the TV channel or the website. But if in later years it's more about other aspects, we'd absolutely have the flexibility to address that.
"What's vital is that every year they're with us, and every dollar they spend, they absolutely believe that they get a return on that investment. A lot of sponsorship deals I've been involved with are a bit like, 'this is what it says on the contract, so this is what you're going to get'. But I think that's a very narrow-minded view.
"It's much harder to get a new sponsor than it is to keep an existing one, and this is a philosophy I've tried to instil in my team - we want to keep everyone we've got, so we'll develop with them and they'll develop with us. Carlsberg's a great example - they were Liverpool's shirt sponsor for 18 years but they didn't walk away at the end; they decided that they wanted to remain part of the Liverpool family."
Liverpool chief Ayre says Standard Chartered delighted with partnership
07.05.11 | tribalfootball.com
Liverpool managing director Ian Ayre is convinced their relationship with Standard Chartered will be mutually beneficial.
Liverpool stunned observers with a record shirt sponsorship agreement with Standard Chartered.
Ayre told Managementtoday.co.uk: "At the outset, it's all about raising the profile of their brand; they're very successful in Asia, Africa and the Middle East, but less well known in the rest of the world. So they want people to know about the bank, and for people in their core markets to know more about the bank. They say that every internal metric they've set to measure the success of this relationship has been surpassed by an unbelievable amount already. So it clearly works for them, and it works for us.
"But nothing's set in stone; we've agreed we'll have an open mind about how we'll work together as things progress. Perhaps for the first couple of years it's all about being on the TV channel or the website. But if in later years it's more about other aspects, we'd absolutely have the flexibility to address that.
"What's vital is that every year they're with us, and every dollar they spend, they absolutely believe that they get a return on that investment. A lot of sponsorship deals I've been involved with are a bit like, 'this is what it says on the contract, so this is what you're going to get'. But I think that's a very narrow-minded view.
"It's much harder to get a new sponsor than it is to keep an existing one, and this is a philosophy I've tried to instil in my team - we want to keep everyone we've got, so we'll develop with them and they'll develop with us. Carlsberg's a great example - they were Liverpool's shirt sponsor for 18 years but they didn't walk away at the end; they decided that they wanted to remain part of the Liverpool family."
Al-Qaeda Consolidating Resources For Counterstrike
UAE's Sharjah Islamic Bank picks banks for sukuk issue
Sunday, 08 May 2011 12:33
DUBAI: Sharjah Islamic Bank, (SIB) has picked HSBC and Standard Chartered as joint lead managers for an Islamic bond, the lender said on Sunday.
The Islamic bond, or sukuk, will be launched subject to market conditions after roadshows taking place in the Middle East, Asia and Europe, the statement said. The roadshow schedule is yet to be determined.
SIB, based in one of the UAE's northern emirates and listed on the Abu Dhabi bourse, said it planned to issue a sukuk of between $300 million to $500 million in a March 24 letter to the central bank.
The Gulf sukuk market has struggled to pick up, despite a ambitious growth outlook for the industry, hampered by high profile defaults and Dubai's debt crisis.
SIB is rated BBB+ by Fitch and Standard & Poor's.
Copyright Reuters, 2011
UAE's Sharjah Islamic Bank picks banks for sukuk issue
Sunday, 08 May 2011 12:33
DUBAI: Sharjah Islamic Bank, (SIB) has picked HSBC and Standard Chartered as joint lead managers for an Islamic bond, the lender said on Sunday.
The Islamic bond, or sukuk, will be launched subject to market conditions after roadshows taking place in the Middle East, Asia and Europe, the statement said. The roadshow schedule is yet to be determined.
SIB, based in one of the UAE's northern emirates and listed on the Abu Dhabi bourse, said it planned to issue a sukuk of between $300 million to $500 million in a March 24 letter to the central bank.
The Gulf sukuk market has struggled to pick up, despite a ambitious growth outlook for the industry, hampered by high profile defaults and Dubai's debt crisis.
SIB is rated BBB+ by Fitch and Standard & Poor's.
Copyright Reuters, 2011
How To Sponsor A Loser
The Star Online > Business
Tuesday June 7, 2011
StanChart scores with Liverpool Football Club deal
By Liz Lee
[email protected]
PETALING JAYA: The sponsorship of Liverpool Football Club has reaped rewards far greater than earlier estimated, with the deal helping Standard Chartered Bank (StanChart) tap a new group of customers, said the head of the bank's corporate affairs.
“In this first year of sponsorship, we have unqualified success,” StanChart group head of corporate affairs Gavin Laws said here yesterday to announce the July 16 pre season match between the Liverpool team and the Malaysian national football team.
“Although I don't have the statistics with me now, I can safely say that we have beaten all the matrixes we set out initially to gauge the effectiveness of the campaign,” he said, adding that brand awareness was a top benefit gained.:oIo:
Laws said fans of other clubs have not reacted negatively to StanChart's sponsorship of Liverpool and the exposure the bank has received from the football club by being in the news the entire year has been beneficial.
“A number of new clients have seen our name associated with the club. It has definitely helped us,” he said.
Such marketing gains were also applicable locally for Standard Chartered Bank Bhd where managing director and CEO Osman Morad said the relationship with Liverpool has been part of the bank's effort to give something back to Malaysians.
“Malaysians are aware of Standard Chartered but many do not bank with us.:oIo:
“I'm sure many our new clients now have come in after seeing our tie-ins with the game,” he said.
The media conference yesterday was to formally announce Liverpool's 2011 Asia Tour.
Liverpool will play in Malaysia on July 16 and the kick-off for the game is at 5.45pm.
Liverpool managing director Ian Ayre said the pre-season tour, which will see Liverpool play in China and Malaysia, will be taken seriously by the club as it was essential in the team's preparation ahead of the 2011/12 season.
© 1995-2011 Star Publications (Malaysia) Bhd (Co No 10894-D)
The Star Online > Business
Tuesday June 7, 2011
StanChart scores with Liverpool Football Club deal
By Liz Lee
[email protected]
PETALING JAYA: The sponsorship of Liverpool Football Club has reaped rewards far greater than earlier estimated, with the deal helping Standard Chartered Bank (StanChart) tap a new group of customers, said the head of the bank's corporate affairs.
“In this first year of sponsorship, we have unqualified success,” StanChart group head of corporate affairs Gavin Laws said here yesterday to announce the July 16 pre season match between the Liverpool team and the Malaysian national football team.
“Although I don't have the statistics with me now, I can safely say that we have beaten all the matrixes we set out initially to gauge the effectiveness of the campaign,” he said, adding that brand awareness was a top benefit gained.:oIo:
Laws said fans of other clubs have not reacted negatively to StanChart's sponsorship of Liverpool and the exposure the bank has received from the football club by being in the news the entire year has been beneficial.
“A number of new clients have seen our name associated with the club. It has definitely helped us,” he said.
Such marketing gains were also applicable locally for Standard Chartered Bank Bhd where managing director and CEO Osman Morad said the relationship with Liverpool has been part of the bank's effort to give something back to Malaysians.
“Malaysians are aware of Standard Chartered but many do not bank with us.:oIo:
“I'm sure many our new clients now have come in after seeing our tie-ins with the game,” he said.
The media conference yesterday was to formally announce Liverpool's 2011 Asia Tour.
Liverpool will play in Malaysia on July 16 and the kick-off for the game is at 5.45pm.
Liverpool managing director Ian Ayre said the pre-season tour, which will see Liverpool play in China and Malaysia, will be taken seriously by the club as it was essential in the team's preparation ahead of the 2011/12 season.
© 1995-2011 Star Publications (Malaysia) Bhd (Co No 10894-D)
Online Trading Retardation
Stanchart starts online shares trading in Singapore
Written by Thomson Reuters
Monday, 06 June 2011 15:35
British bank Standard Chartered (STAN.L) on Monday launched an online trading platform that will allow customers in Singapore to trade shares in 14 exchanges in 10 countries.
The 10 countries include favourites such as Hong Kong, the United States and Japan. Stanchart will let customers settle their trades in multiple currencies and not charge a minimum commission on small transactions.
Stanchart, which counts Singapore as its third largest market in terms of group income and profit, did not previously offer stockbroking services to retail customers in the city-state.
Stanchart starts online shares trading in Singapore
Written by Thomson Reuters
Monday, 06 June 2011 15:35
British bank Standard Chartered (STAN.L) on Monday launched an online trading platform that will allow customers in Singapore to trade shares in 14 exchanges in 10 countries.
The 10 countries include favourites such as Hong Kong, the United States and Japan. Stanchart will let customers settle their trades in multiple currencies and not charge a minimum commission on small transactions.
Stanchart, which counts Singapore as its third largest market in terms of group income and profit, did not previously offer stockbroking services to retail customers in the city-state.
Re: Online Trading Retardation
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Re: Online Trading Retardation
Thanks for the entertainment. :oIo:
Thanks for the entertainment. :oIo:
Bro, I suggest you go advertise your services at Sammyboy Asia Sex Forum or Trevy Gay Forum. You can offer your anus for raw sex, I think there might be a few takers. Also, watersports or Scat... They may pay a premium. Those more kinky ones might ask you let a Rottweiler hump your backside or want bukakke party. But if you are willing, I think can clear the debt quite fast!!! Good luck!
Boh Lui Gian Png
The Straits Times
www.straitstimes.com
Published on Jun 7, 2011
Stanchart offers lower fees for smaller trades
Online Trading service to charge users by number of shares traded
By Gabriel Chen
STANDARD Chartered yesterday entered the retail stockbroking business with a bang, launching a new Internet trading service and doing away with minimum commission fees for online stock trades.
In a first here, its Online Trading platform will charge fees not at a flat rate, but according to the number of stocks investors buy and sell. It will also let investors trade stocks listed in 10 countries.
The new service allows retail investors to more affordably trade small amounts of counters such as social networking site LinkedIn, listed in the United States, and luxury brand Prada, soon to be listed in Hong Kong.
It is an aggressive move for Stanchart, which is making its first foray into the retail securities business - not only in Singapore, but also in the more than 70 countries in which it operates.
Other banks and brokerages in Singapore adopt minimum commissions. Retail investors generally pay $25 in brokerage fees per transaction to buy and sell Singapore shares, regardless of the value of the trades. They also pay about US$20 (S$25) in fees for each trade of US shares.
Stanchart's Online Trading platform will eschew the industry's one-size-fits- all minimum commissions, giving small investors significant savings.
Read the full story in Tuesday's edition of The Straits Times.
[email protected]
Copyright © 2010 Singapore Press Holdings. All rights reserved.
The Straits Times
www.straitstimes.com
Published on Jun 7, 2011
Stanchart offers lower fees for smaller trades
Online Trading service to charge users by number of shares traded
By Gabriel Chen
STANDARD Chartered yesterday entered the retail stockbroking business with a bang, launching a new Internet trading service and doing away with minimum commission fees for online stock trades.
In a first here, its Online Trading platform will charge fees not at a flat rate, but according to the number of stocks investors buy and sell. It will also let investors trade stocks listed in 10 countries.
The new service allows retail investors to more affordably trade small amounts of counters such as social networking site LinkedIn, listed in the United States, and luxury brand Prada, soon to be listed in Hong Kong.
It is an aggressive move for Stanchart, which is making its first foray into the retail securities business - not only in Singapore, but also in the more than 70 countries in which it operates.
Other banks and brokerages in Singapore adopt minimum commissions. Retail investors generally pay $25 in brokerage fees per transaction to buy and sell Singapore shares, regardless of the value of the trades. They also pay about US$20 (S$25) in fees for each trade of US shares.
Stanchart's Online Trading platform will eschew the industry's one-size-fits- all minimum commissions, giving small investors significant savings.
Read the full story in Tuesday's edition of The Straits Times.
[email protected]
Copyright © 2010 Singapore Press Holdings. All rights reserved.
You'll Never Walk Alone
Shifting goal post
Unless the regulators put together a comprehensive framework for IDRs, StanChart may remain the only global company to have used the IDR route to list in India.
When Standard Chartered Plc decided to list itself in India a year ago through a Indian Depository Receipt (IDR) issue it attracted much attention. That a company of StanChart's pedigree could seek local listing was seen as proof that the Indian capital market, with its large pool of investors, was becoming a big draw for global companies. However, a year hence, no other global company has taken the IDR route to list on the Indian bourses. And subscribers to the StanChart IDR are discovering the many regulatory pitfalls to investing in IDRs. The latest came last week when SEBI decreed that the IDRs could be redeemed into underlying shares only if they were infrequently traded in the Indian market. Infrequently traded is defined as when less than five per cent of the listed IDRs are transacted in six months. With the IDRs being actively traded, what this means is that holders can no longer look forward to arbitrage profits, from a narrowing of the gap between the price of the Indian IDR and the underlying shares in the UK or Hong Kong markets. Since listing, the Indian IDR has always traded at a discount to the shares abroad, with the discount swinging between a modest 2 per cent and a very significant 14 per cent.
Free two-way fungibility of IDRs, which would have allowed traders to arbitrage on the difference between the value of the IDR here and that of the underlying shares overseas, was forbidden from the outset by the Reserve Bank of India. Investors in StanChart's IDR were told at the time of the offer that the option of redeeming IDRs into underlying shares would be permitted on a “case-to-case” basis after a one-year lock in period that was to end this week. SEBI's clarification in effect moves the goal post well after the game has begun. Closure of the arbitrage window between markets will greatly impede price discovery. Not surprising then that the StanChart IDR fell by as much as 19 per cent within minutes of the market opening on Monday.
Indeed, this is not the only regulatory aspect which makes IDRs distinctly unfriendly to investors. From the time of the StanChart offer, clarity has been lacking on vital aspects such as the tax treatment of capital gains on the instrument and the eligibility of institutional investors (such as insurance companies) to buy them. Indian IDR holders were also denied the opportunity to participate in StanChart's recent rights offer as there was lack of clarity on the offer procedure. Unless the regulators clarify these issues and put together a comprehensive framework for IDRs, StanChart may remain the only global company to have used the IDR route to list in India.
(This article was published on June 7, 2011)
Shifting goal post
Unless the regulators put together a comprehensive framework for IDRs, StanChart may remain the only global company to have used the IDR route to list in India.
When Standard Chartered Plc decided to list itself in India a year ago through a Indian Depository Receipt (IDR) issue it attracted much attention. That a company of StanChart's pedigree could seek local listing was seen as proof that the Indian capital market, with its large pool of investors, was becoming a big draw for global companies. However, a year hence, no other global company has taken the IDR route to list on the Indian bourses. And subscribers to the StanChart IDR are discovering the many regulatory pitfalls to investing in IDRs. The latest came last week when SEBI decreed that the IDRs could be redeemed into underlying shares only if they were infrequently traded in the Indian market. Infrequently traded is defined as when less than five per cent of the listed IDRs are transacted in six months. With the IDRs being actively traded, what this means is that holders can no longer look forward to arbitrage profits, from a narrowing of the gap between the price of the Indian IDR and the underlying shares in the UK or Hong Kong markets. Since listing, the Indian IDR has always traded at a discount to the shares abroad, with the discount swinging between a modest 2 per cent and a very significant 14 per cent.
Free two-way fungibility of IDRs, which would have allowed traders to arbitrage on the difference between the value of the IDR here and that of the underlying shares overseas, was forbidden from the outset by the Reserve Bank of India. Investors in StanChart's IDR were told at the time of the offer that the option of redeeming IDRs into underlying shares would be permitted on a “case-to-case” basis after a one-year lock in period that was to end this week. SEBI's clarification in effect moves the goal post well after the game has begun. Closure of the arbitrage window between markets will greatly impede price discovery. Not surprising then that the StanChart IDR fell by as much as 19 per cent within minutes of the market opening on Monday.
Indeed, this is not the only regulatory aspect which makes IDRs distinctly unfriendly to investors. From the time of the StanChart offer, clarity has been lacking on vital aspects such as the tax treatment of capital gains on the instrument and the eligibility of institutional investors (such as insurance companies) to buy them. Indian IDR holders were also denied the opportunity to participate in StanChart's recent rights offer as there was lack of clarity on the offer procedure. Unless the regulators clarify these issues and put together a comprehensive framework for IDRs, StanChart may remain the only global company to have used the IDR route to list in India.
(This article was published on June 7, 2011)
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Re: You'll Never Walk Alone
Christian Wait moves up the ladder at StanChart
By Sameera Anand | 16 June 2011
Standard Chartered promotes ex-Lehman banker Christian Wait to global head of financial markets sales.
Standard Chartered has promoted Christian Wait to global head of financial markets sales from his current position as group head of capital markets. The new role charges Wait with delivering risk management, investment and financing solutions to corporate, government and financial institution clients across Asia, Africa and the Middle East. A Standard Chartered spokesperson clarified that the bank has 600 team members in its global financial markets sales team.
Wait will continue to be based in Singapore where he moved in 2008 to take on the capital markets role and will continue to report to Lenny Feder, who is group head of financial markets and is also Singapore based. A replacement for Wait’s earlier role is yet to be announced, said the spokesperson.
Standard Chartered hired Wait in 2008. He brought to his new job experience gained over a 23-year career with Lehman Brothers. Wait was global head of credit sales for Lehman, based in New York, when the US investment bank filed for bankruptcy.
Other positions he held at Lehman include: head of debt capital markets for Europe and Asia; global head of collateralised debt obligations and structured credit sales; global co-head of syndicate; and global head of money markets.
Wait has been instrumental in building Standard Chartered’s capital markets business and has also led the team’s successful management of the overall debt platform of loans, bonds, asset-backed securities and convertibles portfolios, said a written statement.
“I am confident that with Christian’s depth of experience and strong sales background, he will effectively lead the bank’s financial markets sales teams to further deepen our client relationships and drive the execution of our client-focused strategy across our [foreign exchange], rates, credit, commodities and equities businesses,” said Feder in the statement.
Christian Wait moves up the ladder at StanChart
By Sameera Anand | 16 June 2011
Standard Chartered promotes ex-Lehman banker Christian Wait to global head of financial markets sales.
Standard Chartered has promoted Christian Wait to global head of financial markets sales from his current position as group head of capital markets. The new role charges Wait with delivering risk management, investment and financing solutions to corporate, government and financial institution clients across Asia, Africa and the Middle East. A Standard Chartered spokesperson clarified that the bank has 600 team members in its global financial markets sales team.
Wait will continue to be based in Singapore where he moved in 2008 to take on the capital markets role and will continue to report to Lenny Feder, who is group head of financial markets and is also Singapore based. A replacement for Wait’s earlier role is yet to be announced, said the spokesperson.
Standard Chartered hired Wait in 2008. He brought to his new job experience gained over a 23-year career with Lehman Brothers. Wait was global head of credit sales for Lehman, based in New York, when the US investment bank filed for bankruptcy.
Wait has been instrumental in building Standard Chartered’s capital markets business and has also led the team’s successful management of the overall debt platform of loans, bonds, asset-backed securities and convertibles portfolios, said a written statement.
“I am confident that with Christian’s depth of experience and strong sales background, he will effectively lead the bank’s financial markets sales teams to further deepen our client relationships and drive the execution of our client-focused strategy across our [foreign exchange], rates, credit, commodities and equities businesses,” said Feder in the statement.
S(tandup) C(omedy) B(ank)
StanChart IDRs hit lifetime low on Sebi norm
PTI – Mon, Jun 6, 2011
Mumbai, Jun 6 (PTI) The Indian Depository Receipts (IDRs) of Standard Chartered Plc fell sharply by over 17 per cent on the BSE to hit an all-time low on the bourses today after market regulator Sebi said it will not be required to convert its IDRs into shares.
The IDR tumbled by 17.53 per cent to settle at Rs 94.55 on the BSE, thus slipping below Rs 100-mark for the first time after it was listed on June 11, 2010.
In intra-day, it plunged by 19.97 per cent to hit a lifetime low of Rs 91.75.
On the NSE, the IDR ended at Rs 97, down 15.54 per cent.
The steep fall came in the wake of Sebi saying that Standard Chartered need not convert the IDRs into the underlying shares, since there was enough liquidity in the IDRs.
"At the time of IPO, several HNIs and institutions have purchased StanChart IDRs in the hope that they will get an opportunity to convert into StanChart shares.
However, with this regulation, it is clear that such conversion is not possible. Hence, the IDR holders will remain to be IDR holders. They will not be entitled to voting rights," SMC Global Securities said in a note.
Commenting on the stock fall, it noted that such a steep fall may be a knee-jerk reaction and the IDR can recover a bit.
"Considering these set of guidelines of convertibility the global companies may shy away from issuing IDRs in India. If that is the case, StanChart IDR issue may be the first as well as the last IDR issue from India," SMC Global Strategist & Head of Research Jagannadham Thunuguntla said.
After the completion of one year from the date of issuance of IDRs, redemption of the IDRs shall be permitted only if the IDRs are infrequently traded on the stock exchange(s) in India, Sebi said.
An IDR represents ownership in shares of a foreign firm, which trades in domestic capital market. An IDR is bought and sold just like a regular stock.
The British lending major came out with Indian maiden IDR issue in May, 2010 through which it had raised Rs 2,500 crore on high demand from institutional investors. Following that, on June 11, 2010, the IDRs got listed on the Bombay Stock Exchange and National Stock Exchange.
StanChart is the only foreign company to have issued IDRs to the Indian shareholders. 10 StanChart IDRs represent one underlying equity of the UK-listed bank. The StanChart IDRs were due to come up for redemption on June 11, 2011.
StanChart IDRs hit lifetime low on Sebi norm
PTI – Mon, Jun 6, 2011
Mumbai, Jun 6 (PTI) The Indian Depository Receipts (IDRs) of Standard Chartered Plc fell sharply by over 17 per cent on the BSE to hit an all-time low on the bourses today after market regulator Sebi said it will not be required to convert its IDRs into shares.
The IDR tumbled by 17.53 per cent to settle at Rs 94.55 on the BSE, thus slipping below Rs 100-mark for the first time after it was listed on June 11, 2010.
In intra-day, it plunged by 19.97 per cent to hit a lifetime low of Rs 91.75.
On the NSE, the IDR ended at Rs 97, down 15.54 per cent.
The steep fall came in the wake of Sebi saying that Standard Chartered need not convert the IDRs into the underlying shares, since there was enough liquidity in the IDRs.
"At the time of IPO, several HNIs and institutions have purchased StanChart IDRs in the hope that they will get an opportunity to convert into StanChart shares.
However, with this regulation, it is clear that such conversion is not possible. Hence, the IDR holders will remain to be IDR holders. They will not be entitled to voting rights," SMC Global Securities said in a note.
Commenting on the stock fall, it noted that such a steep fall may be a knee-jerk reaction and the IDR can recover a bit.
"Considering these set of guidelines of convertibility the global companies may shy away from issuing IDRs in India. If that is the case, StanChart IDR issue may be the first as well as the last IDR issue from India," SMC Global Strategist & Head of Research Jagannadham Thunuguntla said.
After the completion of one year from the date of issuance of IDRs, redemption of the IDRs shall be permitted only if the IDRs are infrequently traded on the stock exchange(s) in India, Sebi said.
An IDR represents ownership in shares of a foreign firm, which trades in domestic capital market. An IDR is bought and sold just like a regular stock.
The British lending major came out with Indian maiden IDR issue in May, 2010 through which it had raised Rs 2,500 crore on high demand from institutional investors. Following that, on June 11, 2010, the IDRs got listed on the Bombay Stock Exchange and National Stock Exchange.
StanChart is the only foreign company to have issued IDRs to the Indian shareholders. 10 StanChart IDRs represent one underlying equity of the UK-listed bank. The StanChart IDRs were due to come up for redemption on June 11, 2011.
Lehman Disease
Standard Chartered's CB head leaves to join Deutsche Bank
By Anette Jönsson | 20 June 2011
Deutsche Bank hires Nathan McMurtray and two Standard Chartered colleagues to rebuild its equity-linked franchise, sources say.
Nathan McMurtray, who moved to Standard Chartered just over a year ago to rebuild its equity-linked franchise, has left the bank and will be joining Deutsche Bank in a similar position after about three months of gardening leave, according to sources.
McMurtray will be joined by Mrinal Parekh and Susanne Schroeter, who worked with him at Standard Chartered. All three resigned on Friday. The trio will help rebuild the equity-linked team at Deutsche Bank, which has been thin on resources since former head of equity-linked origination for Asia ex-Japan, Pierre-Alexis Renaudin, transferred back to London at the start of this year.
McMurtray is expected to take on Renaudin’s former job, while Parekh and Schroeter will assume less senior roles in the same team.
Deutsche Bank topped the league table for equity-linked issuance in Asia ex-Japan in 2006, but has been slipping in the rankings ever since, placing seventh in 2008, fifth in 2009 and outside the top 10 in 2010, according to Dealogic. It doesn’t make the top 10 year-to-date either, but has worked on a couple of public market deals, including the recent $172.5 million CB for Asia Cement (together with Goldman Sachs), which was upsized by 38%, and the $500 million CB for London-listed Essar Energy in January, which it led together with J.P. Morgan and Standard Chartered.
Standard Chartered hired McMurtray as global head of origination for equity-linked securities in April 2010 to fill the vacancy left by Ronnie Potel who jumped ship to Morgan Stanley. The bank lost two other valued members of its CB franchise at the same time since Morgan Stanley also poached Dave Sandor, a vice-president in CB origination, and Janice Dunnett, who was head of CB sales. McMurtray was brought in to rebuild the team.
Looking strictly at the volume of business, he has done a good job, with Standard Chartered advancing to third in the league table (excluding Chinese banks) last year from eighth in 2009. Notable transactions included Hon Hai Precision’s $1 billion three-year, zero-yield CB that it worked on together with Credit Suisse, and a $400 million CB for Shui On Land, which it led on a sole basis. The latter broke new ground in Asia by including an equity swap with a major shareholder instead of with the issuer itself, which saved the company from having to mark-to-market the swap.
Standard Chartered is now finding itself in the undesirable position of having to rebuild its equity-linked team for the second time in just over a year. However, it won’t be entirely from scratch since Barton Lee, a director, and one associate are both staying with the bank.
Traditionally a firm known for its fixed-income business, Standard Chartered has made a push into equities during the past couple of years through several big hires and the acquisition of the Cazenove’s Asian business in January 2009. However, it runs its equity-linked business differently to most other major houses, as it offers CBs primarily as an alternative or complementary product to its existing clients, as opposed to targeting any company in the region looking to issue CBs.
Sources familiar with the situation say the business model is not the reason why McMurtray and his two colleagues are leaving the bank. Rather, the move might have been related to recent management changes, as well as turnover on the sales desk. With the CB market in Asia becoming more competitive, the team might have been concerned that the turmoil linked to these changes would affect their ability to win new business.
Last week, Standard Chartered announced that its group head of capital markets, Christian Wait (ex-Lehman), had been promoted to global head of financial markets sales. The bank didn’t immediately announce his replacement, but named Philip Cracknell, who is global head of syndications, as interim head of capital markets while it looks for suitable candidates. Wait joined Standard Chartered in 2008 and hired McMurtray.
Before joining Standard Chartered, McMurtray was head of Asia equity-linked origination at South Africa-based Standard Bank. He was previously head of Asia-Pacific equity-linked origination at Morgan Stanley, but left the bank at the end of January 2009 as part of a reorganisation. He joined Morgan Stanley in New York in 2000, initially within global technology banking and then in the global capital markets division with a focus on CBs. He transferred to Hong Kong in January 2005.
Schroeter joined Standard Chartered in July last year and previously worked with McMurtray at Morgan Stanley in Hong Kong. She has also worked in both equity and debt capital markets with Morgan Stanley in Europe.
Parekh has been with Standard Chartered for eight years, initially as a credit analyst in Mumbai. He transferred to Singapore and the debt capital markets division in December 2006 and joined the CB group a year later.
Standard Chartered's CB head leaves to join Deutsche Bank
By Anette Jönsson | 20 June 2011
Deutsche Bank hires Nathan McMurtray and two Standard Chartered colleagues to rebuild its equity-linked franchise, sources say.
Nathan McMurtray, who moved to Standard Chartered just over a year ago to rebuild its equity-linked franchise, has left the bank and will be joining Deutsche Bank in a similar position after about three months of gardening leave, according to sources.
McMurtray will be joined by Mrinal Parekh and Susanne Schroeter, who worked with him at Standard Chartered. All three resigned on Friday. The trio will help rebuild the equity-linked team at Deutsche Bank, which has been thin on resources since former head of equity-linked origination for Asia ex-Japan, Pierre-Alexis Renaudin, transferred back to London at the start of this year.
McMurtray is expected to take on Renaudin’s former job, while Parekh and Schroeter will assume less senior roles in the same team.
Deutsche Bank topped the league table for equity-linked issuance in Asia ex-Japan in 2006, but has been slipping in the rankings ever since, placing seventh in 2008, fifth in 2009 and outside the top 10 in 2010, according to Dealogic. It doesn’t make the top 10 year-to-date either, but has worked on a couple of public market deals, including the recent $172.5 million CB for Asia Cement (together with Goldman Sachs), which was upsized by 38%, and the $500 million CB for London-listed Essar Energy in January, which it led together with J.P. Morgan and Standard Chartered.
Standard Chartered hired McMurtray as global head of origination for equity-linked securities in April 2010 to fill the vacancy left by Ronnie Potel who jumped ship to Morgan Stanley. The bank lost two other valued members of its CB franchise at the same time since Morgan Stanley also poached Dave Sandor, a vice-president in CB origination, and Janice Dunnett, who was head of CB sales. McMurtray was brought in to rebuild the team.
Looking strictly at the volume of business, he has done a good job, with Standard Chartered advancing to third in the league table (excluding Chinese banks) last year from eighth in 2009. Notable transactions included Hon Hai Precision’s $1 billion three-year, zero-yield CB that it worked on together with Credit Suisse, and a $400 million CB for Shui On Land, which it led on a sole basis. The latter broke new ground in Asia by including an equity swap with a major shareholder instead of with the issuer itself, which saved the company from having to mark-to-market the swap.
Standard Chartered is now finding itself in the undesirable position of having to rebuild its equity-linked team for the second time in just over a year. However, it won’t be entirely from scratch since Barton Lee, a director, and one associate are both staying with the bank.
Traditionally a firm known for its fixed-income business, Standard Chartered has made a push into equities during the past couple of years through several big hires and the acquisition of the Cazenove’s Asian business in January 2009. However, it runs its equity-linked business differently to most other major houses, as it offers CBs primarily as an alternative or complementary product to its existing clients, as opposed to targeting any company in the region looking to issue CBs.
Sources familiar with the situation say the business model is not the reason why McMurtray and his two colleagues are leaving the bank. Rather, the move might have been related to recent management changes, as well as turnover on the sales desk. With the CB market in Asia becoming more competitive, the team might have been concerned that the turmoil linked to these changes would affect their ability to win new business.
Last week, Standard Chartered announced that its group head of capital markets, Christian Wait (ex-Lehman), had been promoted to global head of financial markets sales. The bank didn’t immediately announce his replacement, but named Philip Cracknell, who is global head of syndications, as interim head of capital markets while it looks for suitable candidates. Wait joined Standard Chartered in 2008 and hired McMurtray.
Before joining Standard Chartered, McMurtray was head of Asia equity-linked origination at South Africa-based Standard Bank. He was previously head of Asia-Pacific equity-linked origination at Morgan Stanley, but left the bank at the end of January 2009 as part of a reorganisation. He joined Morgan Stanley in New York in 2000, initially within global technology banking and then in the global capital markets division with a focus on CBs. He transferred to Hong Kong in January 2005.
Schroeter joined Standard Chartered in July last year and previously worked with McMurtray at Morgan Stanley in Hong Kong. She has also worked in both equity and debt capital markets with Morgan Stanley in Europe.
Parekh has been with Standard Chartered for eight years, initially as a credit analyst in Mumbai. He transferred to Singapore and the debt capital markets division in December 2006 and joined the CB group a year later.
Standard Chartered faces South Korea strike
June 22, 2011 4:18 pm
Standard Chartered faces South Korea strike
By Christian Oliver and Kang Buseong in Seoul
About half of Standard Chartered’s 6,500 workers in South Korea plan to strike from Monday, seeking to block proposed pay reforms that could overhaul the country’s banking sector.
In a test case for the country’s banking sector, StanChart’s Korean operation, SC First Bank, says it wants to be the first Korean lender to introduce performance-related pay. Traditionally, remuneration in Korean banks is linked to length of service and seniority.
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June 22, 2011 4:18 pm
Standard Chartered faces South Korea strike
By Christian Oliver and Kang Buseong in Seoul
About half of Standard Chartered’s 6,500 workers in South Korea plan to strike from Monday, seeking to block proposed pay reforms that could overhaul the country’s banking sector.
In a test case for the country’s banking sector, StanChart’s Korean operation, SC First Bank, says it wants to be the first Korean lender to introduce performance-related pay. Traditionally, remuneration in Korean banks is linked to length of service and seniority.
Printed from: http://www.ft.com/cms/s/040db4ca-9cdc-11e0-bf57-00144feabdc0,Authorised=false.html
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Re: Standard Chartered faces South Korea strike
South Korea: foreign banks and cartoon villains
June 21, 2011 1:15 pm by Christian Oliver
Banking is getting personal again in Korea. On Tuesday beyondbrics spotted a series of rather stylish cartoons on the union tent (pictured) outside Standard Chartered’s First Bank in Seoul. Even by the pugnacious standards of Korean unions, this is Rabelaisian stuff.
Is this an isolated case or indicative of a change in mood for foreign investors in Korea’s finance sector?
In one cartoon (see below), Richard Hill, the British CEO of the bank, is burping after gorging himself on the company’s cash. In another, he is a Roman charioteer, whipping his staff to produce more profit.
Most significantly, the pantomime-villain CEO is planning to fly away with his bags of loot.
Hill has made far greater efforts to go native than most foreign CEOs here and has invested a lot of time into learning Korean. But that has proved little defence in the face of a feisty union.
All this has to be seen in context. Such calculated theatrics are all part of the game in Korea. StanChart is locked in discussions with the union over introducing performance related pay. No holds are barred. The union is threatening to strike next week. StanChart has weathered flamboyant protests from its union ever since buying into Korea in 2005, in one of the country’s biggest foreign direct investments.
But even despite these cultural caveats, the mood for foreign direct investors in Korean finance is definitely getting more unpleasant. Senior Korean officials and bankers have tried to persuade beyondbrics that StanChart will shortly be pulling out of Korea.
StanChart retorts this is rubbish. Hill and StanChart’s London-based CEO, Peter Sands, have both insisted that Korea is a permanent investment. It would be astonishing if the lender quit now after so long parading its “Here for good” slogan. The Korea operation accounts for six per cent of global profits before tax.
Still, there is a serious attempt – mainly conducted through the local press – to tarnish StanChart’s reputation. At the heart of the argument is the suggestion (as shown in the cartoon) that StanChart is going to jet off with its profits to its homebase. StanChart insists it is not that kind of bank and does not regard London or Hong Kong as a homebase it can flee to.
Korea is a tough place for foreign direct investment. It is telling that it receives about as much FDI as Cyprus. Last year, StanChart brought a former Korean prime minister, Han Seung-soo, onto the board for a $267,000 pay packet but he is not helping them win the propaganda war.
South Korean officials keep saying they are trying to revitalise the banking sector and are open to foreign investment. Still, Seoul’s current attempt to sell the biggest state bank, Woori, is going nowhere.
Seeing the fortunes of StanChart, foreign investors don’t want to meet the same fate. They could even end up as cartoon villains.
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email [email protected] to buy additional rights or use this link to reference the article - http://blogs.ft.com/beyond-brics/20...ign-banks-and-cartoon-villains/#ixzz1Qex1eQNx
© The Financial Times Ltd 2011 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
South Korea: foreign banks and cartoon villains
June 21, 2011 1:15 pm by Christian Oliver
Banking is getting personal again in Korea. On Tuesday beyondbrics spotted a series of rather stylish cartoons on the union tent (pictured) outside Standard Chartered’s First Bank in Seoul. Even by the pugnacious standards of Korean unions, this is Rabelaisian stuff.
Is this an isolated case or indicative of a change in mood for foreign investors in Korea’s finance sector?
In one cartoon (see below), Richard Hill, the British CEO of the bank, is burping after gorging himself on the company’s cash. In another, he is a Roman charioteer, whipping his staff to produce more profit.
Most significantly, the pantomime-villain CEO is planning to fly away with his bags of loot.
Hill has made far greater efforts to go native than most foreign CEOs here and has invested a lot of time into learning Korean. But that has proved little defence in the face of a feisty union.
All this has to be seen in context. Such calculated theatrics are all part of the game in Korea. StanChart is locked in discussions with the union over introducing performance related pay. No holds are barred. The union is threatening to strike next week. StanChart has weathered flamboyant protests from its union ever since buying into Korea in 2005, in one of the country’s biggest foreign direct investments.
But even despite these cultural caveats, the mood for foreign direct investors in Korean finance is definitely getting more unpleasant. Senior Korean officials and bankers have tried to persuade beyondbrics that StanChart will shortly be pulling out of Korea.
StanChart retorts this is rubbish. Hill and StanChart’s London-based CEO, Peter Sands, have both insisted that Korea is a permanent investment. It would be astonishing if the lender quit now after so long parading its “Here for good” slogan. The Korea operation accounts for six per cent of global profits before tax.
Still, there is a serious attempt – mainly conducted through the local press – to tarnish StanChart’s reputation. At the heart of the argument is the suggestion (as shown in the cartoon) that StanChart is going to jet off with its profits to its homebase. StanChart insists it is not that kind of bank and does not regard London or Hong Kong as a homebase it can flee to.
Korea is a tough place for foreign direct investment. It is telling that it receives about as much FDI as Cyprus. Last year, StanChart brought a former Korean prime minister, Han Seung-soo, onto the board for a $267,000 pay packet but he is not helping them win the propaganda war.
South Korean officials keep saying they are trying to revitalise the banking sector and are open to foreign investment. Still, Seoul’s current attempt to sell the biggest state bank, Woori, is going nowhere.
Seeing the fortunes of StanChart, foreign investors don’t want to meet the same fate. They could even end up as cartoon villains.
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email [email protected] to buy additional rights or use this link to reference the article - http://blogs.ft.com/beyond-brics/20...ign-banks-and-cartoon-villains/#ixzz1Qex1eQNx
© The Financial Times Ltd 2011 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Neow Chee Neow Lan
StanChart keeps lid on costs, heads for record profit
By Kelvin Soh and Steve Slater | Reuters – Tue, Jun 28, 2011
HONG KONG/LONDON (Reuters) - Staff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc <2888.HK> on track for record profits in the first half of this year, up over 10 percent on a year earlier.
The Asia-focused bank on Tuesday said income and profits were up over 10 percent in the first five months of the year and cost growth would be broadly in line with income growth in the first half.
"We are highly liquid, very well capitalized and have a firm grip of risks and costs," the banks said in a trading update.
Cost growth rising faster than income growth, known as "negative jaws," has dogged StanChart for the past year as it battles rivals such as HSBC Holdings Plc <0005.HK> to keep and retain talent in key fast-growing Asian markets such as China and Hong Kong. Analysts had expected costs to outpace income again in the first half and be broadly flat for the full year.
The London-headquartered bank, which makes over four-fifths of its profits in Asia and other emerging markets, said it cut the number of employees in the first five months, but did not give details. In May, finance chief Richard Meddings said it had cut 800 staff in the first quarter, after adding 7,000 staff last year to give it 85,000 employees.
A strong performance in Hong Kong, Singapore, Malaysia, China and Indonesia helped offset a weaker showing from India -- which was its biggest market last year -- and Africa, the bank said.
The bank is expected to make a profit of $6.9 billion this year, up 13 percent from $6.1 billion last year, according to the average of 22 analysts polled by Thomson Reuters. That would mark a ninth successive year of record profit. Analysts expect it to report a 10 percent rise in first-half profits to $3.44 billion.
Its London-listed shares are down about 12 percent to 15.40 pounds this year, valuing the bank at about 36 billion pounds. Its shares have fallen from its all-time high of 19.75 pounds in November on worries about rising costs and as its shares trade a significant premium to most rivals.
(Reporting by Kelvin Soh in Hong Kong and Steve Slater in London; Editing by Hans-Juergen Peters)
StanChart keeps lid on costs, heads for record profit
By Kelvin Soh and Steve Slater | Reuters – Tue, Jun 28, 2011
HONG KONG/LONDON (Reuters) - Staff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc <2888.HK> on track for record profits in the first half of this year, up over 10 percent on a year earlier.
The Asia-focused bank on Tuesday said income and profits were up over 10 percent in the first five months of the year and cost growth would be broadly in line with income growth in the first half.
"We are highly liquid, very well capitalized and have a firm grip of risks and costs," the banks said in a trading update.
Cost growth rising faster than income growth, known as "negative jaws," has dogged StanChart for the past year as it battles rivals such as HSBC Holdings Plc <0005.HK> to keep and retain talent in key fast-growing Asian markets such as China and Hong Kong. Analysts had expected costs to outpace income again in the first half and be broadly flat for the full year.
The London-headquartered bank, which makes over four-fifths of its profits in Asia and other emerging markets, said it cut the number of employees in the first five months, but did not give details. In May, finance chief Richard Meddings said it had cut 800 staff in the first quarter, after adding 7,000 staff last year to give it 85,000 employees.
A strong performance in Hong Kong, Singapore, Malaysia, China and Indonesia helped offset a weaker showing from India -- which was its biggest market last year -- and Africa, the bank said.
The bank is expected to make a profit of $6.9 billion this year, up 13 percent from $6.1 billion last year, according to the average of 22 analysts polled by Thomson Reuters. That would mark a ninth successive year of record profit. Analysts expect it to report a 10 percent rise in first-half profits to $3.44 billion.
Its London-listed shares are down about 12 percent to 15.40 pounds this year, valuing the bank at about 36 billion pounds. Its shares have fallen from its all-time high of 19.75 pounds in November on worries about rising costs and as its shares trade a significant premium to most rivals.
(Reporting by Kelvin Soh in Hong Kong and Steve Slater in London; Editing by Hans-Juergen Peters)
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