- Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Factbox: China's AgBank prepares for massive IPO
(Reuters) - Agricultural Bank of China Ltd's ABC.UL planned initial public offering of more than $23 billion could be the world's largest-ever IPO if it succeeds in pricing.
Beijing-based AgBank plans to list in Hong Kong and Shanghai in mid July [ID:nTOE65301J] and has drawn interest from a slate of sovereign wealth funds.
Following are some key facts about AgBank.
* Total assets as of end-March 2010 stood at 9.5 trillion yuan ($1.391 trillion), ranking it third among China's big banks.
* Net profit at Q1 2010 stood at 25 billion yuan.
* It is forecasting a net profit of at least 82.9 billion yuan for 2010.
* AgBank's non-performing loan ratio was 2.46 percent at Q1 2010, 2.9 at end of 2009.
* It is targeting a core capital adequacy ratio of 8.5 percent to 2010 to 2012.
* The bank is planning to sell up to 47.6 billion shares in the IPO.
* Net profit for 2009 was 65 billion yuan.
* China's other top banks by assets (based on 2009 reports) are: Industrial and Commercial Bank of China (ICBC) (1398.HK) with 11.78 trillion yuan; China Construction Bank Corp (CCB) (0939.HK) (601939.SS) with 9.62 trillion yuan; and Bank of China Ltd (601988.SS) with 7.79 trillion yuan.
* AgBank had 350 million customers -- more than the population of the United States.
* It is the fourth, and last, of the government-owned banks to go public.
* It has more than 24,000 branches, 30,000 ATMs and almost 442,000 employees.
* It was the first commercial bank established in the People's Republic of China in 1951. It was incorporated as a joint stock company in January 2009.
* AgBank is jointly owned by the Ministry of Finance and Central Huijin Investments Ltd. Each owns 130 billion shares.
* It received a 130 billion yuan capital injection from The Central Huijin Investment in 2008.
* AgBank removed 815.7 billion yuan worth of bad assets at face value at end-2007. At end-2009, its capital adequacy and bad-loan ratios were 10.07 percent and 2.91 percent, respectively, the China Daily said in January.
(Sources: 2008 annual report, Reuters reports)
(Reporting by Denny Thomas; Editing by Valerie Lee)
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