Mizuho to list on NYSE
Megabank Mizuho Financial Group announced yesterday that it will list its shares on the New York Stock Exchange next week. The second-biggest bank by assets said its American Depositary Receipts (ADRs) will list on the NYSE from Wednesday. Most foreign companies' stocks that trade in the US do so as ADRs. The banking group said the listing is part of efforts to gain investor confidence and promote transparency in corporate governance under its business plan released in April. Mizuho said it has no plans to issue new shares or conduct other fund raising.
IMF ups China forecast
The IMF on Tuesday notched up its economic growth forecast for China to over 10.5 percent, while urging the country to rein in excess investment and reform its currency regime. "We would estimate that growth this year would probably be a little over 10.5 percent," the IMF's mission chief for China, Steve Dunaway, told reporters on a conference call. Chinese exports have outstripped expectations given in the Fund's most recent report on China last month, when the organization predicted Chinese growth this year of 10 percent.
Sony warns of PS3 scams
Sony Corp issued a warning against false promotional offers for its upcoming PlayStation 3 video game console. A number of Web sites have been promoting pre-orders on discounted or bulk shipments of the game system -- without the cooperation of Sony, the company stated on Tuesday. Company representatives did not name the sites but suggested consumers can avoid potential scams by purchasing PlayStation products only from authorized retailers and resellers, which includes well-known stores such as GameStop, EB Games, Best Buy and Wal-Mart. The PlayStation 3 system, with models priced between US$500 and US$600, is set to go on sale in the US on Nov. 17, though only in limited quantities.
Tata expands in Europe
India's top outsourcing company Tata Consultancy Services Ltd has bought a 75 percent stake in Swiss software products company TKS-Teknosoft SA for US$80 million, hoping to gain a bigger presence in the European market. The acquisition would also help Tata Consultancy Services, which writes software for companies such as American Express Co, General Motors Corp, British Telecom PLC, Microsoft Corp and Dell Inc, expand its product portfolio in the banking and financial services segment, a Tata statement said on Tuesday.
China passes graft change
China's legislature has passed an amendment to the banking law aimed at fighting growing corruption as the sector opens up to greater foreign competition, state press said yesterday. The amendment was passed by the National People's Congress on Tuesday and will allow banking supervisory organs to investigate non-financial institutions and individuals connected with financial institutions, the China Daily reported. The amendment is designed to further enhance supervision of the banking sector in the face of rising foreign competition when the sector is fully opened at the end of the year, it said. Last year, a total of 461 cases of bank fraud involving more than 1 million yuan (US$125,000) were discovered.