China's state-owned CITIC Bank (
"So far, the company has not held any talks with Bear Stearns or any other related party on a stake purchase, nor does it have any intention or made any agreement," CITIC Bank said in a statement with the Shanghai Stock Exchange.
"So far, the company does not have any plan to buy a stake in Bear Stearns and the company promises it will not plan for such an event within at least the next three months," the bank said.
On Tuesday Jiang Dingzhi (
Bear Stearns, founded in 1923, said earlier this month it was merging two mortgage subsidiaries and eliminating 310 jobs to better deal with market conditions related to the ailing US housing sector.
It has been a major victim of the subprime crisis, which has seen Americans with patchy credit histories default on mortgage loans leading to a rising tide of home foreclosures as prices slump.
CITIC Bank's statement said it had no plans to purchase shares in Bear Stearns within the next three months but gave no indication of what it might do after that.
It was not immediately clear, however, whether the statement was meant as a denial of the regulator's comments.
Phone calls to the press office at CITIC's Beijing headquarters were not immediately answered.
The bank is controlled by Citic Group, the investment arm of China's Cabinet. Citic Group -- short for China International Trust and Investment Corp -- was created in 1979 to nurture the growth of private business.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
RSS