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At the end of December, a consortium of international investors led by Morgan Stanley Private Equity Asia purchased a 14.3% stake in Anhui Conch Cement Company Limited (ACCC) from its parent company for an undisclosed sum. ACCC, which is listed in Hong Kong and Shanghai, is the largest cement manufacturer in China and fifth in the world. Fuelled by China’s construction frenzy, ACCC’s cement sales in the first three quarters of 2005 increased 56% over the equivalent period in 2004. The Morgan Stanley investment consortium included the International Finance Corporation.

Claire Bright is suing HBOS for sex discrimination and wrongful dismissal. Cliff Pattenden, head of treasury at the UK bank, is cited in the suit in which Bright is claiming a whopping £11million ($19.6 million) compensation [see Hybrid capital: It all ends in tiers, November issue for background on Bright’s departure).

A repricing of capital is coming soon. But advances in risk management suggest it will be a prolonged process, not a quick flip into deflation.

Equine expectations

“I was meant to buy a new house today. All the financing was in place. Everything was agreed. Then a Russian turned up with a bag of cash and gazumped me. My wife’s not very happy.”

EU pension funds begin to flex muscles over scandals. Twenty-six Dutch pension funds are suing Royal Dutch Shell for overstating its oil reserves between 1999 and 2003.

Behind Japan’s headline economic restructuring, a gradual but fundamental shift in Japan’s corporate ownership is taking place. A growing band of fund managers is encouraging companies to change; in some cases forcing them to do so. In the process the managers are making a tidy sum. Chris Leahy reports.

The investment bank created a new type of tax deductible structure for the US market.

Larry Trotter and the Bonus of Doom

The country’s director of public credit came up with an idea that could transform emerging market sovereign debts.

Vanilla deals fell out of favour in equity-linked issuance in 2005, with highly complex, structured transactions building unprecedented dominance. Despite higher volatility levels than in 2005 and a very promising M&A outlook, this trend is likely to continue in 2006. Peter Koh reports.

New cash and synthetic ABS indices will give European market participants the tools to express subtle directional views that have been the preserve of total-return funds and synthetic credit specialists.