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Bank of America announced in June its intention of investing $3 billion for a 9% stake in China Construction Bank, China's second-biggest state lender, as part of a strategic move into the country. In a deal that took the market by surprise, Bank of America stated that it had entered into agreements with CCB to provide strategic assistance in relation to, inter alia, corporate governance, risk management, credit cards, consumer banking and treasury services. Bank of America is presumably salivating over the prospect of CCB's 136 million retail accounts and 14,500 branches.

Awards for Excellence 2005

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Awards for Excellence 2005

Brokers are looking to counterbalance the effects of exchange consolidation

CNOOC, China's state-controlled international oil company, launched the first contested bid by a Chinese company when it announced an all-cash offer for Unocal, a US oil and gas company with assets in Asia. CNOOC's offer values Unocal equity at $18.5 billion and outbids the recommended $17 billion shares-and-cash deal from US oil major Chevron. The Chinese company's move is expected by the market to lead to a protracted bidding war.

Relations between president and prime minister deteriorate

Telecoms sector misses out on $390 million investment

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When JPMorgan Chase's Sedef Imer finishes her working day at the London office at the end of July, she won't be taking the tube home. Instead she's setting off to Sydney, Australia. Nothing odd in that one might think, but how about if that trip was being made on a recumbent bike (known by aficionados as "a bent").

Awards for Excellence 2005