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The Stock Exchange of Hong Kong had an exuberant year in 2006 when it listed sixty-two companies. The listing of the Industrial and Commercial Bank of China Limited on its Main Board earned the exchange the enviable status of being home to the world's largest initial public offering. The HK$333.2 billion in initial public offering capital raised during the year propelled it to the position of second among global exchanges, behind London but ahead of New York. This Article examines an increasingly common feature of initial public offerings in Hong Kong, namely, the introduction of "cornerstone investors" whose participation enhances the general receptiveness to a stock offering. This approach does have a significant downside, however. The new category of "cornerstone investor" may not be...
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Reprinted with permission from the 2007/2008 Lexpert/CCCA Corporate Counsel Directory and Yearbook, 6th Edition.
Canadian companies and their direct...
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DETROIT - In a signal moment for the turnaround of the American auto industry, General Motors is edging toward a public stock sale, and its profits are now solid enough that the demanding CEO will step aside, saying his work is done.
GM said Thursday that it made $1.3 billion from April through June, its second straight quarter in the black and a complete reversal from last year, when it was forced into bankruptcy and the U.S. government took a majority stake.
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Index Watch Index 6/10/08 6/03/08 Net Change %Change San Diego Business 1620.25 1614.35 5.90 0.37% Journal Index Dow Jones Industrial 12289.76 12402.8...
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First Interstate paid the FDIC $9.7 million for the first nine months of 2009, a hike of 437 percent over 2008 premiums.\n The next month, the bank had to redo the loan agreement again to meet stricter federal lending standards. First Interstate paid Castle and her husband a total of $633,779, initially for moving expenses and home maintenance, and eventually to help make up for the loss of value on their previous home.
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Index Watch Net Index 10/28/08 10/21/08 Change % Change San Diego Business 1265.43 1265.35 0.08 0.000 Journal Index Dow Jones Industrial 9065.12 9033....
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NEW YORK -- Fitch Ratings has affirmed the credit ratings of Public Storage (NYSE: PSA) and its affiliate Shurgard Storage Centers LLC (collectively, ...
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DETROIT | General Motors Co. has moved to strengthen its finances ahead of an initial public stock sale, announcing plans on Thursday to cut debt and pension obligations by $11 billion.
The automaker, whose IPO is expected next month, will lighten its debt load by paying back money owed to taxpayers, company retirees and a health care trust. It will pay for the moves mainly with its stockpile of cash, about $24 billion.
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Based on the analysis of the specific environment in which football clubs compete, this paper presents a comparative institutional analysis of three paradigmatic structures of football club governance: privately owned football firms, public football corporations (stock corporations with dispersed ownership) and members' associations with an own legal personality (Verein). Against the background that "spending power" is the main driver of competitive advantage for clubs in the overinvestment environment of European football, the governance structure of the privately owned football firm exhibits superior abilities to tap sources of funding and channel them into playing talent. The results of the analysis are applied to current developments in German and English football and to recent init...
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BLOOMFIELD, Conn. -- Cigna Corporation ("Cigna") (NYSE:CI) announced today that it plans to offer approximately 15 million shares of its common stock ...