PwC Downsizes Hong Kong IPO Target
PricewaterhouseCoopers has projected that fundraising for initial public offerings in Hong Kong will top out at around HKD130 bn this year, instead of the projected USD280 bn. The firm blames "weak market conditions and global volatility" for the large IPO fall, Reuters reports. PwC expects 55 more IPOs in Hong Kong this year. The localstock market, the Hang Seng Index, has lost 21 per cent in the first six months of 2008.
Chinese Steelmaker Secures Kazakhstan Deal
Jiuquan Iron and Steel Group, one of China's major steel producers, has
agreed a partnership deal with International Mineral Resources to mine
for iron ore in Kazakhstan, Reuters reports. IMR will supply iron ore
to the Chinese company and guarantee a certain market price, the
companies said in a joint release. Jiuquan is investing assets worth
USD4.37 bn in the venture.
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