Goldman Sachs has set up a team of Special Purpose Acquisition Company (SPAC) bankers in Hong Kong to focus on a rush of these blank cheque deals emerging in the Asian region.
3 Min Read
BEIJING (Reuters) - Former Hong Kong stock exchange CEO Charles Li plans to launch a platform this autumn for global institutional investors to fund China’s small and medium enterprises (SMEs).
Slideshow ( 2 images )
Li told Reuters in an interview that in “traditional finance” investing in SMEs was rarely worthwhile for global institutions as the due diligence was difficult, risks were high and funding amounts small.
To bridge this gap, Li is proposing that large Chinese companies, for example restaurant chains, franchises or food and delivery platforms provide funding to their suppliers or partners in return for a cut of their counterparty or smaller company’s future revenue for an agreed period of time.
By Reuters Staff
2 Min Read
DUBLIN (Reuters) - Ireland’s Davy Stockbrokers, which is grappling with the fallout from a record central bank fine, has decided to put itself up for sale, the firm said on Thursday.
Ireland’s largest stockbroker, Davy was fined last week after an inquiry into 16 of its staff who the regulator alleged sought to profit in 2014 by taking the opposite side of a bond deal with a client, without telling the client or compliance officials.
Davy closed its bond desk on Monday after it was dropped as a primary dealer in Irish government bonds and the central bank said on Tuesday it remained under close regulatory scrutiny following the 4.1 million euros ($4.9 million) fine.
Goldman Sachs is aiming to snare a bigger share of the booming number of Special Purpose Acquisition Company (SPAC) deals in Asia by having senior bankers specifically target these blank cheque transactions across the region.
Irish consumers will not need government incentives to spend record levels of savings once the economy reopens, Finance Minister Paschal Donohoe told Reuters on Friday, as he hopes for "signs" of a rebound in economic growth in the third quarter.