Worlds News

JBIC in talks on environmental funds

TOKYO: The Japan Bank for International Cooperation (JBIC) is in talks with Mizuho Financial Group Inc and other financial institutions to set up environmental funds aimed at investing in projects to cut greenhouse gas emissions in Asia.

The total size of the funds could top US$2bil in five years, a JBIC spokesman said yesterday.

The government-owned bank has earmarked 15 billion yen (US$137.3mil) for investment in such funds in the initial year, starting in April, as it plans to contribute about 10 to 20% of the total, he said.

Gold an copper futures surge

SINGAPORE: Gold stormed to a fresh record high and copper futures hit a two-month peak yesterday as investors sought to hedge against inflation or to find alternatives to depressed equity markets.

Spot gold hit a record US$891.40 an ounce, surpassing the previous high of US$881.10 reached on Tuesday.

Oil prices were also firm, moving back towards US$100 a barrel as concern about equity markets persisted following a 1.9% drop on Wall Street on Tuesday.

"The speed of gold's rise is very fast but the market is focusing on taking gold towards US$900 in the near term," said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.

Bear Stearns chief exec to step down

NEW YORK: Bear Stearns Cos Inc leader James Cayne, under fire for the collapse of two hedge funds, will step down as chief executive and hand that role to the company's star investment banker, Alan Schwartz, the company said on Tuesday.

Cayne will remain as chairman of the fifth largest US investment bank, which suffered its first loss ever in the fourth quarter because of subprime mortgages.

SIA not giving up on China Eastern bid

HONG KONG/SINGAPORE: Singapore Airlines (SIA) said yesterday it would not walk away from a bid to buy a stake in China's third biggest airline, but called for a cooling off period as China Eastern considers its future.

Loss-making China Eastern's minority shareholders on Tuesday rejected the agreed sale of a 24% stake to SIA, the world's most profitable carrier, and its parent, state investment agency Temasek for US$920mil.

"China Eastern has some issues to work through with the supposed Air China offer. So we have to let them deal with it in time. There will be a little cooling off period," SIA spokesman Stephen Forshaw told reporters. But he insisted SIA would not get into a bidding war.

JBIC in talks on environmental funds

TOKYO: The Japan Bank for International Cooperation (JBIC) is in talks with Mizuho Financial Group Inc and other financial institutions to set up environmental funds aimed at investing in projects to cut greenhouse gas emissions in Asia.

The total size of the funds could top US$2bil in five years, a JBIC spokesman said yesterday.

The government-owned bank has earmarked 15 billion yen (US$137.3mil) for investment in such funds in the initial year, starting in April, as it plans to contribute about 10 to 20% of the total, he said.