November 20, 2013
November 20, 2013 6 Comments
By Wang Jielun, Cherry
Russian state oil giant-Rosneft offered to buy out minority shareholders in its RN Holding subsidiary at a price that some shareholders have deemed unsatisfactory this Wednesday. The offer is open 75 days.
In Mar 2013, Rosneft acquired TNK-BP Holding’s 95% share with $55 billion, but rejected to buy out the last 5% minority shares at the same price, sending RN Holding’s share price plunging. In Sep 2013, that it would offer around $1.5 billion to the minority, which is much less than the original price. But Rosneft insists it is fair.
November 20, 2013 26 Comments
By TANG Yushang
As the US housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks. Since then, JPMorgan has been in trouble with a mountain of litigations.
November 20, 2013 46 Comments
By Chan Kwun Yin
Last week, Television Broadcasts Limited (TVB) and Asia Television Limited (ATV) were penalized by the Communications Authority for $200,000 respectively. The two television stations have breached the licensing terms by unequally sharing the transmission capacity of the Multiple Frequency Network (MFN).
November 13, 2013
November 13, 2013 16 Comments
As we learned from Enron’s case and last Tuesdays’ lecture, auditors are faced with conflict of interest as they are hired by shareholders but paid by the company management, which hinders them from acting in the best interest of shareholders. Meanwhile, according to the Professionals Accountants Ordinance, the Hong Kong Institute of Certified Public Accountants (HKICPA) is the regulator of the accounting profession. Thus, the accounting profession is self-regulated. And a recent survey by Hong Kong’s Financial Reporting Commission (FRC) and Deloitte suggests an independent audit oversight authority be established to cement Hong Kong’s international financial center status, which gives rise to a heated debate.