Tiger Asia Management LLC, which admitted in a U.S. settlement to illegally using inside information to trade Chinese bank stocks, lost a challenge to a Hong Kong regulator’s right to pursue it for the same offense.
China’s four largest banks, among the world’s 10 biggest by market value, defied a sluggish economy to report record quarterly profits in the first three months after boosting lending and fee-based services.
China Development Bank Corp. will sell $500 million of five-year dollar-denominated bonds on April 28, the first such onshore issue in almost three years, according to a statement posted on ChinaBond’s website yesterday.
Emerging-market stocks rose, led by Russian shares, as a rally in commodities boosted producers. Brazil’s Ibovespa capped the longest winning streak since September as mining companies followed metals prices higher.
Huaxia Bank Co.’s Pretty Lady credit card, co-issued with Deutsche Bank AG, entices women with triple points for cosmetics and fitness-club memberships. The Ms. Magic card from China Citic Bank Corp. dotted with Swarovski crystals offers free beauty treatments and health insurance.
Hong Kong stocks rose, with the benchmark index snapping its longest losing streak in almost a year, as Morgan Stanley upgraded the outlook for Hong Kong stocks and amid speculation that the Chinese government may widen the yuan’s trading band within the next three days.