Money Daily Brief: US bailout beneficiaries expand in Asia
鈥ustralian real estate: Morgan Stanley property group Investa, based in Sydney, is in an initial public offering that includes several office towers. It could be the first Australian real estate IPO since December 2007. The bank is one of a handful of firms that said this summer it would begin paying back US bailout cash.
鈥anking on Vietnam: Citibank became the first US lender to in Vietnam. Its Ho Chi Minh City location offers deposit and remittance services to individuals and its Citigold wealth management product, requiring a minimum balance of $50,000, says the Financial Times. Citi has continued to expand services in Asia since getting bailed out.
鈥IG cashout: American International Group has for $2.15 billion, a critical step in raising cash to pay off its bailout. AIG is now looking to shed Hong Kong-based AIA and American Life Insurance Co, which could rake in an added $7 billion.
鈥erman confidence dips: A closely watched index fell slightly in October, suggesting Europe's largest economy will . Economists had .
鈥n my backyard: North Korea's missile tests had on markets in Asia. Seoul shares still shed nearly 1 percent, lacking earnings momentum, but the currency gained ground. China said the missiles, fired off its east coast on Monday, a recent thaw in diplomatic relations, while Seoul that the North had again breached United Nations resolutions.
-- Ben Hancock is a Monitor contributor based in Seoul. For a look at Michigan's efforts to become the world's auto-battery manufacturer, see Can Detroit go green?
