The Wall Street Journal-20080116-In Brief
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In Brief
China, Can You
Spare a Crumb?
China's $200 billion government-run investment fund has received more than 130 applications from external money managers seeking to help it invest overseas, a person involved in the selection process said. The fund, China Investment Corp., doesn't have a timetable for completing the selection process nor can it tell how many managers it will hire because of the "huge amount" of applications received, said the person. Yesterday was the deadline for applications. The fund, known as asovereign-wealth fund, was established in September to make riskier but more lucrative investments with a $200 billion share of China's foreign-exchange reserves.
-- Victoria Ruan
First American
Plans Split-Off
First American Corp. will spin off its financial-services companies and projected a fourth-quarter loss amid costs from California wildfires. The spun-off First American Financial Corp. would include title-insurance operations, home-warranty and homeowner-insurance businesses, and trust and banking services -- and retain the FAF stock symbol. The remaining First American Corp. would consist primarily of property-information and mortgage-information segments, as well as First American's 75% interest in First Advantage Corp.
Casino-IPO Delay
The planned US$1 billion initial public offering in Hong Kong for tycoon Stanley Ho's casino flagship, SJM Holdings Ltd., has been put on hold, perhaps for a short time, after the company received a regulatory query. The query was prompted by a letter sent to regulators by Mr. Ho's sister, Winnie Ho, who questions the legality of SJM's share sale.
-- Amy Or
Taiwan Market IPO
Taiwan Stock Exchange Corp. plans an initial public offering early next year to become more competitive and raise its profile, Chairman Wu Rong-I said. The exchange had hoped to launch an IPO by the end of 2008. Mr. Wu said the listing will have to wait until the completion of a consolidation of the exchange and others in Taiwan.
