English 中文网 漫画网 爱新闻iNews 翻译论坛
中国网站品牌栏目(频道)
当前位置: Language Tips> 天天读报> 每日播报

CIC increases its stake in US bank

[ 2009-06-03 12:49]     字号 [] [] []  
免费订阅30天China Daily双语新闻手机报:移动用户编辑短信CD至106580009009

进入英语学习论坛下载音频

China Investment Corp (CIC), the nation's $200 billion sovereign wealth fund, plans to spend $1.2 billion on buying 44.7 million shares of common stock in Morgan Stanley.

Morgan Stanley, the sixth-largest US bank by assets, said last night it was looking to sell approximately 80.2 million shares to raise $2.2 billion in a public offering. That equated to $27.44 per share, an 8.2 percent discount on the closing price on Monday of $29.89 per share.

CIC said in a statement that the purchase raises its equity ownership in Morgan Stanley to approximately 9.86 percent and reduces the bank's overall cost basis and increases its returns potential.

CIC purchased $5.6 billion mandatory convertible securities in Morgan Stanley's common stock in December 2007, representing approximately 9.86 percent equity ownership but its stake was diluted to approximately 7.86 percent after Mitsubishi UFJ Financial Group Inc bought into the bank last October.

Morgan Stanley said yesterday it has not received approval for the deal but it believed that it will satisfy the criteria.

Morgan Stanley received $10 billion as part of the $700 billion Troubled Asset Relief Program, a bailout plan by the US government aimed at shoring up its ailing banking sector.

"Morgan Stanley is widely expected to be able to leverage on its strengthened financial position and will be on the road of resuming its successful trajectory amid the dramatic restructuring of the international financial services industry," CIC said on its website.

CIC was established in 2007 to find better returns for China's massive foreign exchange reserves. It earmarks one-third of its money for overseas investment and two-thirds for the domestic market.

Wang Jianxi, the fund's vice-general manager, said in March that CIC would increase its investment in all classifications, given the global financial crisis had led to a tailspin in asset prices and therefore good investment opportunities.

American Express Co and JPMorgan Chase & Co also announced plans on Monday to raise capital.

Questions:

1. China Investment Corp (CIC) plans to spend how much on buying 44.7 million shares of common stock in Morgan Stanley?

2. How much did Morgan Stanley receive from the $700 billion Troubled Asset Relief Program?

3. In which year was CIC established?

Answers:

1. $1.2 billion.

2. $10 billion.

3. 2007.

(英语点津 Helen 编辑)

CIC increases its stake in US bank

CIC increases its stake in US bankBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.

 
中国日报网英语点津版权说明:凡注明来源为“中国日报网英语点津:XXX(署名)”的原创作品,除与中国日报网签署英语点津内容授权协议的网站外,其他任何网站或单位未经允许不得非法盗链、转载和使用,违者必究。如需使用,请与010-84883631联系;凡本网注明“来源:XXX(非英语点津)”的作品,均转载自其它媒体,目的在于传播更多信息,其他媒体如需转载,请与稿件来源方联系,如产生任何问题与本网无关;本网所发布的歌曲、电影片段,版权归原作者所有,仅供学习与研究,如果侵权,请提供版权证明,以便尽快删除。
 

关注和订阅

人气排行

翻译服务

中国日报网翻译工作室

我们提供:媒体、文化、财经法律等专业领域的中英互译服务
电话:010-84883468
邮件:translate@chinadaily.com.cn