1 Indonesia to restrict foreign banks (Straits
Times) A new draft of Indonesia's banking bill has revealed that lawmakers will
proceed with a plan to restrict the operation of foreign banks, setting a
deadline for them to become legal entities in the form of Perseroan Terbatas
(PT) and capping the level of foreign ownership.
According to the newest version of the banking bill,
all foreign banks operating in Indonesia must become PT. While the clause would
translate into better protection for the banking sector against banking crises overseas,
it would affect the operations of many foreign banks here, some of which are
still operating under branch status (KCBA), such as Citibank, Deutsche Bank,
HSBC, JPMorgan Chase and Standard Chartered.
By transforming into a PT, a foreign bank would
operate as an independent company, meaning that its parent company offshore
could not just withdraw money from Indonesia should there be liquidity issues
in the bank's overseas headquarters. The bill also stated that maximum foreign
ownership in banks would be capped at 40 percent, which would effectively
prevent foreigners from being controlling shareholders.
This could discourage new foreign investment in the
banking sector, as the global Basel III banking regulation stipulates that any
investor performing banking acquisition without acting as controlling
shareholder would have to deposit a significant amount to safeguard against
banking management risks.
2 Pizza Express sold to China firm (BBC) The
restaurant chain Pizza Express has been sold to a Chinese firm for around
£900m, following "considerable interest" in the business. The UK
Gondola Group confirmed the sale to private equity firm Hony Capital. There are
436 Pizza Express restaurants in the UK along with 68 internationally -
including 22 in China - employing more than 9,000 workers.
Chief executive Richard Hodgson said expansion in
Asia was a "key part" of future growth strategy. Pizza Express
already has 12 restaurants in Hong Kong and nine in Shanghai, as well as
outlets in India, Saudi Arabia and Bali. The sale comes as The Gondola Group -
which also owns UK pizza chains Zizzi and ASK Italian - opened the first Pizza
Express restaurant in the Chinese capital Beijing earlier this year.
The deal is the latest example of Chinese firms
buying and taking over British businesses. Last year, Chinese property and
entertainment conglomerate Dalian Wanda Group completed a takeover of Dorset
luxury yacht maker Sunseeker International. In 2012, China's Bright Food bought
a controlling stake in Weetabix, which owns the breakfast cereal brand as well
as Alpen and Ready Brek.
3 Argentines proud, pained after soccer show (San
Francisco Chronicle) Riot police fired tear gas and rubber bullets late Sunday
to restrain a group of vandals who disturbed a peaceful rally celebrating
Argentina's gutsy performance in a 1-0 loss to Germany in the World Cup finals.
Parents with small children could be seen fleeing in
fear after police, who initially remained on the sidelines as jubilant fans
poured into downtown Buenos Aires, began chasing down the vandals on
motorcycles. Police said 20 officers were injured and at least 60 people were
arrested. The vandals tore down street lights and ripped up the stone from some
streets to throw at officers.
The chaotic situation marred what was an otherwise
spontaneous show of support for Argentina's national team after its best World
Cup run in 24 years. The two-time world champion entered the title match as the
clear underdog after Germany's 7-1 thrashing of host Brazil. But despite
complaints about lackluster play earlier in the tournament, the team led by
captain Lionel Messi showed grit throughout the match, creating several
opportunities to score in the first 90 minutes.
Amid the outpouring of gratitude, there was a hint
of frustration that Messi, the four-time world player of the year, didn't turn
in a stronger performance. "Messi still isn't Maradona," said
31-year-old Eduardo Rodriguez, referring to Diego Maradona, who lifted the
championship trophy for Argentina in 1986 and led the 'albiceleste' to its last
World Cup final, also against Germany, in 1990. "But this here is a party.
We're all proud of our warriors."
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