Aluminum export rebates

China is likely to reinstate tax rebates on exports of extruded aluminum profiles, widely used in the construction sector, as part of its latest move to boost exports, industry sources said on Thursday.

The State Council said yesterday it would increase tax rebates on exports of more than 3,770 items from December, the second batch announced in less than one month to bolster its flagging economy.

Beijing has not released the list of the items that will get higher rebates, which are refunds for a local 17 percent value-added tax.

Exports of aluminum products will remain low in the first quarter of next year.

SCB buys Cazenove Asia

Asia-focused bank Standard Chartered Bank (SCB) bought Cazenove Asia for an undisclosed sum yesterday to boost its equity capital markets business in Hong Kong and across the region.

SCB said it will take 142 staff as part of the purchase from JPMorgan Cazenove.

Most of the staff are based in Hong Kong and include 38 people in corporate finance, 30 in research and 24 in sales and trading.

The deal, expected to complete in the first quarter of 2009, will give SCB a strong equity markets platform to offer clients financing, distribution, equity research and more advisory capabilities to add to its current strong position in debt capital markets, the lender said.

Reuters

(HK Edition 11/14/2008 page2)