Belgium clips Ping An hope for Fortis compensation

Chinese insurer Ping An should not count on any compensation from Belgium over its losses following the state-led carve-up of financial group Fortis, according to the Belgian government.

"I understand that there is disappointment, but there are always risks bound to an investment," Prime Minister Yves Leterme said in comments in Belgian daily De Standaard.

Ping An Insurance (Group) Co booked a loss of about 15.7 billion yuan on its investment in Fortis NV after marking down the market value of its 5 percent stake in the Dutch-Belgian group.

HK dollar in a tight range, interbank rates edge up

The Hong Kong dollar was trapped in a narrow range against the US dollar yesterday after the Hong Kong Monetary Authority (HKMA) intervened in offshore trade last Friday.

The local currency traded between HK$7.7501 and HK$7.7510 per US dollar on the day. The one-month HIBOR rose to a one-month high of 1.60/1.70 percent in late afternoon, higher than its fixing at 1.55357 percent on Monday morning.

Brilliance China suspended on issue of new shares

Trading in shares of Brilliance China Automotive Holdings, BMW's partner in China, was suspended yesterday.

No further details were immediately available.

Brilliance said in August that it had been approached about a possible takeover but had not discussed a merger with larger rival FAW Group.

Media reported earlier this year that FAW Group was in talks to take over Brilliance Jinbei with an eye to eventually buying the parent of the listed Brilliance. The stock rose 2.63 percent to HK$0.39 yesterday morning prior to the suspension.

Reuters

(HK Edition 12/02/2008 page2)