Asian economies are unlikely to undergo a sustained recovery until mid-2010 and can not rely on China to pull the region out of its current slump, a senior International Monetary Fund official said on Wednesday, casting doubts on a "green shoots" theory that has helped bolster Asian stock markets recently.
Citigroup may sell its Australian retail broking unit as it consolidates its wealth management business in Hong Kong and Singapore to compete for customers against bigger private bank rivals. The US financial group is understood to be in talks over the possible sale of Citi Smith Barney Australia to National Australia Bank. It also plans to close its CSB branch in Taiwan and merge others in Singapore and Hong Kong with Citi Private Bank.
CapitaLand, the Singapore state-owned developer, is set to make one of the biggest bets by a foreign company on India's retail property boom, investing in 15 shopping centres worth S$2.1bn ($1.46bn) in association with two Indian construction and property groups.
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