Money Daily Brief: US bailout beneficiaries expand in Asia

  • close
    A man walks into the Morgan Stanley building in New York in April. Investa, an Australia-based subsidiary of the company, will hold the first real estate IPO in two years.
    Brendan McDermid/Reuters
    View Caption
  • About video ads
    View Caption

•Australian real estate: Morgan Stanley property group Investa, based in Sydney, is looking to raise $680 million in an initial public offering that includes several office towers. It could be the first Australian real estate IPO since December 2007. The bank is one of a handful of firms that said this summer it would begin paying back US bailout cash.

•Banking on Vietnam: Citibank became the first US lender to open a retail branch in Vietnam. Its Ho Chi Minh City location offers deposit and remittance services to individuals and its Citigold wealth management product, requiring a minimum balance of $50,000, says the Financial Times. Citi has continued to expand services in Asia since getting bailed out.

•AIG cashout: American International Group has sold its Taiwan unit for $2.15 billion, a critical step in raising cash to pay off its bailout. AIG is now looking to shed Hong Kong-based AIA and American Life Insurance Co, which could rake in an added $7 billion.

•German confidence dips: A closely watched index fell slightly in October, suggesting Europe's largest economy will recover only gradually. Economists had expected an increase.

•In my backyard: North Korea's missile tests had little effect on markets in Asia. Seoul shares still shed nearly 1 percent, lacking earnings momentum, but the currency gained ground. China said the missiles, fired off its east coast on Monday, won't affect a recent thaw in diplomatic relations, while Seoul stressed that the North had again breached United Nations resolutions.

-- Ben Hancock is a Monitor contributor based in Seoul. For a look at Michigan's efforts to become the world's auto-battery manufacturer, see Can Detroit go green?

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.