IPO Report
The year's first billion-dollar IPO is in the works
Chinese aluminium company Zhongwang is to start formal marketing on Monday. The roadshow will focus on its potential as a play on China's aggressive railway spending and the recent stimulus package.
By Anette Jönsson



Business Moves
UBS posts $1.75 billion loss; 8,700 jobs to go
A first quarter loss of $1.75 billion, coupled with net new money outflows in the private bank, spurs the Swiss bank to cut another 11% of its workforce.
By Sameera Anand

View Point
Citi's directors and pay practices attract criticism
Three proxy advisory firms in the US argue that some of Citi's board members did not perform their duties and that compensation practices at the US bank need to be reviewed.
By Sameera Anand



Outlook & Economics
Morgan Stanley says investment banks can be profitable in 2009
Despite high provisioning levels around merchant banking and legacy assets, a recent report by Morgan Stanley argues that most investment banking divisions should be able to operate 'in the black' this year.
By Dan Slater

People Moves
Clifford Chance relocates private equity partner
Simon Cooke moves to the Hong Kong office to work with Andrew Whan.
By Daniel Inman



People Moves
Unitas hires Xiaolu Lian to source deals in China
Lian's appointment is in line with Unitas's efforts to expand its on-the-ground presence in China, a key market for the private equity firm.
By Rita Raagas De Ramos