Bank of China wins key approval for IPO  
 
     BANK of China (BOC), the country's second-biggest lender, has secured key approval from the State Council to launch a US$6 to US$8 billion Hong Kong initial public offering (IPO) in the first half of 2006, sources familiar with the deal said Monday.

    Bank of China plans to file a preliminary listing application with the Hong Kong bourse as soon as this week, pending final approval from the China Securities Regulatory Commission, the sources said.

    The parent firm of Hong Kong-listed BOC Hong Kong has hired Goldman Sachs, UBS and BOC International to underwrite the deal, which is on track to be China's second-largest IPO.

    Bank of China plans to offer about 15 percent of its enlarged share capital. Its planned listing follows China Construction Bank, which raised US$9.2 billion in the country's largest-ever initial public offering in October by selling 13.5 percent of its share capital at 1.96 times book value.

    At US$6 to US$8 billion, the float will value Bank of China at US$40 to US$53 billion, compared to China Construction Bank's current US$84 billion market capitalization. CCB shares have jumped 25.5 percent from their IPO price.

    Another Chinese state lender, Industrial and Commercial Bank of China, also plans a multibillion-dollar IPO, although it has not yet chosen investment bankers.Enditem

(Source: Shenzhen Daily/Agencies)

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Indian city on high alert after bomb discoveries 
 
    South Indian city Hyderabad has been put on high alert after the police found and defused five bombs planted in various parts of the city on Monday, a national news website ibnlive.com reported here Monday.

    The bombs had been planted systematically in various parts of Hyderabad, and the police have asked people to remain on guard, the report said.

    Earlier on Monday, the Indo-Asian News Service reported that the police here had foiled a plot by Pakistan-based terror group Jaish-e-Mohammed to carry out bomb attacks and arrested two suspects in this regard.

    The alleged terrorists later told the police they were planning to target police headquarters and Hitec City, the IT hub in Hyderabad.

    South Indian city Bangalore had recently seen a terrorist attack at a science institute. One person was killed in the firing.

    With the police finding bombs at Hyderabad, it seems that India's IT cities are on terror radar.
 

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Natural gas supply from Russia drops by 1/3 in Austria 
 
    Austria's natural gas supplies from Russian via Ukraine have dropped by about a third, Austrian oil and energy group OMV said on Monday.

    "Overnight, the reduction in Russian gas imports increased significantly," OMV said in a statement, adding that the problem was much more serious than previously thought.

    The reduction came after Russia cut off gas supplies to Ukraine on Sunday as the two nations failed to resolve a price dispute by a Saturday deadline. Russia is seeking to sharply raise the price of gas but Ukraine has rejected Moscow's demands.

    OMV spokeswoman Bettina Gneisz had already announced an 18 percent drop in gas supplies on Sunday evening.

    Reports from Hungary and Slovakia, which receive Russian gas pumped through Ukraine before passing it on to Austria, said on late Sunday that there was a noticeable drop.

    Despite the increasingly severe gas shortfalls in Austria, the OMV said the gas reserves and domestic production were enough to meet the needs of the population and firms.

    OMV Manager Werner Auli said there might be a bottleneck in supplies to large users, but under no circumstances would there be cuts for the private households.

    Annual gas consumption in Austria stands at around 8.6 billion cubic meters and 59 percent of it comes from Russia.