The latest in investing news from Russia, Colombia, Spain, Ireland, China, Mexico, Africa, Hong Kong, and Britain:

*I am frustrated that after its huge deal with Citigroup announced yesterday AIA shares in Hong Kong still were taken down by concerns over Chinese financial woes. The stock is barely ahead on the news. I think HK:1299 is a screaming buy. But not on Friday when Hong Kong is already closed but next week.

*Eduardo Garcia in Mexico City reports on the biggest deal yet by Mexican REIT Fibra Uno (FBASF in los Estados Unidos): It closed on the acquisition of real estate portfolios from MRP Group and Finsa for NMP 23.2 bn ($1.818 bn) and NMP 371 mn respectively. Of the total, FBASF is using cash on hand for NMP 17.3 bn of the payments and will also assume debt from the sellers. But there is still a gap.

The MRP properties are 92% occupied and those of Finsa (factories for the most part), 97.6% occupied, Fibra Uno's release said. Eduardo writes www.sentidocomum.co.mx with which we exchange news.

*I paid 81 UK pence for Raven Russia Ltd (GB:RUS) overnight. The share fell to 78.195 pence after my trade, because of weekend risk for the US market-maker.

*GlaxoSmithKline won FDA fast-track designation for its breakthrough Tafenoquine therapy against plasmodium vivax malaria. GSK also won approvals in the European Union for its 2-dose cervical cancer jab for girls aged 9 to 14, replacing an earlier 3-dose regimen.

The new "biosimilar' of Advair from Sandoz called AirFluSal Forspiro will have to be specifically prescribed because it is not a full generic and will have to be approved by regulators in all countries for prescription. This gives GSK a bit more time gaining from its blockbuster even though Fospiro contains the same active ingredients, becaus it is a biosimilar, not a true generic.

However awful this drug major's history of misselling may be, it does have a good pipeline of medicaments.

*Telefonica's takeover bid for Royal KPN's E-plus mobile phone operation will be investigated by the EU competition authorities by May 14. It may reduce price competition in Germany. And TEF faces another EU probe in Ireland where it wants to sell to Hutchison Whampoa (of Hong Kong) its Irish cellular operator. Here the ruling will come March 24. In my view, European regulators are blocking the rise of global players by their focus on competition within member country borders. National licenses are interfering here with European integration.

*The New York Times investigation of how Dennis Rodman came to become an advisor on baksetball to North Korea reveals a startling role for our Paddy Power plc (PDYPF).  the Irish on-line and store-front bookie firm. During the run-up to the conclave to pick a successor to Pope Benedict XVI, PDYPF ran a campaign offering "your money back if the pope is black." Mr. Rodman was ferried around Rome in fake pope-mobile as part of this promotion and when a white Argentine was elected the gambling firm said "our prayers were answered."

Building on the new relationship with him, Paddy then arranged to send Mr. Rodman back to North Korea, and his planned return early next year with other NBA players for a birthday tournament for Kim Jong-on. The Jan. 8 trip by the sports stars has apparently also led to other tourists heading for North Korea, despite the risks. (These include arbitrary arrest for having fought on our side in the Korean War as happened to an 85-year-old American tourist, Merrill Newman, in Oct. He has since been released.)

The expedition of stars and fans, costs nearly $9000 for 4 days in money-short North Korea. This Paddy is promoting as "The Big Bang in Pyongyang", on which its customers can bet.

PDYPF is also under threat nearer home. Ed Miliband, the "shadow" Labour Party Prime Ministerial candidate, has proposed regulations to limit how much Britons can bet at bookie shops. He calls the spread of bookmaking shops a version of "predatory capitalism."

The Tory-Liberal Democrat UK coalition government meanwhile is proposing new taxes to hit at the end of 2014 on both on-line and betting shop bets. However much Paddy spends on promotion and fun bets, it is likely to be hurt by growing political risk.

Offsetting that is Paddy's new entry into US betting. While on-line bets are illegal in many states, it has applied for licenses in states where it is allowed: Nevada, New Jersey, and Delaware. The US internet gambling market is worth $33 bn per year, says The NY Times.

*In the Year of the Horse (Ma) it will be Ma vs Ma as our Tencent battles Alibaba. More details emerged in today's Financial Times on TCFZF's investment in Howbuy this week. This is an on-line trading platform for mutual funds, which could lead to a rival to Alibaba's Yu'E Bao. TC is also offering a payment tool on its mobile shopping site, WeChat, which could hurt Alibaba's Taobao e-commerce product and its Alipay on-line payment service.

Of course Alibaba is fighting back. It will no longer allow Taobao merchants to advertize the digital GR barcodes on external websites (like Tencent's WeChat). It is also charging users of computers (rather than cellphones) if they use Alipay. That is to drive its customers to Alibaba's phones rather than those of WeChat, because payments there are free.

My own arbitrage play on China, with value and basic share Guangshen Railway offset the growth and frivolity in TCFZF seems to be working during the first test of Chinese financial stability in the new liberalized mode. We own TCFZF directly two ways, also as HK:0700 and via Naspers (NPSNY). We own GSH also as HK:0525. So far the HK$ and the US$ have not diverged but if the RMB is liberalized I expect the Honkers buck to also rise.

*My large-cap Fanuc (FANUY) continues to run ahead of Chris Loew's selected small-cap value shares. The whole Japanese portfolio is suffering from FX however.

*Ecopetrol (EC) of Colombia spelled out how it will finance its $10.6 bn capex budget next year. $8.4 bn will come from internal EC cash generation, finance arranged this year, divestiture of non-core assets, and new finance. This might be a little as $1 bn if oil prices remain at c$100/barrel, EC told the market. The stock is up 2.8% on the news.

*Daito Trust (DITFY), a Japan pick which we bought and sold in 2011, is sponsoring an ADR. We sold too soon.