Standard Chartered has called a halt to its grand expansion as it seeks to conserve capital amid the worst drop in profits for more than 12 years.» Read More
HONG KONG, June 11- At least two global banks involved in commodity financing in China have asked some clients to shift copper and aluminum, used as collateral for loans, to better regulated warehouses, three sources with direct knowledge of the matter said. Standard Chartered and South Africa's Standard Bank had already contacted clients, two sources said.
HONG KONG, June 11- At least two global banks involved in commodity financing in China have asked some clients to shift copper and aluminium, used as collateral for loans, to better regulated warehouses, three sources with direct knowledge of the matter said. Standard Chartered and South Africa's Standard Bank had already contacted clients, two sources said.
NEW DELHI, June 11- India's exports increased at the fastest pace in six months in May, in a boost for Prime Minister Narendra Modi's new government as it signaled a loosening of gold import rules and a push to improve trade ties with the United States.
A surge in business loans to the slowing mainland Chinese economy has prompted Hong Kong regulators to impose strict financial rules.
*Timing of tightening could hinge on shrinking portfolio. *Comments by Dudley, Plosser hint at compromise in works. SAN FRANCISCO/ NEW YORK, June 11- A possible tradeoff between opposing camps at the U.S.
The advent of the World Cup seems to have brought summer's "silly season" forward by a couple of months.
*CITIC Resources says probe may hit metal it owns at China's Qingdao port. SHANGHAI/ HONG KONG, June 10- China is investigating a private metals trading firm over a suspected metal financing scam at Qingdao port, police sources said, as CITIC Resources Holdings Ltd warned that metal it owns at the port may be affected by the probe.
*StanChart says not pulling out of China commod financing. LONDON, June 10- Copper dropped to a one-month low on Tuesday as an investigation into metal financing in China prompted concern that a crackdown could hit trade in the metal, while aluminum and zinc retreated from multi-month highs as traders cashed in on recent gains.
*Says probe may hit metal it owns at China's Qingdao port. HONG KONG June 10- CITIC Resources Holdings Ltd said on Tuesday that metal it owns at Qingdao port may be affected by a probe into suspected fraud, the latest firm caught up in a scandal that has raised broader worries about the risks of metal financing in China.
HONG KONG, June 10- CITIC Resources Holdings Ltd said on Tuesday that metal it stores at China's Qingdao port may be affected by a probe into suspected fraud, the latest in series of global banks and trading houses potentially caught up in the scandal.
HANOI, June 9- A Vietnamese court jailed a tycoon and former banker for 30 years on Monday for his part in a series of elaborate financial scams worth $1.1 billion that have become one of the country's most high-profile banking scandals.
QINGDAO, China/ SINGAPORE, June 9- Is the metal stored in a Chinese warehouse really there?
LONDON, June 6- A prized collection of French paintings and furniture at a London museum provided a fitting backdrop this week for a dinner attended by 40 big bank bosses, where the conversation buzz was the huge fine potentially facing France's biggest bank.
Whether it be copper from Chile, oil from the Gulf or soybeans from Brazil, it all has to be shipped to consumers. Over the last decade more and more of that flow has been heading to China to feed the country's insatiable demand for the commodities it needs for industrialisation and urbanisation programmes.
*Qingdao Port shares close at HK $3.71 vs IPO price of HK $3.76. QINGDAO, China/ SYDNEY, June 6- Some copper cargoes held at China's Qingdao Port were being shipped to more regulated LME warehouses, industry sources said, as banks and trading houses took precautions over a probe into metal financing at the world's seventh-busiest port.
U.S. authorities negotiating with BNP Paribas over alleged sanctions violations at one point suggested it pay a penalty as high as $16 billion.
WASHINGTON/ NEW YORK, June 6- U.S. authorities negotiating with BNP Paribas over alleged sanctions violations at one point suggested that France's biggest bank pay a penalty as high as $16 billion, according to people familiar with the matter.
China's stock market has long failed to live up to expectations, but some analysts are still holding out hope for the Shanghai Composite.
Trading houses and banks are checking on their exposure to the Qingdao probe into metal financing over concerns of a crackdown on commodity financing.
*Interest rates have been stuck at 12 pct since 2011. ABUJA, June 5- Nigeria's new central bank governor said on Thursday he would seek to gradually lower interest rates for the first time in over two years, abandoning the hawkish monetary policy of his ousted predecessor that cut inflation to single digits.