Asia Top News and Analysis Shanghai

  • LONDON, Jan 23- Lower trading volumes and a lack of strategy created a crisis that led to the resignation of London Metal Exchange Chief Executive Garry Jones after three years at the helm of the world's largest and oldest metals market, metal industry sources say. Jones was appointed in August 2013 and his departure follows that of Chief Operating Officer...

  • LAUNCESTON, Australia, Jan 23- The quiet demise of China's plans to launch a new crude oil futures contract shows the innate conflict of wanting the financial clout that comes with being the world's biggest commodity buyer, but also seeking to control the market. It has been a long-standing ambition for a new global oil price benchmark to be established in...

  • That prompted suggestions the ruling Communist Party was trying to deflect blame for the rout that wiped out some $5 trillion in stock value. Xu and two co-defendants were sentenced by a court in the eastern city of Qingdao after pleading guilty at the start of their trial in December. Co-defendant Wang Wei was sentenced to three years and Zhu Yong received a...

  • Jan 23- Hong Kong stocks closed marginally higher on Monday, thanks to support from a solid resource sector. Leung said investors were cautious as they watched for moves by President Donald Trump that would affect trade ties between the United States and China. "We are all waiting for Trump's arrangement for China- related trade as he just took office," Leung said.

  • LAUNCESTON, Australia, Jan 23- The quiet demise of China's plans to launch a new crude oil futures contract shows the innate conflict of wanting the financial clout that comes with being the world's biggest commodity buyer, but also seeking to control the market. It has been a long-standing ambition for a new global oil price benchmark to be established in...

  • *LME faces struggle to compete with New York, Shanghai futures. London's $5 trillion- a-year gold trade has, along with the rest of the City of London, found itself under increased scrutiny since the Libor scandal, with U.S. lawsuits alleging rigging against the banks that set bullion prices. It also says the contracts' central clearing would free the banks and...

  • *Shanghai crude futures were to give China global pricing power. SINGAPORE/ BEIJING, Jan 20- China's plans to create a new crude futures contract to compete with global pricing benchmarks have been shelved due to market resistance, five sources with knowledge of the matter said, dealing a blow to Shanghai's ambitions to be a leading energy trading hub.

  • SHANGHAI, Jan 20- China's primary money rates fell on Friday, but remained at elevated levels, after the central bank pumped a record amount of liquidity into markets in an apparent attempt to avert a cash crunch ahead of the long Lunar New Year holiday. The volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered...

  • WASHINGTON, Jan 19- When world powers agreed in 2015 to lift sanctions on Iran in return for curbs on its nuclear program, the deal's supporters in the United States, Europe and Tehran hoped renewed trade and investment could boost Iran's private sector and weaken the state's hold on the economy. But a Reuters review of business accords reached since then shows...

  • SHANGHAI, Jan 19- Short-term funding costs in China shot to their stiffest level in nearly 10 years on Thursday on fears of a cash crunch heading into its most important holiday of the year, but ended well off the day's highs as state banks stepped in to offer more yuan supplies. Chinese households and companies usually withdraw huge amounts of cash from banks...

  • SHANGHAI, Jan 19- The head of Chinese bitcoin exchange BTCC on Thursday denied media reports that the central bank had ruled it was offering margin loans illegally, and he said the platform is operating normally. However, Chief Executive Bobby Lee told Reuters the company had stopped offering margin loans last week alongside competitors such as Huobi and...

  • TOKYO, Jan 19- Asian shares slipped on Thursday and the dollar rebounded after Federal Reserve Chair Janet Yellen signaled that the U.S. central bank is poised to pursue a path of steady interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan slumped 0.3 percent. On Wall Street overnight, stronger financial shares helped push up the S&P...

  • SHANGHAI, Jan 19- Short-term funding costs in China shot to their highest in nearly 10 years on Thursday on fears that liquidity was sharply tightening heading into the long Lunar New Year holidays. President-elect Donald Trump's inauguration in two days and that may create volatility again, "said a trader at a Chinese bank in Shanghai. Households and companies...

  • *U.S. consumer data, looming China Q4 GDP supportive. SYDNEY, Jan 19- London copper reversed early losses to follow Shanghai futures higher on Thursday as expectations of steady growth in China helped the red metal along with positive U.S. economic signals. China is the top consumer of copper and other commodities, and markets keep a close watch on its economic...

  • SHANGHAI, Jan 19- Short-term funding costs in China shot to their highest level in nearly 10 years on Thursday on fears that liquidity was sharply tightening heading into the long Lunar New Year holidays at the end of the month. Households and companies usually withdraw large amounts of cash from banks in preparations for the week-long New Year holiday, which...

  • LONDON, Jan 18- The London tin market remains a tight and crowded space. There is tin in China. China may just have quietly removed that barrier and if it has done, it would have major ramifications for global tin flows and the metal-starved London market.

  • Shanghai- based Dipont Education Management Group "has withdrawn from the project," Jerome Lucido, who heads a University of Southern California research center that has been working on it, said in a statement to Reuters. A committee of participating schools- including Stanford University, Columbia University, Massachusetts Institute of Technology and the...

  • BEIJING, Jan 18- Prices of new homes in China grew last year at the fastest rate since 2011, but moderated enough in December to calm fears of a speculative bubble bursting with disastrous economic consequences. The price moderation will come as a relief to China's leaders as they wrestle with economic targets for 2017.. Sources have told Reuters that Beijing is...

  • BEIJING, Jan 18- China should urgently solve problems in its property market by putting a cap on the prices at which new homes are sold, a researcher for the cabinet was quoted as saying on Wednesday by a state-owned newspaper. Prices of new homes in China increased last year at the fastest rate since 2011. In Shenzhen, Shanghai and Beijing, prices rose more than 20...

  • BEIJING, Jan 18- China should urgently solve problems in its property market by putting a cap on the prices at which new homes are sold, a researcher for the cabinet was quoted as saying on Wednesday by a state-owned newspaper. Prices of new homes in China increased last year at the fastest rate since 2011. In Shenzhen, Shanghai and Beijing, prices rose more than 20...