It denies charges, threatens legal action; says US short-seller visited its office incognito
He went on to describe an extraordinarily secretive visit that Mr Block had made to Olam's office on Nov 1 along with representatives of a hedge fund.
"He impersonated somebody else. When we pushed him, he didn't give us a card - he said he didn't carry a card. He said he was an investor of the hedge fund that came to us, and that as an investor he made a practice of knowing what the hedge fund was investing in."
For decades explorers have enjoyed a place on the cutting edge of the country’s mining boom as they scoured the earth for fresh mineral deposits, a process that can take years and cost hundreds of millions of dollars before payback.
But now they complain that new rules aimed at boosting state revenue from natural resources have slashed investment in mineral prospecting and could threaten the entire US$93 billion sector.
A prominent Malaysian businessman and politician imprisoned for commercial crimes that led to the collapse of Singapore-based Pan-Electric Industries (Pan-El) in the 1980s will not take legal action against his prosecutors, despite suggestions that he may have been wrongly convicted.
The recent successful listing of Far East Hospitality Trust (FEHT) - which attracted a subscription rate of over 30 times - has thrown the spotlight on the somewhat low-profile and under-researched Hotel Properties Ltd (HPL).
Hedge funds raised commodity bets in the longest bullish streak in three years as speculation that policymakers will increase economic stimulus drove prices towards the biggest monthly rally since last October.
China’s growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilize the economy.
From all the reading I’ve done, amazing people I’ve talked to, and my own life observations, I’ve come to the conclusion that: Confidence is everything! No matter what you do in life, you have to believe in yourself and maintain a strong state of mind…especially if you’re a stock trader.
China is emerging as a strong contender to the traditional offshore oil rig manufacturing powerhouses of Singapore and South Korea as shipyards such as COSCO Corp fight for a bigger market share in a deepwater exploration boom.
If you’ve been in the market long enough, you’d have noticed that
property prices go up and down in stretches over varying periods of
time. In markets as in real life, gravity rules – what goes up must come
More than one-third of mainland investors say they have lost at least 30 per cent of their equity investments in the first half of this year, an embarrassment for chief securities regulator Guo Shuqing.
China’s best known local sportswear group Li Ning Company Limited, grappling with a slowdown that has halved its share price in recent months, replaced its chief executive on Thursday and said it will focus more on its business in China.
The former boss of Barclays said yesterday that the British bank illegally reported low borrowing rates in October 2008 because other banks were reporting even lower ones, making Barclays look bad and threatening efforts to attract investment from Qatar.
Consumers won their first lawsuit against a luxury furniture retailer as a district court in Hangzhou, Zhejiang ordered Da Vinci to pay 3.23 million yuan (HK$3.94 million) for making false claims about its goods.
The true depth of the economic slowdown on the mainland has come under the spotlight following a report in the New York Times claiming that China had falsified data to understate the severity of the downturn.
A better, bolder and, until now, almost inconceivable solution is for Germany to reintroduce the mark, which would cause the euro to immediately decline in value. Such a devaluation would give troubled economies, especially those of Greece, Italy and Spain, the financial flexibility they need to stabilize themselves.
Shujie Yao says serious structural flaws in the Chinese economy mean the days of near-double-digit growth are over. The nation must now prepare for three years of hardship, which will be felt by the rest of the world
Low valuations, market reforms and the prospect of monetary easing were all supposed to bring about a long-awaited turnaround for China’s languishing stock market this year, but halfway into 2011 and Chinese stocks have failed to live up to their promise.
The Chinese arms of all of the Big Four audit firms have been asked by US regulators to turn over documents related to audits of China-based companies listed in the United States, a person familiar with the matter said on Tuesday.
The Chinese arms of all of the Big Four audit firms have been asked by U.S. regulators to turn over documents related to audits of China-based companies listed in the United States, a person familiar with the matter said on Tuesday.
Ricardo Leiman, who quit Noble Group Ltd. (NOBL) the day it
posted its first quarterly loss in about 14 years, sued a unit of Asia’s
biggest commodity supplier, claiming his shares and 2011 bonus were wrongfully
Huang Zhong Xuan, former executive director and CEO of China
Sky Chemical Fibre, has been accused of defaulting on a $7.5 million loan from
a bank. The bank has filed a lawsuit against Huang and three guarantors,
including his wife, in the High Court to seek the return of the amount owing.
U.S. coal exports to China could more than double to over 12
million tonnes in 2012 thanks to depressed freight rates and a fall in domestic
demand in the United States, the chief of top U.S. coal exporter Xcoal Energy
& Resources said.
Falling coal prices and soaring costs have forced Australia’s
producers to start trimming output and letting go of some workers, hurting
miners, rail and port operators and potentially threatening plans for more than
$30 billion of investment in new mines.
By all accounts, Myanmar opposition leader Aung San Suu Kyi
had a successful visit to Thailand in what was her first trip abroad after 24
years. The 66-year-old parliamentarian enjoyed a superstar-like welcome and
made the most of her short trip to highlight the plight of her fellow
countrymen overseas, such as exploited migrant workers and war refugees.
Chinese shipyards are offering to sell vessels at discounts
of more than 20 per cent as builders look to protect market share from higher
quality Asian rivals and stay afloat amid a wave of consolidation, industry
June 1 - U.S. May employment report, China PMI
June 6 - European Central Bank rates meeting
June 7 - Fed Chairman Ben Bernanke Congressional testimony
June 8 - China economic releases
June 17 - Greek election
June 18/19 - G-20 in Mexico
June 19/20 - FOMC Meeting
June 28/29 - European leaders summit
Chinese buyers are deferring delivery or have defaulted on coal and iron ore deliveries following a drop in prices, traders said, providing more evidence that a slowdown in the world’s second-largest economy is hitting its appetite for commodities.
Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and – in some cases – defaulting on their contracts, in the clearest sign yet of the impact of the country’s economic slowdown on the global raw materials markets.
When Hong Kong businessman Mr. He paid a 35,000 pound deposit on a four-bedroom apartment in Britain, he believed it was a 40-minute walk from central London, his lawyer says. In fact it was a 40-minute journey by high-speed train.
Indonesia's government will impose an average 20 percent duty on 14 mineral ore exports including copper, gold and nickel from Sunday, slightly lower than expected but enough to hurt miners in one of the world's major metals exporters.
The lifting of decades of broad Western sanctions on Myanmar will prove to be both a boon and a test for China, for years the former Burma’s top investor and trading partner, bringing both risk and opportunity for long-established Chinese firms.
It may be a tiny Chinese educational company worth a little more than US$200 million, but the ChinaCast Education Corp has found itself embroiled in a battle worthy of a John Grisham novel. Its ousted chief executive Ron Chan has been accused of aiding in the disappearance of ChinaCast’s chops - ornate corporate seals that are needed to approve everything from paychecks to contracts.
Profit warnings, auditor disputes and delistings involving Chinese companies trading on foreign exchanges are fuelling investor distrust, wiping out valuations and poisoning the market for new listings.
Hong Kong’s financial market watchdog is launching a public consultation process in the next couple of weeks that seeks to toughen rules for banks sponsoring initial public offerings, including holding them liable for faulty deal documents.
Indonesia plans to impose a 25 percent export tax on coal
and base metals this year, jumping to 50 percent in 2013, an industry ministry
official said on Tuesday, as the major producer of raw materials looks to boost
domestic investment and take a bigger slice of mining profits.
China’s consumption boom is drawing to a close, according to
one economist’s contrarian view, which calls for no growth — or even a
contraction — in the Chinese economy and the advent of an era of deflation and
Chinese stocks are the cheapest that they have been since
the last financial crisis and investors should be positioning for a rebound,
which a senior strategist says will happen in the second half of the year.
Investor relations (IR) has traditionally been a role outside the perimeter of responsibilities of the chief financial officer (CFO). But this appears to have changed, with the CFO doubling up as an IR officer in many cases.