Short news metals
March 6, 2014 Category Automotive Metals & Minerals, Short news metals
- The Hong Kong-based Chinese Gold & Silver Exchange Society is prepared to spend at least HKD1 billion to set up its metal warehouse with a capacity of 1,500 tons in Qianhai, about an hour by car from Hong Kong. A key issue is for the warehouse to be given special status by Beijing so members can freely transfer gold and silver between Hong Kong and Qianhai. China still has capital controls and only 11 Chinese banks are allowed to import gold.
- China’s Long March Capital, a partner of Citic Group, is considering buying South African platinum assets after their value was depressed by strikes. Long March last year teamed up with Citic unit Baiyin Non-Ferrous Metal and the China-Africa Development Fund to complete their buyout of Perth-based Gold One International and indirectly bought a stake in South African-based Sibanye Gold. Anglo American Platinum, Impala Platinum and Lonmin say they have lost HKD3.08 billion in revenue because of a four-week strike by about 70,000 workers. The companies together produce about 75% of the world’s platinum.
- Shanghai’s “steel-trading king” Xiao Jiashou, Chairman of the Shanghai Songjiang Steel Market, who was rumored to have fled the country over debts of CNY3 billion, says he is still negotiating with the banks. Xiao is facing 36 lawsuits filed by the China Minsheng Banking Corp, Ping An Bank and the Industrial and Commercial Bank of China (ICBC). All the cases are related to disputes over loans. By last August, executives at more than 20 steel trading enterprises in Shanghai had been brought before the court by banks chasing loans.
Recent News
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world