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Is Goldman Sachs Running a Derivatives Casino?
State-owned enterprises such as Shenzhen Shennan Circuit Co.(SCC) and Air China have recently suffered big losses in international derivatives trading, focusing investor attention on derivatives market and structural options. The situation is frightening investors by reviving the ghosts from the CAO (China Aviation Oil) incident of 2005.
November 25th,2008
Air China, Others Losing Big on Fuel and Currency Hedging
The plummeting of crude oil and commodities price and the Australian dollar, together with sharp fluctuation in the international markets, has caused huge book losses to the normal hedging and speculation of Chinese companies.
November 23rd,2008
China's Accounting Standard Recognized in the European Union
The Ministry of Finance said the decision of the European Union demonstrates the equivalence between the Chinese standard and the International Financial Reporting Standards (IFRS). This will cut Chinese companies' costs when going public in the EU. On the other hand, this will also improve the export environment for Chinese companies and relieve anti-dumping pressure.
November 20th,2008
Foreign Insurers Up Capital to Fuel China Expansion
Foreign life insurance companies are increasing their China investments to support expansion in the market. Recently, the China Insurance Regulatory Commission approved the investment increase applications of three companies including Citic-Prudential, whose capital fund is the largest among foreign insurance companies in China.
November 19th,2008
The IMF Needs Fixing, and China Wants a Say
What to do about the IMF? This, of course, was a question bandied about at the recent G20 Summit hosted by George Bush in New York last weekend, though no decisions were taken. Japan promised to throw a bunch of money at the Fund, which is sorely in need of it amidst the present world economic turmoil, and it was gently suggested that China might also like to contribute a portion of its oceanic foreign reserves.
November 18th,2008
Private Equity and QFII Returning to A-Share Market
The A-share market has shrunk drastically, and private equity funds are giving up pre-IPO, switching to acquiring listed company shares through bulk trading. This highlights the reality that China at present lacks long-term investment opportunities. An appropriate monetary policy might lead more such funds to return to the stock market in the short term.
November 14th,2008
Parent Company Bails Out CITIC Pacific
CITIC Group has agreed to provide CITIC Pacific with a US$1.5 billion standby loan facility to be substituted by a convertible bond issued to CITIC Group. Meanwhile, the parent group will assist CITIC Pacific to reorganize its AUD leveraged foreign exchange contracts, potentially incurring a loss of USD19bn.
November 13rd,2008
Obama Election Sparks Global Market Jump, for Now
Forty-seven-year-old Senator Barack Obama has just been elected to be the next US president, and the world is feeling a thrill of confidence. The vaulting of global stock markets is the most direct proof of the Obama effect, with China's A-share market being no exception. However, no new president has the power to immediately alter the course of America's or the world's economic status, so it is unfortunately doubtful that market confidence will last long.
November 5th,2008
Stabilization Fund Debated, But Who Would Run It?
In October, the Shanghai Composite Index fell by 24.63%, the largest monthly tumble in the past 14 years, while the Shenzhen Component Index saw its sharpest decrease since August 1991. Government policies to maintain capital market stability have failed to prevent the market from dropping below 1800 points, the so-called bottom line. Now the debate over whether the government should intervene in the market with stabilization fund is hotting up yet again.
November 3rd,2008
PBoC Scrapping Central Bank Notes: Further Loosening
Although the market expects China's monetary authority to further cut interest rates, the People's Bank of China(PBoC), China's central bank, has other moves to make. When tightening monetary policy, it would usually issue central bank notes before any interest cuts. With the situation reversed and increasing liquidity now its primary task, PBoC is going to scrap central bank note issuance to promote interest cut
October 29th,2008
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