maxkeiser.com Watch my SHOW Live (or Recorded)! www.livestream.com [Click on Video ON-Demand for my 1st Live Show] Add me as a friend on Facebook! www.facebook.com Get DAILY GrowBy10 Updates on Twitter! twitter.com A report that Chinese state-owned companies will be allowed to walk away from loss-making commodity derivative trades provoked anger and dismay among investment bankers on Monday as they feared it may set a damaging precedent. The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday. While the details of the report could not be confirmed, it was Monday’s hot topic in financial circles from Shanghai to Singapore as commodity marketers feared that companies holding underwater price hedges could simply renege on the deals, costing banks millions of dollars in profit. The warning from SASAC follows a series of measures from Beijing this year to crack down on the sale of derivative products by foreign banks to Chinese enterprises, principally big consumers, who bought protection against higher prices last year only to watch the market collapse — leaving them with losses. While many companies including top airlines have come clean on the losses, some analysts fear another wave may follow. “I wouldn’t be surprised …
Posts Tagged ‘China’
Missing China rights lawyer still alive
More than a year after he went missing it appears China’s most prominent human rights lawyer is still alive.
Read more on ABC via Yahoo!7 News
China: Missing lawyer in prison
BEIJING, March 16 (UPI) — A human rights lawyer who vanished more than a year ago has been sentenced for plotting against the Chinese government, China’s foreign minister said.
Read more on UPI
China says missing lawyer sentenced for subversion
China’s foreign minister added to the mystery surrounding missing lawyer Gao Zhisheng on Tuesday, saying he had been sentenced on subversion charges but offering no details on his present status or whereabouts.
Read more on AP via Yahoo! News