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  • September 16, 2014
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  1. News - Hong Kong - FINANCE

    SFC launches legal action against Citic to demand compensation for investors

    Posted Sep 11th 2014, 11:17pm by Enoch Yiu

    ... suffered actual losses of HK$807.7 million and HK$14.7 billion in mark-to-market losses from hedging the currency risks of its Australian iron ore mining project. The statement said Citic was aware ... foreign currency bets, drawing heavy criticism for poor corporate governance and risk control. The iron ore-to-property giant, China's largest conglomerate and its first overseas investment ...

    http://www.scmp.com/news/hong-kong/article/1590457/sfc-launches-legal-action-against-citic-demand-compensation-investors
  2. Business - Companies - FINANCE

    Under-fire Citic seeks legal advice on SFC's HK$1.9 billion lawsuit

    Posted Sep 13th 2014, 04:28am by Enoch Yiu

    ... weeks later, on October 20, 2008, the company issued a profit warning as it reported HK$15.5 billion in losses from forex trading when hedging currency risks for its Australian iron ore mining ...

    http://www.scmp.com/business/companies/article/1591313/under-fire-citic-takes-legal-advice-sfc-writ-analyst-call-action
  3. Business - Banking & Finance - FINANCE

    Bitcoin investors cash in as US says it could embrace the virtual currency

    Posted Nov 20th 2013, 02:55am by DANNY LEE, Angela Meng and Adrian Wan

    ... Danny Lee, Angela Meng and Adrian Wan A positive US senate committee hearing on the digital currency has raised its value, and hopes it will keep on rising if criminals are shut out Early investors find richpickings in bitcoin surge Thousands are cashing in on the soaring value of bitcoins after the US signalled it could embrace the red-hot digital currency. The value of a single ...

    http://www.scmp.com/business/banking-finance/article/1360696/bitcoin-investors-cash-us-says-it-could-embrace-virtual
  4. Lifestyle - Books - FINANCE

    Book review: Saving the Market from Capitalism, by Massimo Amato and Luca Fantacci

    Posted Aug 17th 2014, 08:02am by David Wilson

    ... such as Greece, politicians should get practical and radical: rein in the market that has come to lord them all- the financial market. Local currencies should be created and used to foster neighbourhood ...

    http://www.scmp.com/lifestyle/books/article/1574187/book-review-saving-market-capitalism-massimo-amato-and-luca-fantacci
  5. News - Business - FINANCE

    Australia to invest foreign currency assets of A$1.9b in Chinese bonds

    Posted Apr 25th 2013, 12:00am by Victoria Ruan

    ... Victoria Ruan in Beijing victoria.ruan@scmp.com Central bank will invest A$1.9b, or 5pc of its foreign currency assets, in sovereign securities as bilateral economic ties increase Australia to buy Chinese bonds Australia's central bank plans to invest about 5 per cent of its foreign currency assets, or A$1.9 billion, in Chinese government bonds due to the growing ...

    http://www.scmp.com/news/article/1222352/australia-invest-foreign-currency-assets-a19b-chinese-bonds
  6. Business - Banking & Finance - FINANCE

    Every penny of HK$3 trillion Exchange Fund needed for ‘crises’, says HKMA chief

    Posted Jul 29th 2014, 01:50am by Enoch Yiu

    ... of the fund is kept in highly liquid low-risk assets so it can be deployed to back Hong Kong's monetary base and underpin the currency peg to the US dollar. Most of the rest consists ... to "drive away currency speculators". At the time the local market cap was HK$2 trillion; now it is over HK$24 trillion. Similar intervention now would need HK$1.4 trillion, Chan said. "If ...

    http://www.scmp.com/business/banking-finance/article/1561450/hands-hk3-trillion-exchange-fund-says-monetary-authority
  7. Business - Banking & Finance - FINANCE

    Taiwan to renegotiate deal on yuan investment quota

    Posted Jul 12th 2014, 12:52am by BLOOM

    ... more subject to change." Germany and South Korea received RQFII quotas this year as mainland China continues to push for greater internationalisation of its currency. Hong Kong, Singapore, ... relaxed restrictions on insurers holding foreign currency-denominated assets and could ease rules on products such as structured notes. "We'd like to see what the insurance companies ...

    http://www.scmp.com/business/banking-finance/article/1552353/taiwan-renegotiate-deal-yuan-investment-quota
  8. Business - Banking & Finance - FINANCE

    Hong Kong Monetary Authority chief pledges support for US dollar peg

    Posted Jul 07th 2014, 11:27pm by Enoch Yiu

    ... the local dollar's peg to the US currency when his second term begins in October. His comments- in an article on the HKMA website marking his fifth anniversary as the city's de facto ... developing yuan business in the city would continue to be his focus. Beijing has allowed the yuan to be used for international trade settlement since mid-2009. Deposits of the currency in the city ...

    http://www.scmp.com/business/banking-finance/article/1549266/hong-kong-monetary-authority-chief-pledges-support-us
  9. Business - Banking & Finance - FINANCE

    US slaps tax on bitcoin as IRS deems it to be 'property'

    Posted Mar 27th 2014, 01:21am by SHIRLEY ZHAO

    ... Shirley Zhao shirley.zhao@scmp.com HK urged to take firm position on bitcoin tax Hong Kong should have a clear stance on regulating the bitcoin virtual currency and whether it should be taxed, financial analysts say. They were speaking after a decision by the United States Internal Revenue Service on Tuesday to treat virtual currency as property for tax purposes, instead ...

    http://www.scmp.com/business/banking-finance/article/1458074/hong-kong-urged-take-firm-position-bitcoin-tax
  10. Business - Banking & Finance - FINANCE

    Like Bank of China, Citic Bank also offers service branded 'money laundering' by CCTV

    Posted Jul 09th 2014, 03:58pm by DON WEINLAND, George Chen

    ... the movement of currency overseas, including Hong Knog. "It is definitely not an illegal business," said one source. "Both BOC and Citic Bank have been able to do this business only ... the central bank would need more time to investigate the situation. Analysts cast doubt on whether such a scheme that allowed for free currency exchange could exist. "The government is very ...

    http://www.scmp.com/business/banking-finance/article/1550351/bank-china-laundering-money-would-be-emigrants-cctv-reports

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