 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
CITIC chairman looks beyond forex 'disappointments'
Hong Kong (AFP) May 25, 2009 The new chairman of troubled conglomerate Citic Pacific said Monday that the investment firm performed well in the first quarter despite massive losses incurred on forex trades in October. In his first press conference as chairman, Chang Zhenming would not give specific figures but told reporters that "the disappointment and distraction of the past seven months cannot change what was achieved in the past 20 years." He said the company's cash position for new investments was "sufficient", with 15 billion yuan (2.20 billion dollars) earmarked for its iron ore and steel businesses. The company had no plans to raise funds through a share placement, but may consider selling non-core assets, he said. However, Chang said the company had no plans to sell Citic Pacific's stake in airline Cathay Pacific or its tunnel assets in Hong Kong. The firm, which has interests ranging from iron ore mines to property, made a net loss of 12.66 billion Hong Kong dollars (1.62 billion US) in 2008 on the back of bad foreign exchange deals, after a 10.84 billion dollar profit in 2007. It booked a 14.63 billion Hong Kong dollar loss from unauthorised currency trading after bets on the Australian dollar soured in October when the greenback unexpectedly rose against it. The incident has sparked an investigation by Hong Kong's Securities and Futures Commission into the firm's entire board of directors. Chang, vice-chairman of the firm's China-based parent company Citic Group, replaced former chairman Larry Yung, who resigned after a police raid on Citic Pacific's headquarters in April following the forex losses. Citic Pacific shares touched the 50 Hong Kong dollar mark in October 2007 before plunging 90 percent over the next year. They are currently trading around 15 dollars, having rebounded following Chang's appointment. Chang said the company's steel making and iron ore interests were deemed core parts of the business, and that it was looking to hire a managing director who could help "unite" the company. Share This Article With Planet Earth
Related Links Global Trade News
China ICBC says South African investment paying offShanghai (AFP) May 25, 2009 The Industrial and Commercial Bank of China (ICBC), the world's biggest bank by market capitalisation, said on Monday it received 219 million dollars in dividends from South Africa's Standard Bank. The Chinese lender acquired a 20-percent stake in Africa's largest lender last year and the investment has produced a 7.7-percent return so far, outperforming its overseas bonds, ICBC said in an ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook