SINGAPORE - Credit Suisse and a group of Chinese banks have seized seven of Dongfang Shipbuilding's tankers due to outstanding debts of around US$250 million after the Singapore Supreme Court ruled in favour of the creditors, a minority shareholder said. The Singapore-based shipbuilder was delisted from the alternative investment market of the London Stock Exchange last week after struggling for months to stay afloat in the face of a severe downturn in the maritime industry. Dongfang has been without a chairman since Venkatesh Narayanaswamy resigned in February. Chief Financial Officer AKM Ismail quit a few weeks later. Credit Suisse has taken control of four Dongfang tankers in Singapore since May 26 after the shipbuilder failed to pay around $42 million in debts, according to an industry official with knowledge of the matter and data posted on the website of the Supreme Court. Three tankers have also been seized by a consortium of Chinese banks, including Agricultural Bank of … [Read more...] about Credit Suisse, Chinese banks seize vessels of troubled Dongfang
Agricultural bank of china singapore
VietNamNet Bridge – Dr. Mai Huu Tin, Deputy Chairman of the Vietnam Youth Union, a congressman from the southern province of Binh Duong, made a "shocking" speech at the National Assembly meeting on Monday about the trade deficit between Vietnam and China, an underground economy and the "protective coat" of the economy which is being torn. Figures from the General Statistics Office of Vietnam in recent years showed that the trade deficit of Vietnam with China is increasing, from $12.4 billion in 2010 to $16.3 billion in 2012 and up to $29 billion in 2014. "The huge imbalance in trade with China has been discussed a lot but we have not had a truly effective solution. But I want to mention an issue that I think to be bigger, more dangerous to the economy of Vietnam. It is the arising disparities of export figures announced by the statistic offices of the two countries," Dr. Tin said in the speech that was broadcast live on TV on June 8. In his view, the statistics of the two … [Read more...] about Are $20 billion of China goods unofficially entering Vietnam?
TOKYO, October 19, 2010 - East Asia is leading the global recovery, but its success has attracted a surge of capital that has inflated currencies, spelling a risk to exports and future growth, the World Bank said Tuesday. While the rebound remains sluggish in the United States, EU and Japan, emerging East Asia, led by China, is growing at near pre-2008 global crisis levels, with an expected real economic growth rate of 8.9 per cent this year, it said. "East Asia remains the fastest growing world region," said the bank, pointing out that sales of flatscreen TVs, automobiles and even Bordeaux wines in East Asia are now the largest for any region in the world. The report on East Asia's developing economies -- which excludes Japan, South Korea, Singapore, Hong Kong and Taiwan -- said China remains the region's economic powerhouse, with projected growth of 9.5 per cent in 2010. However, confidence in developing East Asia has triggered a flood of liquidity in search of higher … [Read more...] about East Asia booming, but rising currencies a risk: World Bank
HONG KONG - U.S. bank card suppliers looking to take on China UnionPay in its home market after the WTO ruled Beijing illegally favors the state-owned network will be battling a deeply entrenched incumbent with 2.5 billion cards in circulation worldwide. The likes of Visa Inc, Mastercard Inc and American Express could find themselves following the path of other foreign financial companies that have entered China with much fanfare but gained little traction. "It's one more step in a very long process to get greater access for Mastercard and others," said Dave Carini, managing director at China Maverick Research. "But that process is going to take several years, and at the end of it they will still not have full and open access to the market they would like." The World Trade Organisation dispute panel said on Monday Beijing had broken WTO rules by requiring all yuan-denominated payment cards issued in China to work with UnionPay, forcing the country to change its rules to give … [Read more...] about Visa, MC still face hurdles in China after WTO ruling
WASHINGTON - The United States on Wednesday opened its banking market to China's biggest bank ICBC, for the first time clearing a takeover of a US bank by a Chinese state-controlled company. Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia. The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States. ICBC has been the most aggressive of China's "big four" banks in expanding abroad. Outside China, it operates subsidiary banks in Asian countries and has branches in a number of countries including Germany, Japan and Singapore. According to the Fed, the bank has total assets of roughly US$2.5 trillion. ICBC will buy up to 80 per cent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California. … [Read more...] about Fed clears China’s first US bank takeover