China Asks Citic Group to Examine Huarong’s Finances
Charlie Zhu, Zheng Li, Jun Luo, and Heng Xie, 28 June 2021
China has asked one of its biggest state-owned conglomerates to examine the finances of China Huarong Asset Management Co., people familiar with the matter said, adding a new twist to the drama that has roiled the world’s second-largest credit market for months.
Citic Group, whose businesses span everything from banking to securities and mining, recently dispatched a team to Huarong to pore over the embattled distressed-debt manager’s books, the people said, asking not to be identified discussing private information. Continue reading “Article: China Asks Citic Group to Examine Huarong’s Finances”
Iron ore price sinks as China vows to punish market manipulation
MINING.COM Staff Writer , 14 May 2021
Iron ore’s slump from a record accelerated as China ramps up efforts to control prices.
Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, dived 7.5% to 1,173 yuan ($182.22) a tonne. The contract fell 4.4% this week. Spot prices of iron ore with 62% iron content for delivery to China, compiled by SteelHome consultancy, had declined $12 to $220.5 a tonne on Thursday.. Continue reading “Article: Iron ore price sinks as China vows to punish market manipulation”
Three New York men arrested, accused of pulling off $30 million international bank heist
David K. Li, 23 April 2021
Three Brooklyn men were arrested and accused of stealing more than $30 million in cash and other valuables from safe deposit boxes in banks across Europe, federal authorities said.
A grand jury indictment charged Val Cooper, 56, Alex Levin, 52, and Garri Smith, 49, with money laundering conspiracy and violations of the Travel Act after a string of alleged thefts between March 2015 and October 2019 at banks in Ukraine, Russia, North Macedonia, Moldova, Latvia, Uzbekistan, Azerbaijan and France. Continue reading “Article: Three New York men arrested, accused of pulling off $30 million international bank heist”
Hong Kong activist charged with foreign collusion under national security law
Jessie Pang and James Pomfret, 24 March 2021
HONG KONG (Reuters) – Hong Kong pro-democracy activist Andy Li was charged on Wednesday with “conspiracy to commit collusion” with a foreign country to endanger national security, two days after he was released from a Chinese prison.
At the city’s West Kowloon Court, the prosecutor told the judge that Li, who had been detained by Chinese authorities after trying to flee Hong Kong for Taiwan by boat with 11 others last August, would also be charged with two other offences including possession of ammunition without a licence.
The ammunition in question included used tear gas canisters.
Under the city’s China-imposed national security law, defendants could face up to life in prison if convicted. Continue reading “Article: Hong Kong activist charged with foreign collusion under national security law”
Written by Yun Li and published at CNBC on Feb 27, 2021
“In its brief 232 years of existence … there has been no incubator for unleashing human potential like America,” the chairman and CEO of Berkshire Hathaway wrote in the letter released Saturday.
GameStop short sellers are still not surrendering despite nearly $20 billion in losses this month
Yun Li, 29 January 2021
The astronomical rally in GameStop has imposed huge losses of nearly $20 billion for short sellers this month, but they are not budging.
Short-selling hedge funds have suffered a mark-to-market loss of $19.75 billion year to date in the brick-and-mortar video game retailer, including a nearly $8 billion loss on Friday as the stock kept ripping higher, according to data from S3 Partners.
Still, short sellers mostly are holding onto their bearish positions or they are being replaced by new hedge funds willing to bet against the stock. GameStop shares that have been borrowed and sold short have declined by just about 5 million over the last week, marking an 8% dip in the short interest, according to S3. Most of the short covering occurred on Thursday, when the stock fell for the first time in six days. Continue reading “Article: GameStop short sellers are still not surrendering despite nearly $20 billion in losses this month”