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China copper smelter faces new risk over restructuring HONG KONG: A majority shareholder in a $1.9 billion Chinese copper smelter being built in the port city of Lianyungang faces the risk of a court-ordered restructuring or bankruptcy, marking a new threat to a project still awaiting environmental approval.The smelter, which is due to have a capacity of 800,000 tonne a year, or more than 10 percent of China's copper smelting capacity in 2015, is being built by Jiangsu Universal Copper.The firm is majority owned by Jiangsu Tiandilong Group Co Ltd with the remainder held by firms in Hong Kong and Malaysia.Work on the smelter has proceeded slowly over the past two years and, as well as the financing it still requires, an environmental assessment report had not yet been approved, said a source with direct knowledge of the Jiangsu Universal Copper operation.Jiangsu Tiandilong is a producer of copper rods and power cables in Yixing city in Jiangsu province ...


Iron ore heads for worst week since April on shaky Chinese steel SINGAPORE: Spot iron ore prices hovered at their lowest since late May and were set to mark their biggest weekly drop in more than two months amid sluggish Chinese steel demand.To cope with poor demand at home, some Chinese steelmakers are selling their output abroad at a loss, according to traders and a producer, as a group of global industry bodies urged governments to take action over rising shipments from China.A slide in Chinese steel ...

Gold turns higher after Fed statement, dollar extends losses NEW YORK/LONDON: Gold turned higher on Wednesday, after the Federal Reserve said the U.S. economy is likely strong enough to support an interest rate increase by the end of 2015, causing the dollar to extend losses.The U.S. economy, after contracting in the first quarter, is now on track to grow between 1.8 percent and 2.0 percent this year, according to the central bank's latest policy statement and new projections issued by Fed policymakers.Spot gold was ...

Raw sugar rebounds from 6-1/2-year low, cocoa eases NEW YORK/LONDON: Raw sugar futures on ICE bounced higher on Wednesday, after failing to make a new 6-1/2-year low, while cocoa fell back from the prior session's 8-1/2 month high.Robusta coffee was mostly lower, although the spot contract's premium to September sharply extended its rise to the highest in more than a year as July options expired. Arabica coffee fell as July/September spreading boosted volume.Raw sugar prices initially extended last week's losses on large stocks, ...

Copper dips on caution ahead of Fed, zinc weighed down by stocks LONDON: Copper dipped to a three-month low on Wednesday as nervous investors waited for signals on U.S. interest rates and developments in Greek debt talks.Zinc hit a 2-1/2 month low after inventories rose again, raising questions over forecasts for shortages later this year."The market will be marking time, I suppose, right up until the official statement from the Fed," said Robin Bhar, head of metals research at Societe Generale in London.The U.S. Federal Reserve is ...

Soybeans hit 5-week high on US crop concerns SINGAPORE: Chicago soybean futures jumped to a five-week peak on Wednesday, adding to sharp gains in the previous session, amid worries over US crop conditions and a slower pace of planting.A cut in US crop ratings released this week followed heavy rains in the US Midwest and southern Plains and boosted prices of new-crop soybeans. Corn and wheat also gained.Front-month soybeans on the Chicago Board of Trade were up nearly 1 percent at $9.65-3/4 a ...

Palm slips on uncertainty over Indonesian export levies KUALA LUMPUR: Malaysian palm oil futures fell in tight trade on Wednesday as investors grew uncertain over the implementation of Indonesian palm levies and whether they can effectively fund biodiesel subsidies in the world's top producer.The regulation will require exporters in Indonesia to pay a tax of $50 per tonne of crude palm oil and $30 for processed palm oil product shipments. The proceeds will be used to fund ambitious biodiesel mandates that are slated ...


 



 
Index Closing Chg%
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln