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Citic Securities Co News

25 Aug 2015

Trafigura's Impala Terminals Scraps Chinese Joint Venture

Commodity trader Trafigura said its logistics and warehouse unit Impala Terminals has scrapped plans for a metals warehousing joint venture in China and will also exit its refined base metals business. Trafigura had announced a joint venture last October with Citics Global Trade, a subsidiary of Citic Securities Co Ltd , China's largest investment bank. "This (cancellation) is due to the necessary conditions not being in place," Trafigura said in a statement on Tuesday, giving no further details. The statement did not mention suspected metals financing fraud at China's Qingdao port, but last year Trafigura said a probe had affected some partners and hit confidence in the industry as a whole.

08 Dec 2014

Trafigura Consolidating Operations in 3 Locations

Commodity trader Trafigura said on Monday its logistics and warehouse unit Impala Terminals plans to focus its refined metals business in Antwerp, Dubai and China, exiting several sites to concentrate on places where it has greater control. Trafigura, one of the world's largest commodities traders, said Impala planned to cease operation in Taiwan, South Korea, Malaysia, Vietnam, Thailand, Turkey and Italy by the end of 2014. The company said the impact of suspected metals financing fraud at China's Qingdao port on Impala Terminals "was not material", but the probe had affected some partners and hit confidence in the industry as a whole.

06 Mar 2008

Large Shipbuilders Keep Profits Despite Steel Price Hike

An analyst from CITIC Securities Co., Ltd., said that the prices of steel products for shipbuilding would not increase as much as others, thanks to the long term partnership between shipbuilders and steel producers. Baosteel, a flagship in China's iron and steel industry, is a shareholder of China State Shipbuilding Corporation, and the two parties have co-invested in a leading shipbuilding base in China, Gao noted. Although China's steel enterprises have not yet released the growth rate of steel prices for the shipbuilding industry, Gao remained positive on the development of large shipbuilders. A researcher from China Shipbuilding Industrial Economy Research Center…

09 Jan 2008

Financial IUpdate on Asia and China

According to Bloomberg.com, Asian stocks rose for the first time in four days, led by financial shares, after China Merchants Bank Co. doubled its profit and Citic Securities Co. said net income jumped more than fivefold. China Construction Bank Corp. climbed the most in two weeks in Hong Kong. Fubon Financial Holding Co. led Taiwanese financial companies higher after the Economic Daily News reported they may be allowed to buy stakes in China's banks. Reliance Industries Ltd. paced gains among energy shares after saying it may join rivals to seek oil in India. The MSCI Asia Pacific Index added 0.1 percent to 153.10 as of 7:17 p.m. in Tokyo, following a three-day, 3.4 percent drop. About six stocks climbed for every five that retreated.