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Chen Jihong News

23 Jan 2015

FMC Commissioners Meet with China Transport Officials

Wang Jianmin, Vice President of the Shanghai Shipping Exchange and Commissioner Richard A. Lidinsky, Jr.

Federal Maritime Commissioners Richard A. Lidinsky, Jr. and William P. Doyle met with transportation officials from China on January 14, 2015 in Washington, D.C. Members of the delegation included Professor Yu Shicheng, Chairman of the Shanghai Maritime University Council and Director of the Shanghai International Shipping Institute (SISI); Wang Jianmin, Vice President of the Shanghai Shipping Exchange (SSE); Chen Jihong, Associate Professor at the Shanghai Maritime University (SMU); Luo Kai, a researcher at the China Academy of Transportation Sciences (CATS). Accompanying the visitors was Dr.

06 Aug 2014

StanChart Takes Provision for Suspected Qingdao Fraud

Standard Chartered Plc said its $175 million provision to cover its exposure to suspected commodities fraud in China was the result of a conservative view of possible costs but didn't believe there were widespread problems in the sector. Chinese authorities launched an investigation in May into whether metals trading firm Decheng Mining and related companies used fake warehouse receipts at Qingdao Port to obtain multiple loans secured against a single cargo of metal. "We believe that in the provisioning we have taken we have taken a very conservative approach. Our exposure in the warehouses around Qingdao is around $250 million in total," StanChart Chief Executive Peter Sands told reporters on a call on Wednesday after the London-based bank announced first-half results.