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  • Business
  • Wednesday, 17 Sep 2003

NYMEX fines BP US$2.5mil  

NEW YORK: The New York Mercantile Exchange (NYMEX) has fined British oil major BP plc US$2.5mil for questionable crude oil trades in 2001 and 2002. 

The disciplinary action came after allegations against BP of wash trading, exemptions from position limits for hedging bona fide transactions, and conduct detrimental to the interests and welfare of the exchange. The trades in question occurred in January 2001 and August 2002, said NYMEX, the world’s largest energy trading house. 

BP had settled with NYMEX for the full amount without admitting or denying the allegations, the exchange said. BP did not immediately return phone calls about the settlement. – Reuters 

Newly listed bank rewards investors  

SHANGHAI: Huaxia Bank, one of China’s five listed lenders, is doling out 1.24 billion yuan (US$149.8mil) in dividends, rewarding investors who bought into its initial public offering last week. 

The bank, which posted net earnings of 373.83 million yuan in the first half and 788.74 million yuan in 2002, said it would pay 0.353 yuan per share in dividends from its 2002 and first-half 2003 profit – a payout that actually exceeds net earnings over the period. – Reuters 

Keppel Land, unit buy Bangkok site  

SINGAPORE: Keppel Land Ltd, Singapore’s sixth largest property group, has teamed up with its 45.45%-owned Thai unit to buy a 12.5ha residential site in Bangkok for 305 million baht (US$7.5mil). 

Keppel said it would have a 39% stake in the site, with the rest owned by Keppel Thai Properties Public Co Ltd (KTP).  

Expanding overseas, especially into China, Thailand and on a smaller scale in Vietnam, is a key plank of Keppel’s strategy to offset a slowing domestic home market. – Reuters

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