(Bloomberg) Abu Dhabi-backed Mubadala Investment Co. is buying into a Swiss online metals-trading platform set up by two former Glencore Plc traders. The United Arab Emirates wealth fund is the lead investor in a $33 million funding round, Zug, Switzerland-based Open Mineral AG said in a statement. The funds will be used to expand the company’s digital trading offering, which allows producers and traders to buy and sell metals and raw materials online. Boris Eykher, Open Mineral’s chief executive officer and co-founder, said the firm has 45% of all global metals buyers and sellers registered on its trading platform. Users include China’s Zijin Mining Group and Russia’s Ural Mining and Metallurgical Co., he said by email. The latest funding round attracted other new investors, including Statkraft and Lingfeng Capital. Open Mineral declined to disclose the size of individual investments. The trading platform’s other backers include Xploration Capital and Emerald Technology Ve
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Inside the race to avert disaster at China’s biggest ‘bad bank’, the Huarong Asset Management Co
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Inside the race to avert disaster at China’s biggest ‘bad bank’, the Huarong Asset Management CoBloomberg
Last Updated: May 24, 2021, 11:56 AM IST
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Synopsis
Huarong Asset Management Co has been in full crisis mode ever since it delayed its 2020 earnings results, eroding investor confidence. Executives have come to expect to be summoned by government authorities at a moment’s notice whenever market sentiment sours and the price of Huarong debt sinks anew.
Reuters
Huarong makes good on some $41 billion borrowed on the bond markets, most incurred under Wang’s predecessor before he was ensnared in a sweeping crackdown on corruption. That long-time executive, Lai Xiaomin, was put to death in January his formal presence expunged from Huarong right down to the signature on its stock certificates.
Huarong drama: Inside the race to avert disaster at China’s biggest ‘bad bank’ Sorry, but your browser needs Javascript to use this site. If you re not sure how to activate it, please refer to this site: https://www.enable-javascript.com/
The China Huarong Asset Management Co. headquarters in Beijing | BLOOMBERG
Bloomberg May 24, 2021
It was past 9 p.m. on Financial Street in Beijing by the time the figure inside Huarong Tower picked up an inkbrush and, with practiced strokes, began to set characters to paper.
Another trying workday was ending for Wang Zhanfeng, corporate chairman, Chinese Communist Party functionary and, less happily, replacement for a man who very recently had been executed.