12/1/2020 Financial News: CNOOC Limited Shares Plunge on U.S. Sanctions, Domestic Banks Default on Debt

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  1. U.S. stock futures rose on Monday night after the major averages notched sharp monthly gains for November. Dow Jones Industrial Average futures traded 236 points higher. S&P 500 and Nasdaq 100 futures also traded in positive territory.
  2. Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand.
  3. Russia’s largest lender Sberbank expects its non-financial businesses to generate 60% of company revenues by 2030, with e-commerce at the heart of a new three-year strategy, unveiled by Chief Executive German Gref on Monday.
  4. According to documents obtained by Reuters, China’s top chipmaker, SMIC, and national offshore oil and gas producer CNOOC will be added to the list for allegedly being controlled by China’s military. China Construction Technology Co. Ltd. and China International Engineering Consulting Corp. will also be added to the list. This action will limit their access to U.S. investors.
  5. The vice president of the branch of Everbright Bank who has the authority to approve loans and issue illegal loans to enterprises, caused the bank ¥84 million non-performing loans irrecoverable. Failing to pay off millions of foreign debts, he packaged and transferred the debt to others. He also asked borrowers for bribes of nearly ¥45 million and let his sister collect the money for him.
  6. ¥2.5 billion principal of Guangzhou Agricultural and Commercial Bank(GACB) went into a trust loan default;  high-ranking executives frequently  got caught in fraud and arrested. Recently, the GACB sent ST Zhongjie (002021.SZ) a letter requesting its debtors to repay the  loan  principal,  interest,  penalty interest, compound interest, liquidated damages, etc.

By 【G-Translators – Financial Team】

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