Dinari131: Chinese stock market halted for second time in a week
Joe McDonald, The Associated Press
Last Updated Thursday, January 7, 2016 12:25AM EST
BEIJING – China halted stock trading Thursday, its second daylong trading suspension this week, after prices plunged in the latest spasm of investor panic on its volatile markets.
A similar price plunge Monday triggered a sell-off on Wall Street and other global markets.
China plans to restrict stock sales by large shareholders
On Thursday, trading was suspended after a market index, the CSI 300, nose-dived 7 per cent a half-hour after markets opened, triggering a “circuit breaker” that took effect Jan. 1.
The “circuit breaker” requires a 15-minute pause in trading if the CSI 300 falls 5 per cent within 30 minutes. But Thursday’s decline was so fast that before that could take effect, it hit the 7 per cent limit that ends trading for the day.
The benchmark Shanghai Composite Index fell 7.3 per cent to 3,115.89. The Shenzhen Composite Index for China’s smaller second exchange slumped 8.3 per cent to 1,955.88.
Also Thursday, a six-month ban on sales by shareholders who own more than 5 per cent of a company was due to expire. Regulators announced this week that to avoid fueling further volatility, such sales will be limited to private transactions.
The Shanghai benchmark more than doubled between late 2014 and its June 12 peak as millions of novice investors bought shares.
Chinese leaders had encouraged the public to buy in hopes of raising money to overhaul state industry. The market rout alienated small investors who were left holding shares worth less than they paid.
Authorities say shares bought by state companies will be transferred to China’s sovereign wealth fund to avoid depressing prices by selling them in the open market. The ban on new IPOs was lifted in November.
http://timesofindia.indiatimes.com/busi … 476826.cms
http://www.ctvnews.ca/business/chinese- … -1.2726956
Walkingstick: World Bank: 3.1% growth of the economy of Iraq in 2016
January 7, 2016 12:01
Direct: The World Bank predicted that Iraq achieve economic growth of 3.1% during the current year 2016 as a result of the recovery of oil and non-oil sectors, compared to 0.5% for 2015.
The bank stressed that the ongoing conflicts damaged Alaguetsadio activity in Iraq, Libya, Syria, Yemen and the loss of life and destruction of infrastructure and the movement of trade, the World Bank predicted high growth rate in Iraq.
The bank attributed this increase to the expected lifting of economic sanctions imposed on Iran, which would allow it to play a greater role in global energy markets.
http://www.mubasher.info/news/2888071/% … D9%8A-2016
Walkingstick: CBI News & Announcements
To all licensed banks (the transition from the uniform accounting system for banks and insurance companies to international standards)
To all licensed banks (buy gold commemorative coins)