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ICBC, other Chinese banks curb retail Shanghai gold trading with suspensions and higher margins
Industrial and Commercial Bank of China said it will stop agency precious metals bidding on the Shanghai Gold Exchange from July 24. Postal Savings Bank, Ping An Bank and China Guangfa Bank also announced suspensions, while Bank of China and Huaxia Bank lifted client margin ratios on deferred contracts to as high as 140%, with changes focused on existing customers.
Deals & Capital Markets · a month agoEnergy Fuels Agrees to Acquire German Magnet Maker Vacuumschmelze in $1.9 Billion Deal
Energy Fuels said it agreed to buy Vacuumschmelze from Ara Partners for about $1.9 billion in equity value, paying $718 million in cash and issuing 65.853 million shares, with additional preferred-share protection tied to closing price. The deal includes assumed net debt of about $140 million and is targeted to close in early 2027, subject to approvals.
Energy & Commodities · a month agoSingapore to roll out OTC gold clearing and central bank vaulting services this year
Singapore Exchange plans to launch an over-the-counter clearing system for Loco Singapore gold by the end of 2026, with DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC and UOB as clearing members. MAS said it will start central bank gold-vaulting services by October and remove a 5% cap on physical precious metals under eligible tax-incentive schemes.
Deals & Capital Markets · a month agoDaniel Kretinsky set to raise West Ham holding to 43% in deal for Gold family stake
Daniel Kretinsky is expected to buy an additional stake in West Ham United from the Gold family, increasing his ownership from 27% to 43% and making him the club’s largest shareholder. Reports said the transaction could be completed within weeks and would add funding for the club.
Economy · 2 months agoWorld Bank says Cambodia's economy is holding up as 2025 FDI climbs and early-2026 exports rise
The World Bank said Cambodia’s economy remained resilient, with foreign direct investment reaching $5.1 billion, or 10.1% of GDP, in 2025, up 15% from a year earlier. Goods exports excluding gold increased 17.7% year on year in the first quarter of 2026, according to its June update.
Geopolitics & Trade · 2 months agoU.S. says fighter jets struck Iranian radar and air defense sites after Army helicopter incident near Hormuz
The U.S. military said it carried out strikes on Iranian air defense, ground-control and surveillance radar sites near the Strait of Hormuz after a U.S. Army Apache went down off Oman. Two crew members were rescued and were in stable condition. Iranian media reported explosions in Qeshm, Sirik, Bandar Abbas and near Jask.
Central Banks & Policy · 2 months agoPBOC Raises China’s Gold Reserves by 320,000 Ounces; FX Reserves Climb to $3.44 Trillion
China’s central bank increased official gold holdings by 320,000 troy ounces last month, lifting reserves to 74.96 million ounces, according to data released Sunday. China’s foreign exchange reserves rose $31.7 billion to $3.4422 trillion by the end of May. Bullion prices fell in May for a third straight month.