Commercial Bank – Pivdencom Bank Tue, 22 Nov 2022 02:46:22 +0000 en-US hourly 1 Commercial Bank – Pivdencom Bank 32 32 Unpaid electricity bills hamper Chinese financing of Pakistan’s power projects Tue, 22 Nov 2022 02:46:22 +0000

China told Pakistan on Monday that huge unpaid electricity bills are forcing the drying up of Chinese funding for other Pakistani power projects. The issue of receivables and the opening of a revolving account for China’s CPEC Independent Power Producers (IPPs) are still pending, with their receivables now exceeding Rs 300 billion, Business Recorder reported.

Huge receivables from existing Chinese energy projects are the biggest hurdle in convincing banks to finance more other energy projects in order to achieve their financial closes, knowledgeable federal government sources told Business Recorder. Last month, a detailed meeting was held between Energy Division Secretary Rashid Mahmood Langrial and China Export and Credit Insurance Corporation (Sinosure) Vice President Xu Xinwei to discuss the financial close of some energy projects in the country. CPEC.

M/s Sinosure has shared a list of the following six banks involved in financing Thar Block-1 power projects by Shanghai Electric: (ii) China Development Bank (CDB); (ii) Industrial and Commercial Bank of China (ICBC); (iii) Postal Savings Bank of China Limited (PSBC); (iv) Bank of Communications (BCM); (v) China Minsheng Banking Corporation Limited; and (vi) Agricultural Bank of China (ABC). According to sources, the Chinese side has been clear on Pakistan’s concerns and issues over the financial closures of the project, saying it includes four major projects of concern, namely Block Thar-1, Azad Pattan, Kohala and Project energy of Gwadar. These projects are highly valued by the Chinese government and relevant financial institutions, Business Recorder reported.

The Chinese side, sources said, noted that since last year, Sinosure has set up a special working group to push forward these projects with Xu Xinwei as the working group’s team leader. He personally conducted many meetings and set up Wechat groups to follow the regular progress of Thar Block-1 and Gwadar coal power projects. He maintained that since February 2022, despite the problem of overdue electricity bills, Sinosure has been constantly monitoring progress and has completed deliberations with the board.

Over the past 6-7 months, Sinosure has pushed six commercial banks for all projects to issue loan plans as only long-term union solutions can be made possible with government approval, Business Recorder reported. . Sinosure has also met with representatives of Shanghai Electric and the six banks face to face and further negotiations will continue to weigh on the progress of the project.

The Chinese side further said that for the Thar coal projects, the current situation suggests that some banks are withholding investment in CPEC projects, due to lagging electricity tariffs, as they lack confidence in new projects. , as most banks are public. listed companies and have strict risk management systems, Business Recorder reported. Meanwhile, Secretary Power went on to note that since the Thar Block-1 power project used local coal, its commercial operation would help the overall ability of the power sector to make paybacks due to electricity generation. less expensive.

Similarly, if the Kohala and Azad Pattan power projects could be completed, they would help bring down the overall price of the basket and help to make payments to the banks quickly, which was in the interest of both Pakistan and banks, Business Recorder reported. Responding to Secretary Power, the Chinese side said that overdue electricity bills were still a major concern for banks and if this could be resolved, Sinosure could take the progress of banks forward, adding that being unable to receive bank financing solutions, Chinese officials are unable to move forward to take the next steps, Business Recorder reported. (ANI)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Former Huishang Bank chairman expelled from Communist Party Sat, 19 Nov 2022 03:19:32 +0000

What’s new: Wu Xuemin, former president of Hong Kong Huishang Bank Corp. ltd.was expelled from the Communist Party for alleged corruption and faces criminal charges, China’s top anti-corruption said in a statement Friday.

Wu, 54, served as party leader and chairman of Huishang Bank between November 2017 and April 2021 before being named head of Anhui Credit Guarantee Group Co. Ltd. He was investigated by the party in March.

In a strong statement, the Central Commission for Discipline Inspection (CCDI) accused Wu of betraying the party’s mission and becoming extremely greedy. Wu “recklessly abused his power in granting loans and managing personnel for personal gain and resulted in a huge loss of state assets,” the statement said. Investigators have given Wu’s case to the court system for prosecution according to law, he added.

Background: During Wu’s tenure, Huishang Bank suffered heavy losses on its interbank transactions with Baoshang Bank Co.Ltd., the first Chinese commercial bank to fail in decades. It is also one of the beneficiaries of Baoshang’s remaining assets.

Huishang Bank had about 6 billion yuan ($854 million) in losses on interbank deposits in Baoshang, Caixin learned in 2019 when Baoshang was seized by regulators.

Before Wu’s fall, two of his predecessors, Dai Hedi and Li Hongming, were also investigated. In May, Dai was sentenced to 12 years in prison for corruption.

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Hive Blockchain Revenue Drops 44% YoY Despite Overall Rise in Mining Production Tue, 15 Nov 2022 18:17:48 +0000

According to its second quarter (ending Sept. 30) earnings presentation released Nov. 15, Vancouver-based digital asset mining company Hive Blockchain’s revenue fell 44% year-over-year to $29.6 million. During the same period, the company’s net income also declined from $59.8 million in the year-ago quarter to a loss of $37 million.

Hive Blockchain’s net profit was significantly higher than its revenue in the second quarter of 2022, as the company also recognized more than $22 million in gains on the Bitcoin (BTC) and Ether (ETH) it mined . Although the company did not incur significant capital losses on parts in the second quarter of 2023, it did, however, record an impairment charge of $26.2 million for its mining rigs.

The company’s losses appear to have escalated even as its Bitcoin mining capabilities have increased further. Year-over-year, Hive Blockchain mined 31% more BTC than in Q2 2022 for a total of 858 coins, which is even more valuable after representing a 15.9% decline in year-over-year of its ETH mining, which stood at 7,309 coins in the quarter.

The overall increase in production was attributed to the opening of the company’s New Brunswick Bitcoin mining facility in the last 12 months, which brought more than 17,300 miners of specific ICs online. application (ASIC). Expressing his optimism for the company’s operations, Executive Chairman Frank Holmes said:

“Strategically, we haven’t borrowed expensive debt against our mining equipment or pledged our Bitcoins for expensive loans, so our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt; attractive prices for green renewables and energy-efficient ASIC chips will help us get through this crypto winter.

However, the company warned of higher operating expenses in the future due to record mining difficulties. Currently, Hive Blockchain encompasses around 0.85% of the Bitcoin network hash rate. At the end of the quarter, Hive Blockchain reported holding 1,116 BTC, worth $48.4 million, and 25,154 ETH, worth $74.7 million, on its balance sheet.