Punishments for improper disclosures toughened

    THE securities regulator has stepped up punishments for improper disclosures of information by listed companies as the government tightens supervision amid a slew of rescue measures after a market fall of more than 30 percent in less than four weeks since June 12.

    The China Securities Regulatory Commission has punished 26 cases of improper information disclosures by 18 listed companies this year, spokesman Zhang Xiaojun told a news conference in Beijing on Friday. The regulator has also discovered 52 cases of companies illegally reducing shareholdings, Zhang said, warning against such reductions contrary to regulations.

    Shares post worst monthly loss in six years

    CHINA’S shares fell Friday and posted their biggest monthly loss in nearly six years, even as the government rolled out a series of support measures and promised to step up efforts to bolster the flagging economy.

    The Shanghai Composite Index, which tracks all the tickers trading on the Shanghai Stock Exchange, lost 1.1 percent to end at 3,664.0 points Friday. It fell 10 percent for last week and 14.3 percent for July, its worst monthly performance since August 2009. The Shenzhen Composite Index fell 0.8 percent to 2,110.62.

    Sinopec in major shakeup of overseas unit

    DOMESTIC energy giant, Sinopec Group, is relocating nearly 40 percent of its staff in its global exploration and production unit back to its headquarters, in a major shakeup aimed at cutting costs and boosting efficiency, company sources said.

    Sinopec may also look to offload more “non-core” assets, said the senior company sources, without elaborating. Sinopec International Petroleum Exploration and Production Corp. previously employed just under 700 staff managing dozens of global projects. Now it will pull 160 staff this year out of overseas posts.

    Clearing house to develop commodities clearing

    THE Shanghai Clearing House, an interbank clearing house set up for the settlement and clearing of financial products, is looking into commodities clearing, domestic media said Friday.

    Li Ruiyong, vice general manager of the clearing house, said it would seek to link up with all qualified commodity spot trading platforms within the Shanghai free trade zone, with the aim of eventually extending operations nationwide, China Securities Journal reported Friday.