Thursday, September 11, 2008

Daily news - 10 Sep

China Energy replaces CFO, adds new directors
CHINA Energy yesterday announced changes at its helm, replacing its chief financial officer (CFO) and adding some corporate heavyweights to its board of directors. William Wong stepped down yesterday as CFO and handed over his duties to Leslie Ying. China Energy said that this was part of its internal succession plans formulated in the fourth quarter of last year. Mr Ying had entered into a service agreement with China Energy last December, under which he would commence employment as CFO on or before April 1 this year.

Noble Group declares force majeure
COMMODITIES trader Noble Group has declared force majeure on thermal coal shipments from its DEJ mine in Indonesia because of recent heavy rains, traders said yesterday. Traders said that Japanese utility J-Power was affected by the move. Noble's force majeure, which comes amid tight supplies from Australia, China and South Africa, is expected to boost Asian thermal coal prices, which fell about US$5 to about US$156 a tonne on the globalCOAL NEWC index on Monday due to weaker prices in the oil and gas markets.

Source: Kim Eng

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