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Citic Pacific Iron Ore Mine Contract in Australia
Citic Pacific Ltd., the Hong Kong arm of China’s biggest state-owned investment company, replaced two finance executives and predicted as much as HK$15.5 billion ($2 billion) in losses from unauthorized currency bets.
A loss of HK$808 million has been incurred from terminating some leveraged currency contracts, and an additional HK$14.7 billion in losses are possible, Hong [...]
