zoom Mainboard-listed JES International Holdings Limited has appointed a new CEO, Ms Audrey Jin, as Mr Jin Xin has stepped down as Chairman and CEO with effect from 16 March 2015 to concentrate on the operations of the business in China. Prior to the appointment of CEO, Ms Jin was the Deputy CEO of JES. As informed, Mr Jin Xin will remain an Executive Director of the Company. “The restructuring of the group’s subsidiaries in China requires close supervision. Mr Jin Xin has stepped down as Chairman and CEO to devote more time to ensure the successful restructuring of the affected subsidiaries and operations in China,” said Jin.JES also announced that a local Chinese bank has extended new banking facilities to its wholly-owned subsidiary, Jiangsu New Eastern Marine Equipment (NEME) and agreed to provide adequate financing facilities to NEME’s on-going and future projects.NEME is on the “white list” of the Chinese government and the entity which has secured the group’s latest shipbuilding contracts and option worth about USD 1 billion.JES is in the midst of identifying and appointing a corporate finance advisor to assist it with the restructuring process of restructuring its subsidiary Jiangsu Eastern Heavy Industries shipyard (JEHI).JEHI has filed an application for debt and liabilities restructuring at Taizhou Intermediate People’s Court.“The restructuring exercise is a necessary step to bring all the subsidiaries’ businesses back to profitability. With the strong supports of local government and professionals, we hope to complete the restructuring as soon as possible,” added Jin.
Toronto’s main stock index continued to push higher Thursday as Wall Street veered lower on heightened interest rate expectations from the U.S. Federal Reserve.The S&P/TSX composite index climbed 65.32 points to 15,454.92, with rising energy and financials shares among the key gainers.Following Wednesday’s announcement that the Fed remains on course to raise rates one more time this year and three times in 2018, interest-sensitive names on the TSX have benefited, said portfolio manager Kash Pashootan.“Banks stocks are having a good couple of days here given that higher interest rates help their net interest margins,” said Pashootan, who works at First Avenue Advisory, a Raymond James company.“So although the announcement came from the U.S. it had a spillover effect in Canada.”South of the border, banks and industrials were among the few bright spots on U.S. stock indexes as modest gains from a day earlier were wiped out.The Dow Jones industrial average was down 53.36 points to 22,359.23. The S&P 500 index lost 7.64 points to 2,500.60 and the Nasdaq composite index gave back 33.35 points to 6,422.69.“You’re seeing a hangover effect from yesterday’s Federal Reserve meeting and comments,” said Pashootan. “Really, the take away of course is that if there were any doubts that rates were going to continue to rise, that’s been removed off the table.”As a result, he said, that’s having a bullish effect on the U.S. dollar and putting downward pressure on the loonie.The Canadian dollar was trading at an average price of 81.04 cents US, down 0.44 of a cent.Pashootan said the fact that the market has been fairly boring and inactive in the United States “is a good thing because it’s taking the time needed to digest the news.”“If you think about monetary policy in Canada compared to the U.S., it’s been quite different in the sense that the U.S. has done a better job at speaking ahead and preparing the markets for higher rates,” he said.“The Bank of Canada didn’t prepare the markets as well in advance and you’ve seen the result of that in the Canadian dollar being up double digits in the last six months.”In commodities news, the November crude contract shed 14 cents to US$50.55 per barrel and the October natural gas contract was down 15 cents to US$2.95 per mmBTU.The December gold contract dropped $21.60 to US$1,294.80 an ounce and the December copper contract declined three cents to US$2.93 a pound.Follow @DaveHTO on Twitter