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News PM April 1

04-01 17:37 Caijing

Huaneng Reports 3.7 Bln Loss, Minmetal, OZ Revise Deal, Bank of China To Raise Stake In BOC Hong Kong, Twenty Dialysis Patients Infected with Hepatitis C



Huaneng Reports 3.7 Bln Loss

» China's leading power company Huaneng International posted a 3.7 billion yuan loss for 2008.

» Huaneng said rising coal prices pushed costs up 63 percent from the previous year.

» Analysts predict the company will turn a profit in 2009 as coal prices are dropping.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131393.html


Unicom Increases Investment in 3G

» China Unicom will invest a total of 95 billion yuan in building 3G networks and improving its current 2G network, according to Company Chairman Chang Xiaobing.

» The operator is set to launch its WCDMA services by the end of the year.

» On March 31, China Unicom reported 171 billion yuan revenue 2008, with a profit of 33.9 billion yuan.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131494.html


Jiangxi Copper Net Profit Drop On Price Slump

» China’s largest integrated copper producer Jiangxi Copper Co. said its net profit in 2008 fell 49.6 percent to 2.3 billion yuan.

» Jingxi blamed the loss on higher costs and taxes, as well as a write-down of its inventories and fixed assets.

» The company booked a net loss of 1.4 billion yuan in the fourth quarter of 2008, compared to a profit of 1.3 billion in 2007.

» Jingxi’s 2008 operating revenue was 53.97 billion yuan, up 24.5 percent.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131570.html


Minmetal, OZ Revise Deal

» On behest of the Australian government, China's Minmetals has revised its purchase proposal for OZ Minerals.

» Under the new plan, Minmetals would buy eight mines and other exploration and development assets from Oz Minerals for US$ 1.2 billion.

» The new deal excludes OZ Mineral’s Prominent Hill mine and operations in Indonesia, Cambodia and Thailand.

» The revised plan comes after the Australian government blocked a previous deal between the companies citing national security reasons.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131458.html




Bank of China To Raise Stake In BOC Hong Kong

» The Bank of China said its board approved a plan to increase its stake in BOC Hong Kong Ltd. over the next 12 months via the secondary market.

» The size of the purchases will depend on the subsidiary’s share price, the bank said March 31.

» The Bank of China added that its purchases will not reduce BOC Hong Kong’s public float below the minimum requirement for listed companies.

» Bank of China holds 65.8 percent of BOC Hong Kong.

Full article in Chinese: http://www.caijing.com.cn/2009-03-31/110131205.html


China To Extend Bank-Share Lockup Period For Foreign Investors

» China will extend the lockup period for foreign investors’ shares in Chinese banks to at least five years, from the current three years.

» The longer holding period will apply to Chinese banks bringing in new strategic investors, said Liu Mingkang, chairman of the CBRC.

» In recent months, several foreign banks have sold stakes in Chinese banks to raise cash amid the global financial crisis.

From wires


Chinese Stock Markets Close Up

» China's main stock index climbed to a seven-month closing high on Wednesday.

» The benchmark Shanghai Composite Index gained or 1.47 percent finishing at 2408.02 points.

» The Shenzhen Component Index added 174.06 points, or 1.94 percent, to close at 9156.01 points

» Combined turnover expanded to 250.67 billion yuan from 200.03 billion yuan on the previous trading day.


┣━Politics & Law━┫


Former Chairman of Beiya Group Receives Life Sentence for Embezzlement

» Liu Guiting was sentenced to life in prison April 1.

» During his tenure as chairman of Beiya Industrial Group Co. from 1997 to 2006, Liu allegedly misappropriated 100 million yuan of public funds, embezzled over 13 million yuan, took 500,000 yuan in bribes, and gave more than 2 million yuan and US$ 320,000 in bribes to state government offices.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131499.html


Twenty Dialysis Patients Infected with Hepatitis C

» Twenty patients who received dialysis at the Taiyuan Public Traffic Company Workers Hospital contracted hepatitis C.

» Fourteen of the 20 patients also received dialysis treatments at the Shanxi Coal Industry Central Hospital.

» The directors of the dialysis wards and head nurses of both hospitals have been dismissed, according to the Ministry of Health.

» Neither hospital has offered a compensation plan.

Full article in Chinese: http://www.caijing.com.cn/2009-04-01/110131625.html

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