┣━Finance━┫

China H1 New Bank Loans to Hit 6.5 Trillion Yuan
» Commercial bank lending in the first half is expected to hit 6.5 trillion yuan, with new loans in June coming in at about 660 billion yuan, the official Shanghai Securities News reported, citing people close to the matter.
» Chinese banks lent out a record 4.6 trillion yuan in the first quarter to help start stimulus projects; while there has been a slowdown since April, the central bank says its policy remains "moderately loose."
» Experts have warned against lending quality, unauthorized loan diversions, and the re-emergence of bad loans, which may cause banks to be more cautious in lending in the second quarter.
From wires

PetroChina Completes Singapore Petroleum Purchase
» PetroChina Co., China's top oil and gas producer, said its wholly owned subsidiary, PetroChina International (Singapore), has completed a 45.5 percent stake purchase in Singapore Petroleum Co.
» The purchase will cost about $1.5 billion, or US$6.25 per share, which is 24 percent higher than Singapore Petroleum's May 22 closing price of US$5.04.
» PetroChina International will buy the stake from Keppel Oil and Gas Services, according to a statement filed with the Shanghai Stock Exchange on June 22.
From wires

Suning Appliance Plans 3 Bln Yuan Private Share Placement
» Suning Appliance Co. said it is planning an expansion with a 3 billion yuan private share placement.
» In a statement filed with the Shenzhen Stock Exchange on June 20, the major home appliance retailer said it plans to issue up to 200 million shares worth at least 15 yuan per share to 10 shareholders.
» If approved by regulators and shareholders, the money will be used to fund 250 new retail outlets in addition to its current 819, as well as to supplement working capital and build logistics centers in Chengdu, Wuxi, Chongqing, Xuzhou, Tianjin, and Beijing.
Full article in Chinese: http://www.caijing.com.cn/2009-06-20/110187113.html

┣━Industry━┫

Changhong to Form LCD JV with Taiwan Partner
» Sichuan Chuanghong Electric Co. said it plans to set up a joint venture to produce liquid crystal display (LCD) panels with BriView Electronics Co., a wholly-owned subsidiary of Taiwan's AU Optronics Co., the world's third biggest producer of thin film transistor LCD panels.
» Initial investment in the joint venture would be about 100 million yuan, said top home appliance maker Sichuan Chaunghong in a statement filed with the Shanghai Stock Exchange on June 22.
» Sichuan Chuanghong will have a 49 percent stake in the venture, while BriView will have a 51 percent stake.
From wires

China May Processed Crude Volume Record 31.2 Mln Tons
» The volume of crude oil processed in May rose 10.7 percent year-on-year to a record 31.2 million tons, with gasoline, diesel and kerosene output totaling 19.3 million tons, up 16.7 percent year-on-year, the China Petroleum and Chemical Industry Association said on June 22.
» China's crude output and sales are expected to keep rising to reflect increased industrial demand, said Jiang Xinmin, an expert with the National Development and Reform Commission, as quoted by the official Xinhua news agency.
» Oil product sales in May reached 18.3 million tons, down 0.2 percent from a year earlier.
From wires

BMW China Recalls 7 Series
» BMW will recall 1,694 of its 7 Series sedans due to a suspected fuel system fault which could lead to engine failure, the General Administration of Quality Supervision, Inspection and Quarantine said on June 19.
» The cars for recall were produced between July 1, 2008 and May 6, 2009, the quality regulator said, and suffered from substandard production materials.
» BMW will replace the cars' fuel tanks and refit them with new fuel lines.
From wires

┣━Politics and Law━┫

China Dissatisfied with ADB's Disputed Territories Document
» The Asian Development Bank's adoption of the "India Country Partnership Strategy," which involves disputed territories between China and India, faced strong dissatisfaction from the Chinese side on June 18.
» According to the India Country Partnership Strategy, ADB will make a loan of US$ 2.9 billion to India, including 60 million devoted to the disputed territory of Tawang District, known as Arunachal Pradesh to India.
» Chinese Foreign Ministry Spokesperson Qin Gang said ADB's move can change neither the existence of immense territorial disputes between China and India nor China's fundamental position on its border issues with India. He saw the move as an intervention in the member states of ADB.
» The bank's spokesperson said that ADB will adopt a neutral position on the territory disputes and will provide an “appropriate guide to action” for staff working in the disputed territory.
Full article in Chinese: http://www.caijing.com.cn/2009-06-19/110186804.html

Supreme Court Asks Advice on Patent Law Interpretation
» On June 18, the Chinese Supreme Court turned to the public for advice on its judicial interpretation of the patent law, which underwent some amendments last December and will take effect on October 1.
» 12 of the 25 provisions of the new patent law draft deal with setting boundaries within which a certain subject is protected by a patent.
» 3 other provisions interpret prior art rules against a patent.
Full article in Chinese: http://www.caijing.com.cn/2009-06-19/110186944.html