Business Digest

PUBLISHED : Thursday, 01 September, 2005, 12:00am
UPDATED : Thursday, 01 September, 2005, 12:00am

sino-us textile talks adjourn with no result

Talks in Beijing between American and Chinese negotiators came to an end last night with no news of a resolution over the controversial issue of rapidly growing Chinese textile exports.

US negotiators are due to return to Washington today but US embassy spokespeople said they would make no official statement before they left.

Members of the negotiating team were reported as saying neither side was prepared to back down over the issue of cheap Chinese textiles swamping the US market. Jamil Anderlini

hsbc increases stake in ping an to almost 20pc

HSBC Holdings has completed its purchase of an additional 9.91 per cent stake in Ping An Insurance (Group) for $8.1 billion. The acquisition brings HSBC's aggregate holding in Ping An to 19.9 per cent.

HSBC announced in May that its subsidiary, HSBC Insurance Holdings, had agreed to buy a combined 9.91 per cent stake in Ping An from Goldman Sachs and Morgan Stanley for a cash consideration of $13.20 per share.

It initially bought 10 per cent of Ping An in November 2002. Maria Chan

hutchison offers bundled mobile and fixed service

Hutchison Global Communications is bundling a free mobile handset and 2G mobile service plan provided by its sister mobile company 3 Hong Kong with its fixed-line residential service, to attract new fixed-line subscribers.

The privately owned fixed-line arm of Hutchison Telecommunications International said yesterday it would bundle its fixed-line service with a free handset and 450 minutes of free 2G mobile service. Priced at $98 for a term of two years, the bundle is 25.6 per cent cheaper than if the two services were subscribed to separately.

PCCW has said it would in the future offer a similar fixed and mobile bundled service. Georgina Lee

barclays capital opens first branch in taipei

Barclays Capital, the investment banking arm of UK financial services provider Barclays, yesterday opened a branch in Taipei to offer financing and risk management services.

Together with an office it opened in Jakarta in June, the new branch means Barclays Capital now has on-shore operations in 14 locations in the Asia-Pacific region. In November, it plans to open in China, where it already has two representative offices. Anette Jonsson

china resources power sees 41pc rise in profit

China Resources Power Holdings posted a 41.5 per cent year-on-year rise in net profit to $816.5 million in the first half, on turnover up 262.6 per cent to $2.2 billion.

The generation volume of its 14 operational plants rose 52.8 per cent to 23.23 billion kilowatt-hours on the back of an increase in attributable generation capacity to 4,663 megawatts.Eric Ng