Bank of China

Business digest

PUBLISHED : Wednesday, 12 April, 2006, 12:00am
UPDATED : Wednesday, 12 April, 2006, 12:00am


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us imposes duties on lined paper products

The US Department of Commerce has imposed preliminary anti-dumping duties on lined paper products from India and China, such as notebooks and school exercise books. The tariffs for Indian lined paper companies ranged from 22.53 per cent to 110.43 per cent, while those for Chinese firms ranged from 52.1 per cent to 258.21 per cent.

From 2003 to last year, US imports of Indian lined paper fell from US$14.2 million to US$10.9 million. Imports of Chinese paper rose from US$108.4 million to US$163.9 million. Toh Han Shih

telecoms veteran quits as china motion chairman

China Motion Telecom chairman Hau Tung-ying has resigned for personal reasons, the company said in a stock exchange announcement yesterday.

Last month, the company, which provides cross-border telecommunication services, was the subject of a $21.46 million general offer from Oriental Base, controlled by sole director Wu Chi-chiu, but the offer failed to get the required support from minority shareholders.

The general offer was triggered after Oriental Base, an investment holding company, paid $15 million for Mr Hau's 41.14 per cent stake in China Motion.

Mr Hau, a telecommunications veteran who is chairman of the Internet and Telecom Association of Hong Kong, will be replaced by Huang Anguo. Georgina Lee

cinda to sell 30b yuan of non-performing loans

China Cinda Asset Management, one of four state-owned bad-debt managers, said it was putting 30 billion yuan of non-performing loans up for sale.

Cinda bought the stale assets from Bank of China, Bank of Communications and Bank of Shanghai, said investor relations officer Zhou Liyan. The company held a briefing for potential buyers on Monday, she said. Bloomberg

yangtzekiang garment pulls out of joint venture

Yangtzekiang Garment says it will withdraw from a joint venture to develop and operate power plants in Qinghai province carrying an investment of 1.25 billion yuan.

Yangtzekiang originally had a 35 per cent stake in the venture, with the remainder taken up by Qinghai Wanli Investment, Qinghai Electric Power and Qinghai Province Qiaodian. Yangtzekiang received on Friday a refund of its 35 million yuan initial investment. Toh Han Shih

cr logic eyes acquisitions and plant expansion

China Resources Logic will spend between $400 million and $500 million on its mainland chip-making business this year and continue to expand through acquisitions, according to chairman Zhu Jin-kun.

The company saw net profit grow 2 per cent last year to $316.7 million while revenue increased 15 per cent to $3.06 billion. Operating profit from chip-making fell 8 per cent to $153 million because the firm invested in a new six-inch wafer plant.

The air-conditioner compressor unit's operating profit was $277 million, up 20 per cent year on year, on revenue of $1.4 billion. A dividend of three cents was declared. Frederick Yeung

melco plans tie-up with us maker of gaming gear

Melco International Development is planning a 20-year partnership with US casino equipment maker Shuffle Master for the manufacture, distribution, and research and development of gaming technologies.

Shuffle Master makes automatic playing-card shufflers and a variety of electronic gaming machines. Pending approval from regulators, the firms plan to set up a mainland factory and invest an initial US$1 million on a joint research centre in Macau to develop gaming machines.

Melco, chaired by Lawrence Ho Yau-lung, is building two casinos in Macau in a venture with Australia's Publishing and Broadcasting. Neil Gough