Business Digest, November 27, 2012

PUBLISHED : Tuesday, 27 November, 2012, 12:00am
UPDATED : Tuesday, 27 November, 2012, 3:14am

Beijing probes alleged dumping from abroad

China started a probe to determine if suppliers from the United States, South Korea and the European Union are dumping polysilicon in the country, the world's biggest maker of solar panels, and if retroactive duties should be imposed. Beijing will also investigate if the US and EU are subsidising polysilicon makers, the Ministry of Commerce said. Bloomberg


Qatar fund cashes out its Barclays warrants

Qatar Holding plans to sell Barclays shares valued at about £771 million (HK$9.56 billion) as the sovereign wealth fund disposes of its remaining warrants in the British bank. A placement of about 303.3 million shares is being offered to institutional investors for 244 pence to 248 pence apiece. The fund will remain the biggest shareholder, its 6.7 per cent stake unchanged. Bloomberg


Mongolia Energy posts HK$1.79b half-year loss

Mongolia Energy Corp reported a HK$1.79 billion loss for the six months to the end of September, against a profit of HK$178.35 million a year earlier. The loss was mainly due to an impairment loss of HK$1.61 billion owing to a valuation of the Khushuut Mine assets at significantly less than their carrying value. This is due to a temporary suspension of production and decrease in the price of coal. Enoch Yiu


Schapiro to step down from SEC, report says

Mary Schapiro, who led the US Securities and Exchange Commission through the aftermath of the 2008 credit crisis, is stepping down as the agency's chairman, The New York Times said, citing government sources. She will leave amid criticism of the agency's failure to hold individuals accountable for the worst economic collapse since the Depression. Bloomberg


Indian tractor maker eyes Aston Martin

India's Mahindra & Mahindra, the world's biggest tractor manufacturer, is the front runner in a bidding war to buy a large stake in British sports car maker Aston Martin, the Economic Times reported. Mahindra & Mahindra is likely to pick up a 40 per cent stake in the carmaker, famed for its cars used in James Bond films, for US$190 million-US$320 million, the report said. AFP