Briefs, November 29, 2012

PUBLISHED : Thursday, 29 November, 2012, 12:00am
UPDATED : Thursday, 29 November, 2012, 3:46am

Four Spanish banks to get €37b in loans

The European Union has approved the payment of €37 billion (HK$371 billion) in bailout loans to four of Spain's struggling banks - provided each of them cut its loans and investments by 60 per cent. The sum is part of a €100 billion credit line approved by the other 16 euro-zone countries to shore up Spain's banks. AP


US to halt new federal contracts to BP

BP, which pleaded guilty to criminal charges after the worst US oil spill occurred in 2010, will be temporarily suspended from winning new contracts from the federal government, the US Environmental Protection Agency said. It said the ban was imposed because BP's conduct during the fatal incident showed a lack of integrity. Bloomberg


GM, partners to build US$1b Chongqing plant

General Motors and its joint venture partners SAIC Motor and Wuling Motors plan to build a US$1 billion car assembly plant next year in Chongqing as part of GM's drive to remain the leader in the world's largest car market. Bloomberg


Lenovo starts selling smartphones in Russia

Lenovo started selling smartphones in Russia as China's second-largest vendor of the devices seeks to extend its global dominance in personal computers to mobile phones and tablets. Lenovo has started offering its S880 and P700i models in the country, its fifth market abroad for the devices. Bloomberg


Mongolia Energy plans HK$400m notes issue

Mongolia Energy Corp, which announced a HK$1.79 billion loss for the six months to September, plans to issue HK$400 million of convertible notes to shareholders Golden Infinity and Chow Tai Fook. Funds raised will be used to develop its Khushuut coking coal project in Mongolia, which has suspended production, leading to a HK$1.61 billion impairment loss. Enoch Yiu


Chong Hing Bank chief executive to step down

Chong Hing Bank said Liu Lit-chi, 73, will retire as chief executive after having served the bank for more than 50 years and be replaced by Lau Wai-man, executive director and deputy chief executive. Liu will remain managing director. Three directors will quit to comply with new exchange rules. Enoch Yiu