State-owned Enterprises

Business Digest, January 19, 2013

PUBLISHED : Saturday, 19 January, 2013, 12:00am
UPDATED : Saturday, 19 January, 2013, 5:12am

Earnings growth at SOEs speeds up

Earnings at China's state-owned firms rose 22.4 per cent from November, accelerating from November's increase of 5.7 per cent, but the pick-up was not enough to offset weakness for the year, when combined profits slipped 5.8 per cent compared to 2011, official data showed. State-owned non-financial firms made combined profits of 2.2 trillion yuan (HK$2.74 trillion) last year, the Ministry of Finance said. Reuters


Morgan Stanley turns around to a profit

Morgan Stanley, the top global equity underwriter last year, reported fourth-quarter net income of US$507 million, compared with a loss of US$250 million a year earlier, beating analysts' estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm's goal for this year. Bloomberg


Electricity output jumps 7.6pc

China's electricity output last month grew 7.6 per cent from a year earlier to 432.7 billion kilowatt-hours, the National Bureau of Statistics said. Power consumption in China, the world's top energy user, is expected to grow more than 9 per cent this year, quicker than the 5.5 per cent last year, the State Electricity Regulatory Commission said on Thursday. Reuters


Silver American Eagles sold out at US Mint

The US Mint has sold out of American Eagle silver coins at a time when investors bought the most metal in five years through the biggest exchange-traded product. The mint's sales are "temporarily" suspended and will resume on or about the week of January 28 when inventory is replenished, it said. Holdings in the iShares Silver Trust jumped 571.6 tonnes on Wednesday, an increase valued at US$584 million. Bloomberg