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Business Digest, February 23, 2013

PUBLISHED : Saturday, 23 February, 2013, 12:00am
UPDATED : Saturday, 23 February, 2013, 6:36am

EU says euro-zone GDP to fall again this year

The euro-zone economy will shrink in back-to-back years for the first time as governments, consumers and firms curb spending, the European Commission said. Gross domestic product is forecast to fall 0.3 per cent this year, compared with a November prediction of 0.1 per cent growth. Meanwhile, the European Central Bank said bailed-out banks would repay a less-than-expected €61.1 billion (HK$626 billion) of the second of two three-year loans they took a year ago. Bloomberg, Reuters

 

Solar firm warns of default on bond

Shanghai Chaori Solar Energy Science & Technology said it might not be able to pay interest due on March 7 to bond investors because of a cash crunch. It might post losses of 1.1 billion yuan (HK$1.37 billion) for last year, the firm told the Shenzhen stock exchange. Bloomberg

 

Chinese Estates profit jumps from 2011

Chinese Estates says its net profit for last year may have increased significantly from 2011, owing mainly to unrealised valuation gains on some investment properties, and realised and unrealised gains on investments in listed securities. Eric Ng

 

Tencent stock hit after firm seeks user details

Shenzhen-based Tencent, the mainland's largest internet firm, fell 2.72 per cent, the most in more than two months, in Hong Kong trading after it sought identification details for some users of its WeChat instant-messaging service to comply with new mainland regulations. Bloomberg

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