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Business Digest, February 28, 2013

PUBLISHED : Thursday, 28 February, 2013, 12:00am
UPDATED : Thursday, 28 February, 2013, 5:02am


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Think tank estimates GDP growth at 8pc

China's gross domestic product will grow at an annualised rate of about 8 per cent in the first quarter of this year, while the consumer price index will rise an annualised 2.6 per cent, the China Securities News said, quoting the State Information Centre, a leading government think tank. Fixed-asset investment will grow 21 per cent, it said. Reuters


WTO rules against anti-dumping duties

China's anti-dumping duties on European Union X-ray security inspection equipment violate global commerce law, the World Trade Organisation said in its second ruling condemning a Chinese trade-remedy measure. Beijing accused EU companies of selling the equipment in China below cost, hurting Chinese producers of the scanners. Bloomberg


StanChart fined NT$5m for inadequate controls

Taiwan's Financial Supervisory Commission has fined Standard Chartered NT$5 million (HK$1.3 million) for inadequate internal controls. The regulator told the bank to fire an employee who embezzled funds from its credit card business. "This is an isolated incident, and we have taken action to prevent recurrence," a bank spokeswoman said. Kanis Li


Results roundup

  • Net earnings at hotel and commercial property developer Great Eagle rose 6.8 per cent to HK$1.8 billion last year. Revenue from the firm's core business rose at the same rate to HK$5.68 billion. A total dividend of 66 HK cents per share was proposed, up from 61 HK cents a year ago. Paggie Leung
  • Shenzhen-based vessel fuel supplier and oil trader Brightoil Petroleum reported a net loss of HK$871 million for the last six months of last year, compared with a net profit of HK$965 million for the same period a year earlier. Revenue dropped 35 per cent to HK$23.6 billion, hit by a depressed market in the shipping industry. Sophie Yu
  • Xinjiang Goldwind Science & Technology, the mainland's second-largest maker of wind-power turbines, reported an unaudited 74.8 per cent plunge in net profit to 153 million yuan (HK$191 million) for last year. Revenues fell 11.8 per cent to 11.32 billion yuan. This is in line with the 50 per cent to 100 per cent full-year profit decline the firm forecast in October. Eric Ng
  • BYD's net profit plunged 94.2 per cent to 81 million yuan last year on poor sales of its handset components and solar cells, despite a rebound in sales of its cars. The operating loss was 319 million yuan, against a profit of 1.41 billion yuan the year before. Anita Lam