Business Digest, March 4, 2013

PUBLISHED : Monday, 04 March, 2013, 12:00am
UPDATED : Monday, 04 March, 2013, 4:32am

Oil giant plans 15b yuan fuel refining upgrade

China National Petroleum Corp (CNPC) would spend 15 billion yuan (HK$18.49 billion) to upgrade the quality of fuel it refines, general manager Zhou Jiping said. CNPC would upgrade the standard of its fuel to China IV from China III, Zhou said. The country's largest oil companies announced the upgrade plans after air pollution in Beijing hit hazardous levels on 20 days in January. Bloomberg


Index signals slowing in service sector growth

Mainland services industries grew at a slower pace in February, an official survey showed. The non-manufacturing Purchasing Managers' Index fell to 54.5 last month from 56.2 in January, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said in a statement yesterday. A survey reading above 50 indicates expansion.


Wynn directors to face renewed US fund suit

Steve Wynn and other directors of Wynn Resorts face renewal of a shareholder lawsuit alleging a US$135 million donation to the University of Macau breached fiduciary duties and wasted company assets. The accusations by a Louisiana police retirement fund were dismissed last month by a US district court judge in Las Vegas but a new suit will be filed by March 18. Bloomberg


Japan's exporters to profit from weak yen

Japanese exporters expect to be profitable as a weaker currency helps boost the yen value of their overseas earnings, according to a survey of companies released by the Cabinet Office. Bloomberg