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SCMP Reporter

WITH the media industry abuzz with new newspaper launches, the talk is that Albert Cheng King-hon's Paramount Printing is being groomed as a media stock and a name change is in the offing.

  The Chai Wan-based firm is both printer and publisher but the publishing side of its business is coming to the fore ahead of next month's launch of its Chinese-language Sunday magazine and newspaper.

  Paramount has a number of publications in its stable including Capital magazine, the Securities Journal and the Chinese language version of Forbes.

  On December 12 it launches its Chinese language Sunday Chronicle newspaper, which will be accompanied by a magazine, Sunday Weekly, and a children's paper, Yellow Bus.

  The name change is likely to be announced on the back of promising interim figures from the firm. Paramount is expected to move firmly into the black after a period of red ink.

     SHAREHOLDERS of Paragon could be forgiven for being confused over the company's strategy following seemingly contradictory statements from the firm.

  Last week, Sunday Money published an article, saying: ''China National Petroleum Corp (CNPC), the biggest corporation in China, plans to use Hong Kong-listed Paragon as a base from which to control all its regional oil development projects.

  ''Paragon, 35.9 per cent owned by CNPC, will be responsible for most of its controlling shareholder's oil and gas exploration, drilling and development activities in Asia, according to director Ms Helen Qiu Xinghe.''   Yet last Monday, Paragon's executive director Jasjit Singh Gill issued a correction, stating that comments made by Ms Qiu were inaccurate.

  The statement says that no discussions have been held with regard to the company controlling its regional oil development projects for CNPC.

   When we quizzed him later, Mr Gill did not dispute that Ms Qiu was speaking for the company.

  ''I didn't mean your story was incorrect. What we meant is to correct for the record certain inaccuracies,'' said Mr Gill. Make of that what you will.

  However, what is known is that in Paragon's interim results, released last month, the firm states that with access to controlling shareholder CNPC's extensive experience and connections it is well placed to expand.

  So exactly what are Paragon's plans in relation to CNPC? We've given up trying to work it out. Ask the company.

     THE three-month quarantine period for foreign investment funds wishing to exit Taiwan could soon be lifted, according to Jeffrey Koo, president of Chinatrust commercial bank.

  Having watched the region's more accessible markets take off on the back of massive inflows of foreign investment, the Taiwanese are apparently feeling left-out. Allowing the foreigners freer access and easier remittance terms would lift much of the uncertainty in the market, largely the result of the stop-go politicking surrounding the financial reforms.

  The Taiwan government has apparently made the psychological decision to allow capital movement in and out of the country for foreign mutual fund investors, said Mr Koo. Quite when, he wasn't saying, but he reckoned if the country was to attain the oft stated ambition of its leaders to become a regional financial centre it was imminent.

  Local investors who have watched the market idle since the massive crash of 1991 have been getting enthusiastic at the prospect of foreign investors providing some impetus.

  The market with a market capitalisation of over US$100 billion has less than $1.7 billion of foreign money invested in it.

  Long paranoid of the potentially malign influence of mainland money acting as an agent provocateur on the economy it looks as if the power-politics within the ruling Nationalist party is at last tilting towards financial detente.



China Energy Reserve, a would-be real estate magnate, misses payment on US$350 million bond

China’s state oil behemoth gets a marquee Hong Kong address after buying Li Ka-shing’s building

China National Petroleum appointing new head of trading arm as Wang Lihua retires

China’s central bank officials  remain hopeful about future of shrinking dim sum bond market 

China National Petroleum Corporation (CNPC)

Paramount Printing joins paper chase