bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

S&P raises ratings on CNOOC and UNITS

Standard & Poor's has raised its long-term corporate credit rating on listed offshore oil producer CNOOC, captive finance subsidiary CNOOC Finance and parent China National Offshore Oil Corp to A-minus from BBB-plus. The outlook on all three ratings is stable.

The agency said the revision was based on its belief that CNOOC would  maintain a strong financial profile despite its aggressive growth plans.

CNOOC's future expansion was  unlikely to be as large as its US$18.5 billion failed bid for United States oil firm Unocal Corp, the agency added.  Eric Ng

Cathay Pacific to add more flights to INdia

Cathay Pacific Airways will bump up its peak-season schedule to India from next month, serving  Mumbai and New Delhi with daily flights.

Cathay, which flies to the cities four times a week, said India was repeating a decision it took last year to allow the new flights on an extra-bilateral basis exclusively from December 1 to January 31.

Cathay and Hong Kong Dragon Airlines have been pushing the government for years to expand the current air services agreement with India. Talks collapsed earlier this year on day two of the scheduled three-day negotiations. Russell Barling

SFC takes directors to task for code breach

The Securities and Futures Commission has criticised the board of directors of ITC Corp for breaching the takeovers code.

On April 19, Hanny Holdings announced that it would make a possible voluntary securities exchange offer for all shares of Group Dragon Investments which would be established following completion of the group reorganisation of China Strategic Holdings.

As ITC held more than  20 per cent of the shares in Hanny, it was presumed to be acting in concert with Hanny under the takeovers code.

On October 21, a wholly owned subsidiary of ITC acquired 11 million Hanny shares for $44 million, increasing ITC's shareholding in Hanny from 20.61 per cent to 25.48 per cent.

The board of directors of ITC admits the code breach and Hanny and ITC and their respective board of directors have undertaken to adopt measures to ensure future compliance. Enoch Yiu

container throughput up 3.3pc in october

Hong Kong handled 3.3 per cent more containers last month but continues to lag  behind Singapore in  absolute numbers and growth rate.

Hong Kong ports  handled two million teu (20-ft equivalent units) in October.

For the first 10 months, Hong Kong has handled 18.64 million teu, up 1.7 per cent. Singapore ports handled 19.26 million teu in the same period.  Charlotte So



Business Digest