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HSBC Leads the Way into Agricultural Hinterland 2007-08-16 03:17:12 HSBC Holdings PLC said it has received regulatory approval to launch HSBC Rural Bank Co. in central Hubei province. HSBC hopes to offer by the end of the year a range of services tailored to the local market, which it said consists of about 80% rural residents but also includes vibrant manufacturing enterprises. Read Original Post Here ...

Inflation Surge Makes Case for Rate Rise 2007-08-16 03:17:11 The National Bureau of Statistics said China’s consumer-price index jumped by 5.6% in July from the same month last year, the highest rate of increase since 1997. Food prices were the main culprit, led by a 45.2% rise in some meat prices. Once described as exporting deflation to the rest of the world, China is now more likely to be exporting inflation. In the U.S. Read Original Post Here ...

Economy Shows No Sign of Slowing as Surplus, M2 Both Rise 2007-08-16 03:17:10 The trade surplus in July hit $24.36 billion, second only to June’s record $26.9 billion. Exports in July rose 34.2% from July 2006 to $107.74 billion while imports increased 26.9% to $83.39 billion, the General Administration of Customs said. Read Original Post Here ...

Bank’s Debut May Tilt Global IPO Race 2007-08-16 03:17:10 China Construction Bank Corp. hired three domestic underwriters for its expected $6.5 billion Shanghai initial public offering, a person close to the deal said. This puts China on track to challenge the U.S. as the largest IPO market this year. The state bank mandated China International Capital Corp., Citic Securities Co. and China Cinda Asset Management Corp. Read Original Post Here ...

Tire Defect Estimate Deflated by Recall 2007-08-16 03:17:09 Foreign Tire Sales Inc. is recalling about 255,000 tires, a little more than half the number it originally said posed a safety risk. FTS said in June that as many as 450,000 tires it had imported from Hangzhou Zhongce Rubber Co., China’s second-largest tire maker by output, might lack an important safety feature and therefore deemed them defective. Read Original Post Here ...

PetroChina Holders Clear A-Share Offering 2007-08-16 03:17:09 Shareholders of PetroChina Co., the largest listed oil and gas producer in China by capacity, approved a plan to sell Class A shares in a domestic initial public offering ahead of a listing in Shanghai. ?The pricing won’t be too high. I think ordinary investors can afford it,? President Jiang Jiemin said. Read Original Post Here ...

Construction Begins On Solar Plant 2007-08-16 03:17:08 China has begun building the nation’s largest solar power plant using concentrating photovoltaic modules as part of efforts to boost use of renewable energy, the Ministry of Commerce said. The plant, in Xichang city, is designed to have a capacity of 10 megawatts compared with one in Shenzhen, which is currently the largest, with a 1 MW capacity, the ministry said. Read Original Post Here ...

Developer Wins Bidding for Beijing Property 2007-08-16 03:17:08 Property developer Beijing North Star Co. said it won the bidding to acquire a Beijing site for residential and commercial use, agreeing to pay the government 1.15 billion yuan ($152 million). The Hong Kong-listed company said the plot, in the city’s Chaoyang District, has a site area of 191,003 square meters and gross floor area of 391,357 square meters. Read Original Post Here ...

Lenovo Weighs Packard Bell Purchase 2007-08-16 03:17:07 Lenovo Group Ltd. said it is in talks to buy a stake in Netherlands-based computer maker Packard Bell BV. Packard Bell is a smaller player focused on selling computers and consumer electronics in Western Europe. It is owned by Chinese-American businessman John Hui, best-known for selling eMachines to Gateway Inc. for close to $300 million in 2004. Read Original Post Here ...

The Central Government Bears Down 2007-08-16 03:17:07 President Hu Jintao’s administration, suffering from a string of embarrassing scandals, is moving to take authority away from powerful local governments. Provincial and city governments have for decades had broad freedom to run their own affairs, as long as they delivered economic expansion and kept social conflict in check. Read Original Post Here ...

Sun Offers Breaks to Start-Ups 2007-08-16 03:17:06 Server and software developer Sun Microsystems Inc. said it will extend its discount program for start-up companies to China. The company launched the program, Sun Startup Essentials, in the U.S. in November. It offers early-stage Internet-service companies discounted servers and other hardware as well as free software and support. Read Original Post Here ...

Chinese Firms Will Likely Lead Nasdaq’s Foreign Listings Next Year 2007-08-16 03:17:06 Chinese firms are likely to be the largest group of foreign companies listed on Nasdaq by the end of next year, and these will be ?innovative growth companies? with solid corporate governance, said Michael Oxley, vice chairman of Nasdaq Stock Market Inc. Mr. Oxley co-authored the U.S. Read Original Post Here ...

Sina’s Net Profit Gets Lift from Ads 2007-08-16 03:17:05 Sina Corp., the operator of China’s top Internet portal, said second-quarter net profit rose 39% on an increase in advertising revenue. ?Our second-quarter results continue to demonstrate our strength in our core online advertising business,? said Chief Executive Charles Chao. Net profit rose to $14.5 million from $10.4 million a year earlier, while revenue increased 11% to $59.8 million. Read Original Post Here ...

Prudential to Raise Fund Stakes 2007-08-16 03:17:05 Prudential PLC of the United Kingdom said it will increase its stake in its China fund-management joint venture to 49% from 33%. Prudential will buy a 16% stake in Shanghai-based Citic Prudential Fund Management Co. from China-Singapore Suzhou Industrial Park Venture Co., the venture said in a statement. Read Original Post Here ...

Regulator Approves Chalco Share Swap 2007-08-16 03:17:04 The securities regulator approved a plan by Aluminum Corp. of China Ltd., known as Chalco, to take over its affiliate Baotou Aluminum Co. through a share swap worth up to $1.7 billion, Baotou Aluminum said. The deal had already been agreed by Baotou Aluminum’s shareholders and the State-owned Assets Supervision and Administration Commission. Read Original Post Here ...