JING HUA TIMES Finance News Highlights 2009-3-10

1.      In 2-3 years, East Group Co. will purchase petroleum and mining resource enterprises in East Asia, North America, Africa etc. Because of the global finical crisis, there are many opportunities for Chinese private enterprises to invest abroad.

-East Group Co.,established in 1978, is a Chinese company that invests in the banking and securities industry, home building materials trade, harbor transportation and mining resource.

 

2.      Merck & Co will buy Schering-Plough Corporation for $41.1 billion in stock and cash in a deal that gives the company a competitive advantage in the pharmaceutical industry. Main News

-Schering-Plough is an innovation-driven, science-centered global health care company.

-Merck & Co., Inc. is a global research-driven pharmaceutical company. Established in 1891, Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs.

 

3.      The wholesale price of edible oil in Beijing has gone down. B37

 

4.      On April 1^st, Japan will carry out a new policy for "Long-term goods security check and label" for water heaters. Chinese producers, in order to export to Japan, will have to add in the label description of the product the expiry date and repairing methods. B36

 

5.      Japan posted its first current-account deficit in 13 years in January after exports collapsed amid the global recession.

-The deficit stood at 172.8 billion yen ($1.8 billion), the Ministry of Finance said in Tokyo yesterday. The median estimate of 22 economists surveyed by Bloomberg News was for a gap of 15.3 billion yen. It was the biggest shortfall since January 1985, the earliest year for which there is comparable data. B38

 

6.      On March 8^th, The World Bank presented an economic report, saying the global economy is suffering the worst time since World War II. B38

7.      American International Group Inc (AIG) appealed for its fourth US government rescue. The company claims that its collapse could cripple money-market funds, force European banks to raise capital, cause competing life insurers to fail and wipe out the taxpayers' stake in the firm.

-AIG needed immediate help from the Federal Reserve and Treasury to prevent a "catastrophic" collapse that would be worse for markets than the demise last year of Lehman Brothers Holdings Inc, according to a 21-page draft AIG presentation dated Feb 26, labeled as "strictly confidential" and circulated among federal and state regulators. B38

JING HUA TIMES General News Highlights 2009-3-10

1.      China declares that it will never let another political party come into power. A02 Headline

2.      On Mar. 18^th, 200 bamboo-slips, used in the opening ceremony 29^th Beijing Olympics will be publicly auctioned. A15

3.      North Korea cut the last military connections with South Korea. A23

JING HUA TIMES Finance News Highlights 2009-3-9

1.      On March 7^th, a team from the China Council for the Promotion of International Trade flew to Germany, Switzerland, Spain and UK for a series of seminars and projects negotiations. The focus of these events is on: auto, mechanical electronics, light industry, food, fiber clothing, chemistry medicine and environmental energy-saving industries.  

2.      Bank of Paris will purchase 75% equity of Fortis Bank (owned by the Belgium government). The inflow of funds from Bank of Paris will allow Fortis Bank to spend 13.75 million Euro to buy a 25% equity share of Fortis Belgium Insurance. B36

3.      Last Friday GOME (one of the biggest household appliance companies in China) signed a contract to cooperate with SANLIAN COMMERCE CO. LTD. (a multi-targeted company in Shandong province). In the coming 3 years, GOME will sell goods to SANLIAN at a cheaper price. B36

4.      On March 7^th, China Mobile, China Unicom and China Telecom signed a strategy agreement, agreeing to invest 100 billion RMB in the coming 5 years in Zhejiang Province. B37

5.      AUDI will produce Q5 (a new model auto) in Oct this year. B37

6.      SUNING (one of the biggest household appliance companies in China) will open their first branch in Hong Kong this year. The company will offer 2,000 job positions for the graduates. B38

7.      Wu Steel Company is going to cut down steel price in April. B36

JING HUA TIMES General News Highlights 2009-3-9

1.      Yesterday the 1000 Fou drums (Fou is an ancient Chinese instrument discovered thousands of years ago in Shanghai) used in the 2008 Beijing Olympics were auctioned for 50 million RMB. Front Page - Main news A11

2.      From today on, Beijing citizens can log into this website: www.bjjtgl.gov.cn to choose their plate number online. A10

3.      A new close for the Beijing public accumulation housing fund, will allow new applicants to stop reimbursing their loan in the event of a serious accident. A10

4.      The First Lady's ex-boyfriend showed up at one of Obama's interview with an American magazine. A17

JING HUA TIMES Finance News Highlights 2009-3-4

1. During the Geneva Car Exhibition 2009, Audi releases the new A4 Allroad.

2. AIA (The Association of International Accountants) separated itself from the AIG (American International Group) hoping for a more successful future. B 35

3. Dow Jones Index fell significantly by 6800 points since the Asian financial crisis in 1997; the American stock market is dropping sharply, which has had a negative effect on stock markets around the world. B 40

4. A survey from CITI Bank showed that 49% of people who live in Beijing and Shanghai own their own houses. B 34

JING HUA TIMES General News Highlights 2009-3-4

1. Civil Aviation Administration of China (CAAC) has confirmed that China will not stop buying Airbus. A 10

On Feb. 25 2009, news from a European Airbus Company said that they were not able to cooperate with China on exporting 150 airplanes. The statement was confirmed untrue yesterday.

2. For the coming National 60^th birthday ceremony, Beijing government is going to redecorate the west part of Changan street (the famous & longest street in China); 12 series of Hutongs will be painted in dark red to reflect the traditional Chinese culture. A 11

3. The former headmaster of a primary school in Beijing was arrested for stealing a 700 thousand RMB donation. A 13

4. A boy went on a crazy shopping spree in the new Dongan shopping mall (located at Wangfujing shopping area) on the 26^th of February spending over 10 thousand RMB in one day. A 16

5. Yesterday, on the opening ceremony of CPPCC (Political Consultation Congress), for the first time members sang along the national anthem instead of simply listening to it. A 02 -Main News-

6. Chinese Construction Commission announced there will be 10,000 price-limit houses on the market later this year. A 12

Price-limit houses are a type of house which limits both size and price; this special option makes it possible for low-income families to purchase a house.

2009-3-3 JING HUA TIMES General News Highlights

1. Patriotic bidder prevented relics' sale. The collector said he made a fake offer to protest Christie's auction. A 06

The mystery bidder for the 2 looted Chinese bronze relics, sold at Christie's high profile auction in Paris last week, revealed his identity yesterday.

Cai Mingchao, 44, told a press conference in Beijing that he will not pay for the bids; and that he made the bogus offer to protest the sale of the looted Chinese relics.

2. The CPPCC (Political Consultation Congress) is starting at 15pm today. A 02-04

3. The Chinese State food and drug administration announced yesterday that Shenyang Feilong Medicine Company is no longer active in Beijing, after being found guilty of illegal advertisement. A 07

4. The former vice-president of China Development Bank was sentenced to life imprisonment for accepting bribes. A 09

5. The Ministry of Public Health is drafting a series of safety standards for diary production in China. They will be completed in 6 months. A 05

2009-3-3 JING HUA TIMES Finance News Highlights

1. Sanyuan gears up for Sanlu assets. B 36

Firm faces challenge taking over troubled milk powder maker. Beijing Sanyuan Food Co. Ltd is fully prepared to take over the assets of the company at the center of last year's melamine scandal. According to Sanyuan executives about 30 percent of Sanlu's sales will be recovered within this year.

2. HSBC to raise new capital and cut jobs. Bank posts 50% fall in net earnings, to cut dividend by 29%.

HSBC Holdings yesterday said it would raise a total of $17.7 billion in new capital from shareholders in a rights issue to strengthen its financial structure after reporting a more than 50 percent fall in 2008 earning and, as expected, a surge in bad debts in the US.

3. The Chinese Insurance Regulatory Commission announced that the new Insurance Law is going to be carried out from Oct. 1^st 2009. B 35

4. Chinese national enterprises profits surged to RMB 665.29 million in 2008 .

5. The Chinese government and the Air Industry Group Co. signed a contract for creating three important projects in the airline industry in Beijing. B 36

6. China is going to standardize the enterprises which are planning to expand their markets overseas to help them succeed. B 34

7. The US government allocated a $30 million fund for rescuing American International Group (one of USA's top Insurance company). B 40

8. The Shanghai stock market index went slightly up. B 42

2009-3-2 JING HUA TIMES Finance News

1. China United Telecommunications Co. Ltd. will stop local cell phone prepaid card from April. B 37

2. Google Apps Premier Edition clients were compensated $2.05 by Google for the mail system error on Feb 24^th. B 37

3. Sony announced company reform proposal. B 36

It will set up two new groups which are networking production and service groups.

4. Chinese Banking Association announced on its website that there will not be any tied purchase close for the applicants of the 30%-off housing loan. B 38

5. With the development of Internet e-shopping has become a popular trend for personal purchases. This is the preferred way of shopping since both buyers and sellers can benefit from it. Investment B 42

2009-3-2 JING HUA TIMES General News

1. The Chinese Satellite Chang'e 1 ends its lunar mission with a bang.

China's lunar probe ended its 16-month mission with a controlled crash onto the moon yesterday, officials said. A 02

2. The 2009 Political Consultation Congress will start on March 3^rd and will last until the 12^th of March. A 02

3. From March 15^th a series of Recruitment Fairs for migrant workers will take place in Beijing. These events aim to promote the employment of migrant workers in the capital. A 03

4. The Chairman Mao Zedong Memorial Hall will be closing for 20 days due to reconstruction. It will reopen on March 21^st. A 04

5. Coupons to lure tourists. A 11

Shanghai residents hold up the latest batch of promotional coupons issued by Hangzhou tourism commission yesterday to boost visitor numbers. The commission said two branches of the Bank of Hangzhou in Shanghai had already handed out 30,000 books of the vouchers, worth 4.5 million RMB.

JING HUA TIMES General News Highlights

1. As security measures for the NPC (the National People's Congress) and CPPCC (Political Consultation Congress), starting today cars coming from outside Beijing will be checked one by one. 05

CHINA DAILY General News Highlights

1. Diaoyu row will not derail ties. Foreign ministers try to defuse tension caused by Aso's remarks.

China and Japan agreed over the weekend that their conflicting claims over the Diaoyu Islands should not undermine overall bilateral relations.

2. Chang'e 1 ends lunar mission with a bang.

China's lunar probe ended its 16-month mission with a controlled crash onto the moon yesterday, officials said.

3. Wen: We'll do whatever it takes to fight crisis.

The global financial crisis has not yet hit bottom, Premier Wen Jiabao has warned, promising that the government is "ready to take firmer and stronger action whenver necessary".

4. Trade team spends $13b in Europe.

A high-powered trade delegation ended its European shopping trip over the weekend, signing deals worth more than $13 billion in four countries.

5. Curator in Taipei for relics loan.

The curator of the Beijing Palace Museum began a high-profile visit yesterday to arrange an exhibition of 29 Qing Dynasty relics from the mainland in Taiwan, the first joint cultural program in 6 decades.

5. Govt formulating food safety rules.

The State Council is drafting detailed rules to accompany the just-passed Food Safety Law to ensure its implementation starting June 1, Li Yuan, with the National People's Congress Standing Committee's legislative affairs commission, said yesterday.

6. Stop overseas sightseeing, officials told.

The government issued a circular yesterday ordering officials at all levels not to spend public money on sightseeing overseas.

JING HUA TIMES Finance News Highlights

1. 1000 Fou drums (Fou is an ancient Chinese instrument thousands of years ago discovered in Shanghai) from 2008 Beijing Olympics is going to attend public auction next month. 33

2. Branch of Beijing Industrial and Commercial Bank offers a one-stop (no evaluation and guarantee fees) service for applying a second-hand housing loan. 34

3. The newly-opened department of small and medium-sized enterprises of Bank of China announced yesterday, they are the first financial department who serve such a group of enterprises. 34

4. The board of Southern Airlines passed a 3 billion RMB capital proposal yesterday. 35

5. The State appropriated on passing a proposal about anti-importing Chinese poultry. China shows strong dissatisfaction. 34

CHINA DAILY General News Highlights

1. Govt on track to reach GDP growth goal.

China has conditions, confidence to achieve 8% target despite crisis. The government is confident of achieving its goal of 8 percent GDP growth this year, despite the global financial crisis, a senior official said on Friday.

2. China protests Japan's Diaoyu Islands stance.

China lodged yet another protest with Japan on Friday over Japanese Foreign Minister Hirofumi Nakasone's remarks that the Treaty of Mutual Cooperation and Security between Japan and the United States was applicable to China's Diaoyu Islands as well.

3. Public engagement key to better image: Spokesman.

For Zhao Qizheng, 2008will be remembered as the year when China made a mark in "public diplomacy". That is because, last year, the government disseminated timely and accurate information to the public on such major events as the Beijing Olympics, the destructive snowstorms and the devastating May 12 earthquake, Zhao told China Daily yesterday.

4. Prisoner was beaten to death.

The man who died in custody in what police said was a "game of hide-and-seek gone wrong" was actually beaten to death by fellow prisoners, a Yunnan Provincial inquiry has found.

5. Stocks see worst week in Feb.

Shares fell for a second straight day on Friday on the Chinese mainland, wrapping up the market's worst week this year. The benchmark Shanghai Composite Index lost 38.4.

6. Corrupt official gets death.

CHONGQING: A disgraced planning official from CHONGQING was sentenced to death with a two-year reprieve on Friday after being found guilty of corruption.