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. 1st 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
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