Big Cyprus savers could lose 60pc

Big savers in Cyprus' largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said.

via Business feed http://www.scmp.com/news/world/article/1203483/big-cyprus-savers-could-lose-60pc

PM Gillard may ink Australian dollar-yuan currency conversion pact: report

Australian Prime Minister Julia Gillard may seek a deal enabling direct conversion of Australian dollars into Chinese currency when she visits China this week, The Australian newspaper reported.

via Business feed http://www.scmp.com/news/china/article/1203522/pm-gillard-may-ink-australian-dollar-yuan-currency-conversion-pact-report

Big cities announce capital gains tax on second-hand properties

Beijing, Chongqing and Shanghai will levy a 20 per cent capital-gains tax on second-hand property transactions.

via Business feed http://www.scmp.com/property/hong-kong-china/article/1203565/big-cities-announce-capital-gains-tax-second-hand

Chinese businessmen slow to exploit potential for farming in Africa

The Chinese government has long encouraged businesses to invest in agriculture abroad, and Xi Jinping's first foreign trip as president in the past week involved visits to three African countries.

via Business feed http://www.scmp.com/news/china/article/1203582/chinese-businessmen-slow-exploit-potential-farming-africa

Top banks win dismissal of lawsuits over rate-fixing

The 16 banks had faced claims totalling billions of dollars in the case, which had been considered the biggest legal threat they confronted aside from investigations being pursued by regulators in the US, Europe and Britain.

via Business feed http://www.scmp.com/news/world/article/1203581/top-banks-win-dismissal-lawsuits-over-rate-fixing

Sluggishness and high prices not only reasons for SOE losses

The managements of various state-owned enterprises have been blaming a sluggish global economy and falling prices for their multibillion-yuan losses and profit nosedives in the past two weeks.

A look into the financial statements of various non-financial companies in the past 13 years, however, shows that the problem is elsewhere.

via Business feed http://www.scmp.com/business/article/1202816/sluggishness-and-high-prices-not-only-reasons-soe-losses

Luxury e-car firm on drive to save cash

Fisker Automotive, a maker of luxury plug-in cars that's seeking investors to fund operations, lost a potential partner and gave employees a week off to save cash. Fisker also retained restructuring lawyers, according to a person familiar with the matter.

Dongfeng Motor, a Chinese carmaker that had considered buying a stake in California-based Fisker, said on Thursday those talks were over. Fisker has repeatedly declined to identify specific companies it is talking to.

via Business feed http://www.scmp.com/business/companies/article/1202837/luxury-e-car-firm-drive-save-cash

Supply-chain flaws at heart of food scandals

With food scandals occurring on a weekly basis, food and agricultural (F&A) companies are having to repair their reputations.

Scandals involving foodstuffs such as horsemeat and melamine-tainted milk have incited global public anger, and to avoid future problems food and agricultural companies are now looking at their supply chains to remedy the issues.

via Business feed http://www.scmp.com/business/china-business/article/1202839/supply-chain-flaws-heart-food-scandals

Lenovo in talks to acquire NEC mobile phone subsidiary

With global smartphone shipments closing in on one billion units this year, Chinese technology giant Lenovo may be looking to an ally to help expand its mobile-phone operations.

Lenovo, the world's second-largest supplier of personal computers, is negotiating with Japan's NEC Corp to buy its struggling handset subsidiary, NEC Casio Mobile Communications.

via Business feed http://www.scmp.com/business/companies/article/1202850/lenovo-talks-acquire-nec-mobile-phone-subsidiary

How US businesses arm China with cyberweapons

Ten years ago, while visiting International Business Machines' software research lab in Beijing, I observed dozens of Chinese employees moving about seemingly free of any securityrelated limitations.

I asked the lab's manager two questions:

"Do you have any way of knowing whether any of your Chinese staff is also working for the Chinese government?

"Do you have any way of knowing whether any of your Chinese staff is a spy?"

The manager unhesitatingly answered "no" to both.

via Business feed http://www.scmp.com/business/china-business/article/1202819/how-us-businesses-arm-china-cyberweapons

Trying to control bank runs

When Argentina froze access to bank deposits in December 2001, the popular backlash was so severe, its president and his successor resigned within a month.

Cyprus, where banks reopened on Thursday after being closed for nearly two weeks, has imposed restrictions on capital flows - the first euro-zone country to do so since the introduction of the single currency - to limit panic withdrawals.

via Business feed http://www.scmp.com/business/economy/article/1202817/trying-control-bank-runs

China orders stepped-up scrutiny on Apple

Apple is to face “strengthened supervision” from China’s consumer watchdogs, state media reported on Friday, as the US computer giant is hit by a barrage of negative publicity and court cases in the country.

China is Apple’s second-biggest market, and its iPhones and other products – many of them made in the country – are highly popular, although it faces fierce competition from South Korea’s Samsung.

via Business feed http://www.scmp.com/news/china/article/1202750/china-orders-stepped-scrutiny-apple

Market-killing actor has new series in the offing

Hong Kong stock investors may not be happy after the Easter holiday – actor Adam Cheng Siu-chow has a new drama series airing on television.

The TVB actor known to every household in the city has been a market killer every time a new series starring him airs. Market players are worried that once again the pattern will repeat.

via Business feed http://www.scmp.com/business/money/article/1202668/market-killing-actor-has-new-series-offing

Japan output unexpectedly falls, weak yen benefits awaited

Japan’s factory output unexpectedly dipped in February on a drop in electronics production and consumer prices fell again, underscoring the challenge the central bank faces in engineering a sustained recovery and achieving its 2 per cent inflation target.

Exporters are hoping to see the benefits of a weaker yen, the product of the new government’s push for massive fiscal and monetary stimulus, in coming months, but they are also reliant on global demand improving for that upswing to happen.

via Business feed http://www.scmp.com/business/economy/article/1202518/japan-output-unexpectedly-falls-weak-yen-benefits-awaited

China shares extend losses on earnings, policy concerns

China shares extended losses on Friday and major indexes appeared headed for a quarterly decline as disappointing company earnings and fears of policy tightening soured investor sentiment.

The CSI300 index of the largest mainland-listed companies slid 0.4 per cent by midday, after diving 3.3 per cent in the previous session. The Shanghai Composite Index was down 0.1 per cent in light trading after sliding 2.8 per cent on Thursday.

Hong Kong markets were closed for the long Easter holidays and will reopen on Tuesday.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1202476/china-shares-extend-losses-earnings-policy-concerns

Tencent prevails in anti-trust suit

I've often wondered these last few months about what happened to an anti-trust lawsuit filed against Tencent (0700.HK) by security software firm Qihoo 360 (NYSE: QIHU) about a year ago.

via Business feed http://www.scmp.com/comment/blogs/article/1202399/tencent-prevails-anti-trust-suit

Move those euros

One of the delights of being in London is real newspapers like the Daily Telegraph. Not only is it fat and full of news, but wonderfully Brit-centric, with every story angled to include the merest hint of anything or anyone from the British Isles and failing that, the former British colonies. The Cyprus banking crisis gets considerable airplay, not surprisingly, because lots of Brits have second homes or have retired there and the armed forces are still there in some numbers.

via Business feed http://www.scmp.com/comment/blogs/article/1202382/move-those-euros

Gigi Chao - reluctant celebrity

Wealthy people are definitely different. Not content with having her father publicly “out” her and drag her through the world’s press by offering a HK$500 million bounty for a husband to make her straight, lesbian Gigi Chao has now given a full sit-down talk to Hong Kong Tatler. Sorry, that should read full sit down helicopter ride, with pilot Gigi at the controls as she whisks the scribe over dad Cecil’s Pok Fu Lam spread Villa Cecil, which also doubles as her helicopter pad.

via Business feed http://www.scmp.com/comment/blogs/article/1202377/gigi-chao-reluctant-celebrity

Shadow banking 'not biggest risk' to system

Banks' loan exposure to local governments and property developers is a far more serious and imminent threat to the mainland's financial system than shadow banking, according to Standard & Poor's.

In a report released yesterday, the credit ratings agency said shadow banking was "more a symptom than a cause" of emerging systemic risks to the country's banking sector and the wider economy.

via Business feed http://www.scmp.com/business/banking-finance/article/1202185/shadow-banking-not-biggest-risk-system

Canada looks to restrict Huawei

Huawei Technologies, the mainland's largest phone equipment maker, may face additional restrictions selling its products in Canada as the federal government considers new regulations on foreign wireless suppliers it deems security risks.

Prime Minister Stephen Harper's government is reviewing whether it needs rules to govern the equipment used by the country's biggest mobile phone operators, and has been consulting industry officials, said a person familiar with the matter.

via Business feed http://www.scmp.com/business/companies/article/1202179/canada-looks-restrict-huawei

Rubbery numbers still add up to big role in Africa

Although there is debate on whether China is Africa's top investor, analysts agree President Xi Jinping's visit to the continent underscores China's continued role as a major economic player there.

via Business feed http://www.scmp.com/business/china-business/article/1202180/rubbery-numbers-still-add-big-role-africa

Kuroda outlines BOJ's plans for stimulus

The Bank of Japan will not bankroll government spending, but it has already exceeded self-imposed limits on asset purchases and will continue to do so, its new governor said yesterday in a signal he intended to deliver on promises of overhauling policy.

via Business feed http://www.scmp.com/business/economy/article/1202194/kuroda-outlines-bojs-plans-stimulus

SmarTone completes first bond offering

Mobile network operator SmarTone Telecommunications has completed a US$200 million bond offering that will help finance the company's bid to renew its 3G spectrum licence in 2016.

This is the first foray by SmarTone, a subsidiary of Sun Hung Kai Properties, into the international bond market. The 10-year notes issue, which is guaranteed by the company, carries a coupon of 3.875 per cent and a yield premium of 215 basis points above comparable US Treasury yields.

via Business feed http://www.scmp.com/business/companies/article/1202203/smartone-completes-first-bond-offering

Citic Bank flat as peers take flight

China Citic Bank reported flat earnings for last year, while its Hong Kong-listed mainland peers posted double-digit growth.

Earnings grew by a quarter at China Merchants Bank (CMB) and more than a third at China Minsheng Banking.

Mild growth in revenue at Citic Bank was largely offset by higher asset impairment losses and operating expenses.

Net profit edged up 0.6 per cent to 31 billion yuan (HK$38 billion) from a year earlier. Net profit in the fourth quarter plunged 51.4 per cent from the third quarter to 3.8 billion yuan.

via Business feed http://www.scmp.com/business/banking-finance/article/1202199/citic-bank-flat-peers-take-flight

Outgunning the West

Mainland China's largest banks capped a sixth year of record profits by posting a 21 per cent average return on equity (ROE), more than twice the rate earned by US and European competitors led by JP Morgan Chase.

via Business feed http://www.scmp.com/business/banking-finance/article/1202170/outgunning-west

Cypriots queue calmly as banks reopen under EU bailout package

Cypriots queued calmly at banks as they reopened yesterday under tight controls to prevent a run on deposits after the government was forced to accept a stringent EU rescue package to avert bankruptcy.

via Business feed http://www.scmp.com/news/world/article/1202223/cypriots-queue-calmly-banks-reopen-under-eu-bailout-package

Government tries to bury embarrassing climbdown

We see that the government has adopted the time-honoured approach to dealing with bad news. We are referring to its embarrassing climbdown on the issue of the publication of directors' identity card numbers. It adopted a three-pronged approach: first, burying the decision not to proceed in verbiage, second, putting it out on the same day as other news likely to attract more attention, viz "The clean air plan for Hong Kong", and third, making the announcement on the afternoon of an exceptionally long weekend.

via Business feed http://www.scmp.com/business/article/1202165/government-tries-bury-embarrassing-climbdown

Austerity derails Europe's great infrastructure update

Europe's carefully maintained motorways, high-speed trains and vast network of modern airports have long been the envy of the world.

But austerity budgets that are slashing infrastructure spending just as other parts of the world are ramping it up mean that may not be true for much longer.

European infrastructure spending rose just 1.5 per cent last year to US$741 billion, against global growth of 4.5 per cent and a 7.1 per cent rise in the Asia-Pacific region, according to Marketline, a business information provider.

via Business feed http://www.scmp.com/business/economy/article/1202163/austerity-derails-europes-great-infrastructure-update

Lai Sun mulls bid for hotel site at Ocean Park

Lai Sun announced a 18.06 per cent drop in underlying profit, excluding property revaluation gains, to HK$117.9 million for the six months to January 31.

via Business feed http://www.scmp.com/business/companies/article/1202190/lai-sun-mulls-bid-hotel-site-ocean-park

China Cosco hit by market overcapacity as it struggles to get back into black

China Cosco lost 9.56 billion yuan (HK$11.82 billion) in 2012, after a 10.50 billion yuan loss in 2011. Sales for 2012 rose 4.4 per cent year on year to 88.33 billion yuan.

via Business feed http://www.scmp.com/business/companies/article/1202187/china-cosco-hit-market-overcapacity-it-struggles-get-back-black

Shui On Land to launch rights issue as profits plunge

Shui On Land is to raise up to HK$4.13 billion through a rights issue to finance its involvement in two large-scale urban renewal projects in Shanghai and future land acquisition.

The news came as the company revealed its full-year underlying profits had plunged 87 per cent year on year to 201 million yuan (HK$248 million) in 2012.

The company announced a rights issue of one new share for every three shares held. The rights shares will be priced at a steep discount of HK$1.84 each, or almost 45 per cent below Wednesday's closing price of HK$3.34 a share.

via Business feed http://www.scmp.com/business/companies/article/1202184/shui-land-launch-rights-issue-profits-plunge

Zijin eyes acquisitions amid depressed mining shares

Zijin Mining aims to complete one or two acquisitions this year and warned that the unit production cost at its mainstay gold mine will continue to rise owing to the deteriorating grade of ore.

Fujian province-based Zijin, the mainland's largest gold producer, sees acquisition opportunities arising as stock market valuations of firms in the industry remain depressed.

"Many gold miners' shares have tumbled more than 50 per cent in the past two years although the gold price has not changed much," said Zijin chairman Chen Jinghe.

via Business feed http://www.scmp.com/business/commodities/article/1202186/zijin-eyes-acquisitions-amid-depressed-mining-shares

Vertime flouts gift culture crackdown

Vertime, a mid-priced watch maker for fashion brands such as Ferragamo and Versace, aims to double its points of sale in China in a year at a time when the country has vowed to crack down on corruption and the gift culture.

via Business feed http://www.scmp.com/business/china-business/article/1202122/vertime-flouts-gift-culture-crackdown

China’s Suzhou-based Xile Lier accused of contaminating and doctoring Swiss baby formula

The Chinese partner of Hero Group, a major Swiss baby formula manufacturer, has been accused of adulterating Hero's production and a senior official...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34156

Pope Francis tells clerics to touch lives of faithful

Pope Francis called on dull priests to liven up their masses and preach to their congregations with zeal, to overcome the “crisis of priestly identit...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34155

French rugby and athletics rank top two for positive dope tests

Rugby returned the highest proportion of positive dope tests in France in 2012, a high-ranking French anti-doping agency official has claimed. AFLD ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34154

EU watches Cyprus capital controls

The European Commission said it will closely monitor capital controls in Cyprus. “The commission will monitor closely with the Cypriot authorities, ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34153

Cyprus depositors line up for 300 euros

Dozens of people queued outside Cyprus banks for their cash ahead of reopening after an unprecedented 12-day lockdown, AFP journalists and witnesses...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34152

Aussie Beale turfed after another punch-up

Australian rugby union player Kurtley Beale, who has caused concern over his off-field behavior and alcohol issues, will take an indefinite break from...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34151

Statesman Mandela suffers lung infection

Former South African president Nelson Mandela has been readmitted to hospital with a recurrent lung infection, the presidency said, urging people to...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34150

Regional markets retreat

Asian markets mostly fell on renewed euro zone fears as well as Italy's political stalemate. The euro touched a four-month low to the US dollar yest...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34149

Hang Seng in negative teritory, Shanghai slumps

Stocks in Hong Kong fell 0.74 percent, in line with a regional sell-off amid growing concerns about the euro zone. The benchmark Hang Seng Index adde...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34148

Seoul slashes growth forecast to 2.3pc

South Korean slashed its economic growth forecast for this year to 2.3 percent, citing a continued slump in export markets and a weak Japanese yen. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34147

China approves Shell gas exploitation

The Royal Dutch Shell plc (Shell) announced Wednesday that the Chinese government has approved a shale gas exploitation deal with the China National P...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34094

Cyprus banks to reopen with capital controls in place

The central bank of Cyprus said there are “indications’ that banks will reopen tomorrow. Banks had been closed for 12 days. Meanwhile, authorities ha...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34093

Prudential penalized for concealing AIA bid

Britain's financial services regulator has fined insurer Prudential £30 million and censured its chief executive over its handling of a failed bid to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34092

Cyprus readies capital controls

Authorities in Cyprus are preparing limits on how much money depositors can take out of their accounts a day before banks are set to reopen. A bankin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34091

UN begs extremist Taliban to join peace efforts

The United Nations envoy to Afghanistan called on the Taliban to join a peace process as the bulk of NATO combat troops prepare to leave the country ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34090

Poverty puts lower risks to Germany than EU: data

The risk of poverty is lower in Germany than in the European Union as a whole, according to Europe-wide data released by national statistics office D...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34089

Renewal authority to expand building maintenance

The Urban Renewal Authority is widening its building maintenance assistance scheme. From next week, the scheme will be expanded to cover the whole of ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34088

'Occupy Central' to promote protest

Organisers of the "Occupy Central" movement say they will start promoting the protest -- due to take place next year -- if the government's proposals ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34087

Taiwan quake injury toll mounts to 86

A strong earthquake killed one person and injured at least 86 others in Taiwan today as violent shock waves damaged buildings and triggered two blaz...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34086

Mission possible

The annual orgy of beer swilling, fancy dresses and laddish antics which has become synonymous with the Hong Kong Rugby Sevens doesn’t immediately spring to mind when charity is mentioned. So it was interesting to hear about the “Mission Possible" box and the great work they were doing over in the corner somewhere down towards the dreaded South Stand. And why not – after all, probably less than five per cent of the population has any interest in rugby or the Sevens.

via Business feed http://www.scmp.com/business/money/wealth/article/1201141/mission-possible

Borrowings for new flats and second hand homes fall

Home loans applications and loans drawn down in February fell at a double-digit rate, latest data show. The number of mortgage applications in Febru...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34085

Luxembourg rejects criticism on its large financial sector

Luxembourg is defending its large financial sector against criticism after a bloated banking system forced Cyprus into seeking a bailout. Land-locked...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34084

Aussie Allenby in a rut

Australian Robert Allenby managed a smile when someone told him to remember to show up on Sunday at Bay Hill. The Arnold Palmer Invitational was the ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34083

South Korea’s Park stumbles from one mess to another

South Korean President Park Geun Hye's honeymoon was over before it even began. Only a month on the job, the country's first female president has st...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34082

Miliband quits to head group founded to help those fleeing Nazis

Former UK foreign secretary David Miliband, a leading figure in Britain's opposition Labour Party and the elder son of Jewish immigrants, is stepping ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34081

Bank of Cyprus dumps chief, Euro touches new low

The chief executive of the Bank of Cyprus, the island's biggest lender, has been sacked by the central bank governor as part of an international bai...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34079

UK economny shrinks in fourth quarter

Britain's economy contracted by 0.3 percent in the final quarter of 2012, official data confirmed on Wednesday. "UK gross domestic product (GDP) in v...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34080

Japan mother gets 30 years over death of children

A 25-year-old mother whose two young children starved to death surrounded by rubbish after she locked them in her apartment has been sentenced to 30 ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34078

UK economy slips again

Britain's economy contracted by 0.3 percent in the final quarter of 2012, official data confirmed. "UK gross domestic product in volume terms was es...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34077

Sun Hung Kai grabs two plots for HK$4.1b

Sun Hung Kai Properties (0016) outbidded other competitors to win both plots tendered last week. The developer grabbed the Kau To plot in Shatin for ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34076

Russia raids Human Rights Watch office

Russian authorities searched the Moscow offices of New-York based Human Rights Watch on Wednesday as they stepped up their raids against pro-democrac...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34075

Woman in babies drowning case on suicide watch

A Frenchwoman who has admitted drowning two of her own new-born children and storing the corpses in her freezer has been imprisoned and placed on su...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34074

ICBC says profit up 14pc

Industrial and Commercial Bank of China (1398) said its net profit rose 14.5 percent to 238.5 billion yuan, or 68 fens per share, in 2012. A dividend ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34073

Wheelock net profit up 18pc

Wheelock (0020) said its net profit grew 17.8 percent to HK$26.9 billion, or HK$13.26 per share, for 2012 from a year back. The developer said proper...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34072

Spain sees inflation easing in March

Spanish inflation eased in March owing mostly to lower fuel costs, official data showed on Wednesday. Consumer prices climbed by 2.6 percent over th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34071

Charred corpse hung from Paris rail line

French police were left baffled Wednesday following the discovery of a charred corpse hanging from a railway cable above tracks in Paris. Detectives ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34070

Developer takes down more of Berlin Wall

A property developer removed more of the Berlin Wall Wednesday, police said, in a surprise dawn move amid a bitter running protest over the dismantli...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34069

French economy stagnates

The French economy, the euro zone's second biggest, contracted by 0.3 percent late last year and business activity was flat for 2012 as a whole as h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34067

Carla feels Sarko’s pain

Carla Bruni said the charges faced by her husband and former French president Nicolas Sarkozy Nicolas Sarkozy in connection with a probe into illega...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34066

Bangladesh shuts up bloggers to ‘appease Islamists’

Bangladesh has widened a crackdown on allegedly blasphemous blogs after a threat by Islamists to march to the capital demanding the prosecution of a...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34065

Australia eyes Asia-Pacific carbon market

Australia looks forward to working with major emerging economies such as China and South Korea on the development of an Asia-Pacific carbon market, Au...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34064

Afghan civilians wounded in NATO attacks

Afghan and NATO military officials say they have killed more than 20 insurgents in a joint operation in eastern Afghanistan. Provincial government s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34063

Convicted Japanese internet boss Horie tastes freedom

Japan's one-time maverick internet tycoon Takafumi Horie used Twitter to announce his release from prison after serving nearly two years for account...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34062

Russia criticizes autopsy results of adoptee

Russia's children rights ombudsman blamed the US authorities for hastily performing an autopsy into a January death of a 3-year-old Russian boy adopte...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34061

Blade-runner's brother on trial for road death

The brother of Oscar Pistorius is in a South African court on trial for the death of a woman in a road collision in 2008. Carl Pistorius arrived Wedn...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34060

Chinese govt posts 170,000 microblogs: report

China had more than 170,000 government microblogs by the end of last year, according to a report issued on Wednesday. The annual report by the E-Gove...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34059

ex-Supermarket staff gets 5 years over food expiry labels fraud

A former employee of a supermarket chain was today sentenced to five years' imprisonment for his role in a HK$9 million scam in relation to the purcha...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34058

Europe opens higher

Europe's main stock markets rose at the start of trading Wednesday, with London's benchmark FTSE 100 index climbing 0.17 percent to 6,409.98 points. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34057

Govt steps up vessel safety check

As at March 22, 2013, the Marine Department has inspected 134 ferries and launches with a capacity of more than 100 passengers, and 138 smaller ferrie...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34056

China urges Taiwan to jointly defend Diaoyu sovereignty

A spokesman for the Taiwan Affairs Office of the State Council said on Wednesday that the mainland and Taiwan should set aside differences and jointly...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34055

Hang Seng ends higher

Hong Kong stocks rose 0.69 percent on Wednesday, in line with a regional rally following another record for the Dow Jones index on Wall Street. The b...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34054

Dentsu buys Aegis

Japanese advertising giant, Dentsu, says it has completed US$4.8 billion takeover of British media group Aegis, after regulators approved the deal. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34053

Pyongyang goes silent on military link

North Korea said it was cutting a military hotline with South Korea, meaning that all direct inter-government and military contact has been suspende...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34052

Qantas-Emirates alliance launched

Australia's competition watchdog has given final approval for Qantas and Emirates to launch a global alliance, saying the tie-up will benefit passenge...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=34051

Shanghai tech firm puts Apple’s Siri in the dock

Apple appeared in a Shanghai court today, accused by a Chinese firm of copying software used for the Siri personal assistant on iPhones. Shanghai's Z...



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Sina, Jingdong Mall in new e-commerce moves

We're seeing some interesting moves today on the dynamic e-commerce front, with new signals that Sina intends to make a serious play into the space using its popular Weibo microblogging service as its primary platform.

via Business feed http://www.scmp.com/comment/blogs/article/1201049/sina-jingdong-mall-new-e-commerce-moves

Cyprus bank chief cornered over reopenings, jobs and deposits

"Superhuman’’ efforts are being made to reopen banks in Cyprus tomorrow, the central bank governor said, as student and union protests showed a huge ...



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Mainland fisherman arrested for illegal fishing in HK

A mainland fisherman has been arrested for engaging in fishing with the use or aid of a non-local fishing vessel in Hong Kong waters, Agriculture, Fis...



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Singapore official in sex-for-deals suit contradicts statements

Singapore’s former civil defense chief Peter Lim Sin Pang, 52, charged with corruptly obtaining oral sex from a 49-year-old female general manager of ...



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Govt vows to keep transparency on info of SARS-like virus

The Department of Health has given an assurance that it will be as transparent as possible in releasing information on cases of a new SARS-like virus....



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Zhaojin on 1.25b yuan resources spree

Zhaojin Mining Industry plans to spend 1.25 billion yuan (HK$1.54 billion) this year on exploration and mine acquisitions, aiming to boost resources by 18.8 per cent.

Shandong province's biggest gold miner had budgeted 1 billion yuan for acquisitions to bring in 50 tonnes of resources, said chairman Lu Dongshang.

It has also set aside 250 million yuan for exploration that it hopes will add 80 tonnes of new resources. It had 690 tonnes of resources, of which 355.8 tonnes proved recoverable reserves at the end of last year.

via Business feed http://www.scmp.com/business/companies/article/1200616/zhaojin-125b-yuan-resources-spree

Concerns grow over BOCHK as earnings soar

Earnings at Bank of China (Hong Kong) hit a record last year, but analysts are concerned about margin pressure and weaker revenue growth.

Net profit rose 2.4 per cent to HK$20.9 billion. Of this, HK$9.6 billion came in the second half of the year, 13.8 per cent less than in the first half.

Excluding adjustments for provisions related to Lehman Brothers products, full-year earnings jumped 14.9 per cent.

via Business feed http://www.scmp.com/business/banking-finance/article/1200614/concerns-grow-over-bochk-earnings-soar

Datang International Power Generation looks to fall in coal costs to boost profits

Datang International Power Generation, the listed subsidiary of the nation's second largest power producer, China Datang Group, said yesterday it expects its profits to be helped by lower coal prices again this year.

However, analysts said its earnings outlook was uncertain, given a lack of output growth and weak profits from its non-power businesses.

via Business feed http://www.scmp.com/business/companies/article/1200615/datang-international-power-generation-looks-fall-coal-costs-boost

European acquisitions on Sinoma's agenda

China National Materials (Sinoma) will increase its capital expenditure by 29 per cent to 11.23 billion yuan (HK$13.89 billion) this year, some of which may be spent on acquiring European companies.

The state-owned firm had set aside 500 million yuan to acquire mostly foreign cement equipment companies, said chief financial officer Yu Kaijun. "We are in talks to acquire some European cement equipment companies, including German ones."

via Business feed http://www.scmp.com/business/companies/article/1200612/european-acquisitions-sinomas-agenda

Millionaire mainland Chinese increasing purchases of overseas equities

Mainland millionaires are showing a growing appetite for offshore equities and stock-related investment products, even as Beijing attempts to retain capital in the onshore market and lure offshore capital, a survey by Nielsen has found.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1200613/millionaire-mainland-chinese-increasing-purchases

Profit at Cheung Kong falls 30pc

Cheung Kong (Holdings) has announced a 30.19 per cent drop in net profit for last year to HK$32.15 billion as a result of lower contributed earnings from Hutchison Whampoa.

Profit excluding Hutchison's attributable earnings and investment property valuation rose 8 per cent to HK$14.21 billion, slightly better than analysts' expectations. Turnover fell 26.57 per cent to HK$31.11 billion.

Chairman Li Ka-shing said overall market conditions will continue to be affected by external economic factors and local property policies.

via Business feed http://www.scmp.com/business/companies/article/1200618/profit-cheung-kong-falls-30pc

Impoverished Afghans look to exploit wealth below their feet

Afghanistan plans to put four or five oil and gas extraction and minerals mining projects out to tender for development this year, as the strife-ridden country reaches out to investors to help develop its vast resources.

The projects involves the exploration and development of oil, natural gas, iron ore, copper and gold, the country's minister of mines, Wahidullah Shahrani, said last week.

via Business feed http://www.scmp.com/business/commodities/article/1200480/impoverished-afghans-look-exploit-wealth-below-their-feet

Bank of Cyprus chairman quits post

The chairman of Bank of Cyprus tendered his resignation yesterday following the appointment of an administrator to oversee the downsizing of the island's largest lender as a condition of a euro zone bailout, reports said.

via Business feed http://www.scmp.com/business/economy/article/1200636/bank-cyprus-chairman-quits-post

Cyprus bank chairman resigns as bailout woes grow

Cypriots faced new worries on Tuesday after a huge international bailout as the chairman of the island’s biggest lender resigned and banks stayed closed for two more days as hundreds of students protested in front of the presidential palace amid growing public anger at the European Union and International Monetary Fund over the 10-billion-euro (US$13 billion) rescue package.

via Business feed http://www.scmp.com/news/world/article/1200566/cyprus-bank-chairman-resigns-bailout-woes-grow

BRICS lay foundation for development bank

The BRICS grouping of emerging powers reached a deal to establish a development bank that would rival Western-backed institutions, South Africa's fi...



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Piraeus Bank swallows up three Cypriot bank branches

The third biggest lender in Greece, Piraeus Bank, said it had signed an agreement to acquire all of the Greek deposits, loans and branches owned by ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33983

Bank of Cyprus chairman exits

The chairman of the Bank of Cyprus has resigned in the wake of an international bailout deal that hits the island's biggest lender, state media said...



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Greece stocks dive 4.5pc

The Greek stock market lost 4.58 percent in midday trading today while investors waited for details on absorbing the local units of Cypriot banks to...



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Free dallies unchallenged as Sing Tao books HK$120m profit

Sing Tao News Corporation (1105), which publishes the market leading free newspapers Headline Daily and The Standard, said today the popular dailies h...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33980

Bank of China, Agbank post worst annual earnings growth

Bank of China (BOC) and Agricultural Bank of China (AgBank) reported their worst annual earnings growth since going public, hit by central bank interest rate cuts in a slowing economy.

Like rival China Construction Bank, which reported earnings on Sunday, the two banks have faced pressure on their net interest margins following two rounds of interest rate reductions in 2012 to stimulate an economy that grew the slowest in over a decade.

via Business feed http://www.scmp.com/business/banking-finance/article/1200346/bank-china-agbank-post-worst-annual-earnings-growth

Guangdong property crackdown could signal others

A plan by southern China’s Guangdong province, the first in the country to implement strict property cooling measures as directed this month by the central government, may signal at least 24 other cities could be next in line for a crackdown.

Two of the four cities singled out by the provincial administration late on Monday – Guangzhou and Shenzhen – feature right at the top of the list of 70 cities that have seen some of the sharpest home price spikes so far this year, according to Reuters calculations of official home price data.

via Business feed http://www.scmp.com/business/china-business/article/1200345/guangdong-property-crackdown-could-signal-others

(World Cup qualifiers) Australia survive Oman scare

Australia recovered from two goals down to draw 2-2 with Oman today, narrowly avoiding a shocking upset in an Asian qualifier for the 2014 World Cup. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33979

HK exports down in February

Hong Kong's merchandise exports declined surprisingly in February, the Census and Statistics Department said today. Export of goods fell 16.9 percent...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33978

More pain for Spain

Spain's central bank is predicting a continuing recession and mounting unemployment for the rest of the year. The Bank of Spain said it expects the e...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33977

Casino operator Galaxy’s net profit doubles in 2012 to hit record

Macau casino operator Galaxy Entertainment Group more than doubled its net profit in 2012 to a record high, lifted by spending from mainland Chinese visitors to its flagship property in the world’s biggest gambling hub.

Galaxy, one of six licensed operators in Macau, said full-year net profit was HK$7.4 billion ($950 million), up from HK$3 billion in the prior year. The result was in line with the average estimate of analysts for HK$7.5 billion in a Thomson Reuters poll.

Revenue rose 38 per cent to HK$56.7 billion, it said in a statement on the Hong Kong stock exchange.

via Business feed http://www.scmp.com/business/companies/article/1200312/casino-operator-galaxys-net-profit-doubles-2012-hit-record

Terrorism researcher laments explosion of extremist websites

There are more than 10,000 extremist websites compared with fewer than 100 countering them, an academic told a conference which stressed the need to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33976

Contentious Next Media deal on the rocks

An attempt by a pro-China Taiwanese businessman and three associates to purchase the island’s largest newspaper and its most influential investigative magazine has fallen through.

via Business feed http://www.scmp.com/business/companies/article/1200294/contentious-taiwan-media-deal-rocks

MTR expected to hike fares

MTR is set to increase fares by 3.2 percent in June if the government fails to negotiate a new deal to replace the existing fares adjustment mechanism...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33975

Cypriot students take to streets chanting against bailout

Hundreds of Cypriot students marched on the presidential palace in Nicosia today, after a Facebook call for a rally against a painful bailout for th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33974

Reading adds Adkins to help relegation fight

Nigel Adkins has been hired as manager of relegation-threatened Reading, less than two months after being fired by Southampton. The 48-year-old Adkin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33973

Barca says coach Vilanova back with team

Barcelona coach Tito Vilanova, who has been undergoing cancer treatment in New York since January, arrived back in Spain on Tuesday, the Catalan gian...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33972

Govt to spend HK$5b on flood defense along Kai Tak River

The government is spending more than HK$5 billion to improve the flood defence of the areas along the Kai Tak River. The money is part of more than ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33971

Outrage over Malaysia macaque massacre

Animal activists have criticized the Malaysian government for the mass culling of nearly 100,000 macaques a year, warning it threatens their survival....



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33970

Cambodia demands justice over border dispute with Thailand

Cambodia believes that the International Court of Justice (ICJ) will give justice to the country over a disputed border area surrounding the 11th cent...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33969

Odd couple Jolie and Hague on Congo mission

Actress Angelina Jolie joined British Foreign Secretary William Hague on a visit to the Democratic Republic of Congo to encourage world powers to do m...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33968

American Knox faces retrial for student murder

Italy's highest criminal court has overturned the acquittal of Amanda Knox in the slaying of her British roommate and ordered a new trial. The Court...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33967

Wage index up 5.1pc in December

The average rate for all the selected industry sections surveyed, as measured by the wage index, increased by 5.1 percent in nominal terms in December...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33966

AgBank net profit grows 19pc

Agricultural Bank of China (1288) said it recorded a net profit of 145.09 billion yuan (HK$181.17 billion) for 2012, up 19 percent from 2011, thanks t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33965

Europe opens higher

European stock markets rose at the start of trading Tuesday as investors continued to assess the bleak economic situation in troubled eurozone nation ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33964

China vessel accused of firing at fishermen

Vietnam has accused a Chinese vessel of firing a flare on a Vietnamese fishing boat that set its cabin alight in the disputed South China Sea, where r...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33963

Cheung Kong net profit down 30pc

Cheung Kong Holdings (0001), controlled by tycoon Li Ka-shing, said its net profit declined 30 percent to HK$32.15 billion for 2012, compared to HK$46...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33962

Bank of China reports 139.4b yuan earnings

Bank of China (3988) said today profit grew 11.51 percent to 139.43 billion yuan last year . Net interest income grew by 28.9 billion yuan to 256.964...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33961

Hutchison profit slumps 53pc

Hutchison Whampoa (0013) said net profit fell 53 percent to HK$26.128 billion for 2012 from a year back. Profit before property revaluation and profit...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33960

Li Ning books first loss

The biggest mainland sportswear company, Li Ning (2331), has suffered its first annual loss since listing in Hong Kong nine year ago. It lost a stee...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33959

Hutchison Whampoa’s 2012 net profit down 53pc

Hutchison Whampoa, Hong Kong tycoon Li Ka-shing’s ports-to-telecoms conglomerate, reported a 53 per cent fall in 2012 net profit on Tuesday, but the result still beat market expectations.

Hutchison’s full-year net profit totalled HK$26.1 billion, down from HK$56.02 billion a year earlier when it had booked a hefty one-off gain after spinning off its port assets, it said in a filing to the Hong Kong stock exchange.

via Business feed http://www.scmp.com/business/companies/article/1200239/hutchison-whampoas-2012-net-profit-down-53pc

Group for illegal surrogate motherhood exposed: state media

A firm can make profit of 1 million yuan for having a child through surrogate mothers for couples, a report by state media CCTV found. Surrogate moth...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33958

Hang Seng rebounds

Hong Kong stocks slashed loss thanks to strong local property sector. The benchmark closed 0.3 percent higher at 22,311.08, on turnover of HK$64.1 bi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33957

Sharp says no approval for Hon Hai deal

Troubled Japanese company Sharp said today a capital injection from Taiwan's Hon Hai Precision was off the table, as the deadline passed for a deal....



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33956

Clarke to be available for Ashes

Cricket Australia said skipper Michael Clarke will miss the IPL but should be fit in time for the Ashes as he endures a lengthy lay-off for treatmen...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33955

US$10b seed capital proposed for emerging nations bank that reflects economic shift

BRICS emerging powers sought a deal on setting up a development bank that would rival Western-backed institutions, trying to iron out significant dif...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33953

Next Media deal falls apart

The deal that has Next Media (0282) to offload Taiwanese print business has fallen apart one day before its deadline. A spokesman of Jimmy Lai Chee-y...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33954

Russia hands winless Scolari's Brazil another draw

Fred scored a last-minute equaliser to give World Cup hosts Brazil a 1-1 draw against Russia in a friendly in London -- keeping the South American foo...



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(NBA) Pacers extend division lead on win

Gerald Green scored 19 points and Roy Hibbert finished with 17 points and 13 rebounds, leading short-handed Indiana past Atlanta 100-94. The Pacers (...



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(NBA) Undermanned Wizards defeat Grizzlies

John Wall scored a career-high 47 points and added eight assists, Emeka Okafor had 21 points and nine rebounds, and undermanned Washington beat Memphi...



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(NBA) Hornets end Nugget win streak

Ryan Anderson scored 23 points, Brian Roberts doubled his career high with 18 assists and short-handed New Orleans ended Denver's 15-game win streak w...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33949

Magazines help boost profits at SCMP Group past HK$1b

SCMP Group's revenue crossed the HK$1 billion mark last year for the first time since 2008, helped by new income sources such as the recently acquired Elle magazine and higher revenue contribution from its magazines business.

While revenue rose 8 per cent to HK$1.02 billion, net profit for 2012 slipped to HK$329.1 million from HK$409.9 million the year before because of continuing investment in the company's digital business and a lower profit margin in contract printing. SCMP Group said investments in new media "will bring in solid profit contribution" in the long term.

via Business feed http://www.scmp.com/business/companies/article/1199792/magazines-help-boost-profits-scmp-group-past-hk1b

Hanlong mystery upsets takeover

The missing chairman of Sichuan Hanlong Group may be under investigation for harbouring his brother, a murder suspect, jeopardising the Chinese firm's agreement to buy Australia's Sundance Resources.

A man named Liu Han was being investigated for sheltering his brother, who was arrested for murder, Xinhua reported last week, without identifying him as the Hanlong chairman or giving further details.

Attempts by Sundance to contact Hanlong's chairman have failed since at least Friday, as have efforts by another Chinese firm that he leads.

via Business feed http://www.scmp.com/business/companies/article/1199699/hanlong-mystery-upsets-takeover

CCB expects loan quality to remain stable this year

CCB's non-performing loans rose three billion yuan to four billion yuan over last year to 74.6 billion yuan (HK$92.2 billion). More than six billion yuan of bad loans were booked as losses, said chief financial officer Zeng Jianhua.

via Business feed http://www.scmp.com/business/banking-finance/article/1199787/ccb-expects-loan-quality-remain-stable-year

Guangdong eyes green car growth

Guangdong plans to spend 57.3 billion yuan (HK$70.82 billion) over the next 10 years to lead the mainland in producing new-energy vehicles, but will still fall far short of the sales target.

Despite support from carmakers such as BYD and Dongfeng-Nissan, its expected sales of electric vehicles and plug-in hybrid cars will reach only a tenth of the State Council's target of 500,000 units by 2015.

via Business feed http://www.scmp.com/business/china-business/article/1199784/guangdong-eyes-green-car-growth

China coal mine firms see sales in 2012 flat or falling

Mining majors China Shenhua Energy and Yanzhou Coal Mining are looking at flat or declining sales volumes this year, as falling coal prices see them cut procurement from third parties to make room for sales from their own mines.

China Shenhua said it aimed to sell 464.6 million tonnes of coal this year, the same as last year. Marketable coal output was planned to grow 3.6 per cent to 315 million tonnes. Its procurement of third-party coal will fall 6.8 per cent to 149.6 million tonnes.

via Business feed http://www.scmp.com/business/commodities/article/1199781/china-coal-mine-firms-see-sales-2012-flat-or-falling

Chongqing Rural set to beat peers on margin

The bank's net interest margin - a key performance measure calculated as the difference between loan income and the cost of funds relative to interest-earning assets - rose 14 basis points to 3.5 per cent last year.

via Business feed http://www.scmp.com/business/banking-finance/article/1199801/chongqing-rural-set-beat-peers-margin

Henderson posts 28pc rise in profit

Henderson Land Development posted a 28 per cent increase in its underlying profit to HK$7.1 billion for last year, in line with market expectations.

Analysts expect to see a positive result in 2013 but the earnings in coming years are subject to the outlook of the property sector, which has been clouded by policy uncertainties.

via Business feed http://www.scmp.com/business/companies/article/1199807/henderson-posts-28pc-rise-profit

See the 'Barbarian Suppressing and Pacifying General'

There is a new attraction on the Central waterfront. No, it's not another shopping mall, bar or restaurant. We are referring to the Hong Kong Maritime Museum, which opened at its new location at Central's Pier 8 last month, after six years at Murray House in Stanley.

via Business feed http://www.scmp.com/business/article/1199708/see-barbarian-suppressing-and-pacifying-general

Dell says Icahn, Blackstone in play

American computer maker Dell confirmed it has received two buyout offers, from billionaire Carl Icahn and investment fund Blackstone. In February, D...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33902

Ford India gagged women ad leaves stink trail

Ford India has apologized for a series of advertisements featuring caricatures of bound and gagged women in the boot of a Figo car driven by former I...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33901

Putin revisits Cyprus loan

Russian President Vladimir Putin has ordered the government to study restructuring a 2.5 billion euro loan that Moscow extended to Cyprus in 2011 an...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33899

Henderson says underlying profit up 28 pc

Henderson Land Development (0012) said its underlying profit rose 28 percent to HK$7.1 billion for 2012, thanks to improving home sales and rental inc...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33900

GOME swings to loss

Electrical appliance chain GOME (0493) said it booked a loss of 597 million yuan for 2012, representing a loss of 3.5 fens per share. The chain recor...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33898

PICC logs 30pc growth in net profit

PICC P&C (2328) said its net profit jumped 30 percent to 10.4 billion yuan -- or 84.9 fens per share -- thanks to a 11-percent growth in turnover to 1...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33897

Former executive gets 18 months for perverting justice

A former senior executive of a securities firm, charged by the ICAC, was today sentenced to 18 months' imprisonment at the Eastern Magistracy for doin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33896

Aussie-run Cambodia orphanage shut over abuse

Cambodia has shut an orphanage run by Australian, where beatings and human trafficking has been suspected. Officials and a rights group said police r...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33895

Former Zambia leader Banda arrested for abuse of power

Zambia's ex-leader Rupiah Banda was arrested Monday and charged with abuse of authority just over a week after he was stripped of presidential immuni...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33894

Major depositors suffer 30pc losses in Cyprus deal, Russia keeps eye on evolving drama

Bank deposits above 100,000 euros held in the Bank of Cyprus, the island's biggest lender, will take a hit of “around 30 percent’’ under a bailout d...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33893

Govt vows to deal with children abode right locally

Secretary for Justice Rimksy Yuen Kwok-keung has pledged to handle the abode right issue of locally born children to mainland parents through Hong Kon...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33892

Elderly homes waste HK$6m medicine every year: research

A study has found that close to HK$6 million of medicine is wasted every year at nursing homes for the elderly. Using data collected over four month...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33891

Russia to study impact of Cyprus deal: Medvedev

Prime Minister Dmitry Medvedev said Monday that Moscow intended to study the consequences of the Cyprus bailout deal agreed in Brussels amid analyst ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33890

Delhi gang-rape suspect admitted to hospital: report

A defendant in the New Delhi bus gang-rape trial was admitted to hospital on Monday with chest pains, a fortnight after his brother and co-accused was...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33889

FIFA to look into Costa Rica protest over loss to US in World Cup qualifier

FIFA says it is studying a protest from the Costa Rica football federation, which wants a World Cup qualifier against the United States replayed after...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33888

Female journalist killed in Somalia

A media colleague says that gunmen in Somalia have shot and killed a female Somali journalist. Abdikarim Ahmed Bulhan, the director of Abudwak radio ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33887

Sprinter Lewis makes a pitch for Tokyo

Olympic great Carl Lewis has offered support for Tokyo's bid to host the 2020 Olympics after revisiting the place he describes as the venue for the be...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33886

Beijing told of property measures

It's been confirmed that Beijing was told in advance about new measures to cool the local property market. DAB chairman Tam Yiu-chung says the direc...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=33885

HK applicants for Oz tourism job rank below top 10

Hong Kong rank way below the British and Americans in the number of applications sent for the so-called Chief Funster job in Australia advertised by t...



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5.0-magnitude quake jolts Indonesia

An earthquake measuring 5.0 on the Richter scale hit Kepulauan Sangihe, Indonesia at 08:30:02 GMT on Monday, the US Geological Survey said. The epice...



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Australian shark fighter wins bravery award

An Australian has earned a bravery award for grabbing a 3.7 meter great white shark by the tail as it mauled a snorkeler. Trevor Burns received the S...



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Rain interrupts Sri Lanka innings in second one-dayer

Bangladesh captain Mushfiqur Rahim won the toss and sent Sri Lanka to bat first in the second one-day international at Mahinda Rajapaksa Stadium in th...



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Cyprus laments bank deal pain, while Berlin cheers fair solution

The head of the Cyprus parliament says a deal reached to raise billions so that the island can qualify for an international bailout is a “painful one’...



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SCMP newspaper income slumps 19pc, earnings weaken

SCMP Group (0583) said today earnings fell to HK$329.1 million last year, compared with HK$409.9 million in 2011. Excluding the fair value gain on i...



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Egypt raises luxury imports taxes

Egypt President Mohammed Morsi has increased customs rates on dozens of "unnecessary'' imports as part of the government's efforts to increase revenue...



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Kabul takes over Bagram jail

Afghanistan took control of Bagram prison from the United States, US officials said, removing a major irritant in relations as US-led forces prepare...



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Kiwis scent victory over England

England will have to survive 90 overs with only six second-innings wickets intact on the final day of the third cricket test to avoid losing a test se...



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Russia tax officials investigate Amnesty office

Officials are searching the Russian headquarters of human rights watchdog Amnesty International. Amnesty's Russia chief Sergei Nikitin told the AP by...



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EU-CYPRUS DEAL – KEY FEATURES

Here are the main points of a deal between the euro zone nations and Cyprus, as presented in a statement released by the Eurogroup of finance ministe...



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Saudi oil chief at ease over US$100 a barrel

OPEC's largest oil producing member Saudi Arabia said that US$100 a barrel is a “reasonable’’ price for oil as prices of the crude rose in Asian tra...



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Higher entry fees for HK Disneyland

Admission fares will go up by as much as 17 percent for HongKong Disneyland, effective March 27, the theme park operator announced today. An adult on...



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Schroders completes Cazenove deal

Iinvestment manager Schroders said it agreed to buy smaller rival Cazenove Capital Holdings for US$647 million. “This transaction creates a leading,...



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Xi calls African leaders ‘my dear friends’

President Xi Jinping hailed the strength of ties with African nations in a keynote speech on his first trip as head of state to the continent. Xi, ...



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TNT Express exits China operations in turnaround plan, sheds 4,000 jobs globally

TNT Express said today the company has begun the process of selling its operations in China as well as Brazil, as operating conditions worsen. The co...



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Europe opens higher after Cyprus deal

European stock markets rose solidly at the start of trading Monday after Cyprus agreed a deal that qualifies the eurozone member for a bailout and avo...



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Hang Seng edges up

Hong Kong shares ended 0.61 percent higher on Monday after Cyprus agreed a last-minute deal with its international creditors that will qualify it for...



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Bomb wounds Syria defector

Syrian activists say a top rebel military leader has been wounded and possibly killed by a bomb stuck to his car. The Britain-based Syrian Observator...



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April long-haul fuel levy rises by 7pc

Airlines have been allowed to further increase fuel costs charged to passengers from April 1-30. The passenger fuel surcharge for short haul flights ...



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(World Cup qualifiers) Battles ahead for Koreans, Uzbeks

Asian champions Japan are poised to become the first country to join hosts Brazil at the 2014 World Cup when they take their unbeaten record in the ...



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Netizens mock claims of Welsh bravado after Fiji hammering

Netizens posting comments about a UK newspaper report on the ‘brave’ Welsh losing to Fiji in the Hong Kong Sevens cup final on Sunday are questioning...



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Whatever the bailout decision, Cyprus crisis sets many precedents for EU

Lawyers have a saying that hard cases make bad law. Whatever happens on a bailout for Cyprus will set precedents for the euro zone's future banking union, investor confidence in the single currency area and political relations among European states.

With Cyprus facing a deadline today to avert a collapse of its banking system and potential exit from the euro, President Nicos Anastasiades was in Brussels yesterday for crisis talks with the island's international creditors.

via Business feed http://www.scmp.com/news/world/article/1199008/whatever-bailout-decision-cyprus-crisis-sets-many-precedents-eu

No proof of systematic data fabrication: report

An investigation task force reveiled that there is not sufficient evidence showing the existence of systematic data fabrication in researches by the C...



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Global telecoms giant ZTE sees gold in Chinese roots

China’s ZTE, which helped bring the telephone to millions of homes during the Deng Xiaoping era, is counting on a new generation of tech-savvy smartphone users to drive at least US$7.5 billion (HK$58.2 billion) of 4G network projects and elevate its sagging fortunes.

Shenzhen-listed ZTE, founded in the mid-1980s, clinched its first major overseas contract in Bangladesh in the mid-1990s. Since then, it has been aggressively expanding overseas and challenging telecoms equipment manufacturers such as Ericsson and Alcatel-Lucent in emerging markets from Asia to Africa.

via Business feed http://www.scmp.com/business/companies/article/1199329/global-telecoms-giant-zte-sees-gold-chinese-roots

Nikkei up 1.4pc at break

Stocks in Tokyo jumped 1.45 percent after Cyprus and euro zone officials struck a last-minute deal that will see the island qualify for a much-needed...



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Court rejects abode appeal

The Court of Final Appeal has dismissed an appeal by two Filipino helpers who were seeking permanent residency in Hong Kong. It has also declined th...



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Cyprus deal boosts Asian markets

Asian markets rallied on Monday after Cyprus and and its international leaders struck a deal that will qualify the island for a bailout and avoid the collapse of its banking system.

The euro also enjoyed a bump as investors bought on relief that European officials had come to a last-minute agreement they hope will draw a line under a crisis that sent shares tumbling last week.

Tokyo climbed 1.45 per cent, Hong Kong added 0.96 per cent, Sydney was 0.66 per cent higher, Shanghai was up 0.28 per cent and Seoul put on 1.62 per cent.

via Business feed http://www.scmp.com/business/economy/article/1199314/cyprus-deal-boosts-asian-markets

Cyprus deal to bring US stock rally: experts

via Business feed http://www.scmp.com/business/money/markets-investing/article/1199311/cyprus-deal-bring-us-stock-rally-experts

Nikkei up more than 1pc as Cyprus, EU agree rescue deal

Japan’s Nikkei share average rebounded on Monday after a sharp fall at the end of last week, as Cyprus and the European Union agreed to a plan to resolve the island’s financial crisis.

The Nikkei advanced 1.4 per cent to 12,506.94 after dropping 2.4 per cent in the previous session.

“Euro-related companies have a pretty good performance so far,” a Tokyo-based trader said.

“Our house view on Cyprus is that it will be difficult but it will be solved. The big picture is looking quite good, especially for Japan.”

via Business feed http://www.scmp.com/business/money/markets-investing/article/1199310/nikkei-more-1pc-cyprus-eu-agree-rescue-deal

Last-minute deal resurrects Cyprus bailout

EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island -- but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.

Final backing was received at around 09am (Hong Kong time), 12 hours into marathon talks for President Nicos Anastasiades with European Union, European Central Bank, International Monetary Fund and euro zone leaders, with Cypriot President Nicos Anastasiades saying he was “content.”

via Business feed http://www.scmp.com/business/economy/article/1199303/last-minute-deal-resurrects-cyprus-bailout

Euro zone head says Cyprus bank deal 'is much better'

Eurozone head Jeroen Dijsselbloem said that a deadline-day deal to resurrect a Cyprus bailout brought to a close 10 days of uncertainty. “We've put ...



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Shanghai gains in morning trade

Stocks in Shanghai gained 0.43 percent in early trading due to gains in US stocks last week and a bailout deal for Cyprus, dealers said. The benchma...



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New Zealand bans foreign student sex workers

International students in New Zealand, where prostitution is legal, have been told they are to be barred from working in the sex trade. A governmen...



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EU ministers lean in favor of Cyprus bank deal

A deadline-day deal to resurrect a 10 billion euro bailout for Cyprus in exchange for a massive wipe-out across the island's two biggest banking cha...



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