Business News

Huijin buying 38.8% in New China Life By Hu Yuanyuan (China Daily) Updated: 2009-11-20 08:08 Central Huijin Investment Co Ltd, the domestic arm of China's sovereign wealth fund, is buying a 38.8 percent stake in New China Life Insurance Co Ltd (NCL) from Insurance Protection Fund, the latter said in a statement yesterday.

CIC to buy 20% stake in GCL-Poly By Li Xiang (China Daily) Updated: 2009-11-20 08:08 China Investment Corp (CIC), the nation's sovereign wealth fund, said yesterday it would spend HK$5.5 billion ($ 709.67 million) to buy a 20 percent stake in GCL-Poly Energy Holdings Ltd, the first time it has invested in a domestic renewable energy company.

Minsheng raises $3.88b from public float (China Daily/Agencies) Updated: 2009-11-20 08:08 China Minsheng Banking Corp, the nation's first privately owned lender, raised HK$30.1 billion ($3.88 billion)in Hong Kong's biggest public share sale since April 2007, three people familiar with the matter said.

Hong Kong stocks close 0.87% lower (Xinhua) Updated: 2009-11-20 17:31 Related readings:  Hong Kong stocks close 0.32% lower  Hong Kong stocks close 1.73% higher  Hong Kong stocks close 1.01% lower  Hong Kong stocks close 1.61% higher

CSR considering investments in Africa By Liu Yiyu (www.chinadaily.com) Updated: 2009-11-20 17:28 China South Locomotive and Rolling Stock Corp (CSR), the largest train maker in China, said it is considering investments in Africa, the company's general manager Zhao Xiaogang said Friday during the 2009 BusinessWeek CEO Forum.

ChiNext stock index down on Friday (Xinhua) Updated: 2009-11-20 15:52 Related readings:  Stock software maker to appear on ChiNext  ChiNext stock index up on Thursday  ChiNext stock index up on Wednesday  ChiNext stock index down on Tuesday

Inflation on the way, but slowly: expert (Xinhua) Updated: 2009-11-20 15:51 Inflation would come as expected, but it won't be very serious within the next 12 months given the overcapacity of the manufacturing sectors, an experienced economist said Friday.

Entrepreneurs plays big role (Xinhua) Updated: 2009-11-20 14:00 Jia Qinglin, China's top political adviser, continued his two-day visit to the Philippines on Friday by urging Chinese entrepreneurs to forge closer ties and promote common development.

Guangdong's economy to grow 9% in 2009 (Xinhua) Updated: 2009-11-20 10:23 South China's Guangdong province is expected to achieve economic growth of 9 percent this year, higher than the target of 8.5 percent, governor Huang Huahua said Thursday.

West China sees GDP grow 12.5% Jan-Sep (Xinhua) Updated: 2009-11-20 10:21 The gross domestic product (GDP) of China's western regions rose 12.5 percent in the first nine months from a year earlier, China's top economic planner said Thursday.

Nigeria, China to enhance banking relations (Xinhua) Updated: 2009-11-20 10:04 First Bank of Nigeria Plc has expressed the readiness to enhance its banking relations with major Chinese financial institutions, following the approval of the China Banking Regulatory Commission (CBRC) to open a representative office in Beijing.

Qatar, CNOOC to build petrochem plant (China Daily/Agencies) Updated: 2009-11-20 08:08 Qatar Petroleum International, a unit of the emirate's state-run oil company, plans to build two petrochemical plants costing about $9.8 billion in Asia by 2015 to tap demand in the world's fastest-growing region.

Higher costs weigh on NetEase By Chen Limin (China Daily) Updated: 2009-11-20 08:08 Surging expenses for game promotions and dwindling advertising revenues could weigh on NetEase.com Inc as the online gaming operator grapples with fierce competition in the crowded industry.

China's economy to expand 9.4% in 2010, report forecasts (Xinhua) Updated: 2009-11-20 17:32 China's economy is forecast to grow 9.4 percent next year on the growth of domestic consumption and improving exports, said a report released Friday by the Beijing-based Renmin University of China.

Rural home appliance sales top 50b yuan on subsidy By Yu Hongyan (chinadaily.com.cn) Updated: 2009-11-20 17:12 China's rural home appliance subsidy program has boosted home appliance sales to 50.84 billion yuan ($7.45 billion) during the first 10 months of this year, according to statistics released by the Ministry of Commerce (MOFCOM).

Low rates could discourage financing real economy (Xinhua) Updated: 2009-11-20 13:57 Low interest rates, especially the deposit rate, would discourage financial institutions from providing adequate financing to the real economy, Zhou Xiaochuan, governor of the People's Bank of China (PBOC) said Friday.

Millionaires club expands in China By Wang Bo (China Daily) Updated: 2009-11-20 08:08 The global economic downturn has not affected the personal wealth of the rich in China that continued to expand this year and also opened up more opportunities for private bankers, said a recent study.

Central government supports Macao's foreign exchanges (Xinhua) Updated: 2009-11-20 10:06 The Chinese central government will continue to support the Macao Special Administrative Region (SAR) in its exchanges and cooperation with Portuguese-speaking countries in line with the Basic Law of the SAR, says the Chinese Foreign Ministry Thursday.

7 Days Group offers $11/share IPO on Nasdaq (chinadaily.com.cn) Updated: 2009-11-20 17:13 7 Days Group Holdings Ltd, China's third-largest budget hotel chain operator, set its 10.1 million American depositary shares (ADS) at $11 each Thursday, at the high end of the expected price range of $9 to $11, Sina.com reported today.

Chinese shares dip, ending five straight rises (Xinhua) Updated: 2009-11-20 15:48 Chinese equities ended the five consecutive gains on Friday, with the benchmark Shanghai Composite Index down 0.37 percent, or 12.27 points, to close at 3,308.35.

Mark Mobius bullish on BRIC market (China Daily/Agencies) Updated: 2009-11-20 08:08 Emerging markets fund manager Mark Mobius has said stocks in Brazil, Russia, India and China are likely to rise by 30 to 40 percent within three to four years as higher economic growth and lower government debt spur corporate earnings.

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