Issue: January 29, 2008 (Archive)

Tuesday, February 9, 2010

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Snowfalls light fire under coal, clothing stocks
The mainland's worst snowstorms in decades have warmed the hearts of Hong Kong punters who chased after clothing and coal stocks yesterday, but mainland investors were left out in the cold on fears the snow would make inflation problems worse.

ICBC, BOCHK act to head off subprime losses
Industrial and Commercial Bank of China (1398) and Bank of China (Hong Kong) (2388) have provided additional funds to cover possible subprime losses during the fourth quarter.

Li 'to pay $62m' to settle insider case
Bank of East Asia (0023) chairman David Li Kwok-po has reached a tentative agreement with the US securities regulator to pay more than US$8 million (HK$62.8 million) to settle insider trading allegations surrounding News Corp's acquisition of Dow Jones, according to a media report.

Stocks plummet as China freezes up
Steep losses in mainland stocks due to concerns over the impact of the big freeze on the Chinese economy had a chilling effect yesterday on the local bourse, which was already slipping on worries over the ailing US economy.

World waits to gauge US outcome
A wait-and-see attitude is being taken by investment banks to see whether the US Federal Reserve's move in cutting interest rates will prevent the United States from sliding into recession.

Solargiga and SFK put listings on hold
Listing candidates Solargiga Energy and SFK Construction Holdings confirmed yesterday they are delaying their initial public offerings due to the volatility in the Hong Kong stock market that has prompted at least three other companies to postpone their listings this month.

Toyota hits milestone in output
Toyota said it produced almost 9.498 million vehicles last year - leapfrogging US rival General Motors to become the world's No1 in terms of production.

Yuan and gold surge as oil prices tumble
China's yuan extended last week's strong rise to set another post- revaluation high against the dollar yesterday, because of persistent inflation worries and expectations for another, imminent cut in US interest rates.

SocGen alerted to Kerviel last year
Exchange officials questioned deals by Societe Generale trader Jerome Kerviel in November 2007, the Paris prosecutor said yesterday, adding to pressure on the French bank to explain how the trader almost brought it down.

Mainland coal and coke forays set stage for sunny days
The Hang Seng Index retreated 4.3 percent yesterday, closing at 24,053.

CNOOC settles with Tangguh stake sale
China's top offshore oil producer CNOOC Ltd (0883) has settled a legal dispute with Talisman Energy by selling a 3.06 percent stake in Indonesia's Tangguh liquefied natural gas project to the Canadian oil and gas producer for US$212.5 million (HK$1.66 billion).

Brutal weather turns up the heat on mainland inflation
Mainland authorities vowed yesterday to fight rising inflation as massive levels of snow and freezing rain threatened the country's coal supplies, transportation networks and food production.

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