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CNPC sub automotive fuse sidiaries took bribes from US firm
CNPC sub automotive fuse sidiaries took bribes from US firm
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CNPC subsidiaries took bribes from US firmPublished: 30 Aug 2009 09:02:01 PSTBy Deng Jingyin
China's largest oil and gas producer and supplier did take bribes from US-based Control Components Inc (CCI), but the amount was far less than previously alleged by US authorities, the supervisor of State-owned enterprises told the China Business.
China National Petroleum Corporation (CNPC) accepted bribes of less than 10,000 yuan ($1,464) from CCI, instead of the 1.66 million yuan alleged by the US Justice Department, according to an investigation conducted by the State-owned Assets Supervision and Administration Commission (SASAC), China Business reported Saturday.
CNPC subsidiaries accepted the bribes, it reported, without indicating the companies' names.
SASAC set up a special team to look into this issue on August 21 and conducted the investigation into CNPC as the first step among the nine State-owned enterprises on the list of alleged recipients of bribes.
"We have already confirmed that the companies taking bribes are all CNPC's third-and fourth-tier subsidiaries. The maximum amount is only around 8,000 yuan, even less than 10,000 yuan," an unnamed SASAC insider told the newspaper.
The Central Commission for Discipline Inspection of the Communist Party of China, the Party's anti-corruption arm, is paying great attention to this case, and is to set up a special team to investigate the issue, according to China Business.
The information publicized by the US Justice Department said the bribe amount CNPC twice accepted was 1.66 million yuan.
According to the US prosecution indictment, the officials involved were a CNPC official and a CCI executive responsible for sales in China.
However, CNPC refused to comment on the issue, alleging it never received information of the SASAC's investigation results.
"I haven't received any information about the investigation until now and I don't know if they have confirmed the bribe amount," an official, surnamed Sun, from the Information Department of CNPC told the Global Times yesterday.
Some of the subsidiaries involved said that they are conducting their own internal investigations, though as yet no response has come from CNPC Group uncovering any bribery of its own employees.
SASAC's investigation into this case has drawn much attention from the public.
"China's judicial authorities should intervene as early as possible. By leading the investigation, SASAC may be suspected of shielding the mistakes of these State-owned enterprises," said Ma Guangyuan, a well-known economic commentator and senior lawyer in China.
"Criminal investigations by the judiciary would likely carry more weight," he added.
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Powerchi automotive fuse p Semiconductor obtains NT$450 mln of loan
Powerchi automotive fuse p Semiconductor obtains NT$450 mln of loan
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Powerchip Semiconductor obtains NT$450 mln of loanPublished: 28 Jul 2009 01:12:50 PST- Top 5 News From ChinaKnowledge.comSina, E-House plan merger, seek U.S. listingChinese stocks open mixed on TueAlibaba, BOC enter long-term e-commerce allianceCDB grants RMB 100-bln credit line to China National NuclearHang Seng Index opens 10 points higher on Tue
Jul. 28, 2009 (China Knowledge) - Powerchip Semiconductor Corp, Taiwan's second-largest memory-chip maker by revenue, has secured NT$450 million worth of loan from local chip maker Advanced Semiconductor Manufacturing Co, in order to repay its corporate bonds bought by the latter firm last year, sources reported.
As part of the deal, PSC will be collateralized by an equivalent amount of equity interest in Rexchip Electronics Corp, a joint venture it set up with Japan-based dynamic random access memory maker Elpida Memory Inc.
Earlier this month, Powertech Technology Inc and Kingston Technology jointly provided a loan worth NT$4 billion to the cash-strapped PSC, aiming to help the latter repay debts.
The loans can help ease PSC's pressure in a short term. However, PSC still need a lot of money to carry out technological upgrading and repay debt, said an analyst at Fubon Securities Co Ltd, adding that the long term performance of PSC is gloomy.
It is estimated that PSC will post a loss of NT$7 billion in the first half of this year. Meanwhile, other local DRAM makers in Taiwan, including Nanco Electronics Supply Co Ltd, ProMOS Technologies Inc and Inotera Memories Inc, will post a loss estimated at NT$35 billion during the period.
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Pirated automotive fuse Windows 7
Pirated automotive fuse Windows 7
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Pirated Windows 7Published: 08 Jul 2009 07:02:01 PSTTwo pirated copies of Microsoft’s yet-to-be-released Windows 7 operating system are for sale in an electronics market in Shijiazhuang, Hebei Province yesterday. Hundreds of pirated copies have been sold from one vendor alone at the market since January for as low as 7 yuan ($1.02) a piece. The copyrighted versions will be released in October, with prices starting from 399 yuan ($58.42). Photo: IC
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Wanda Gr automotive fuse oup burns through RMB 56 bln
Wanda Gr automotive fuse oup burns through RMB 56 bln
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Wanda Group burns through RMB 56 blnPublished: 18 Mar 2009 18:18:34 PSTMar. 19, 2009 (China Knowledge) - Dalian Wanda Group Corp Ltd, a large group engaged in development of real estate, hotels and chain department stores, has spent more than RMB 56 billion in project development since last October, sources reported.
Since last October, the group has invested RMB 10.5 billion in a project in Nanjing, RMB 8 billion in Chengdu, RMB 8 billion in Tangshan, RMB 7 billion in Shijiazhuang, RMB 6 billion in Hohhot, RMB 3 billion in Xi'an and RMB 2 billion in Yichang.
Most recently, Wang Jianlin, chairman of the group, announced on Mar. 9 that Dalian Wanda will invest RMB 10 billion in the development of three projects in Wuhan, Hubei Province.
Wang added that the group expects to reach RMB 30 billion in sales revenue and hit RMB 4.5 billion in net profit this year.
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Audi Chi automotive fuse na sales surge 51% to 14,510 units in Oct
Audi Chi automotive fuse na sales surge 51% to 14,510 units in Oct
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Audi China sales surge 51% to 14,510 units in OctPublished: 12 Nov 2009 18:35:43 PST- More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market
Nov. 13, 2009 (China Knowledge) - Audi AG, a German subsidiary of Volkswagen AG, Tuesday said its China sales surged 50.7% year on year to 14,510 units in October, sources reported.
In the first ten months of the year, the auto maker sold 123,369 Audi cars, 22.7% more than the same period of last year. Full-year sales in the country last year were only 119,598 units, said Audi.
Audi hopes to sell 136,000 cars in China this year.
The new Audi Q5 has become one of the auto maker's most successful models in China, its biggest overseas market.
Audi's global sales rose 0.4% to 82,750 units in October but dropped 6.7% to 787,900 units in the period from January to October.
The German auto maker aims to achieve annual sales of at least 200,000 cars in China by 2013, two years earlier than originally planned, said Peter Schwarzenbauer, Audi's head of sales, China Knowledge reported earlier.
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Shanda, automotive fuse Hunan TV to set up RMB 600-mln JV
Shanda, automotive fuse Hunan TV to set up RMB 600-mln JV
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Shanda, Hunan TV to set up RMB 600-mln JVPublished: 15 Nov 2009 17:59:07 PST- More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market
Nov. 16, 2009 (China Knowledge) - Shanda Pictures Ltd, a fully-owned subsidiary of Chinese online game operator Shanda Interactive Entertainment Ltd<SNDA>, announced Thursday that it has formed a strategic cooperation with Hunan Broadcasting and Television Group, also known as Hunan TV, one of the leading entertainment brands and celebrity producing platforms in China.
The two companies said they will invest a total of RMB 600 million to set up a joint venture, but did not disclose the amount of their respective contributions.
The new JV will be mainly engaged in the production and sales of movies and TV series and other related businesses such as agency services.
Shanda, the parent of newly Nasdaq-listed Shanda Games Ltd<GAME>, is a leading interactive entertainment media firm in China with a portfolio of diversified entertainment content that includes music, games and literature.
Hunan TV is the parent of Hunan Satellite Television Station, which is widely recognized as the No. 1 entertainment media outlet in China. The subsidiary's audience has grown from 65 million viewers 12 years ago to 880 million.
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PBOC sel automotive fuse ls RMB 100 bln in 28-day repos on Tuesday
PBOC sel automotive fuse ls RMB 100 bln in 28-day repos on Tuesday
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PBOC sells RMB 100 bln in 28-day repos on TuesdayPublished: 19 May 2009 00:22:46 PST- Top 5 News From ChinaKnowledge.comChina's power use fell 4% in Jan-AprHang Seng Index opens 431 points higher on TueChina Yangtze Power to buy assets from Three GorgesAllianceBernstein cuts shareholding in Sinopec to 6.76%SOHO China allowed to acquire RMB 1.77-bln in Beijing properties
May 19, 2009 (China Knowledge) - The People's Bank of China (PBOC), or the central bank, issued RMB 100 billion in 28-day repurchase agreements (repos) with a coupon rate of 0.90% in the regular open-market operations this morning, sources reported.
The size of the issuance is larger than that of last Tuesday, when PBOC issued RMB 70 billion in 28-day repos in the regular open-market operations. The coupon rate was 0.90%.
A bank trader said that the increase in repos this week reflects PBOC's effort to maintain liquidity since more than RMB 200 billion in central bank repos and bills are due to mature this week.
The central bank sold RMB 80 billion in three-month bills last Thursday in the regular open-market operations, according to China Knowledge's earlier report.
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SAIC Gro automotive fuse up forecasts 45% growth in vehicle sales this year
SAIC Gro automotive fuse up forecasts 45% growth in vehicle sales this year
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SAIC Group forecasts 45% growth in vehicle sales this yearPublished: 24 Nov 2009 01:25:47 PST- More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market
Nov. 24, 2009 (China Knowledge) - Shanghai Automotive Industry Corp, or SAIC Group, a leading auto maker in China, will sell 2.65 million vehicles in 2009, nearly 45% more than in the previous year, said Vice Chairman Chen Hong yesterday.
The auto maker's sales this year will surpass those of Suzuki and Fiat, thus making the group the world's eighth-largest auto maker, said Chen at an auto show held in Guangzhou, Guangdong Province.
In the first ten months of this year, the group sold 2.18 million vehicles, 51% more than in the same period of last year, and controlled a 21% share of China's auto market, more than any other auto maker. In 2008, the company's sales were 1.83 million units.
The group's sales revenue so far this year have topped RMB 300 billion, reflecting an increase of more than 20% year on year.
SAIC Group aims to sell 4 million vehicles annually by 2014.
In the first ten months of this year, China's auto sales increased 36.23% year on year to 10.89 million units.
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1st road automotive fuse tunnel under Yangtze River becomes operational
1st road automotive fuse tunnel under Yangtze River becomes operational
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1st road tunnel under Yangtze River becomes operationalPublished: 29 Dec 2008 21:48:28 PSTDec. 30, 2008 (China Knowledge) - China's first road tunnel beneath the Yangtze River started trial operation on Dec. 28 in Wuhan, Hubei province, the official Xinhua News reported.
The project, involving a total investment of RMB 2.05 billion, started construction four years ago.
The 3.63-kilometer, bi-directional four-lane road tunnel can save travel time of twenty minutes between the city's major areas -Wuchang, where government offices and universities are based, and Hankou, the business center.
It is also said the tunnel can withstand flooding (300 year-flood plain) and an earthquake measuring up to six on the Richter scale.
With capacity of allowing 50,000 vehicles traveling at 50 kilometers per hour each day, the tunnel is designed to alleviate the traffic pressure within the city.
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Derivat automotive fuse ive default stance rattles market
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Derivative default stance rattles marketPublished: 31 Aug 2009 11:02:01 PSTA report that State-owned enterprises (SOEs) will be allowed to default on commodity derivative contracts provoked anger and dismay among investment banks yesterday as they feared a damaging precedent.
Chinas SOEs regulator, the State-owned Assets Supervision and Administration Commission (SASAC), has told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published Saturday.
An SASAC media official said he was waiting for the "relevant department's" official comment before he could clarify the position.
The report, a hot topic among bankers from Shanghai to Singapore yesterday, deals another blow to investment banks hoping to sell more derivatives hedges in China.
"If we were among the banks receiving that letter, we would be very angry. But now the key is to find out more details on the letter: In whose name the letter was issued, government or corporate? And under what reasons for possible defaults?" said a Singapore-based marketing executive with a foreign bank.
"If it's in the name of the government, the impact will be very negative," said the executive, who did not want to the named.
But at least Air China, China Eastern and shipping giant COSCO – among the Chinese SOEs mired in huge derivatives losses since late last year – had issued letters to banks, said the Singapore-based bank source, who said he had heard of the letters and that they were all in the same format.
"It's a handful of companies who are being encouraged by regulators to renegotiate," said a second banking source.
Beijing-based derivatives lawyers said the so-called "legal letter" has no legal standing – SASAC as a shareholder of SOEs has no business relationship with international banks.
SASAC took over the job of overseeing SOEs' derivatives trading from the securities regulator in February after several Chinese firms reported huge losses from derivatives.
Reuters
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Spy shot automotive fuse : Changfeng Acumen
Spy shot automotive fuse : Changfeng Acumen
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Spy shot: Changfeng AcumenPublished: 14 Sep 2009 02:02:01 PSTChengfeng Motor's first sedan Acumen will roll off the producing line at the end of 2009 and to be launched in January 2010, with an expected price of over 100,000 yuan.
Agencies and Shi Jierui contributed to this story
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Against automotive fuse All Fiscal Odds: China Continues Its Proactive Investment Policy
Against automotive fuse All Fiscal Odds: China Continues Its Proactive Investment Policy
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Against All Fiscal Odds: China Continues Its Proactive Investment PolicyPublished: 06 Apr 2009 17:46:40 PSTJudging from the gloomy economic outlook so far this year, the Ministry of Finance's goal of an 8-percent increase in fiscal revenue seems almost unattainable.
"Fiscal revenue will continue to go down," said Jia Kang, Director of the Institute of Fiscal Science under the Ministry of Finance, at the national fiscal work conference held in the beginning of this year.
But the government is doing whatever it can to reach its 8-percent target of increasing this year's fiscal revenue to 6.6 trillion yuan ($966 billion).
Data released by the Ministry of Finance on March 23 indicate the national fiscal revenue stood at 411 billion yuan ($60 billion) in February, down 1.2 percent compared with the same month last year. It was the fifth straight month of year-on-year decline.
The Ministry of Finance figures also indicate that in the first two months of this year, the country's total fiscal revenue was 1.02 trillion yuan ($150 billion), down 11.4 percent from the same period last year. The revenue consisted of 516.8 billion yuan ($76 billion) and 507 billion yuan ($74 billion) in fiscal income from the Central Government and local governments, respectively, representing a 20-percent and a 0.1-percent decrease from the same period last year.
"The decreasing fiscal income would diminish the target revenue," Jia Kang said. "But it won't affect our investment in expanding domestic consumption, and the $586-billion stimulus package will go full steam ahead."
Tax decrease
On the same day when the Ministry of Finance announced its fiscal income, it also published an article analyzing the reasons for the reduction. It attributed the decline in the first two months to two factors: the economic slowdown, which dampened company profits and led to reduced income taxes, and a proactive fiscal policy and corporate tax structure reform, both of which also resulted in fewer taxes.
After the onset of the global credit crunch, China took a series of measures to cut taxes to ensure steady economic growth. For instance, the government reduced the stamp tax on securities transactions and exempted share purchases from such tax. It also reformed the value-added tax system, lowered corporate tax rates for small enterprises and hi-tech companies, cut the vehicle purchase tax on cars that produced fewer greenhouse gas emissions to 5 percent and increased export tax rebates for certain products. Those favorable tax policies have reduced government tax revenue by about 600 billion yuan ($88 billion).
The operational predicaments of corporations affected by the financial crisis also have cut the government's tax revenue. The Ministry of Finance website says overall national tax revenue dropped 13 percent in the first two months of this year, compared with the same period in 2008. During this time, sales tax revenue fell 5.1 percent, while the corporate tax revenue plunged 21.6 percent year on year.
Government investment continues
Jia Kang said the declining fiscal revenue might weaken China's economic strength in the short term, but it won't affect the government's investment to improve people's livelihoods and expand domestic consumption.
National fiscal income has been increasing steadily in recent years and exceeded 6 trillion yuan ($878 billion) in 2008. This has reinforced the country's fiscal strength and laid a solid foundation for accelerating economic development and improving people's lives.
According to Jia, China's fiscal deficit has been kept at a low level thanks to fiscal revenue from previous years.
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SocGen, automotive fuse Baosteel launch auto leasing JV in Shanghai
SocGen, automotive fuse Baosteel launch auto leasing JV in Shanghai
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SocGen, Baosteel launch auto leasing JV in ShanghaiPublished: 12 Nov 2009 18:35:43 PST- More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market
Nov. 13, 2009 (China Knowledge) - France-based Societe Generale, the third-largest bank in France, recently set up an auto-leasing joint venture in Shanghai with Baosteel Group, the largest iron and steel maker in China, as part of its effort to expand its business in the country.
The new JV, with a registered capital of RMB 50 million, is equally held by SocGen unit ALD Automotive and Baosteel's financial arm, Fortune Trust.
The JV will target multinational companies in China and large Chinese state-owned enterprises, aiming to build a fleet of 10,000 vehicles in five years.
ALD Automotive, founded 62 years ago, is one of the world's top three auto leasing firms both by market share and fleet size. At present, the company manages 800,000 vehicles in 39 countries around the globe.
Previously, SocGen and a subsidiary of Baosteel Group established a China fund JV called Fortune SGAM Fund Management Co, which is 51% owned by the Chinese partner.
SocGen reportedly plans to cut its stake in the fund JV to comply with Chinese regulations after a global reorganization, according to an earlier report from China Knowledge.
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UnionPay automotive fuse sets up Ningxia branch
UnionPay automotive fuse sets up Ningxia branch
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UnionPay sets up Ningxia branchPublished: 18 Feb 2009 00:00:00 PSTFeb. 18, 2009 (China Knowledge) - China UnionPay (CUP), the only national credit card organization in the country, launched a new branch in the Ningxia Hui Autonomous Region, in a bid to enhance its presence in the area, the Shanghai Daily reported.
CUP said in a statement the number of its branches now grew to 36 across the country.
CUP plans to further expand its bank card business amid the economic recession, said the company, adding it will strive to provide high-quality bank card products and services to local clients.
According to CUP's earlier report, the country's bank card transactions jumped 32% year on year during the Spring Festival holiday. The Chinese consumers spent RMB 38.84 billion (US$5.68 billion) based on card transaction during the period.
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Baidu an automotive fuse nounces overhaul plan
Baidu an automotive fuse nounces overhaul plan
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Baidu announces overhaul planPublished: 01 Dec 2008 02:50:53 PSTDec. 1, 2008 (China Knowledge) - Baidu. com, Inc<BIDU>, the Chinese-language search engine tycoon, announced an overhaul plan on Friday after it was accused of allowing unlicensed medical products suppliers to buy high search ranking to win more customers.
Robin Lin, CEO of Baidu, told the official Xinhua News agency that it has taken immediate measures after CCTV, the state television station, reported there are patients who were misled by the false search results.
The key words of all four clients mentioned in the report were removed only six hours after the television report, and the company has started an overall assessment of the relevant qualifications of all the hospitals and pharmacies on its client list, said Robin Li, Baidu��s CEO.Li also added the company had fired those employees who helped fabricate documents for unlicensed suppliers and will penalize those employees involved in this scandal.
Baidu will soon launch a new advertising system named PhonixNest so as to provide more precise information to the local internet users, according to the CEO.
In the second quarter of 2008, Baidu takes up about 64.4% of China��s web search market, while Google��s share in the country stands at 26.1%.
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TOPWRAP automotive fuse 2-Chinese output growth slumps but lending spurs hopes
TOPWRAP automotive fuse 2-Chinese output growth slumps but lending spurs hopes
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TOPWRAP 2-Chinese output growth slumps but lending spurs hopesPublished: 12 Mar 2009 00:44:00 PST* Chinese output growth slumps to record low
* MUFG to raise $1 billion through preferred securities
* World Bank says global economy to shrink 1-2 percent
* Japan mired in recession, no recovery in sight
* South Korea holds interest rates steady (For more on the financial crisis, click on)
BEIJING/TOKYO, March 12 - China, the engine ofworld economic growth in recent years, saw industrial outputgrowth shrink to a record low at the start of the year, but acontinued surge in bank lending in February spurred optimismthe economy could rebound soon.
Chinese officials have rushed cash to big infrastructureprojects, from railways to power plants, but are stillstruggling to fill a vacuum left by a collapse in exports,which plunged 25.6 percent in February from a year earlier.
"Worse-than-expected exports growth is having a clearimpact on overall activity growth," Yu Song and Helen Qiao,economists at Goldman Sachs, said in a note.
Mitsubishi UFJ Financial Group, Japan's biggest bank, wasthe latest large bank to shore up a capital base depleted by atumbling stock markets. It raised nearly $1 billion from a saleof preferred securities.
The issue will put MUFJ's total fundraising at about 1.3trillion yen ($13 billion) since last year, which includes newstock and a subordinated loan.
The global economy may shrink 1-2 percent this year, WorldBank President Robert Zoellick said, as revised Japanese dataconfirmed the world's No. 2 economy suffered its deepest slumpsince the oil shock of 1974.
The latest grim snapshot of the world economy highlightsthe need for urgent action as G20 finance chiefs prepare tomeet in Britain, but doubts have emerged over whether they willmake much headway due to divisions above how best to fight thedownturn.
"We haven't seen numbers like that since World War Two,which really means the Thirties. So these are serious anddangerous times," Zoellick told Britain's Daily Mail.
Asian share markets mostly fell, as a burst of optimismfuelled by Citigroup revealing it had been profitable for thefirst two months of the year proved short lived.
In export-driven Japan, companies such as Toyota Motor Corpand Sony Corp have been aggressively scaling back productionand cutting jobs to cope with collapsing demand.
Revised data on Thursday showed the economy shrank 3.2percent, or an annualised 12.1 percent, in October-December,slightly less than the initial estimate.
A rise in inventories led to the slight revision, butanalysts said that was nothing to cheer as it reflected slowingdemand both at home and abroad and not companies' appetite toproduce more.
"The data confirm that Japan's economic state is quitesevere. We see a sharp decline in exports, which puts Japan ina bad situation because exports are falling everywhere," saidSeiji Adachi, senior economist at Deutsche Securities.
The Nikkei average fell 2.4 percent, after surging nearly 5percent in the previous session alone, while the broader Topixplumbed its lowest close in 25 years. Mitsubishi UFJ fell 3.7percent.
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Zonda to automotive fuse expand vehicle base in Beijing
Zonda to automotive fuse expand vehicle base in Beijing
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Zonda to expand vehicle base in BeijingPublished: 01 Nov 2009 19:02:02 PSTThe president of Zonda Group, Xu Liankuan said the company will expand the company’s existing Beijing Zonda Yanjing Automobile New Energy Automobile Base in Beijing.
Gou Zhongwen, vice mayor of Beijing said the Beijing municipal government would fully support to the company's new-energy vehicle program.
Zonda Group, which specializes in producing passenger buses and tourist coaches, has exported its A9 luxury tourist coaches and BRT buses to Algeria.
Agencies and Shi Jierui contributed to this story
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Wolong R automotive fuse eal Estate wins land bid in Shangyu Economic Zone
Wolong R automotive fuse eal Estate wins land bid in Shangyu Economic Zone
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Wolong Real Estate wins land bid in Shangyu Economic ZonePublished: 15 Jan 2009 00:00:00 PSTJan. 15, 2009 (China Knowledge) - Wolong Real Estate Group Co Ltd<600173>, a Zhejiang-based real estate enterprise, announced on Wednesday that its subsidiary won the bid for a land lot in Shangyu Economic Development Zone.
According to Wolong's statement filed with the Shanghai Stock Exchange, it will pay RMB 151.8 million for the 55,403 sq m land. However, the payment will be made in four tranches so as to ease the developer's financing pressure.
Shares of Wolong rose 3.1% to close at RMB 4.64 on Wednesday.
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Japan's automotive fuse Elpida puts off chip plant construction in Suzhou
Japan's automotive fuse Elpida puts off chip plant construction in Suzhou
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Japan's Elpida puts off chip plant construction in SuzhouPublished: 09 Nov 2008 00:45:06 PSTNov. 7, 2008 (China Knowledge) - Elpida Memory, Inc, a large semiconductor manufacturer in Japan, announced that it has put off constructing its new plant in Suzhou, East China's Jiangsu province, for around one year, Xinhua News Agency reported.
Specializing in manufacturing the world's most advanced Dynamic Random Access Memory (DRAM) chips, the new plant in Suzhou initiated this year was expected to be put into production at the beginning of 2010.
According to Yukio Sakamoto, president of Elpida Memory Inc, the DRAM chip market has been greatly impacted by the global financial crisis, with the market price in the third quarter down by around 20% quarter-on-quarter.
Due to the uncertainties of the DRAM chip market, the construction plan in Suzhou is postponed in a bid to avoid overproduction, the president said.
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Criminal automotive fuse law updated to fight credit card crimes
Criminal automotive fuse law updated to fight credit card crimes
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Criminal law updated to fight credit card crimesPublished: 15 Dec 2009 11:02:01 PSTBy Sun Zhe
Looking to address rising fraud cases and new criminal tactics, laws on credit card fraud taking effect today were updated to clearly define – for the first time – baleful credit overdraft, China's central bank and two central judicial bodies announced at a joint press conference Tuesday.
The definition of baleful credit overdraft, one of eight judicial interpretations released Tuesday by the Supreme People's Court (SPC), Supreme People's Procuratorate (SPP), and the People's Bank of China (PBC), is when a credit card holder does not pay off an overdraft within 30 days of receiving a second collection notice from the bank.
The SPC and SPP are the only two judicial bodies authorized by China's congress to interpret the country's laws.
Other new interpretations released Tuesday set the grace period for delinquency, which had previously not been codified, and created conviction standards and sentencing criteria for credit card counterfeiting, illegal credit cashing and credit card fraud.
"It is necessary to clearly state the conviction and sentencing standards for credit card crimes because means of credit card crime have kept changing and it is increasingly difficult to address these crimes," said Xiong Xuanguo, vice president of the SPC.
The country's police filed 6,362 cases of credit card crime in the first eight months of the year, twice the figure from the same period last year, according to the latest data from the PBC.
The country's bad credit card debt amounted to 7.43 billion yuan ($1.09 billion) by the end of the third quarter of the year, up 28.6 percent from the second quarter and 126.5 percent from a year ago, according to PBC data.
The new judicial interpretations offer a clear and specific legal basis for dealing with credit card crime and will help reduce the default rate on credit card debt, said Zhu Xiaodong, a Beijing-based banking analyst.
"This will not produce any negative influence on banks' credit card business as long as they offer qualified service and the charge is reasonable," Zhu said.
The total number of credit cards issued in China grew 33.3 percent in the first nine months of this year.
There are now 175 million credit cards in China, or 0.13 cards per capita, with 1.45 and 0.81 cards per capita in Beijing and Shanghai, respectively, according to the PBC.
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