A senior manager at China National Coal Group has been arrested for gambling with company money in Macau. Zhang Baoshan, one of three of the company’s deputy general managers, as well the company’s former chairman, were said to have been arrested for allegedly taking funds from G-Ocean Energy Group, a subsidiary of the country’s second-largest producers. [...]
China’s Ministry of Industry and Information Technology won’t limit the use of Google’s Android mobile operating system by domestic operators. “As long as it complies with Chinese laws and regulations, and as long as it has good cooperation with operators … their use of the system won’t be limited,” the ministry’s spokesman Zhu Hongren said. [...]
Airlines are using funds from Chinese financial services firms in increasing numbers to purchase aircraft, driving Airbus deliveries to near-record levels this year, according to Airbus SAS head of aircraft finance. “Chinese financial institutions have done a solid job of financing airlines in China; now they’re expanding rapidly beyond Chinese borders and that should continue,” [...]
In a major setback for record companies’ intellectual property rights, China’s largest internet search engine Baidu, as well as smaller Sogou, have been cleared of internet piracy charges by a Beijing court. The International Federation of the Phonographic Industry (IFPI) estimates that 99% of music in China is now downloaded from the internet. “The verdicts [...]
Agricultural Bank of China’s (ABC) initial public offering may not happen this year as supposedly planned due to differences over the bank’s future related to farmers and the agricultural sector. “Top policy makers are yet to reach a consensus on whether to run the lender as a commercial entity or maintain its rural finance unit [...]
Premier Wen Jiabao will head a newly established “super ministry,” the National Energy Commission (NEC), with vice-Premier Li Keqiang as deputy. The new government agency has been set up to “take charge of the country’s energy policy for better coordination in formulating strategy and planning development” and will include members representing the National Development and [...]
CITIC Private Equity Funds Management Co said two-thirds of the $1.32 billion it has raised in local currency will focus on state-owned enterprise turn arounds. The fund will have special access to SOE’s because of its links to state-owned CITIC and CITIC Securities. “We’re known by local governments and portfolio companies as ‘insiders,’” Wu Yibing, [...]
