HSBC cut pneumatic cylinders s 450 staff in Hong Kong
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HSBC cuts 450 staff in Hong KongPublished: 18 Nov 2008 05:24:47 PST

Nov. 18, 2008 (China Knowledge) - HSBC Holdings<5><HBC>, the biggest bank by market value in Europe, has laid off 450 employees in Hong Kong in anticipation of a worsening global economic situation next year.

The lay-off involves all customer groups and some bank office functions, sources cited an internal memo sent to staff from the company's executive director Peter Wong.

All the affected staff had received notification of the news by Monday night, according to a spokeswoman for the bank's Hong Kong operations.

The spokeswoman refused to give a breakdown on the job cuts and added that HSBC would try to help affected staff through internal redeployment where possible.

Previously, HSBC announced it would cut 1,100 jobs worldwide.

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China se casual wedding dress ts up 3rd state-level New Area
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China sets up 3rd state-level New AreaPublished: 17 Dec 2009 02:17:35 PST

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Dec. 17, 2009 (China Knowledge) - Hengqin New Area, China's third state-level New Area after Shanghai Pudong New Area and Tianjin Binhai New Area, was set up in Zhuhai, Guangdong Province yesterday, the Xinhua News Agency reported.




On the same day, four major projects with a total investment of RMB 72.6 billion started construction. The projects include the construction of urban infrastructure, building gas supply stations, resorts and central business district.




Reportedly, China Metallurgical Group Corp will invest RMB 12.6 billion to build the main road network in the New Area over the next three years.




Hengqin is the largest of the Zhuhai Islands, covering an area of about 106 square kilometers.



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Focus Me chicago bears jerseys dia posts losses in Q3
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Focus Media posts losses in Q3Published: 07 Dec 2009 20:16:31 PST

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Dec. 8, 2009 (China Knowledge) - Focus Media Holding Ltd<FMCN>, the operator of the largest out-of-home multi-platform life-style media company, posted a net loss of US$127.6 million, or 99 cents per American Depository Share, in the third quarter of this year, sources reported.




According to the company's quarterly report, revenue fell 26% to US$166.6 million during the quarter. Revenue for the LD display network, in-store network and poster frame network was US$85.8 million, while that for the movie theatre and outdoor traditional billboard network and Internet advertising services was US$80.8 million.




The Nasdaq-listed company also recorded an impairment of US$36 million for the assets that were to be sold to SINA Corp<SINA>, and a US$17 million to catch up on depreciation for the assets.




"The assets impairment and disposal losses, which have been negatively affecting our company since the last quarter of 2008 will come to the end by early 2010," said Jason Jiang, chairman and CEO of Focus Media.




ADSs of Focus Media shed 4.7% at US$14.69 in after-hours trading on Monday.



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CNOOC li led tube kely to enter A-share market through international board
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CNOOC likely to enter A-share market through international boardPublished: 26 Aug 2009 21:02:01 PST

The China National Offshore Oil Corporation (CNOOC), China's largest offshore oil and gas producer, is likely to enter the A-share market through the international board rather than by direct-share issuing or Chinese depository receipts (CDR), Fu Chengyu, board chairman and CEO of CNOOC disclosed during the company's midyear news conference in Hong Kong on Wednesday.

"We are willing to list on the Shanghai Stock Exchange (SSE), but through which means, it still needs government's final approval," Fu added.

In 2007, CNOOC failed to issue shares directly in the SSE due to some legal and technical difficulties.

In the second half of 2007, a draft rule regulating overseas companies' listings on the mainland market was released by the China Securities Regulatory Commission (CSRC), which clears out some obstacles concerning the return of red chips, mostly national conglomerates incorporated and listed in Hong Kong, to move to the Shanghai bourse.

In March this year, China's central bank also hinted in its report on the 2008 international financial market that the return of red chips and the plan of the international board would be further discussed.

Overseas companies would be able to go public on the SSE next year, Tu Guangshao, Shanghai's deputy mayor in charge of financial affairs was quoted by the Shanghai Daily as saying.

CNOOC is expected to be in the first batch of red chip companies listing in the mainland market.

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Goldman apad wholesale Sachs lowers forecast of mainland GDP growth to 6%
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Goldman Sachs lowers forecast of mainland GDP growth to 6%Published: 12 Dec 2008 02:53:54 PST

Dec. 12, 2008 (China Knowledge) - The U.S. investment bank Goldman Sachs said yesterday it has revised its forecast of China's GDP growth next year to 6% from the previous 7.5%, the most bearish prediction so far, due to the negative impact of the global financial turmoil and economic recession on the world's fastest-growing economy, the South China Morning Post reported on Thursday.

Goldman economists forecast the slowdown will be greater than that during the Asia financial crisis or the 2001 dotcom bust, adding the depth of slowdown would be, to a large extent, determined by exports, fixed-asset investment, especially in the real estate sector, and inventory decline.

Mainland reported on Wednesday that its exports edged down 2.2% from a year earlier to US$114.99 billion in November, the first drop in seven years, and imports tumbled 17.9%.

Policymakers in Beijing has unveiled a multibillion-dollar stimulus package after the country's economic growth rate fell to 9% in the third quarter of this year, down from 11.9% over the corresponding period of last year.

The stimulus package was expected to start functioning by the second quarter of next year and project full influence in 2010, Goldman economists said.

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