HK financier Francis Leung joins CVC as adviser

(Reuters) - Leung, a long-time banker to Hong Kong tycoon Li Ka-shing with close China ties, was with Citigroup Global Markets as chairman of Asia until last year focusing on developing Citigroup's Greater China investment banking business, CVC said.




CVC, which is a major shareholder in global motor racing business Formula 1, owns interest in Australia's media group PBL Media, Japan's restaurant chain Skylark, Singapore's precision metals stamping firm Amtek, Malaysia's largest paper packaging firm GS Paper and Packaging, and Chinese wood fibreboards maker Plantation Timber Products.


Read more at Reuters.com Business News

Merrill eyes new China partner for securities JV

(Reuters) - By George Chen



SHANGHAI, July 31 - Merrill Lynch is looking for new partner to set up its investment banking joint venture in China, after calling off a proposed partnership with Huaan Securities, sources close to the deal said on Tuesday.


Read more at Reuters.com Mergers News

Cnooc Parent First-Half Pretax Profit Reaches $3.4 Billion as Output Rises

(Bloomberg) -- China National Offshore Oil Corp.,
parent of the nation's biggest offshore oil producer, posted a
pretax profit of 25.7 billion yuan ($3.4 billion) in the first
six months on increased output.

Sales reached 72 billion yuan, the Beijing-based oil
producer said in a statement on its Web site today, without
giving year-earlier figures.


Read more at Bloomberg Emerging Markets News

UPDATE 1-US Treasury sees no breakthrough from China visit

(Reuters) - WASHINGTON, July 26 - U.S. Treasury Secretary
Henry Paulson will urge China to move faster to allow its yuan
currency to appreciate but does not expect a major breakthrough
on the issue when he visits Beijing next week, a senior
Treasury official said on Thursday.




Alan Holmer, the Treasury's special envoy to China, told
reporters that the trip was being made to support the
Treasury's strategic economic dialogue with China and was not
focused on near-term results.


Read more at Reuters.com Bonds News

Moody's upgrades debt ratings for China, HK, Macau

(Reuters) - China earned an upgrade to its credit rating on Thursday from Moody's Investors Service to reflect exceptional strength in its external payments, favourable government debt trends and continued progress in economic reform.

Moody's also raised the ratings on Hong Kong and Macau, while Standard & Poor's maintained its ratings on China and Hong Kong but raised its outlook on both to positive from stable.


Read more at Reuters Africa

Palm Oil Gains in Malaysia as Festival Season Approaches, Demand to Rise

(Bloomberg) -- Palm oil futures in Malaysia, the
benchmark for the commodity, rose after exports from the
Southeast Asian nation picked up, indicating higher demand with
the approach of major festivals across Asia in the second half.

This year, China and Chinese people around Asia celebrate
the mid-autumn harvest in September, while Hindus mark their new
year in November. Muslims will fast for a month from mid-
September, starting and ending each day with communal meals.
Most palm oil is used in cooking.


Read more at Bloomberg Commodities News

Air China, Kia Motors, Samsung Electronics: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Air China Ltd. (753 HK): The nation's largest international
carrier said first-half profit this year is projected to surge more
than 20-fold because of growing demand for its services and gains
in investments and the yuan. The stock added 3 cents, or 0.5
percent, to HK$6.18.


Read more at Bloomberg Stocks News

UPDATE 2-US Treasury Secy to make currency plea in Beijing

(Reuters) - WASHINGTON, July 24 - U.S. Treasury Secretary
Henry Paulson will visit Beijing next week to make a
last-minute plea to Chinese leaders for more currency
flexibility as the U.S. Congress prepares to act on legislation
to curb growing trade imbalances with China.




The Treasury said on Tuesday that Paulson will meet with
top Chinese officials including President Hu Jintao and Vice
Premier Wu Yi to discuss "issues of concern to the U.S.
Congress" on July 31 and Aug. 1.


Read more at Reuters.com Bonds News

UPDATE 1-Kelly Services Q2 earnings rise; cuts '07 EPS view

(Reuters) - The world's fifth-largest recruitment firm, which is
expanding in Japan, China, Hong Kong and Singapore, said it
planned to restructure its operation in the Americas, closing
about 40 commercial branches.




For the third quarter, it said it sees earnings from
continuing operations of 41 cents to 46 cents a share,
excluding planned restructuring costs of its UK and Americas
operations.


Read more at Reuters.com Market News

Eritrea signs two economic deals with China

(Reuters) - Eritrea has signed two economic agreements with China on expanding the Red Sea state's universities and unspecified technical cooperation, Asmara said on Tuesday.

Chinese trade with Eritrea leapt 369 percent in 2006 based mainly on machinery imports and telecommunications, and in January during a visit, then Chinese Foreign Minister Li Zhaoxing partially cancelled Eritrea's foreign debt.


Read more at Reuters Africa

AIG Wins Approval to Establish Chinese Unit Focused on Property-Casualty

(Bloomberg) -- American International Group Inc.,
the world's largest insurer, won approval to start a new Chinese
subsidiary that should make it easier to add branches selling
property and liability insurance.

The China Insurance Regulatory Commission authorized the
creation of AIG General Insurance Company China Ltd., a wholly
owned subsidiary headquartered in Shanghai, the New York-based
insurer said in a statement today. The license is expected to
help AIG expand its property and liability operations beyond
Shanghai, Guangdong, and Shenzhen.


Read more at Bloomberg Emerging Markets News

South Korea's Kospi Tops 2,000 for First Time After 39 Percent 2007 Rally

(Bloomberg) -- South Korea's benchmark Kospi index
exceeded 2,000 for the first time. It has risen 39 percent so far
this year, the second-best performance among Asia's main stock
indexes after China's CSI 300 Index.

The Kospi index climbed 9.99, or 0.5 percent, to 2,003.04 as
of 9:03 a.m. in Seoul. The Kosdaq added 0.7 percent to 824.46.
Kospi 200 futures expiring in September gained 0.3 percent to
254.25, while the underlying index rose 0.4 percent to 253.27.


Read more at Bloomberg Stocks News

UPDATE 1-JPMorgan says wins approval to incorporate in China

(Reuters) - SHANGHAI, July 23 - Wall Street bank JPMorgan
said on Monday it had won final approval to set up a
wholly owned unit in China to strengthen its wholesale banking
business in the world's fastest growing major economy.




This move will make JPMorgan the second U.S. bank to
incorporate in China, after Citigroup Inc. did so early
this year, while more than a dozen foreign banks queue to secure
regulatory approval for their China-incorporated units.


Read more at Reuters.com Government Filings News

FACTBOX-Key facts about China Development Bank

(Reuters) - Following are some key facts about China Development Bank:




-- The bank is mainly engaged in domestic infrastructure
investments, with the mission of "enhancing national strength
and improving people's lives".


Read more at Reuters.com Mergers News

Black&Decker recalls grass trimmer after injuries

(Reuters) - The trimmer, called the Black & Decker GH1000 Grasshog XP
String Trimmer/Edgers and made in China, was sold from November
2005 through January 2007 for about $70, the CPSC said.




The recall includes machines with date codes 200546 through
200645 and with black spool covers.


Read more at Reuters.com Government Filings News

CHRONOLOGY: China's measures to cool its economy

(Reuters) - JULY 20, 2007 - Central bank raises one-year deposit rate 0.27 percentage point to 3.33 percent and the one-year lending rate by 0.27 percentage point to 6.84 percent, effective July 21. Sight deposit rate also raised to 0.81 percent from 0.72 percent.




JULY 1, 2007 - China reduces or abolishes value-added tax rebates on 37 percent of its export categories to deter exports of energy-intensive products.


Read more at Reuters.com Business News

China Yuan Extends Loss as Central Bank Raises Interest Rates a Third Time

(Bloomberg) -- The yuan had the biggest drop in six
weeks after the central bank raised interest rates to cool an
economy growing at the fastest pace in more than 12 years.

The People's Bank of China boosted lending and deposit rates
by 27 basis points each just minutes before yuan trading ended.
Gains in the currency and higher borrowing costs may help reduce
excess funds in the banking system that are spurring lending and
investment.


Read more at Bloomberg Currencies News

Hog Futures Decline on Concern U.S. Exports to Weaken; Cattle Futures Fall

(Bloomberg) -- Hog futures fell in Chicago for the
first time in three sessions as traders focused more on
decreasing U.S. pork exports to Mexico and Russia and less on the
prospect of rising Chinese demand. Cattle prices also fell.

Mexico, the second-largest buyer of U.S. pork behind Japan,
has imported 30 percent less than a year earlier, the U.S.
Department of Agriculture said last week. Exports to Russia, the
fifth-largest buyer, are 25 percent behind last year's pace, the
USDA said. The price of pork rose 7.1 percent in the past two
days on speculation demand from China would rise.


Read more at Bloomberg Commodities News

South Korean Won Climbs to Highest This Year; Malaysian Ringgit Advances

(Bloomberg) -- The South Korean won rose to the
strongest this year on signs growth in Asia is accelerating.

The currency has strengthened almost 1 percent in July as
the central bank and government raised this year's growth
forecasts. Vice Finance Minister Kim Seok Dong said today the
government will stabilize the won when necessary. China's economy,
South Korea's biggest export market, grew at the fastest pace in
12 years in the second quarter, a report today showed.


Read more at Bloomberg Currencies News

China Economy Expands 11.9 Percent in Second Quarter, Fastest in 12 Years

(Bloomberg) -- China's economy grew at the fastest
pace in 12 years in the second quarter and inflation accelerated
the most in nearly three, adding pressure on the government to
raise interest rates and cool investment.

Gross domestic product expanded 11.9 percent from a year
earlier, the statistics bureau said in Beijing today, up from
11.1 percent in the first quarter. Inflation climbed to 4.4
percent in June, breaching the central bank's annual 3 percent
target for a fourth month.


Read more at Bloomberg Bonds News