Net loss for media firm's first quarter

Special Report:
Global Financial
Crisis

BEIJING, May 5 -- Media company E.W.
Scripps, which earlier this year shut down
Denver's Rocky Mountain News, said yesterday that weak advertising spending and
a slew of charges led to a net loss in its first quarter.

Scripps, which owns newspapers and TV stations,
posted a loss of 220.7 million U.S. dollars, or $4.12 per share, compared with
income from continuing operations totaling $84.1 million, or $1.55 a share, in
the same quarter a year earlier.

Excluding one-off items, the latest quarter's loss
attributable to Scripps shareholders would have been $13 million, or 24 U.S. cents
a share. The items included a preliminary impairment charge of $192 million at
the company's TV stations, and operating losses and wind-down costs of $13.3
million at its newspapers operated under partnerships and joint agreements.

Revenue fell 20 percent to $205.4 million from
$255.7 million.

Analysts, on average, had expected a loss of 13 US
cents a share, excluding items, on sales of $202.3 million, according to a poll
by Thomson Reuters.

The company said closing the Rocky Mountain News
"eliminated significant financial risk."

"Operating losses and expenses related to the
shutdown were confined to the first quarter, so now we move ahead sadly but in a
much better position," said Rich Boehne, president and chief executive. Boehne
added, however, the second quarter had not shown any signs of improvement over
the first.

(Source: Shanghai Daily/Agencies)

Walt Disney reports drop in second-quarter profit

LOS ANGELES, May 5 (Xinhua) -- The Walt Disney Co. in Burbank near Los Angeles suffered a 46-percent drop in second-quarter profit, compared to the same quarter a year ago, the company announced on Tuesday.

The company attributed the drop to the economic crisis and financial restructuring charges.

The company reported diluted earnings of 33 cents per share for the quarter that ended March 28, a 43-percent drop from the 58 cents per share in the prior year's second quarter. Net income for the quarter fell to 613 million dollars, down from 1.13 billion in the quarter a year ago.

The per-share earnings included a 10-cent-per-share hit attributable to restructuring and impairment charges, the company reported.

"We had a difficult second quarter due to the weak economy and other factors," said Robert Iger, Disney's president and chief executive officer.

"At the same time, we remain focused on our core business strategy and believe our creativity, brands and businesses will serve us well as the economy recovers."

Meanwhile, the company reported a 21-percent drop in revenue in its studio entertainment division and a 12-percent drop in parks and resorts.

Foreign investors share dumping has little impact on Chinese banks

Special Report:Global Financial Crisis

BEIJING, April 29 (Xinhua) -- The Industrial and Commercial Bank of China,
the world's biggest lender by market value, edged up 2.49 percent in Shanghai
and 4.61 percent on the Hong Kong Exchange Wednesday, indicating that Tuesday's
dumping of shares by foreign stakeholders had little impact on investor
confidence.

Allianz Group sold 3.22 billion ICBC Hong Kong-listed shares and American
Express sold 638 million ICBC Hong Kong-listed shares Tuesday, as soon as a
lock-up period expired.

The ICBC A shares edged up 0.5 percent in Shanghai and H shares up 2.48
percent on the Hong Kong Exchange the same day.

Analysts said the investors had to sell their holdings to shore up capital
amid the financial crisis and it had nothing to do with a lack of confidence on
Chinese bank sector.

Professor Guo Tianyong, of the Central University of Finance and Economics
(CUFE), said many financial institutions were suffering from the financial
crisis and some had to sell shares to relieve liquidity pressure.

A number of foreign institutions have sold their holdings in Chinese banks
this year.

Bank of America sold part of its stake in China Construction Bank (CCB) on
Jan. 7 and Royal Bank of Scotland Group (RBS) dumped all of its Bank of China
(BOC) assets on Jan. 14.

On the other side, some investors indicated they would hold their stakes in
Chinese banks.

Goldman Sachs Group Inc., which owns 4.93 percent of ICBC's outstanding
shares, has agreed to hold on to 80 percent of that stake until at least April
28, 2010. It could sell the remaining stake anytime after April 28 this year.

Michael Evans, vice chairman of Goldman and chairman of Goldman's Asian
operations, said they prolonged the lock-up period because Goldman had
confidence in ICBC and China's economy and they hoped to maintain long-term
strategic cooperation with ICBC.

HSBC, holding a 20-percent stake in Bank of Communications, has established
close cooperation with its Chinese partner. HSBC has reiterated it would not cut
its stake in Bank of Communications, which was locked until August last year.

Temasek Holdings and Asian Development Bank (ADB) said they would not drop
shares in BOC in the first half. Bank of America promised to hold its stake in
CCB for 120 days after selling other CCB shares on Jan. 7.

Analysts say Allianz and American Express cut their holdings in ICBC
through private sales to a select group of investors, which would not affect
China's banking sector.

ICBC declined to identify the buyers of the shares.