BEIJING, May 16 (Xinhua) -- China has laid a solid ground to step up the development of the country's futures trading market, according to China Futures Association (CFA) here on Saturday.
The country has narrowed the gap with international futures market as its futures trading was less exposed to the impact of the global financial crisis, the CFA vice director Li Qiang said at a forum on the development of futures market.
China ranked second on international market in terms of commodity futures trading. "The futures prices of products such as copper, corn, soybean and wheat have seen a growing influence on the global price changes," Li said.
It was necessary for China to enhance futures trading development and use the market as a tool for risk management at a time of global economic downturn, according to Li, as futures prices often served as a barometer to indicate international commodity price changes.
At present, the country has 20 products on futures trading. Two products have been open for market trading since the year's beginning, including steel and early rice, with the launch of swine futures in expectation.
BEIJING, May 23 (Xinhua) -- Crude oil prices are likely to continue rising, but there will be no major spike in the market in the coming months as world oil consumption still remains weak, analysts said.
Global crude prices, which plummeted from 147.27 U.S. dollars per barrel to below 40 dollars last year, have witnessed a moderate yet steady rebound over the past months, reaching 61.5 dollars on Thursday at the New York oil market, marking a three-month high.
The reason for the recent rally is that the U.S. government reported a surprise decline in crude and gasoline inventories as the driving season approaches, Wall Street Strategies' senior research analyst, Conley Turner, said.
"The rally in oil is also supported by the fact that there is a sense of growing optimism among market participants that the economy is not getting worse and is in fact, turning a corner," Turner said.
However, analysts also warned that the current oil price levels were not in line with the underlying weak global economic conditions. They said that runaway crude oil prices were therefore unlikely to be seen in the coming months.
"If you have a look at the fundamentals in the market at the moment, the inventories in the U.S. are still at 19-year highs and there's no real indication that demand has re-entered the market yet," Ben Westmore, an energy analyst at the National Australia Bank, said.
The International Energy Agency (IEA) said on Friday that global oil demand would hit a 28-year low this year because optimism about an economic recovery was not reviving the appetite for energy.
The rebound in oil prices is largely connected with the performances of the financial markets, instead of the balance of supply and demand, the Paris-based organization said, adding that the world's oil demand has shown no signs of recovery with the absence of fundamentals to back the oil market.
Xie Guozhong, an independent economist in China, also believes that the recent price rebound cannot be explained by analyzing the balance of supply and demand, as financial markets play a major role in pushing up prices.
The large scale stimulus packages launched by some developed economies boosted capital flow into the international oil market raising prices, Xie, a former Morgan Stanley chief economist for the Asia-Pacific region, said.
Judging by the current global economic situation, analysts said oil prices may occasionally rise above 63 U.S. dollars per barrel, but it was unlikely to see any major price hikes this year. They said for the most part oil prices would fluctuate between 50 and 60 dollars.
According to a short-term outlook released last week by the Energy Information Administration of the U.S. Energy Department, prices are expected to average about 55 dollars per barrel for the rest of 2009, and 58 dollars per barrel in 2010.
VIENNA, Feb. 23 (Xinhua) -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 39.45 U.S. dollars per barrel (dpb) last week, the second below 40dpb dive since the second week of this year, said the Vienna-based cartel Monday.
The weekly average prices of OPEC have hovered slightly above 40 dpb since the second week of this year, even seeing a slight rebound for three consecutive weeks this month.
However, further concerns about the world economy due to the bankruptcy crisis of the United States auto giants last week have imposed great pressure on international crude oil market. In addition, the continuing strengthened dollars have also further pressure on the prices.
According to market analysts, the worldwide weak demand and the surplus oil supply are still the main factors affecting the international crudes market in the near future, which will further keep prices low.
OPEC will hold a Ministerial Conference on March 15 focusing on the supply-demand relationship on the current international oil market so as to decide whether to slash output further.
HONG KONG, May 11 (Xinhua) -- Hong Kong stocks shed 301.92 points, or 1.74 percent to close at 17,087.95 at the end of Monday trading, as investors rushed to take profit gained during the seven-day rally starting on April 30.
The benchmark Hang Seng Index opened slightly lower at 17,381 and advanced to the day high of 17,685.64 before moving downward to the day low of 17,032.44. The market retrieved some ground upon closing.
Market turnover expanded to 92.13 billion HK dollars (11.90 billion U.S. dollars), from Friday's 86.77 billion HK dollars (11.21 billion U.S. dollars).
Analysts say the market could face further consolidation as economic fundamentals are not good enough to support the current market level.
Aside from profit-taking, the Hong Kong market was thought to be dragged down by China's mainland bourses, which moved into negative territory after days of considerable gains.
The Chinese government said the country's main inflation index fell 1.5 percent year-on-year in April, a result much better than anticipated.
However, the good news seemed unable to lend any momentum to the retreating stock market, with the Shanghai Composite down 1.8 percent and the Shenzhen Component Index down 3.09 percent.
Heavyweight HSBC gained 0.3 percent to 66.1 HK dollars, among other constituents that defied the down trend.
China Mobile dropped 1.2 percent to 75.3 HK dollars and another telecom service provider China Unicom rose 0.11 percent to 9.25 HK dollars.
Shoe maker Yue Yuen plunged 7.2 percent to 16.07 HK dollars after news that the company would be kicked out of the Hang Seng Index and replaced by electricity producer China Resources Power Holdings on June 8.
Financial stocks fell cross the board. China's biggest lender ICBC slid 1.9 percent to 4.71 HK dollars, Bank of China lost 2.37 percent to 2.88 HK dollars and Bank of Construction fell 6.7 percent on concerns Bank of America will sell shares in the company.
The property sector was also down. Henderson Land 5.2 percent to 37.6 HK dollars, Cheung Kong down 1.8 percent and New World Development down 2.1.
Utilities stocks failed to buckle the market fall, with HK Electric down 0.71 percent and MTR Corporation down 5.37 percent. (7.7420 HK dollars = 1 US dollar)
BEIJING, May 9 (Xinhua) -- As orders from North America and Europe shrink amid the global downturn, many Taiwan businesses are restructuring their strategies and the mainland market is moving up in their agenda.
Tu Chi-bing is running an aluminum alloy plate factory for the Taiwan-based bicycle company Giant in Kunshan city of eastern Jiangsu Province, which produces 40,000 tonnes of plates annually.
While a large portion of the products is sold to developed countries, he found that business potential in the mainland's commercial aircraft industry has just taken off.
The mainland has invested about 50 to 60 billion yuan (7.25 to 8.7 billion U.S. dollars) in developing domestically built large commercial aircraft. They are expected to be put on the market by 2020.
"My company can supply quality aluminum alloy plates for this project," Tu said.
"We can see a trend that both Taiwan and mainland businesses are trying to find a way to integrate industries so that they can benefit from each other's advantages," said Prof. Li Fei from Taiwan Research Institute of Xiamen University.
Taiwan and mainland business people have been busy talking with each other since the beginning of this year. In February, telecom companies from both sides held a forum in southwestern Chongqing Municipality to discuss industry standards that can be applied on both sides. A month later, LED solar lamp producers met in Taipei to seek opportunities of cooperation.
Some Taiwan companies are moving their factories from more developed coastal areas to the interior, and not only for the sake of cutting labor costs.
"It will also help us expand the mainland market," said Lin Shean-jhang, deputy president of Guangzhou Association of Taiwan Investment Enterprises who runs a mineral company in Guangzhou.
Now he plans to move factories to the central or western provinces, change the Guangzhou company to the marketing headquarters and set up a new marketing department in Beijing to take charge of the mainland market.
Taiwan electronic appliance maker Airmate reported 800-million-yuan (115.94-million-U.S. dollars) sales revenue in the mainland market last year, a year-on-year increase of 40 percent. This helped the company pull through the slowdown in the Western market, said Tsai Cheng-fu, vice president of Airmate Electrical (Shenzhen) Co. Ltd.
"The global downturn has made many Taiwan companies realize the importance of balancing Western and mainland markets," he said. "If you had not included the mainland market, you should have done it now. If you did not do it now, you would regret it tomorrow."
Besides adjusting their marketing strategies, Taiwan companies are turning to new business fields, from labor-intensive industries to those producing more added values, from traditional manufacturing to the service sector.
In Kunshan, a Taiwan investment hub in the mainland, more than 400 Taiwan companies are registered as service businesses, including catering, e-commerce, logistics and consulting.
A few insurance companies and banks in Taiwan have dabbled in the mainland's financial business. Taiwan Life Insurance and Fubon Financial set up joint ventures with mainland companies in Xiamen city in southeastern Fujian Province last year.
"Taiwan financial companies will see a faster growth in the mainland as the two sides have signed a new agreement on financial cooperation. This market is very important for them," said Peng Jin-peng, a researcher from the Department of Political Science under the "National Taiwan University."
The agreement, signed at the meeting on April 26, was about cooperation of money regulation, accessibility of financial institutions to each other's market, and an arrangement for information exchange for financial regulatory purposes. The two sides also agreed to encourage commercial banks from both sides to start business on money exchange and the like.
Some companies, especially small and medium-sized ones, are not willing to risk for new business or large sum of investment in marketing and updating technologies but they consider another way out -- to unite.
Taiwan shoe makers, whose factories are in China's manufacturing hub the Pearl River Delta, plan to establish a new complex in Guangzhou.
The project, supported by the Association of Taiwan Investment Enterprises on the Mainland (ATIEM), will not only have factories but also set up designing and marketing centers that serve all companies in the complex.
"Many Taiwan shoe makers just make shoes based on designs that their Western clients order but they do not have the resources to develop their own design or brand. The complex can provide such a service for them," said ATIEM deputy president Yu Yue-jiang.
He is talking with Guangzhou government about land use and infrastructure for this complex.
"Through this new idea, we hope to reform a traditional labor-intensive industry," Yu said. "We have to do it sooner or later if this industry wants to go further. The global downturn makes it happen earlier."
BEIJING, May 9 (Xinhua) -- The draft listing rules for China's upcoming Growth Enterprise Market (GEM) had displayed the spirit of prudence, innovation, efficiency and market orientation, analysts said.
It marked a major step in the development of the country's first Nasdaq-style stock market, a vital part of China's capital market innovation.
The draft was issued by China's Shenzhen Stock Exchange Friday to solicit public opinion. With a major concern over risk control, the document had set out a stricter delisting mechanism, information disclosing rules, and more rigid stock sale restrictions for controlling shareholders on GEM, compared with stocks trading on the main boards in Shanghai and Shenzhen.
"We had designed the regulation in a way that better protects investors, improves market efficiency, and promotes long-term and healthy development of the market," an official of the Shenzhen Stock Exchange said.
The design of the GEM system has distributed greater responsibilities to market players such as accounting and law firms, and aimed at laying a sound platform for the capital market, said analysts, adding that much experience could be drawn from the GEM operations.
China Securities Regulatory Commission (CSRC) published measures for initial public offerings and listing on GEM on March 31, which have been in effect since the beginning of May.
It later issued draft measures governing the approval committee and the sponsors of securities issuance for public feedback, which nearly concluded April 24.
With the release of the listing rules draft, the launch of the GEM is drawing nearer. Under the current financial crisis, it would effectively expand the financing channels of smaller and middle-sized companies, which were anxious to make use of the opportunity, said Hong Liang, analyst from the China Galaxy Securities.
BEIJING, May 8 (Xinhua) -- Now that Wall Street has enjoyed a nearly two-month rally that pushed the major indexes up more than 30 percent has the market seen bottom after hitting a 12-year low just in March?
Many experts say there are a lot of hopeful signs that the market will continue to rise. They note that the financial industry seems to be recovering with some better-than-expected economic data and confidence in the stock market is growing.
The Dow Jones industrial average by Wednesday had gained 1965.23 points, or 30.02 percent, to 8512.28 since the close of trading on March 9.
The Standard Poor's 500 index added 243 points, or 35.92 percent, to 919.53, while the Nasdaq composite index rose 490.46, or 38.66 percent, to 1759.10.
The trends of the three major stock indicators look similar to their historical performances when the market bottomed out in other economic crises and then rallied. According to statistics since 1932, the SP 500 has gained an average of 46 percent in the year after stocks hit a bottom. The index is now drawing a similar trail.
In April, several big American banks posted relatively encouraging first-quarter earnings reports. Wells Fargo Co reported profits of 3 billion U.S. dollars. JPMorgan Chase Co earned 2.1 billion dollars and Goldman Sachs Inc. earned 1.7 billion. All of the profits came after losses in the fourth quarter of 2008.
The earning reports have been viewed by investors as the first faint signs of the start of a recovery and sent U.S. stock indexes climbing.
The U.S. economy, meanwhile, is still contracting but the rate of contraction is moderating. A bottom for the housing market and the overall economy also is coming into view, analysts said.
Meanwhile, the U.S. Commerce Department reported Monday that construction spending rose 0.3 percent in March. It was the first increase after five consecutive months of decline.
Brian Bethune, an economist with IHS Global Insight, said that the U.S. economy has already passed the worst period of the recession.
Federal Reserve Chairman Ben Bernanke also said that if the government takes proper measures, the economy might step out of the recession as early as the end of this year.
Given that layoffs are still mounting and financial institutions are still holding huge quantities of unhealthy assets, however, it is still hard to say whether the stock rally will continue.
BEIJING, May 6 (Xinhua) -- April sales numbers released by leading carmakers in China indicated the country's automobile market has walked out of the shadow of the global financial crisis as the government's stimulus measures began to pay off, Wednesday's China Daily reported.
General Motors said on Tuesday its vehicle sales in China soared 50 percent year on year in April to 151,084 units, a new monthly high.
Its German rival Volkswagen was also expecting monthly sales record for April. The company's China CEO Winfried Vahland predicted Volkswagen's sales in April were likely to surpass March figures, which hit 112,466 units, presenting the company's historical high.
"It is a clear signal that the domestic automobile market is back on track and will keep growing this year," Zhong Shi, an independent auto analyst told the paper.
The China Association of Automobile Manufacturers is expected to release its official sales figures this Friday or next Monday.
The country's automobile market has been growing for four consecutive months since last December, after it encountered the first drop since 2006 in August 2008.
Hui Yumei, analyst with automobile market research company Sinotrust, said the robust auto sales would continue in May and expected total sales to exceed 10 million units in 2009.
Both Hui and Zhong agreed the government's active and timely stimulus measures and industry support plan have spurred demand.
SAIC-GM-Wuling Automobile Co, GM's mini-commercial vehicles joint venture, saw its sales in China leaped 60.6 percent in April from a year earlier to 95,544 units, driven up by the 5-billion-yuan subsidy program to stimulate auto sales in rural areas launched by the government in March.
The country's sales growth in the first three months has surpassed US figures and led China to come top in sales numbers in the global automobile market during the first quarter.
NAIROBI, Feb. 17 (Xinhua) -- Kenya's cable manufacturing firm, the East African Cables said Tuesday it was set to enhance its continental market reach with an ambitious expansion plan in the next three years.
The firm's expansion plan to be spearheaded by the firm's newly appointed CEO George Mwangi will see East African Cables establishing a solid market presence in more than 12 African countries up from its current five countries market footprint by the year 2012.
"As the regions premier cabling solutions provider, we have now moved to set the stage for a strategic market expansion drive," Mwangi told journalists in Nairobi.
Alongside market expansion, the firm is gearing up for the commissioning of a new copper cables production line and major upgrade latter in the year within its recently commissioned 1 billion shillings integrated manufacturing facility in Nairobi's Industrial area.
Mwangi said the firm will be sparing little effort to attain its targets in the region. "This market expansion drive is borne out of a need to further enhance share holder value in lean times."
In order to drive growth and profitability, Mwangi said that East African Cables will be seeking to strengthen its local market positioning while expanding its continental reach by enhancing its distribution and sales capabilities in the new markets.
The commissioning of the new copper production line is expected to boost East African Cables production capacity by more than 60 percent. The firm's affiliation with Nexans, the global expert in cables and cabling systems is also bearing fruits.
Mwangi said that the company will leverage on key local partnerships to penetrate the new markets. The firm will also be integrating its production capacities across its Kenyan and Tanzanian production plants for increased efficiencies as its moves to capitalize on expected growth in the regional markets.
Regional market growth is expected on the back of regional rural electrification programs and regional building construction projects. Currently operating in the five East Africa countries of Kenya, Uganda, Tanzania, Rwanda, and Burundi, East African Cables has grown its export portfolio which accounted for 57 percent of its turnover in 2008 compared to 31 percent the previous year.
East African Cables Group chairman Zeph Mbugua disclosed that the firm is investing more than 5 million U.S. dollars in ongoing capacity enhancement projects at both its Kenyan and Tanzania manufacturing plants.
Mbugua said by further moving its range of products to key markets such as Ethiopia, Somalia, southern Sudan, Djibouti, Burundi, Eastern DRC, Zambia, Zimbabwe and Mozambique. The company will also be focusing on a diversified customer base across the market.
Mwangi cited fluctuations in aluminum business to the local utility -- Kenya Power and Lighting Company (KPLC) which accounted for about 10 percent of the group turnover down from 28 percent the previous year. However, on a positive strategic note, this serves to eliminate concentration risk.
However, Mwangi noted that fluctuations in metal prices coupled with competition from imported subsidized and cheap substandard products and the resultant effects of the global financial crisis may impact on key markets. Other reasons cited were currency, political and economic risks in emerging markets.
Workers wearing protective masks wait for a bakery to open in Mexico City April 28, 2009. (Xinhua/Reuters Photo) Photo Gallery
by Rob Welham, Wang Dongying
LONDON, April 29 (Xinhua) -- The spread of swine flu has raised concerns across the world as governments plan for a possible pandemic.
It is also creating fluctuations on stock markets, with some firms capitalizing on the flu scare and others reeling from losses as travel restrictions and worries about possible health risks hit the tourist industry.
PHARMACEUTICAL GAINS
Swine Flu Prevention
，How do people catch swine flu?
，What should one do if getting sick?
，Precautionary measures
，Medicines to treat swine fluPharmaceutical companies have profited from the news that swine fever is spreading. Several pharmaceutical stocks started this week with significant rises.
Roche, who markets Tamiflu, one of the antivirus used to treat the H1N1 virus, saw its shares rise 3.5 percent on Monday and edge up further on Tuesday. The company has already seen large revenue increases as authorities around the world stock up on the drug.
Since the global onset of avian flu in 2006, many governments have built up large stockpiles of Roche's Tamiflu as well as Relenza made by British pharmaceutical giant Glaxosmithkline (GSK). The GSK has also made gains as its share price lifted by 6 percent on Monday with further increases on Tuesday.
Worldwide, Roche saw sales in excess of 347 million U.S. dollars for the first quarter of 2009. The company has said that 264 million dollars worth of the drug was for stockpiling while around 84 million dollars worth was for general seasonal use.
While many developed countries are prepared for a medical emergency, the timing of the crisis is adding to the economic instability around the globe. The combination of a banking crisis and swine flu is creating worries and stress in many sectors.
Russia has already banned imports of products from Mexico as well as the U.S. states of California and Texas despite the fact that pork and under goods pose no biological threat.
TRAVEL, TOURISM AFFECTED
EU Health Commissioner Androulla Vassiliou has said there's no need to panic, but her suggestion on avoiding travel to Mexico and other affected areas has aroused some anger.
Mexico City is said to be losing more than 85 million dollars per day in business. Many public buildings have closed and some restaurants and coffee shops are also shutting their doors. The number of tourists visiting Mexico is dropping and British travel agency Thomas Cook on Tuesday cancelled all its flights to the country for seven days.
Outbound passengers at Manchester Airport found themselves stranded on Tuesday morning with the 09:30 flight to Cancun, Mexico grounded. Tourism and travel related stocks have been hit by the potential health crisis.
British travel company Thomas Cook saw their share price drop 4.42 percent on Monday and 1.67 percent on Tuesday.
Several airlines saw significant falls with Lufthansa sinking nearly 10 percent and British Airways dropping nearly 8 percent on Monday. Further falls were also seen as trading began on Tuesday.
Most major indices around the global all saw drops, adding to the economic uncertainty which has gripped the financial markets in recent months.
The World Health Organization on Tuesday raised its threat level to Phase 4, meaning that the virus cannot be contained. Such a pandemic could also damage confidence in the market.
The World Bank has said that a pandemic on the scale of that seen in 1918 could cost the world economy around 3 trillion dollars. However, medicine has improved greatly over the last century, as has people's general health status.
There has been criticism that the threat is being over-hyped by the media. Front pages of many news***s in Britain have carried sensational headlines. The Daily Express shouted the headline, "Killer Pig Flu Fear in Britain".
And it is not just confined to the tabloids. Suggestions that up to 1 million could die and 9 million could contract the virus in Britain have adorned many front pages.
In response, one media analyst said: "The sheer volume of coverage creates the impression that the story is bigger than it really is."
FACE MASKS "NO DEFENCE"
The repetition of headlines and pictures of people wearing masks on rolling news channels are adding to the panic. Britain's Secretary of State for Health Alan Johnson has dismissed the usefulness of face masks.
"Many people will wish to know whether they should wear face masks. Although we are aware that face masks are being given out to the public in Mexico, the available scientific evidence does not support the general wearing of face masks by those who are not ill whilst going about their normal activities," he said.
However, he said the British government was looking to increase stockpiles of face masks for healthcare workers who are treating sick patients.
In the U.S. Centers for Disease Control (CDC), officials have also said the use of masks was unnecessary at this time. In contrast to statements given by the officials, the website of U.S. Federal Drug Administration says that N95 face masks "help protect the caregiver and patient against microorganisms, body fluids, and small particles in the air."
Some firms are already cashing in on people's fear. One company trading under the name Active Training Network is selling what it calls a Pandemic Kit for 44.99 pounds (65 U.S. dollars). The kit, containing three face masks, two biohazard bags, gloves and disinfectant spray, is marketed as a protection against epidemics such as bird flu.
Despite the experts' and governments' saying that face masks provide little protection, many suppliers said they were flying off their shelves.
After several hours' use, the masks would become damp and more porous and decrease their efficiency in preventing germs from passing through. There is also the problem of how to dispose of millions of potentially infected masks. This may trigger an even greater public health hazard.
However, many Britons shun the idea of wearing masks even if it proved to be useful. This is because these people consider it looks "uncool" to wear a face mask.
Three more die of swine flu in Mexico City, authorities say measures working
MEXICO CITY, April 28 (Xinhua) -- Three more people died in the last 24 hours of swine flu, Mexico City officials told a Tuesday press conference, adding that local authorities had ordered the closure of more public places.
The total number of deaths in the city believed to be related to swine flu is now 25, while 89 people are in hospital with swine-flu symptoms, said Armando Ahued Ortega, head of the city's health department. He said that 31 people had been hospitalized on Monday while 14 had been discharged from hospital. Full story
U.S. confirmed swine flu cases rise to 64, 5 hospitalized
WASHINGTON, April 28 (Xinhua) -- The number of confirmed human swine flu cases in the United States has risen to 64, with at least five patients having been hospitalized, a health official said Tuesday.
"I fully expect we will see deaths from this infection," as swine flu cases are investigated, said Richard Besser, acting director of the U.S. Centers for Disease Control and Prevention in Atlanta (CDC). Full story
White House asks for $1.5 bln for fighting swine flu
WASHINGTON, April 28 (Xinhua) -- The White House asked Congress to approve 1.5 billion U.S. dollars on Tuesday in a response to the fast spreading swine flu outbreak that has sickened over 60 in the United States.
White House spokesman Robert Gibbs told a press conference that President Barack Obama raised the request to Congress in a letter "out of an abundance of caution" in order to "enhance our nation's capability to respond to the potential spread of this outbreak." Full story
Chinese President Hu calls for stepped-up efforts to prevent swine flu
BEIJING, April 28 (Xinhua) -- China went on full alert Tuesday to guard against swine flu, as authorities ordered round-the-clock monitoring of the deadly virus and suspension of pork imports from Mexico and the United States.
Chinese President Hu Jintao Tuesday ordered the country to step up inspection and quarantine measures to prevent swine flu from entering China and ensure public health and safety. Full story
WHO raises pandemic alert level from Phase 3 to Phase 4
GENEVA, April 27 (Xinhua) -- Amid the rapid spread of swine flu in some countries, the World Health Organization (WHO) on Monday raised its pandemic alert level from Phase 3 to Phase 4, warning of a significant increase in the risk of a pandemic.
Following the advice and guidance of an emergency committee, WHO Director-general Margaret Chan decided to raise the alert level from the current Phase 3 to Phase 4, a WHO official told the media on a teleconference. Full story
Swine flu has become "most serious concerns" of international community, UN chief says
UNITED NATIONS, April 27 (Xinhua) -- The unique strain of swine influenza suspected of killing nearly 150 people in Mexico and spreading rapidly to other countries is of "the most serious concern" to the international community, including the United Nations, UN Secretary-General Ban-Ki moon told reporters here on Monday.
"We are concerned that this virus could cause a new influenza pandemic," he said in a statement read to the press here. "It could be mild, in its effects, or potentially severe." Full story
Report: ROK confirms first swine flu case
SEOUL, April 28 (Xinhua) -- The Republic of Korea (ROK) confirmed on Tuesday the first case of human infection of swine influenza, the Yonhap news agency reported. Full story
BEIJING, April 13 (Xinhua) -- More than half of China's brokerage firms earned more than 100 million yuan (14.6 million U.S. dollars) of commission income each in the first quarter of this year because of the upbeat stock market performance in the first three months.
Figures released Monday by Shanghai Securities News Data Center show China's 103 brokerage firms saw their total commission income hit 25.5 billion yuan in the first quarter, up 69.4 percent from the previous quarter.
The income for 58 brokerage firms exceeded 100 million yuan each, and that for about 20 percent of the total number of firms was than 500 million yuan each, according to the data center.
China's benchmark Shanghai Composite Index has gained 30.3 percent in the first quarter. Combined turnover of the Chinese stock markets jumped 81 percent from the previous quarter to 9.44 trillion yuan.
Among the top gainers, China Galaxy Securities earned 1.48 billion yuan of commission income in the first quarter, up 63.2 percent compared with the previous one. Guotai Junan Securities made 1.4 billion yuan, up 56.5 percent.
Pacific Securities was the first of the nine listed brokerage firms to present first-quarter results. Its net profit topped 112 million yuan, up 144.93 percent year on year.
Guotai Junan Securities forecast earlier this month net profits for China's listed brokers would rise more than 70 percent in the first three months over the previous quarter.
The company's analyst Liang Jing said it was a good beginning, which paved the way for a good performance of brokers in the whole year.
BEIJING, April 13 -- France's Societe Generale will open 50 new outlets in China in the coming years as part of an expansion in the market despite the global financial crisis, a senior bank official saidSunday in Shanghai.
"The bank will first expand into the affluent coastal areas, and we will also step-by-step expand into other cities (riding) on China's big growth potential," Frederic Blanc, managing director and deputy head of commercial and personal banking at Societe Generale (China) Ltd, told Shanghai Daily Sunday.
Its parent company, which is France's third-biggest bank, has given its string support to its Chinese subsidiary to expand business in China despite the global financial turmoil, Blanc said.
The French bank set up its locally incorporated subsidiary - Societe Generale (China) - in September with a registered capital of 4 billion yuan (586 million U.S. dollar) in Beijing so that it could provide a full range of yuan services.
In line with the bank's network expansion, it will at least double its number of staff in China. The bank now has about 500 employees in Shanghai, Beijing, Wuhan, Tianjin and Guangzhou. The bank opened an outlet in Guangzhou in Guangdong Province last month and will open a sub-branch in Shanghai's Puxi area Monday.
The bank is expected to get the approval from the China Banking Regulatory Commission to offer retail yuan services to Chinese residents this year. It will launch new products such as yuan-backed individual mortgages, non-secured credit and more wealth management products once it obtains the yuan license.
The bank expects to launch yuan-backed debit cards in the first quarter of next year and is preparing for its bank card center in Beijing. It has already started negotiations with China UnionPay Co to join its clearing system.
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