China Mobile sacks vice-chairman

Zhang Chunjiang

China Mobile sacks vice-chairman
08-01-2010

China Mobile has dismissed its vice-chairman, who a business magazine reported is being investigated for misconduct when he worked for another operator.

Zhang Chunjiang, a prominent figure in China's state-owned telecoms industry, was earlier fired as an executive of China Mobile's parent company and secretary of its Communist Party committee, according to state media.

Mr Zhang was removed yesterday, the company said in a statement. It cited "alleged serious financial irregularities"' but gave no details.

China's most prominent business magazine, Caijing, said he was suspected of hiding losses at another state-owned phone company where he was chairman before he joined China Mobile in 2008.

RBS to sell assets

Royal Bank of Scotland (RBS)

RBS to sell assets
08-01-2010

Royal Bank of Scotland has agreed to sell assets to Aberdeen Asset Management for almost 85 million pounds.

It said that subject to regulatory approval, the deal is expected to be completed in the first quarter of the year.

RBS is 84-percent owned by the government after receiving a massive bailout from it during the global financial crisis.

Hutchison offer for subsidiary

Tycoon Li Ka-shing

Hutchison offer for subsidiary
08-01-2010

Hutchison Whampoa has offered to take over its loss-making telecoms subsidiary in a deal valued at US$545 million.

The group, headed by tycoon Li Ka-shing, said the proposal to acquire Hutchison Telecom would allow it to manage the troubled firm's investments more flexibly.

Shareholders in the telecoms group will be offered HK$2.20 a share.

Hutchison Whampoa currently holds a 60.4 percent stake in the firm.

China becomes World's top exporter

China

China becomes World's top exporter
08-01-2010

New trade figures released by the German national statistics office show that China is now the world's leading exporter, ahead of Germany.

In the 11 months from January to November, mainland exports reached a total value of US$1.07 trillion. German exports amounted to US$1.05 trillion.