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RESOURCE

Sinopec Acquires the Addax Petroleum

China Petrochemical Corporation (Sinopec Group) announced on Tuesday it has bought Geneva-based Addax Petroleum Corp for 52.8 Canadian dollars per share, which adds up to more than 8.32 billion Canadian dollars (7.56 billion U.S. dollars). This is the largest overseas acquisition made by a Chinese company this year.

Securities Times | 2009-08-20

FINANCE

New Funds to Provide 60 billion Boost to Stock Mar...

Despite the recent decline in A-shares, there has been an upsurge in the establishment of new managed funds. According to Shanghai Security News statistics, these new funds will invest an additional 60 billion yuan in the stock market before the October 1, National Day holiday.

Shanghai Securities News | 2009-08-20

CORRUPTION

Qinghai-Tibet Railway Tax Scandal Uncovered

The Qinghai tax authority has uncovered more than 1,000 fake invoices valued at 128 million yuan connected to the construction of the Xining-Golmud section of the Qinghai-Tibet railway. The invoices appear to have been used in an attempt to evade tax and 20 indivuals and companies are currently under investigation.

Shenzhen Today | 2009-08-18

CURRENCY

Yuan Down Against Trade-weighted Basket of Currenc...

The RMB's nominal effective exchange rate (NEER) dropped for the 5th month in a row in July. The Bank of International Settlement revealed that the RMB's NEER, its value against a trade-weighted basket of currencies, fell 0.5% in July, marking a decline of 4.7% since the beginning of the year.

China Securities Journal | 2009-08-18

ENERGY

Power Generation and Consumption Up

The National Energy Administration announced that power consumption increased by 342 billion kWh of electricity in July, a 6% increase on the figure from the same period last year.

21st Century Business Herald | 2009-08-18

LABOUR

Workers Protest at State-owned Steel Factory in He...

Hundreds of workers staged a protest at a state-owned steel mill in Henan's Linzhou. Witnesses reported that workers took control of the workshops and held a local official hostage. The workers were dissatisfied with the amount of compensation offered for lay-offs incured in a recent restructuring of the company.

Straits News | 2009-08-18

RESOURCES

China Steel Association Reaches Agreement with Aus...

The China Iron and Steel Association (CISA) announced that they had reached an agreement in the iron-ore price negotiations with Australian miner Fortescue Metals Group. CISA says they've negotiated a 35 per cent cut from last year's benchmark prices for Fortescue grade ore and a cut of more than 50 per cent for lump ore.

China News Agency | 2009-08-18