BEIJING, Jan. 12 -- IBM¡¯s plan to sell its personal computer business to
China¡¯s biggest PC maker, Lenovo Group Ltd., has received antitrust clearance,
U.S. officials said Tuesday.
The antitrust review of the deal, which would create the world¡¯s
third-largest PC maker, was concluded without any action being taken to block
it, the U.S. Federal Trade Commission said. After the US$1.25 billion sale is
closed, which is expected in the second quarter, IBM will hold an 18.9 percent
stake in Hong Kong-listed Lenovo. The Chinese company plans to move its PC
business headquarters to New York from Beijing.
Geely Automobile sales up 20 percent
Geely Automobile Holdings Ltd., the largest private carmaker on the Chinese
mainland, had sold more than 101,000 cars last year, an increase of roughly 20
percent from a year earlier, a Geely spokesman said Tuesday.
The company said it had not set a sales target for 2005. In November, Geely
slashed its 2004 sales target by nearly 40 percent from 160,000 to just over
100,000, saying China¡¯s efforts to cool economic growth had slowed demand for
cars more sharply than expected.
China Resources Power output up 30.3 percent
CHINA Resources Power Holdings Co., the Hong Kong-listed unit of China
Resources Enterprises, said it generated a total of 32.9 million megawatt hours
of electricity last year, up 30.3 percent from a year earlier.
In December, the independent power producer¡¯s output totaled 3.7 million
megawatt hours, up 57.3 percent from a year earlier.
Shanghai Belling sues Jianqiao Securities
ELECTRONICS firm Shanghai Belling Corp. had filed a lawsuit against
troubled Jianqiao Securities Co. to seek a repayment of 48.9 million yuan
(US$5.91 million), the Shanghai-listed Belling said in a statement.
Belling said it deposited 50 million yuan at the end of 2003 with Jianqiao
Securities for stock investment. But it could only recover 1.1 million yuan from
Sinopec to adopt low-sulfur diesel, gasoline
SINOPEC Corp., Asia¡¯s top refiner, is set to implement lower sulfur
gasoline and diesel at all its plants from April 1 to meet a nationwide shift to
cleaner fuels from July.
Sinopec would adopt 500 PPM, or 0.05 percent sulfur content for both oil
products, compared with 0.2 percent for diesel and 0.08 percent for gasoline
being used now, industry sources said.
(Source: Shenzhen Daily)