Citic Pacific names new managing director
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China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Citic Pacific names new managing director---21st Century Business Herald
Citic Pacific, the Hong Kong listed arm of China's largest investment group Citic Group, Wednesday appointed Zhang Jijing, a member of the Citic Group board, as managing director.
Citic Pacific's former boss Larry Yung and managing director Henry Fan resigned in April after bets against the Australian dollar last year cost it $1.9bn. Vice-chairman and president of Citic Group, Chang Zhengming, assumed control of Citic Pacific in the wake of the scandal.
Grids benefit from electricity price increase---National Business Daily
The long-awaited electricity price adjustment will be announced soon and sources say the off-grid electricity price will be raised by more than 2.5 cents. Buoyed by the increase, two major national grids – the State Grid Corporation of China and China Southern Power Grid - are expected to see profits grow by 50 billion yuan (US$7.35 billion) next year.
But the adjustment does not mean the end of electricity price control by the National Development and Reform Commission.
Deutsche Bank raises stake in Huaxia Bank---Oriental Moring Post
Huaxia Bank, the Shanghai-listed retail and corporate bank, announced yesterday evening that Deutsche Bank had agreed to buy 171.2 million of its shares from a European family-controlled bank based in Koln for €81.63 million (US$121.89 million). The transaction raises Deutsche Bank's stake in Huaxia Bank from 11.27 percent to 14.7 percent, making it the largest shareholder.
Deutsche Bank is the third foreign bank to become the largest shareholder of a Chinese bank, following in the footsteps of Newbridge Capital and City Bank.
Air cargo facing shake-up ---China Business News
Following an agreement on a framework for strategic cooperation with Air China, Sinotrans, the largest cargo company in China, is to cooperate with China Eastern in air cargo services, signaling further restructuring among air cargo providers.
Although details of the cooperation agreement are not clear, the two companies are bullish about future prospects since their businesses are complimentary, and there is also room for cooperation in financing.
