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BEIJING, April 2 -- China Everbright Bank, Everbright Group's banking unit, will go public in Shanghai in July or August, Everbright Group said Tuesday. The bank will issue more than 820 million A shares, accounting for 10 percent of its enlarged share capital, said Everbright Group, a State-owned financial conglomerate. The bank may float shares on the Hong Kong stock exchange if its Shanghai IPO is successfully completed before the 2008 Olympic Games. "But the bank has no timetable for a Hong Kong listing yet," said its vice-president Xie Zhichun. "And the Shanghai listing plan will be further discussed by and is subject to approval from the board and shareholders." Xie added: "The board may enlarge the A-share issue further to more than 10 percent of the enlarged share capital as we don't know whether we can realize a Hong Kong listing or not, but we expect to finish the Shanghai listing before the Olympic Games." The bank has postponed inviting strategic investors as concerns are rising that the subprime crisis will worsen the finances of financial institutions, the bank said. "We will restart the work after the strategic investors release their third-quarter report," said Li Jie, another vice-president of the bank. The bank is a target for foreign investors given its low share price and large scale. It said earlier it will reserve a 20 percent stake for foreign strategic investors and would like to pick investors that can hold the bank's stakes for a long time. The bank disclosed that Industrial Bank from France showed interest to invest in it, but the French banking scandal hindered talks. It will restart inviting strategic investors after its Shanghai listing, the bank said. The bank is 24.16-percent-owned by China Everbright Group and 21.4-percent-owned by Hong Kong-listed China Everbright Ltd.
BEIJING, Sept. 13 (Xinhua) -- China's State Council, the Cabinet, has started the first-class national food safety emergency response to deal with the tainted Sanlu milk powder incident that has caused kidney stones in at least 432 babies. The State Council has set up a national leading group comprising officials from the Health Ministry, the quality watchdog and local governments for the incident. A preliminary investigation has confirmed the Sanlu baby milk powder contaminated by melamine was the cause of kidney stones in infants, said an official statement released here Saturday evening. The melamine substance found in some of the Sanlu products was deliberately added to increase the protein percentage in raw milk or milk powder, it said. The statement said the Central Committee of the Communist Party of China and the State Council attached high importance to the issue, urging all-out efforts in treating the affected babies. The patients will be given free medical treatment and the cost will be shouldered by the government. Meanwhile, the State Council urged a thorough overhaul of the milk powder market, directing the Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) to join other departments to check all the brands of baby formulas circulating in the market, and immediately pull those disqualified products off shelves. The reason why the Sanlu baby formula was contaminated must be found out as soon as possible, the State Council said, directing the local government and relevant departments to overhaul all the links including the milk powder production, cow raising, raw milk collection and dairy processing. Based on the findings, the criminals and all those responsible would be severely punished, it said. Relevant local government and departments should draw lessons from the incident and improve the food safety and quality supervision mechanism to ensure the food safety of the public, it added. The State Council has directed the provincial government of Hebei, where the Sanlu group is based, to halt production of the group. An investigation team set up by the health ministry and other departments is also in the province to probe into the cause, and the quality watchdog AQSIQ is conducting an all-round overhaul of baby milk powder producers across the country

BEIJING, Sept. 13 (Xinhua) -- China's State Council, the Cabinet, has started the first-class national food safety emergency response to deal with the tainted Sanlu milk powder incident that has caused kidney stones in at least 432 babies. The State Council has set up a national leading group comprising officials from the Health Ministry, the quality watchdog and local governments for the incident. A preliminary investigation has confirmed the Sanlu baby milk powder contaminated by melamine was the cause of kidney stones in infants, said an official statement released here Saturday evening. The melamine substance found in some of the Sanlu products was deliberately added to increase the protein percentage in raw milk or milk powder, it said. The statement said the Central Committee of the Communist Party of China and the State Council attached high importance to the issue, urging all-out efforts in treating the affected babies. The patients will be given free medical treatment and the cost will be shouldered by the government. Meanwhile, the State Council urged a thorough overhaul of the milk powder market, directing the Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) to join other departments to check all the brands of baby formulas circulating in the market, and immediately pull those disqualified products off shelves. The reason why the Sanlu baby formula was contaminated must be found out as soon as possible, the State Council said, directing the local government and relevant departments to overhaul all the links including the milk powder production, cow raising, raw milk collection and dairy processing. Based on the findings, the criminals and all those responsible would be severely punished, it said. Relevant local government and departments should draw lessons from the incident and improve the food safety and quality supervision mechanism to ensure the food safety of the public, it added. The State Council has directed the provincial government of Hebei, where the Sanlu group is based, to halt production of the group. An investigation team set up by the health ministry and other departments is also in the province to probe into the cause, and the quality watchdog AQSIQ is conducting an all-round overhaul of baby milk powder producers across the country
KUNMING, April 8 (Xinhua) -- China Eastern Airlines (CEA) will offer compensation of up to 400 yuan (57 U.S. dollars) to passengers affected in flights where pilots deliberately turned their aircraft around. Passengers whose flights were canceled will get 400 yuan compensation. Those delayed within two hours of departure and without accommodation would get 100 yuan. Those delayed within eight hours of departure would get 200 yuan, said an official with the Yunnan branch of the carrier on Tuesday. The compensation was set according to a guideline notice released by the general Administration of Civil Aviation, the official said. From March 31 to April 1, 21 flights returned to their departure points in Yunnan Province, in southwestern China, leaving more than 1,000 passengers stranded at Kunming Airport, the capital of Yunnan. "The time and energy we have wasted could never be compensated by 400 yuan," said Yu Xiaoyan, a tourist from the northern Inner Mongolia Autonomous Region. Yu planned to take the MU5793 flight at 9:50 a.m. on March 31 from Kunming to Xishuangbanna. The plane never came after waiting for seven hours at the airport. She was offered a ticket change at 4 p.m. on April 1 and received 400 yuan compensation. CEA finally admitted on Monday that some pilots on the 21 flights deliberately turned their aircraft around while in flight. It originally said the incidents were due to poor weather. However flights with other airlines flying the same routes landed on schedule during the same period. The airline has suspended the pilots. Further probing is underway, said an announcement on the company's website.
GUANGZHOU, June 16 (Xinhua) -- South China's Guangdong Province was facing the threat of serious flooding as two swollen rivers converged in the Pearl River Delta on Monday, resulting in a flood equivalent to a worst in 50 years. The runoff in Xijiang River was 46,800 cubic meters per second and in Beijiang River 15,200 cubic meters per second before they met each other in Foshan City, according to the Guangdong provincial headquarters of flood control and drought relief, which said this was far higher than normal. The danger of serious flooding is made worse by the pull from the moon, which is rising to its most powerful point in the month on Wednesday, posing a threat for river embankments across the delta, experts said. More rains were forecast in the upstream areas of Xijiang and Beijiang Rivers in next two days. Local people row boats in flooded Daoshui Town of Wuzhou City, southwest China's Guangxi Zhuang Autonomous Region, June 16, 2008. As of Monday evening, flood has affected 92 counties, cities and regions in Guangxi. Some 7.54 million people were plagued by the flood with direct economic loss standing at about 4.6 billion RMB yuan (660 million U.S. dollars). The Guangdong provincial flood control headquarters on Monday ordered local governments to reinforce river embankments in nine cities, including Guangzhou and to prepare to evacuate people in danger. Two buffaloes swim in the Pearl River in Sanshui City, south China's Guangdong Province, June 16, 2008. The first flood peak of the Pearl River passed the Makou hydrometric station in Sanshui on Monday. The water level at the station reached 8.26 meters, 0.76 meters higher than the alert levelThe Pearl River Delta is a major manufacturing base of the country, while Guangdong posted a gross domestic product (GDP) of more than 2.59 trillion yuan (375 billion U.S. dollars) in 2006, ranking the first on the Chinese mainland. Recent rainstorms and floods have affected 5.76 million people in 17 cities in Guangdong, including 20 deaths and eight missing persons. Continuous downpours had cut seven national highways and 68 provincial ones in Guangdong, causing an economic loss of 600 million yuan. Seven provincial highways remained paralyzed on Monday while the others have been repaired. At least 57 people have been killed and 1.27 million people relocated as rainstorms and floods ravaged nine provinces and region in south China and affected 17.87 million people, authorities said on Sunday. Photo taken on June 16, 2008 shows the cracks on the side slope of State Highway No. 321 in Congjiang County, southwest China's Guizhou Province. Immediate survey and preliminary proposal were carried out by the highway administration bureau of Kaili City and local government as soon as cracks were discovered on the side slope after recent heavy rainfallGuangxi Zhuang Autonomous Region bordering Guangdong on Monday also ordered two cities along the Xijiang River to reinforce embankments as heavy rains continued. More than 70,000 people were relocated on Monday in Guangxi, bringing the total number of relocated people to 916,000. More than 7.5 million people have been affected as of 6 p.m. Monday, the regional civil affairs department said. Storms hit 12 towns in southern parts of Guizhou Province on Sunday and Monday, leaving more than 400 houses inundated and crops damaged. Hunan Province to the north of Guangdong on Monday claimed victory in fighting the first flood in the province this year with the flood crest passing the provincial capital of Changsha safely, despite two monitoring stations recorded highest water level in the history. One people died and another was missing in Hunan's flood, which also toppled down houses and cut off roads.
来源:资阳报