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BEIJING, June 2 (Xinhua) -- The China Investment Corporation (CIC), the country's sovereign wealth fund, announced Tuesday that it decided to buy 1.2 billion U.S. dollar common stocks in Morgan Stanley's 2.2-billion-U.S.-dollar common stock offering. Morgan Stanley announced Tuesday it had priced a public offering of common equity of 2.2 billion U.S. dollars. The proceeds are intended to fully redeem the preferred capital of the Troubled Asset Relief Program (TARP) before the end of June. The TARP is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen its financial sector. It is the largest component of the U.S. government's measures in 2008 to address the subprime mortgage crisis. Morgan Stanley notified the CIC of the offering in light of its healthy business relationship with CIC and the preemptive rights CIC holds. CIC plans to participate in this offering, according toa notice on its Web site. CIC was optimistic in Morgan Stanley's future development as "Morgan Stanley is widely expected to be able to leverage on its strengthened financial position and will be on the road of resuming its successful trajectory amid the dramatic restructuring of the international financial services industry". On December 19, 2007, CIC purchased 5.6 billion U.S. dollars mandatory convertible securities into Morgan Stanley common stock, representing approximately 9.86 percent equity ownership in Morgan Stanley. However, after Mitsubishi UFJ Financial Group, Inc.'s investment in Morgan Stanley in October 2008, CIC's equity ownership was diluted to approximately 7.68 percent. This new purchase would bring CIC's equity ownership in Morgan Stanley back to approximately 9.86 percent, effectively reducing CIC's overall cost basis and increasing the returns potential, said CIC. According to a statement posted on Morgan Stanley Web site Tuesday, it has priced a public offering of approximately 80.2 million shares of common stock to the public at 27.44 dollars per share. CIC has agreed to purchase 44.7 million shares of common stock at the public offering price while the Mitsubishi UFJ Financial Group, Inc. has agreed to buy 16 million shares, the Morgan Stanley statement said.
SHANGHAI, June 28 (Xinhua) -- Top Chinese political advisor Jia Qinglin on Sunday mourned the death of Dong Yinchu, honorary chairman of the China Zhi Gong Party central committee, who died of illness on Tuesday at the age of 95. Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), attended Dong's funeral in Shanghai with Yu Zhengsheng, Communist Party chief of the city, and expressed condolences to Dong's family. Jia Qinglin (1st R), chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), shakes hands with a relative of Dong Yinchu during Dong's funeral in Shanghai, east China, June 28, 2009 Dong was a well-known leader of patriotic overseas Chinese and served as chairman of the ninth and tenth central committees of the Zhi Gong Party, a non-communist party in China. "The close friend of the Communist Party of China" was also a vice chairman of the eighth National Committee of the CPPCC. President Hu Jintao, former president Jiang Zemin, and other leaders including Wu Bangguo, Wen Jiabao, Li Changchun, Xi Jinping,Li Keqiang, He Guoqiang and Zhou Yongkang also sent condolences to Dong's family.
URUMQI, July 8 (Xinhua) -- More than 100 overseas media organizations came to Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, to report Sunday's riot, a press official said Wednesday. "All media organizations are welcome to report the riot," said Hou Hanmin, spokeswoman for the Xinjiang regional government and in charge of the press center in Haide Hotel in downtown Urumqi. "We will do our best to provide convenience for reporters while ensuring their safety," said Hou. "We hope every media reports the incident objectively through close observation of the truth," she said. The riot, which occurred Sunday evening in Urumqi, has left 156dead and more than 1,000 others injured. Wu Nong, a press center worker, said the center had technicians to deal with communication problems for journalists. It has interpreters of English and Uygur languages.
SHANGHAI, June 6 (Xinhua) -- Commercial Aircraft Corporation of China Ltd. (COMAC) unveiled its manufacturing and assembling center here Saturday, the latest step towards the goal to manufacture China's homegrown large aircraft. The Final Assembly Center of the COMAC was based on the Shanghai Aircraft Manufacturing Co., with a registered capital of two billion yuan (292.7 million U.S. dollars), said COMAC's general manager Jin Zhuanglong. People attend the inauguration ceremony of the Final Assembly Center of the Commercial Aircraft Corporation of China, Ltd (COMAC) in Shanghai, east China, June 6, 2009. It was one of the COMAC's three key entities which were responsible for aircraft design, manufacturing and service. Jin said the Final Assembly Center's new base in Shanghai's Pudong area will be constructed within this year. By 2010, the center will be able to produce 30 ARJ21-700 model planes a year, and the capacity will be expanded to 50 jets by 2012, Jin said. People attend the inauguration ceremony of the Final Assembly Center of the Commercial Aircraft Corporation of China, Ltd (COMAC) in Shanghai, east China, June 6, 2009. The ARJ21, an acronym for "Advanced Regional Jet for the 21st Century," is the first regional jet that China has fully developed independently, in accordance with the standards set by General Administration of Civil Aviation of China (GACAC), Federal Aviation Administration (FAA) and Joint Aviation Authorities (JAA). The Shanghai-headquartered COMAC has launched its design and research center, based on the Shanghai Aircraft Design and Research Institute, and a customer service center. The latter provides aircraft maintenance and repair, pilot training, aviation equipment and materials leasing and consulting for aviation technologies for both large planes and regional aircraft. An ARJ21 (Advanced Regional Jet for the 21st Century) plane is assembled at Shanghai Aircraft Manufacturing Co., Ltd in Shanghai, east China, June 6, 2009