Sina sees record 4Q revenues
Sina Corp, the biggest Internet portal in China, yesterday reported record revenues for the fourth quarter, mainly due to strong growth in mobile messaging and online advertising business.

Bankers hail derivatives transaction regulation
The China Banking Regulatory Commission (CBRC) yesterday announced the nation's first regulation on derivatives transactions, which bankers hailed as giving a strong impetus to the risky yet lucrative business.

Rail link to increase oil imports from Russia
China is expected to more than double its crude oil imports from Russia by 2006 through a rail link.

Trip to assess changes since WTO
The US Chamber of Commerce will lead a business mission to Beijing and Shanghai from February 9-11 to assess what changes have taken place in China two years after the nation joined the World Trade Organization (WTO).

Band plan to jointly launch cerdit cards
SHANGHAI: The Shanghai Pudong Development Bank (SPDB) launched a dual-currency credit card yesterday in conjunction with US banking giant Citigroup.

Private airline prepared for take off
China has in principle approved the establishment of the country's first private airline, sources said.

Messer to move in on growing market
The German-based Messer Group, a specialist in industrial gases, is planning to further expand its investment in China following the planned exit of investors Goldman Sachs and Allianz Capital Partners from the group.

CCB disposes of bad assets

China Construction Bank (CCB) said yesterday it had made major progress in disposing of its bad assets last year.

Beijing's first 7-11 store to open
The residents of Beijing's busy Beixinqiao area will soon get the chance to shop any time they like, thanks to the opening of the capital's first 7-11 convenience store.

Investors lured by call of siren
Fan Xiaoyi, a 38-year-old homemaker, has chosen to give birth to her son at the Homecare Women and Children Hospital, a Sino-US joint venture. The cost of 50,000 yuan, or US$6,024, is more than 10 times higher than that charged by a public hospital.

Tax cuts expiry could hit economy
WASHINGTON: Treasury Secretary John Snow told Congress on Tuesday the US economic recovery could falter if lawmakers failed to make permanent the tax cuts President George W. Bush has won since taking office.

Kuroda says G7 shares Japan's yen concerns
TOKYO: A top Japanese Government adviser warned yesterday that the impact of a strong yen on the Japanese economy could have significant global implications, a view which is shared by other Group of Seven industrial countries

Inflation worries premature
SOUTH BEND, Indiana: Chicago Federal Reserve President Michael Moskow said on Tuesday analysts' worries that inflation is on the rise are premature even though the US economy has been growing rapidly.

UK service sector sizzles in January
LONDON: Business activity in the euro zone's services sector picked up speed again in January, but firms are still reluctant to boost staffing levels, a survey of more than 2,000 companies showed yesterday.

Rising profits spur merger
AMSTERDAM: Dutch bank ABN AMRO beat its own projections yesterday with a 31 per cent rise in 2003 net profit and its chief raised the possibility of a merger after announcing the group had scrapped a takeover defence.

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IN BRIEF (Page: 10, Date: 02/05/2004)

EXCHANGE RATES (02/05/2004)