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Sat, Jul 07, 2007 - Page 10 News List

World Business Quick Take

AGENCIES

■ BANKING

Non-green lending to stop

In the latest government initiative to improve China's grim environmental record, the central bank yesterday instructed banks to stop lending to projects that cause heavy pollution and waste energy. The People's Bank of China urged banks to realize the "importance and urgency" of using financial services to promote green development. In a statement on its Web site www.pbc.gov.cn, it instructed banks to call in existing loans and to extend no new credit to projects deemed undesirable by the government; it also told banks to lend less to sectors where there is overcapacity. Energy conservation and environmental protection are rising fast up the political agenda in China, where about 460,000 people die prematurely each year from breathing dirty air and drinking polluted water, according to World Bank estimates.

■ CAMERAS

Samsung moving to China

South Korea's largest electronics parts maker said yesterday that it would move all its camera module production lines for mobile handsets to China this year. Samsung Electro-Mechanics, a sister firm of Samsung Electronics, said the relocation was designed to cut costs and meet rising demand from clients in the Chinese market. "The relocation is already under way. We will complete it in the third quarter of this year," a spokeswoman said. "It is to meet growing demand from our clients, including Motorola, in China." The company already produces 70 percent of its camera modules at its plant in Tianjin, she said.

■ METALS

Rusal mulls London float

Russian aluminum producer Rusal could put some of its shares up for sale on the London stock market as soon as November in the biggest global initial public offering (IPO) this year, the Financial Times reported yesterday. The business daily, citing sources close to the matter, said the sale of 25 percent of Rusal could raise as much as US$9 billion. Rusal was poised to appoint six investment banks to advise it on the London float, FT said. The report added that Rusal would pursue a listing on the main stock exchange, which would likely hand the Russian titan a place in London's prestigious FTSE 100 index of leading shares.

■ PETROCHEMICALS

Samsung wins UAE order

South Korea's Samsung Engineering Co said yesterday it had won an order worth 279 billion won (US$303 million) to build a petrochemical plant in the United Arab Emirates. The plant, to be built by the end of 2009, was ordered by the UAE's Abu Dhabi Polymers Co, Samsung Engineering said in a regulatory filing.

■ CONSUMER GOODS

Unilever eyes Chinese firm

Anglo-Dutch consumer products giant Unilever is eyeing a stake in Chinese personal hygiene firm Shanghai White Cat Shareholding Co (上海白貓), which was recently at the center of a safety scandal, state media said yesterday. "We have approached them," Unilever China vice president Zeng Xiwen (鄭西文) was quoted by the China Business News as saying. "[We] do not rule out Unilever acquiring White Cat." Last month, White Cat admitted to mixing potentially dangerous diethylene glycol into its Maxam brand toothpaste that is exported, heightening global fears about the safety of Chinese-made products.

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