Beijing approves bailout
The Chinese government has approved a bailout plan for China Everbright Bank (中國光大銀行), which hopes to bring in a strategic investor and list on the stock market, the China Business News reported yesterday. Central Huijin Investment Co (中央匯金), the central bank's investment arm, is set to inject 20 billion yuan (US$2.65 billion) by the end of next month, the paper said, citing unnamed sources familiar with the matter. Everbright Bank, a medium-sized lender, confirmed the approval in a statement posted on its Web site, adding that details of the financial restructuring are still subject to approval by the board and shareholders.
Firms barred from exporting
Beijing suspended exports by two producers yesterday after US toy giant Mattel recalled millions of Chinese-made toys tainted with lead paint. Hansheng Woodware Factory and Lee Der Industrial Co, both based in southern China, cannot export until they "correct the problems and become qualified," the quality administration said in a statement on its Web site. Lee Der Industrial's toys for Mattel were believed to contain poisonous lead paint. Hansheng Woodware made 1.5 million wooden "Thomas the Train" figures for US toy importer RC2 Corp and those products were recalled by the US company in June for similar fears over lead paint.
Battery fears delay rollout
Toyota Motor Corp will delay by one or two years the rollout of new high-mileage hybrids with lithium-ion batteries because of safety concerns, the Wall Street Journal reported yesterday. Toyota's decision was prompted by worries that the batteries could overheat, catch fire or even explode, the newspaper reported in its online edition, quoting unnamed Toyota executives. The Japanese auto giant was planning to launch a dozen hybrids using the new lithium-ion battery technology in the US market between next year and 2010, the report said. A delay would give its rivals a chance to catch up in the development of future hybrids, it said.
MySpace adds `Onion'
MySpace has added the Onion's notoriously mocking news satire to its Web site's youthful recipe. "The news business is like the tobacco business: you want to reach new readers at as young and impressionable an age as possible," Onion president Sean Mills said. "MySpace was, of course, a natural partner in that regard." Onion videos, radio broadcasts, written stories and blogs are at its profile page at myspace.com/onionnews.