Caixin
Nov 22, 2012 05:52 PM

In Thursday's Papers: Banks Sue LDK Solar over Loan Repayment, Shaanxi Dairy Company Owner Dies from Attack

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Solar equipment maker Jiangxi LDK Solar Hi-Tech Co. Ltd is sued by creditors

Banks Sue LDK Solar over Loan Repayment

LDK Solar is being sued by creditor banks for overdue loans of around 100 million yuan. The indebted, New York-listed maker of solar power equipment has borrowed between 14 billion and 15 billion yuan from domestic banks, and has allowed a partially state-owned firm to buy 19.9 percent of it to boost creditor confidence. Meanwhile, the New York Stock Exchange has warned LDK it could be delisted if poor performance continues. A source close to the situation said the plaintiffs were mainly small city commercial banks, rather than the company's major creditors, including Bank of China, China Construction Bank and Agricultural Bank of China.

Original article on 21st Century Business Herald
 

Shaanxi Dairy Company Owner Dies from Attack

The Xi'an Public Security Bureau confirmed that Jiang Weisuo, founder of a dairy company named after him, died on November 14 after being attacked while on his way to a meeting. Authorities have detained suspects. Jiang, born in Shaanxi in 1968, was a pioneer in the province's dairy industry, and was also one of the first people to speak out against the milk contamination scandals in 2006 that have tarnished China's dairy industry.

Original article on Southern Metropolis


Shanghai Mulls Ways to Combat Land Subsidence

Legislators in Shanghai have submitted a proposal to better manage and prevent further land subsidence.  The legislation proposes that future construction projects be required to submit land subsidence risk assessments and the development of a program to monitor the current problem. Over the past 45 years, the city has sunk 29 centimeters as the result of groundwater being withdrawn from an aquifer and continuous construction. Since 2005, the annual average of land subsidence has fallen from 8.4 millimeters to 6 mm, but the slowing has not quelled concerns. Shanghai's average altitude is four meters above sea level.

Original article on Southern Weekend


Proposal Would Expand Maternity Insurance

The Legislative Affairs Office of the State Council has drafted a proposal that would require employers to provide maternity insurance for all employees of government offices, enterprises, and economic and social organizations. Under the legislation, maternity insurance would not only be expanded to women without a registered permanent residence, but also men, thus greatly expanding coverage. Another major change would require employers to pay insurance at a rate in accordance to salaries. The National Bureau of Statistics says the country's secondary and tertiary industries employed about 500 million people at the end of 2011, but as of September 2012, only about 150 million people were issued national maternity insurance.

Original article on 21st Century Business Herald


HSBC PMI Hits 13 Month High

HSBC's flash manufacturing Purchasing Managers Index (PMI), an index used to gauge manufacturing activity, hit a 13-month high in November, coming in at 50.4. The flash PMI is released a week before official figures. The reading eclipses October's index of 49.5, itself an eight-month high. Some experts view the rising PMI as a sign the country's economic growth is rebounding after the central government took measures to support economic recovery.

Original article on Caixin


World Bank President to Make First China Visit

Jim Yong Kim, the president of the World Bank Group, will visit China for the first time since he took office in July. During his November 27-30 visit, Kim will meet Chinese leaders and representatives from different ministries to discuss a new partnership strategy. He is also expected to areas affected by the 2008 Sichuan earthquake to assess recovery and reconstruction projects.

Original article on Caixin

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