IN BRIEF (Page 14)

Peugeot, Mitsubishi rule out tie-up

French carmaker PSA Peugeot Citroen and Japan's Mitsubishi Motors Corp on Wednesday ruled out a capital tie-up after a meeting at the Geneva Auto Show.

In a joint statement, the two car markers said Peugeot Citroen CEO Philippe Varin and Mitsubishi Motors President Osamu Masuko met on Tuesday and decided that a capital alliance "was not appropriate in the current circumstances". But they said they want to broaden the existing cooperation between the two companies. In December the car makers said they were in talks that could lead to a "strategic partnership".

UK services sector bounces back in Feb

Britain's services sector bounced back faster than expected in February to record its strongest expansion in more than three years, a survey showed on Wednesday.

Coupled with a surprisingly robust manufacturing survey earlier this week and evidence of improving consumer confidence, the figures boosted hopes that the recovery is gaining traction. The four point jump in the CIPS/Markit services PMI index, to 58.4 from 54.5, more than reversed January's fall and took the index to its highest level since January 2007.

China Mobile hires CICC for bid advice

China Mobile Communications Corp hired China International Capital Corp to advise it on a bid to buy a stake in Shanghai Pudong Development Bank Co, Bloomberg reported on Wednesday, citing unnamed sources.

China Mobile may buy 20 percent of Pudong Bank for about 40 billion yuan ($5.9 billion), or 17.82 yuan a share, Guotai Junan Securities Co analyst Wu Yonggang wrote in a note last week, without citing anyone. China Mobile Chairman Wang Jianzhou told reporters on Wednesday to wait for an announcement.

Eximbank seeks nod for cash injection

Export-Import Bank of China (China Eximbank) is awaiting government approval for an injection of cash from Central Huijin Investment Co that would enhance the bank's capital adequacy, Li Ruogu, chairman of the bank, said on Wednesday. Approval for Huijin to sell bonds to fund the cash injection and for other details of the plan haven't been given yet, Li said.

StanChart reports rosy FY earnings

Standard Chartered PLC on Wednesday reported a seventh consecutive record annual profit, of $3.38 billion, as stronger wholesale banking earnings offset an increase in provisions for bad loans and other credit risks.

The bank said net profit rose 4 percent in 2009 from $3.24 billion a year earlier. Impairment losses on loans and other credit rose from $1.3 billion to $2 billion, although the bank said the rate of impairment declined in the second half.

China Life in ABC stake buy talks

China Life Insurance Co's plan to invest in a stake in the Agricultural Bank of China (ABC) is still ongoing, Yang Chao, the insurer's chairman said on Wednesday.

Talks are "still proceeding", Yang said ahead of the annual meeting of the Chinese People's Political Consultative Conference.

Minmetals' profit passes $1b mark

China Minmetals Corp, the nation's biggest metals trader, boosted profit 18-fold since 2000 as it acquired resource assets and benefited from rising prices, President Zhou Zhongshu said.

Profit exceeded 7 billion yuan ($1 billion) last year, up from 380 million yuan in 2000, Zhou said in an interview with a newsletter of China's Ministry of Land & Resources. Sales rose more than seven times to 180 billion yuan in the same period.

Australian economic growth up in Q4

Australia's economy grew at its fastest pace in nearly two years in the fourth quarter, helped by a government stimulus package and Chinese demand for its mineral exports.

The nation's gross domestic product rose a seasonally adjusted 0.9 percent in the December quarter, after growing 0.3 percent in the previous quarter, the Australian Bureau of Statistics said. That represents a rise of 2.7 percent from a year earlier. The figures come a day after Australia's central bank raised its key interest rate, the fourth increase since October, citing falling unemployment and business surveys that suggest the economy will continue to expand.

AP-Reuters-Bloomberg

(China Daily 03/04/2010 page14)