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China Daily | Updated: 2010-03-13 08:06

Schaeuble warns on debt

German Finance Minister Wolfgang Schaeuble called for "prohibitive" sanctions including expulsion from the euro region as the ultimate penalty for countries that repeatedly flout debt rules.

"Should a eurozone member ultimately find itself unable to consolidate its budgets or restore its competitiveness, this country should, as a last resort, exit the monetary union," Schaeuble wrote in Friday's Financial Times.

Schaeuble's views on the long-taboo subject of kicking countries out of the euro may inflame the debate over what the European Union can do to help Greece overcome the bloc's biggest budget deficit.

GMAC chief's pay gets cut

The chief executive of bailed-out auto finance giant GMAC Inc will receive no cash salary for 2010 and will be compensated in restricted stock, under a deal approved by Obama administration pay czar Kenneth Feinberg, according to people familiar with the matter.

The package appears to be less generous than one Feinberg approved for GMAC Chief Executive Michael Carpenter late last year, said the people.

Indian industrial output up 16.7%

India's industrial production rose 16.7 percent in January, diminishing spare capacity and contributing to inflationary pressures that may spur the central bank to raise interest rates within weeks. The expansion in output at factories and mines, announced by the statistics department in New Delhi on Friday, came after a revised 17.6 percent gain in December from a year earlier, the fastest pace since at least 1994, according to Bloomberg data.

KKR to list its shares on NYSE

KKR & Co, the private-equity firm run by Henry Kravis and George Roberts, filed to list its shares on the New York Stock Exchange.

KKR Guernsey, the firm's publicly traded unit in Amsterdam, will be dissolved, the company said on Friday. KKR Guernsey shareholders will receive one common share for each they already own. KKR filed to register as much as $2.2 billion of stock in the United States.

Brewer eyes 15% growth

Chongqing Brewery Co expects its 2010 sales to rise 15 percent to 2.59 billion yuan, the company said on Friday. The company expects its 2010 volume sales to rise 12 percent. Its net income for 2009 increased 11 percent year-on-year to 181 million yuan, it said.

Haohua IPO may raise 2b yuan

Beijing Haohua Energy Resource Co plans to raise as much as 2 billion yuan in an initial public offering in Shanghai, according to a filing to the city's stock exchange. The company will sell 110 million shares starting on March 23.

Rising oil costly for refinery

Sinopec's Changling refinery in Hunan province incurred losses in March as crude costs rose, said the plant's General Manager Li Hua. The plant will break even if the price of crude is between $70 and $75 a barrel, he said. Sinopec plans to raise the annual capacity of the Changling refinery to 8 million tons by August next year, from the current 5 million tons, Li said.

AP-BLOOMBERG NEWS

(China Daily 03/13/2010 page9)

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