Changan, Electrovaya to launch clean car in Canada

Changan Automobile Group, Ford Motor's China partner, said on Tuesday it will roll out 30 electric cars developed jointly with Electrovaya in Canada before the end of this year, potentially becoming the first Chinese auto maker to tap the North American market.

Electrovaya is responsible for the distribution of electric cars, assembled in Canada and developed based on Changan's hot-selling Ben Ben, for the time being, said the executive, who asked not to be identified.

Changan will eventually develop the made-in-China clean energy cars on its own and ship them to the hotly-contested market, he said, without providing a time frame or sales target.

Hong Kong dollar stays strong, interbank rates fall

The Hong Kong dollar remained close to the top of its trading band on Tuesday, despite overnight intervention by the HKMA, as players deleveraged long US dollar positions.

The local currency traded in a narrow range of 7.7501 to 7.7506 per US dollar on the day, hovering just a whisker below its upper limit at 7.75.

The Hong Kong Monetary Authority (HKMA) injected HK$853 million into the banking system during New York trading hours on Monday to stem a rise in the local currency and keep it within official trading limits against the US dollar.

China coal export quotas - plentiful but too late

China has issued a larger-than-expected second batch of coal export quotas for 2008 to cut bulging stocks, but it has probably come too late to be entirely used up as world recession fears slow demand.

The second batch of export quotas totalling 15.9 million tons is valid through the end of the year, bringing total coal export quotas for the full year to 47.7 million tons.

Nokia strengthens emerging market

Nokia has accelerated its push in emerging countries as mature markets slow, unveiling seven new phones and Internet services while slashing almost 600 jobs in its marketing and research units.

The new phones include the 1202, a follow-up to Nokia's top-selling 1200 model that will sell for some 25 euros, and two models with e-mail support priced at 40 euros.

Emerging markets are a stronghold for the world's top cellphone maker, but it has lately seen increasing competition from vendors such as China's ZTE and Samsung Electronics.

China High Speed Trans says 2009 order book full

China High Speed Transmission Equipment Group Co Ltd, a maker of gears for wind power transmission, said its 2009 order book was full, but its shares took another hit on potential losses on an equity swap.

"We will see a good rise in both sales and profit this year," Chairman Hu Yueming said on a telephone conference yesterday.

China High Speed, which vies with Belgium-based Hansen Transmissions International and the business Siemens inherited when it bought Flender, aims to become one of the world's top three wind-gear equipment makers in a few years, company executives told Reuters in April.

Reuters

(HK Edition 11/05/2008 page2)