TCL Comm sees Q3 profit rise

TCL Communication Technology Holdings Ltd said profit for the three months ended September 30 may rise from the second quarter, citing improved product competitiveness and market expansion, according to a statement to the Hong Kong stock exchange Friday.

Meanwhile, TCL Corp, parent of TCL Communication, said in a statement filed with the Shenzhen Stock Exchange Friday that its net income in the first nine months rose 27.4 percent from a year earlier to 195.5 million yuan.

The company's sales was 36.2 billion yuan for the period, the statement said.

Foxconn to build plant in Chengdu

Foxconn Technology Group will invest $2 billion on a new plant in Chengdu in western China, the city government said Friday.

A key supplier to top technology brands such as HP and Apple, Foxconn's factory will primarily be used to assemble portable personal computers, the city government said in a statement.

"The investment shows Foxconn's commitment to helping the western regions of China develop, and will also be beneficial to Foxconn's own progress in the future," the statement said, adding that the company will make an initial investment of $299 million.

HSBC, Deutsche deal 1st yuan IRS

HSBC and Deutsche Bank have recently completed the first interest rate swap (IRS) deal denominated in the yuan in Hong Kong, three sources with knowledge of the deal said Friday.

The IRS will be delivered in two years and is based on the Shanghai Interbank Offered Rate, they said.

A spokesman for HSBC was not immediately available for comment.

The new product came into being amid China's efforts to internationalize the yuan. Previously, yuan IRS products in Hong Kong were all denominated in the dollar and were non-deliverable.

Former chief sues Sands China

Steven Jacobs, the former chief executive of Sands China Ltd, sued Las Vegas Sands Corp and its Hong Kong-listed casino operator, claiming they breached his employment contract.

Jacobs, fired by Sands China's board on July 23 for reasons it didn't disclose, filed his complaint in a court in Clark County, Nevada, according to the court's website. The complaint wasn't available.

"We deny the allegations," Jacqueline Wu, a spokeswoman for Sands China, said.

Billionaire Sheldon Adelson is the chairman and chief executive officer of Las Vegas Sands, the world's largest casino by market capitalization. Company spokesman Ron Reese said in July that the dismissal "is not about any dispute between Adelson and Jacobs."

ICBC, Deutsche Bank form alliance

Industrial & Commercial Bank of China Ltd (ICBC) and Deutsche Bank AG formed an "alliance" to acquire oil tankers, commodity transporters and container ships and lease them to vessel operators, TradeWinds reported.

Deutsche Bank will syndicate loans and ICBC will structure leasing, the shipping-industry newspaper reported Friday, without giving a source for the information. V Ships, a company that manages crews, will identify possible transactions and be responsible for handling vessels once leases end, according to TradeWinds.

Bloomberg - Reuters

(HK Edition 10/23/2010 page2)