HongKong Business

IN BRIEF (Page 2)

(HK Edition)
Updated: 2010-11-06 06:25
Large Medium Small

Foxconn worker plunges to death

Another worker has committed suicide at the south China manufacturing complex of iPhone maker Foxconn International Holdings Ltd, state media reported Friday, the latest in a string of employees who have leapt to their deaths this year.

The employee "fell to death" early Friday at one of Foxconn's manufacturing facilities in the southern Chinese manufacturing hub of Shenzhen, Xinhua News Agency reported.

"The death was confirmed by the municipal government. No further information was immediately available," Xinhua said.

Cathay buys carbon reductions

Cathay Pacific Airways and sister airline Dragonair Friday announced the purchase of 30,000 metric tons of carbon-emission reductions from carbon offset service provider Climate Action for the airlines' FLY greener offset program.

Both airlines regularly add to their inventory of carbon offsets as the previous year's supply is retired and this is the third time new offsets have been purchased since the program was launched in 2007.

Cathay Pacific and Dragonair were the first Asian airlines to introduce a carbon offset program, offering the offsets on a no-profit basis to passengers wishing to offset their carbon emissions.

Sinopec cuts Nov, Dec diesel exports

China's Sinopec Corp, the country's top refiner and diesel exporter, will cut its overseas diesel shipments by about 70 percent in the last two months of the year to ease a domestic shortage, said a trading source Friday.

"Sinopec will likely export about 40,000-50,000 metric tons for November and December, about 70 percent below the normal level of 200,000 metric tons per month," said the source with knowledge of the refiner's export plans.

China Glass to place new shares

China Glass Holdings Ltd agreed to place 83 million new shares at HK$4.50 each, the company said in a statement to the Hong Kong stock exchange Friday. Gross proceeds from the sale will be about HK$373.5 million, it said. UBS AG and Guoyuan Securities Co are the placing agents, the China Glass statement said.

Orange Sky end-Sept profit surges

Orange Sky Golden Harvest Entertainment (Holdings) Ltd, a cinema operator, said on Friday that its net profit for the nine months ended September surged 105 percent from a year ago to HK$39 million.

Revenue for the period stood at HK$844 million, up 41 percent from a year ago. The growth in revenue was due partly to the group's rapid expansion as well as the release of premium-priced 3D movies during the period, the company said in an operational update filed with the Hong Kong stock exchange.

Dragonite to post losses this year

Dragonite International Limited, a mainland-based healthcare products maker, said Friday that it expects to record a loss for the year ending December 31, 2010.

The anticipated loss is mainly due to a significant decrease in sales of its electronic cigarettes and health care products, the company said in a statement filed with the Hong Kong stock exchange. It also cited losses in its investment in listed securities.

Bloomberg - Reuters

(HK Edition 11/06/2010 page2)