Additional News for June 14, 2006

Hiring hit by wage inflation (June 14, 2006) China Economic Review – Wages in financial and professional services have climbed 17%. The higher wages and a lack of competent middle management have pushed companies to slow down hiring plans for the third quarter.

HK to select Airport Authority CEO globally (June 14, 2006) People’s Daily - The Airport Authority in Hong Kong, announced that David Pang, chief executive officer of the Airport Authority, has opted not to seek for contract renewal after completion of his second three-year term. A selection committee led by Pang will initiate a global search for his replacement.

Morgan Stanley buys luxury apartment project downtown (June 14, 2006) Shanghai Daily - Morgan Stanley has acquired another luxury apartment project in downtown Shanghai for about 760 million yuan (US$95 million) amid wide speculation the government will soon launch measures to curb foreign investment in the property market. Morgan Stanley has bought one of Chateau Pinnacle's three buildings. The Pinnacle is a luxury residence on Xingfu Road in Changning District. Morgan Stanley paid an average price of 28,000 yuan a square meter.

TiVo to Introduce Service in China This Year (June 14, 2006) CRIEnglish - TiVo Inc. said it planned to introduce its digital video recording service in China this year in a bid to boost its financial performance.

Hejia partners with HP, Microsoft and Intel (June 14, 2006) Interfax China - HP, Microsoft and Intel have formed an alliance with Hejia Software Technology Limited, one of the leading enterprise management software providers in China, to jointly expand their businesses in China's ERP market.

China sets up special fund for renewable energy (June 14, 2006) People’s Daily - China's Ministry of Finance (MOF) and State Development and Reform Commission (SDRC) are in talks to establish a special fund for the development of renewable energy.

China Citic IPO (June 14, 2006) Shanghai Daily - China Citic Bank, an arm of the nation's biggest state-run investment company, plans to raise about US$2 billion from an initial public offering in Hong Kong by the end of this year.

EDS Seeks to Double China Jobs, Eyes Asia Growth (June 14, 2006) CRIEnglish - EDS plans to more than double its workforce in China to 2,000 by the end of 2007 to boost its outsourcing operations.

U.S. bans transactions with four Chinese companies (June 14, 2006) Digital Media Online - The United States prohibited all transactions with four Chinese companies and one U.S. company for allegedly helping Iran acquire weapons of mass destruction and missiles capable of delivering them.

Twenty-one foreign invested travel agencies exist in China (June 14, 2006) People’s Daily - There are now 21 foreign invested travel agencies in China, according to the latest statistics from China National Tourism Administration.

Chinese aircraft manufacturer receives record export order (June 14, 2006) China Economic Net - Indonesia's second largest airline is to buy 15 of China's Xinzhou 60 aircraft, the biggest export order of the short and medium-range, 50-seater passenger aircraft to date.

Air China poised for 8 billion yuan A-share offering (June 14, 2006) People’s Daily - Air China, China's biggest air carrier, plans to get listed on the Chinese mainland later this year.

Construction Bank tops "China's top 100 banks" list (June 14, 2006) People’s Daily - China Construction Bank (CCB), which became the first of the "big four" state lenders to go public last October, topped the list of "China's top 100 banks" announced by the British finance magazine The Banker.