News for June 22, 2006

China to cut import tariffs (June 22, 2006) People’s Daily - China's import tariffs for sedans and cross-country vehicles will be cut from 28 percent to 25 percent on July 1. The import tariffs of auto parts will be lowered from the 13.8-16.4 percent range to 10 percent.Apple Audits Chinese iPod Factory (June 22, 2006) Dealerscope - Apple issued details of an internal investigation into claims made on June 11th by British newspaper The Mail that Apple was using sweatshop labor in China to produce iPods.

Tianjin Binhai sees large influx of foreign investment (June 22, 2006) China Economic Net - The fact that the Tianjin Binhai New Area (TBH) has been included in China's national developmental strategy and listed as an experimental zone of China's comprehensive reform aroused widespread investor attention, both at home and abroad.

Cargill invests (June 22, 2006) Shanghai Daily - The largest US agricultural company, invested about US$60 million in a soybean-crushing plant in China.

Texas Pacific keen on PCCW (June 22, 2006) Shanghai Daily - Texas Pacific Group may offer more than HK$50 billion (US$6.4 billion) to buy Hong Kong's largest phone company from PCCW Ltd, preparing for a bidding contest with Macquarie Bank Ltd, people familiar with the plan said.

Cosco inks container lease-back sale (June 22, 2006) China Economic Review - Hong Kong's unemployment rate fell to a 57-month low of 4.9 percent in the period from March to May, from 5.1 percent in the February-April period because of a sustained economic revival.

Goldman Sachs Launches China Fund (June 22, 2006) CRIEnglish - Goldman Sachs Asset Management has launched a $200 million offshore Chinese equity fund that will invest exclusively in China's domestic A-share market.

Auditing firms to raise staff strength (June 22, 2006) Shanghai Daily - Three of the most influential auditing firms in China - PwC, DTT and KPMG - will greatly increase their employee numbers in the nation due to demand from the fast-growing accounting.