Greater China Daybook: Lagarde Seeks China’s Backing for IMF Role; Alipay
French Finance Minister Christine Lagarde is seeking meetings in China and other emerging powers as she seeks to broaden support for her candidacy to head the International Monetary Fund. Dates for the trips aren’t yet set.
Alipay, the company at the center of the latest dispute between Alibaba Group Holding Ltd. and U.S. shareholder Yahoo! Inc., was granted an online payment license by the People’s Bank of China.
TOP MEDIA HEADLINES TODAY: * China’s consumer prices may increase at an annual rate of 5.5 percent this month, National Business Daily says * China will invest about 6.2 trillion yuan ($955 billion) on transport infrastructure by end-2015, the Securities Times says * Beijing may start trials of a merged Internet, telephone and television network next month, 21st Century Business Herald says * The planned rare-earth exchange in Baotou will handle only spot transactions, not futures, Xinhua says * Anheuser-Busch InBev’s first plant in southwestern China starts production, Oriental Morning Post says WHAT TO WATCH: * China’s National Bureau of Statistics releases industrial profits for the first four months of this year, 10 a.m. * Bank of China, Cnooc and Dah Sing Banking hold annual shareholders’ meetings * France’s Christine Lagarde is seeking meetings in China in an effort to broaden support for her candidacy to head the IMF * Alipay, at the center of a dispute between Alibaba Group and Yahoo, gets an online payment license from China * China ranks first among 22 Asian emerging economies as likely to maintain growth over five years * North Korea’s Kim Jong Il ends six-day visit to China, says he’s committed to eliminating its nuclear weapons through talks * Frank Greco, who oversees the EU’s Internet cooperation with China, says the country should review controls on the Internet * Gary Locke, the nominee to be U.S. ambassador to China, vows to raise human-rights concerns “at the highest levels” MARKETS: * S&P 500 Index gains 0.4 percent to 1,325.69 * Dow Jones Industrial rises 0.1 percent to 12,402.76 ECONOMY: * China four-month industrial profits, 10 a.m. * Taiwan April coincident index, 4 p.m. * Taiwan April leading index, 4 p.m. SHAREHOLDER MEETINGS: * Bank of China (3988 HK), 9:30 a.m. * Cnooc (883 HK), 3 p.m. * Dah Sing Banking (2356 HK), 3:30 p.m. EQUITY MOVERS: Selected stocks that may rise or fall: * Developers: Chongqing expects to collect more than 100 million yuan ($15 million)_in property taxes this year, Xinhua says * Acer’s (2353 TT) global manufacturing center in Chongqing starts operations * Air China (753 HK) will receive its first Boeing 777-300ER jet in the middle of this year, Xinhua says * Bestway (718 HK) will post a substantial loss for the year through March 31, 2010, compared with a year-earlier profit * China Southern Airlines (1055 HK) will receive its first Boeing 787 airplane in the fourth quarter, Xinhua says * Cheng Uei (2392 TT) sells 50 million SolLink shares to Qualcomm for NT$1.08 billion ($37 million), NT$482 million gain * Chien Kuo Construction (5515 TT) will sell three mining units in China to TCC Group for NT$1.6 billion, NT$1.03 billion gain * Citic Bank (998 HK) appoints Tian Guoli as new chairman; Vice Chairman Chang Zhenming resigns for unspecified “work reasons” * Gome (493 HK) first-quarter net income gains 66 percent to 552 million yuan, as sales increase 16 percent * Great Wall (2333 HK) will buy the outstanding 47 percent of a venture from its bankrupt partner for 173.2 million yuan * Huadian Power (1071 HK) starts commercial operation of two 1,000 megawatt generators at its Ningxia Lingwu unit * Lenovo (992 HK) fourth-quarter profit triples to $42 million, exceeding the $38.4 million average estimate from six analysts * Longjian Road (600853 CH) wins a 372.5 million yuan contract to build a section of highway in Qingdao * Minmetals Resources (1208 HK) will book a net gain of about $150.4 million from the sale of its Equinox stake to Barrick * PetroChina (857 HK) parent China National Petroleum buys 31.1 million of the company’s A shares * Sun Hung Kai (16 HK) seeks HK$45,000 ($5,800) for an apartment, a West-Kowloon-district record, the Standard says RATINGS CHANGES: * Hengan (1044 HK) cut to “equal-weight” at Polaris CORPORATE EVENTS/CONFERENCES: * Lead and Zinc Summit in Shanghai, 9 a.m.; Yang Jing, deputy GM of Zhuzhou Smelter Import & Export; Wang Gongmin, consultant, secondary metal branch of the China Nonferrous Metals Industry Association among speakers * ART HK fair, until May 29 BTV HIGHLIGHTS (Hong Kong time): * 7:40 Pierre Lau, Citigroup, utilities analyst * 8:10 Khiem Do, Baring Asset, head of multi-asset strategy * 9:30 Sue Trinh, Royal Bank of Canada, senior currency strategist * 10:10 Rajesh Panjwani, CLSA, Asia-Pacific power-research head
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