China and Taiwan’s banking regulators will meet today in Taipei to discuss cooperation on cross-strait banking supervision, the island’s Financial Supervisory Commission said.
Liu Mingkang, chairman of China Banking Regulatory Commission, and Chen Yuh-chang, head of Taiwan’s FSC will discuss topics including setting up of bank branches and operations in each other’s markets, the statement said. Liu will leave on April 28, it said.
WHAT TO WATCH: * China Life Insurance Co. (601638 CH, 2628 HK) publishes first- quarter earnings after 4:30 p.m. * Shanghai container-truck drivers were reported to have won cuts in port fees after a sometimes violent protest against rising costs highlighted the risk of inflation triggering unrest in the world’s most populous nation. * China will increase the building of water conservation projects in the next five years to boost its capacity to handle floods and droughts. * China’s commerce ministry said it will safeguard stability of vegetable prices in some regions, according to a statement on its website. * Chinese President Hu Jintao said the country’s growth still faces many “risks and challenges”, according to a transcript of his speech posted on the official Xinhua News Agency’s website. * A property tax in China is “desperately needed” to “reverse” the country’s imbalances in wealth distribution, Zhang Monan, a researcher with the State Information Center, wrote in a commentary published in China Daily newspaper. * China purchased 330 million kilowatt-hours of electricity from Russia in the first quarter, more than the originally planned 297 million kilowatt-hours, the official Xinhua News Agency reported, citing the power distributor in the northeastern province of Heilongjiang. * Hundreds of protesters took to the streets in Hong Kong in support of detained Chinese artist Ai Weiwei, the South China Morning Post said. * China’s consumer price index may rise between 4.9 percent and 5.1 percent in the second quarter of the year, Xinhua News Agency reported, citing Xu Lianzhong, an official with the National Development and Reform Commission’s Analysis and Prediction Office. * Foxconn Technology Group is seeking Brazilian partners and Brazil’s development bank, known as BNDES, to finance up to 60 percent of the cost to build a factory in Brazil, O Estado de S. Paulo reported, without saying where it got the information. * China’s mutual funds reduced their combined holdings of stock at the end of the first quarter by 2.8 percent from the end of 2010, the Shanghai Securities News reported, citing TX Investment Consulting Co. * China’s police detained at least a dozen Christians belonging to an unregistered church in Beijing as they gathered to hold Easter services, the Associated Press reported, citing a church member who gave his name only as Kane. * A total of 251 pupils in China’s northwestern province of Shaanxi fell sick after drinking milk provided at their primary school, Xinhua News Agency reported, citing local government authorities. * Cheung Kong Holdings Ltd. plans to sell as many as 4,400 homes in Hong Kong in the second half of this year in its projects in the Tseung Kwan O, Tai Wai and Tsuen Wan districts, Sing Tao Daily reported, citing Executive Director Justin Chiu. * China Everbright Bank Co. said it received approval from the China Banking Regulatory Commission to sell as many as 12 billion shares in a first-time share sale in Hong Kong. * Shandong Gold Mining Co. will raise about 5.62 billion yuan selling up to 120 million shares in a private placement of shares to less than 10 investors, including its controlling shareholder. * Foxconn Technology Group signed Strategic cooperation agreements with visiting Anhui Jianghuai Automobile Co., Chery Automobile Co., Hefei city, and Wuhu city from China’s Anhui province, Taipei-based Commercial Times reported. ECONOMY: * Taiwan March Industrial Production at 4 p.m. * Taiwan Commercial Sales data at 4 p.m. * Taiwan Money Supply M1B, M2 at 4 p.m. * China’s benchmark Qinhuangdao coal prices EARNINGS: * Haitong Securities Co. (600837 CH) publishes first-quarter earnings * Shanghai Pharmaceuticals Holding Co. (601607 CH) publishes first-quarter earnings * China International Marine Containers (Group) Co. (000039 CH) publishes first-quarter earnings * China CSSC Holdings Ltd. (600150 CH) publishes first-quarter earnings * Datong Coal Industry Co. (601001 CH) publishes first-quarter earnings * Western Mining Co. (601168 CH) publishes first-quarter Earnings * COSCO Shipping Co. (600428 CH) publishes first-quarter earnings * Chongqing Changan Automobile Co. (000625 CH) publishes first- quarter earnings * Everbright Securities Co. said net income fell 22 percent in 2010 to 2.2 billion yuan. That compares with a 2.28 bilion yuan mean estimate of five analysts compiled by Bloomberg. * TCL Corp. signed an agreement to build a factory to make components used in computer monitors, television and electronic devices in China’s western region of Xinjiang. EQUITY MOVERS: * Henan Shuanghui Investment & Development Co. (000895 CH) and its parent company refunded 112 tons of meat products, accounting for 4 percent of the products they sold from March 24 to April 20. * Anhui Jianghuai Automobile Co. (600418 CH): The automaker said its first-quarter net income rose 32 percent from a year earlier to 336 million yuan. * Dongfeng Automobile Co. (600006 CH): The company said first- quarter net income rose 2.2 percent from the same period a year earlier to 190.5 million yuan. * Jiangsu Yanghe Brewery Joint-Stock Co. (002304 CH) said first- half net income may rise 50 percent to 70 percent from a year earlier. * Kweichow Moutai Co. (600519 CH): The China’s biggest liquor maker by market value said first-quarter net income rose 49 percent from the same period a year earlier to 1.88 billion yuan, beat the 1.81 billion yuan average of three analysts’ estimates compiled by Bloomberg. * Poly Real Estate Group Co. (600048 CH): China’s second largest property developer said its first-quarter profit rose 28 percent as nationwide sales increased, offsetting government curbs targeting speculators mostly in bigger cities. * Shandong Denghai Seeds Co. (002041 CH): China’s biggest seed company by market value said its first-half net income may fall 20 percent to 50 percent from a year earlier. The company’s first-quarter net income fell 33 percent to 72.5 million yuan. * Wuhan Iron &Steel Co.(600005 CH): The publicly traded unit of China’s fourth-biggest mill said first-quarter profit more than doubled to 608 million yuan. The company boosted 2010 profit by 12.5 percent to 1.7 billion yuan, according to statements filed to Shanghai Stock Exchange. The company said it plans to sell up to 12 billion yuan of bonds in a separate statement. * Yunnan Aluminum Co. (000807 CH): The aluminum products maker said its first-quarter profit fell 85.2 percent to 2.92 million yuan. The company’s 2010 net income fell 34 percent to 30.5 million yuan. * Zhongjin Gold Co. (600489 CH): One of China’s top gold producers said the company’s first-quarter net income rose 61.2 percent from a year earlier to 309.8 million yuan. BTV HIGHLIGHTS (Hong Kong times): 7:10 a.m. Northern Trust CIS James McDonald 7:40 a.m. Deakin University Politics Professor Zareh Ghazarian 8:10 a.m. Dominic Schnider, director for wealth management research at UBS AG 10:10 a.m. Hamon Investment Group Chief Executive Officer Hugh Simon 9:10 a.m. China Monitor Inc. President William Hess 9:40 a.m. Jay Defibaugh, an analyst at MF Global FXA Securities