BRIEF

US cannot take Google row to WTO

BEIJING: The United States would not have any standing to bring a case against Chinese Internet restrictions to the World Trade Organisation, a Chinese adviser on WTO strategy said in an opinion piece yesterday. US trade officials had asked for more information on whether they could pursue a case at the WTO, after Google threatened to shut its China operations following a hacker attack in late 2009. WTO rules state that countries have the right to censor Internet content, Zheng Zhihai, deputy director and general secretary of the China Society of World Trade Organisation Studies, wrote in a piece published on the China Daily's website yesterday.

JPMorgan eyes share of China 'green IPO'

BEIJING: US bank JPMorgan will expand its 'new energy' team in China to win more business from what it sees as a trend to increasingly popular "green IPOs", its China chief said yesterday. Fang Fang, JPMorgan's China CEO, predicts that more new energy and natural resource companies will go public as they seek to fund their rapid expansion, and there could be more consolidation among wind and solar power suppliers. "This year, we see lots of opportunities in new energy, natural resources and construction material sectors," Fang said. "I think such 'green IPOs' will be the trend for the next few years and some industry consolidation may take place, too. Technology, property and consumer sectors remain active."

Nalco key to Indonesia coal mine plan: MEC

MUMBAI: Indian state aluminium maker Nalco's participation was a key factor in Middle East Coal's (MEC) decision to develop a coal mine and rail line in Indonesia's East Kalimantan, MEC Executive Vice Chairman Madhu Koneru said yesterday. Speaking on the sidelines of a Coaltrans conference in Mumbai, Koneru said his company will sell 10 million tonnes a year of sub-bituminous coal to two Indian end-users on 15-year contracts. The contracts are essentially cost plus, he said, with a cap and collar of around US$30-US$36 a tonne FOB. MEC will also sell 5 million tonnes a year to either Indian or Chinese end-users and a further 2 million tonnes on the spot market.

Bank of China sees loans growth at 10%

BEIJING/SHANGHAI: Bank of China sees new loans growth at around 10 per cent this year and has no other fundraising plans in the A-share market after its 40 billion yuan (US$5.86 billion) convertible bond issue, its Chairman Xiao Gang said yesterday. Xiao told reporters on the sidelines of the National Peoples' Congress in Beijing that the bank was still sorting out its loans to local governments in line with policy and would retain more profits as reserve this year to supplement capital. The country's largest foreign exchange lender said in January it planned to issue as much as 40 billion yuan in six-year convertible bonds to shore up its capital base and maintain its lending capacity. Agencies