China gets record FDI at $63 billion in 2006
Beijing: China received a record foreign direct investment (FDI) of $63 bn in 2006, up five per cent over the previous year, reversing a declining trend, China's commerce minister Bo Xilai said. The exact contractual value of foreign funds was not available.

Although China has been the largest recipient of foreign investment among all developing nations for 15 years, there is much to be done to improve both its quality and quantity, he said.

China will channel more foreign investment into research and development centres new high-tech industries, advanced manufacturing, and the energy conservation and environmentally friendly sectors Chinese media reports said.

While receiving large amounts of FDI, Chinese companies have been actively investing overseas, Bo said.

The overseas investment of Chinese companies totalled $16.1 billion last year, up 32 per cent year-on-year.
Back to News Review index page  

Hutchison launches mobile services in Vietnam
Hong Kong: Hutchison Telecommunications International has launched its services in Vietnam. HTIL said in a statement that it would launch 'HT Mobile', Vietnam's newest nation-wide mobile communications service operator.

The Hong Kong-based company, controlled by billionaire Li Ka-Shing, said its venture 'HT Mobile' will operate a network based on the code division multiple access 2000 standard. The venture, operated with Hanoi Telecom Joint Stock Co, will offer voice and data services in the country, the statement said.

HT Mobile will be providing Vietnamese customers with advanced wireless voice and high-speed multi-media data services, flexible call plans as well as a wide choice of handsets. HT Mobile also announced the launch of the first 2.4Mbps wireless data card in Vietnam.

Hutchison Telecom has stakes in cellular operations in eight other markets -- India, Hong Kong, Israel, Thailand, Sri Lanka, Ghana, Indonesia and Macau.
Back to News Review index page  

GE to acquire Smiths unit
Boston: The world's biggest jet-engine maker General Electric Co, has agreed to buy Smiths Group Plc's aerospace business for $4.8 billion amid record demand for commercial aircraft. The purchase of the Smiths unit, which makes electronic controls, is subject to approval by Smiths shareholders, Fairfield, Connecticut-based GE.

CEO Jeffrey Immelt wants to tap surging orders for Boeing Co and Airbus SAS aircraft parts amid rising travel overseas and plans by the US military to develop new planes.

Company officials said the purchase would give GE the breadth it could not get when the European Union rejected its $45 billion bid for Honeywell International Inc in 2001. The Smiths business competes in some areas with Honeywell, Goodrich Corp, United Technologies Corp's Hamilton Sundstrand unit and Rockwell Collins Inc.

Smiths has been facing pressure from investors after its results missed some forecasts. The company had a second-half loss of 109.3 million pounds after writing off an investment in car-parts maker TI Automotive Ltd. GE shares fell 3 cents to $37.89 on Jan. 12 in New York Stock Exchange trading. Its shares gained 6.2 per cent in 2006.
Back to News Review index page