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Agricultural Bank of China to be stock-holding company: report

by Staff Writers
 Shanghai (AFP) Dec 24, 2008
 Agricultural Bank of China will relaunch as a stock-holding company before the Lunar New Year on January 26, bringing it a step closer to an eventual stock market listing, state media said Wednesday.

The lender has finished hiving off its bad loans, the China Business News reported, citing an unnamed source. The bank reported 818 billion yuan (119 billion dollars) in non-performing loans at the end of 2007.

The bank, the weakest of China's four major state-owned commercial banks, received a 19-billion-dollar government cash injection in November as part of its preparations for an eventual stock listing.

The introduction of shareholders demanding a return for their investment would force the bank to start operating for profits -- a break from its role so far of supporting government policies, observers say.

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FARM NEWS
Court says China firm in milk scare files for bankruptcy
 Beijing (AFP) Dec 24, 2008
 The Chinese firm at the centre of a nationwide tainted milk crisis that sickened nearly 300,000 children and killed six has filed for bankruptcy, a judge said on Wednesday.






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