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N E W S
May, 2006


Akzo Nobel buys out Chang Cheng coatings business

AMSTERDAM, May 30 (Reuters) - Dutch chemical group Akzo Nobel NV said on Tuesday that it has gained full control of its Chang Cheng Coatings business after acquiring the remaining shares in the joint venture that it did not already own.

Terms of the deal, where Akzo Nobel bought the outstanding 16.66 percent of shares owned by main partner Chang Cheng Securities, were not disclosed.

Chang Cheng Coatings has powder coatings operations in China, Taiwan and Hong Kong and Akzo Nobel said it expects the transaction to be completed in six to eight weeks..

A Stronger Yuan Helps China

Beijing should use its reserves to update its infrastructure and fund education.

China's Fuel Price Gains Won't End Refining Losses

May 24 (Bloomberg) -- China Petroleum & Chemical Corp. Chairman Chen Tonghai said government fuel price increases won't stem losses at Asia's biggest refiner as crude oil costs rise.

``It's not enough yet,'' Chen said at a shareholders meeting in Beijing today, after the government yesterday raised the price of gasoline by 10.6 percent, diesel by 12.3 percent and jet fuel by 10.3 percent. Shares in the company, known as Sinopec, fell as much as 2.6 percent.

China records 16.6% rise in industrial output in April

BEIJING : China's industrial output rose 16.6 percent in April from a year ago, with analysts pointing to a continued rise in domestic demand and sustained export growth.

Sinopec reshuffles board

China Petroleum & Chemical Corporation (Sinopec), China's largest oil refiner, has replaced 10 members of its board of directors the biggest management reshuffle in the company's history.

 
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