Chinese Bank Eyes African Lender An unnamed Chinese bank is in talks with South Africa's second-largest lender, First National Bank, with a view to acquiring a major stake later this year, according to market sources. The deal, however, is unlikely to be as large as ICBC's recent USD5.5bn 20 per cent stake purchase in Africa's largest bank, Standard Bank. Though the identity of the bank negotiating with First National is officially undisclosed, state media intimates that it may be China Development Bank, which already has investments in infrastructure projects throughout Africa.
Sinopec Reports RMB56.5 bn Profit China Petroleum and Chemical Corp, known as Sinopec, announced a
2007 net profit of RMB56.5 bn, up 5.5 per cent year on year. This
figure was reached despite company claims that its refining business
made a loss of RMB13.66 bn. During 2008, Sinopec plans to invest
RMB60.1 bn for prospecting and exploration projects, and RMB19.9 bn to
build and renovate refineries.
News & Interviews 
(0 vote)
