Hainan Wants 60 5-Star Hotels
The provincial government of Hainan Island has said it has plans to
increase the number of 5-star hotels from the current 14 to 60 in five
years. Twenty "famous international hotel management groups" will be
asked to participate in a bid to build and run the new hotels, China
Hospitality News reports. The growth in luxury accommodation is part of
a plan to turn the island into an international tourism destination.
Also read our special article: Hainan's Hotels Head Upscale.
Six Pilots Must Pay RMB10m For Resignation
Five captains and a first officer will have to pay a cumulative
RMB9.65m to their employer Air China, an arbitration session of the
Xiashan District People's Court ruled. The pilots reportedly wanted to
quit last October, but Air China refused to let them go and demanded a
compensation of RMB35m. State media writes that airlines "often require
pilots to sign contracts lasting up to 99 years," leaving the employees
little choice but to pay big money to resign.
ICBC Wins Approval for Investment Banking in Hong Kong
ICBC is being permitted to set up a wholly-owned investment banking
unit in Hong Kong, The Wall Street Journal reports. ICBC's request was
approved on 27 May, the Hong Kong Securities and Future Commission said
on its website. The unit will "conduct securities trading and corporate
finance advisory services." Currently, ICBC is a majority holder of a
joint venture investment banking project with Bank of East Asia in Hong
Kong.
China Auto Exports Risa Again
Exports of China-made automobiles increased to more than 70,000 units
in a single month for the first time in April, according to the China
Association of Automobile Manufacturers. This represents an almost 70
per cent rise from a year earlier. At the same time, monthly imports
totalled 37,700, up 58 per cent year on year. In the first four months
of 2008, total imports were valued at USD5.1 bn by official sources,
and exports grew to USD15.78 bn.
.HK and .CN Web Sites Top Security Threats
According to a study by anti-virus company McAfee, web sites hosted
with Hong Kong and China domains are more likely to pose a security
threat than domains from other countries. The study found that 19 per
cent of all Hong Kong domains (.hk) pose "some kind of security threat"
and that 12 per cent of all Chinese domains (.cn) are posing risks.
McAfee said the reason for Hong Kong's top position is due to "changes
in the rules for registering domain names," The LA Times reports.
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