Foreign business news in brief


Boeing plans US$100m Shanghai venture  

 

BEIJING: Boeing Co plans to set up a US$100mil aircraft repair and maintenance joint venture with local partners in Shanghai later this year, the China Daily reported, quoting the US company’s chairman and chief executive officer (CEO). 

Philip Condit was quoted as saying in Beijing that Boeing would step up its investment and expansion in China. He said Boeing would focus on cooperation in China, one area of which could see the country playing a part in the development of the company's proposed 7E7 jetliner, due for launch in 2008. – AFX 

 

Asia Aluminum to invest in HK$3b project 

 

HONG KONG: Asia Aluminum Holdings Ltd, the largest aluminum extruder in Asia, plans to invest in a HK$3bil aluminum panel plant to be built in southern China, to take advantage of an expected surge in demand from the country's motor vehicle making industry.  

CEO Benby Chan said the project, in which Asia Aluminum would take a 60% stake, could boost the firm’s revenue and earnings by 200% for the 2005/06 fiscal year from the last fiscal year, for which it posted a net profit of HK$131mil on turnover of HK$1.97bil. – Reuters 

 

HKMA names Ryback as deputy chief 

 

HONG KONG: The Hong Kong Monetary Authority (HKMA) said William Ryback, a former director of the US Federal Reserve, would replace David Carse as its deputy chief executive. Ryback would assume the post in late August and take charge of banking policy and supervision in Hong Kong, the HKMA said in a statement posted on its Web site. – Reuters  

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