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CSR repoparty dressrts need outside assurance: PwC

nospam@example.com (qunzi3) — Thu, 15 Dec 2011 23:22:42 -0600

CSR repoparty dressrts need outside assurance: PwC
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CSR reports need outside assurance: PwCPublished: 26 Nov 2009 11:02:01 PST

By Cong Mu

Over 600 Chinese companies have issued corporate social responsibility (CSR) reports as of October, but a leading US accounting firm called into question their credibility at a media briefing held in Beijing Wednesday.

There is a considerable discrepancy between what the enterprises wrote in their reports and what they actually did because many of them simply treat the reports as another way to raise their profile, said Zhang Jianjun, director of the Sustainability and Climate Change Department of PricewaterhouseCoopers (PwC), af-ter meeting with environment regulators and CSR researchers in the firm's headquarters in Beijing.

CSR assurance statements provided by third parties are used to verify the credibility of an enterprise's claims.

A CSR assurance statement does not approve or disapprove of the things a company does. It simply verifies whether the things it said in its CSR report are true, Zhang said.

In order to guarantee their credibility, 29 percent of the CSR reports issued in 2007 worldwide included third-party assurance statements, and over half of the reports were assured by large accounting firms, PwC said in a press release.

Novozymes, a leading Danish enzyme supplier, has combined its financial and CSR reports and had them both audited by PwC since 2003, its Communications Manager Zhu Xiaoqing said in a telephone interview.

Since assurance is rare in China, some experts doubt the practicability of such endorsements and wonder if accounting firms want to leverage their reputations to make profits.

"They charge expensive fees, which can place a heavy burden on the enterprises," Zhong Hongwu, director of the CSR Research Center of the Economics Department at the Chinese Academy of Social Sciences.

The international standards they use need to be localized, which poses another challenge, Zhong said.

The real assurance comes from society, Zhong believes. "If you tell a lie, there are people who will certainly point it out, either from within the company or from the outside."

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Chevron terminal blockcontinues to shut LPG terminal in Guangdong

nospam@example.com (qunzi3) — Thu, 15 Dec 2011 23:22:18 -0600

Chevron terminal blockcontinues to shut LPG terminal in Guangdong
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Chevron continues to shut LPG terminal in GuangdongPublished: 09 Nov 2008 00:43:14 PST

Nov. 7, 2008 (China Knowledge) - Chevron Corp will continue to shut its liquefied petroleum gas (LPG) receiving terminal in Guangdong province of southern China due to weary demand, sources said, citing Ashish Khosla, director of business development at Chevron, as saying.

In May this year, the U.S. company shut the Guangdong LPG terminal because of lower demand in Chinese market triggered by soaring prices, Khosla said, adding that a recent survey in Guangdong showed that decreasing oil and LPG prices failed to spur demand in local market obviously.

Chevron will look into whether LPG demand in China will rise in the winter when households usually need it for heating, said Khosla.

Chevron's terminal has a holding capacity of 200,000 cubic meters of LPG with throughput of 600,000 metric tons per year,

Copyright © 2008 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

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Taiwan sY strainertocks fall as Hon Hai leads techs lower

nospam@example.com (qunzi3) — Thu, 15 Dec 2011 23:20:55 -0600

Taiwan sY strainertocks fall as Hon Hai leads techs lower
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Taiwan stocks fall as Hon Hai leads techs lowerPublished: 08 Mar 2009 21:41:37 PST

TAIPEI, March 9 - Taiwan stocks fell 0.55 percenton Monday, ending a four-session winning streak, as Hon Hai<2317.TW> dragged technology shares lower after the electronicsparts giant posted worse-than-expected fourth-quarter results.

The main TAIEX share index <.TWII> ended 25.39 points lowerat 4,628.24, retreating from a two-month closing high in theprevious session.

Shares of Hon Hai, Taiwan's top electronics gear maker andthe market's most active stock by turnover, dropped by their 7percent daily limit. (US$1=T$34.

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WRAPUP 2heat sealer-China sees signs of economy responding to swift help

nospam@example.com (qunzi3) — Thu, 15 Dec 2011 23:20:29 -0600

WRAPUP 2heat sealer-China sees signs of economy responding to swift help
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WRAPUP 2-China sees signs of economy responding to swift helpPublished: 05 Mar 2009 23:21:53 PST

China c.banker, top planner see signs of economicrecovery

Beijing to decide on new stimulus in light of data flow

* For highlights, double click on

BEIJING, March 6 - China's economic leadersstruck a note of quiet confidence that the economy is alreadyreviving in response to swift action to counter the shock ofthe global financial crisis.

Premier Wen Jiabao disappointed financial markets onThursday by failing to announce an increase in a 4 trillionyuan ($585 billion) investment plan rushed out on Nov. 9 ascrumbling exports drained life from the world's third-largesteconomy.

But comments on Friday by a trio of top officials suggestedthat, while Beijing stands ready to prime the pump further,extra measures might prove unnecessary because substantialfiscal and monetary stimulus is already coursing through theeconomy.

"The economic figures are stabilising and recovering, whichdemonstrates that the policies have begun to show an impact,"central bank governor Zhou Xiaochuan said.

Speaking at a news conference during the National People'sCongress, the largely ceremonial parliament, Zhou said Chinahad learned the lesson from other countries that a sluggishresponse to the crisis delays the restoration of confidence.

"We must err on the side of being quick and decisive."

Zhou was speaking a day after Wen said China would ramp updeficit spending this year to hit its target of 8 percentgrowth, widely thought to be the minimum needed to keep a lidon unemployment and head off the threat of social unrest.

NO COMPLACENCY

Recent figures have suggested the economy may be on thecusp of a recovery.

New domestic-currency lending has surged since November andhit a record 1.6 trillion yuan in January, while surveys showmanufacturing is picking up from very depressed levels.

On the other hand, a tentative recovery in steel prices hasfaltered, and recessions in China's key export markets appearto be worsening.

Zhang Ping, head of the National Development and ReformCommission, the main planning agency, said Beijing would keeptracking the flow of economic data before deciding whetherextra stimulus was necessary.

"Of course, we can't complacently assume that we canentirely avoid the impact of the crisis or that our measuresare already enough to counter it," he said.

"But I believe that, with the measures that we've taken orwill take, we can have full confidence that we can escape thecurrent hardships and fully respond to this crisis, because inthe long term our economic conditions have not fundamentallychanged," Zhang added.

The officials made it clear that China still had plenty ofammunition to fire if necessary.

China's national budget deficit will jump more thansevenfold this year to over 1 trillion yuan. But that willstill be less than 3 percent of national income. The UnitedStates, by comparison, is budgeting for a deficit of 12.3percent of GDP.

"This is something that our country can handle and remainsat a safe level," Xie Xuren, the finance minister, said of theprojected deficit.

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China Miabschlusskleidnsheng Bank approved to raise stake in UCBH Holdings

nospam@example.com (qunzi3) — Thu, 15 Dec 2011 23:19:44 -0600

China Miabschlusskleidnsheng Bank approved to raise stake in UCBH Holdings
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China Minsheng Bank approved to raise stake in UCBH HoldingsPublished: 23 Dec 2008 01:36:21 PST

Dec. 23, 2008 (China Knowledge) - China Minsheng Banking Corp Ltd (CMBC)<600016>, the first privately owned bank in the country, announced that it had obtained approval from the State Administration of Foreign Exchange to raise its stake in UCBH Holdings Inc to 9.9% from the previous 4.9%.

The Chinese lender will purchase 6.16 million shares in UCBH, the biggest bank serving the Chinese community in the U.S., at US$4.85 apiece, sources reported.

CMBC will spend US$29.9 million on the acquisition, according to the bank's statement filed with the Shanghai Stock Exchange.

Shares of the bank edged down 2.53% to close at RMB 4.23 on Monday.

Copyright © 2008 www.chinaknowledge.com

Send feedback or comments to: news@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today:

To access our page on Bloomberg, type CKFI Related TopicsChina News
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