China's first private airline, Okay Airways, completed its maiden flight, marking the end of the government monopoly in civil aviation, state media reported. Okay is funded by private investors from Beijing and Shenzhen with an initial capital of US$36m. China's aviation regulators have approved three other private airlines, which are reportedly preparing to launch.
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Hong Kong chief steps down
After two years into his second term, Hong Kong chief Tung Chee-hwa, 67, announced his resignation, citing health problems. Chief Secretary for Administration, Donald Tsang, will be the acting chief executive until a successor is named later this year.
China's largest PC maker, Lenovo Group Ltd, won approval from the US to acquire IBM's PC business, overcoming Washington's security concerns over technology transfers, the companies said. The US$1.25bn deal is expected to close in the second quarter.
Production company Clear Channel Entertainment and the state-owned Beijing Gehua Cultural Development Group have entered into a joint venture to bring Western live entertainment to China, the company said. Each side will own a 50% stake, with profits evenly split. The joint venture, Gehua Clear Channel Entertainment & Sports, will have a 50-year first right […]
In a move towards liberalized financial markets, Beijing granted Swiss bank UBS AG a license to trade financial derivatives in China, the China Securities Journal reported. UBS can now trade derivatives on interest rates and currency ahead of 2006, when foreign interests will have nearly full access to China's US$1.5trn in personal savings.