What we’ve been reading recently:
China Daily – Sanlu ex-boss was aware of tainted milk – Tian Wenhua, formerly chairwoman and general manager of Sanlu Group, admits to court that she was aware of the tainted milk problems in May but only notified the authorities in August. Tian could be sentenced to death for her negligence
FT.com – Alstom attacks Chinese train exports – Chief of Alstom Transport gets prickly about Chinese train exports, claiming that they should be subject to the same restrictions the likes of Alstom face in trying to sell trains to China
FT.com – UBS China deal set to be followed by rivals – Dealmakers told the FT that other foreign banks will follow UBS’s lead and sell off their strategic stakes in Chinese banks. Big investors who may bail out include Goldman Sachs, Citigroup, Dresdner Bank, Temasek and Royal Bank of Scotland
WSJ.com – UBS Sells BOC Stake – Cash-strapped UBS unloads its strategic stake in Bank of China for US$808 million (which it originally bought for just under US$500 million). Will other foreign banks follow suit?
WSJ.com – Microsoft Lauds China Piracy Case – Chinese court convicts 11 people for manufacturing and distributing Microsoft software that the company valued at US$2 billion