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Category: Ningbo Business
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Published: Thursday, 18 April 2013 10:05
NINGBO, China, April 17, 2013 /PRNewswire/ -- Keyuan Petrochemicals Inc. (OTCQB: KEYP), ("Keyuan" or "the Company"), an independent manufacturer and supplier of various petrochemical products in China, today reported its preliminary financial results for the year and quarter ended December 31, 2012. The Company is providing these preliminary and unaudited results in an effort to keep its shareholders informed about the performance of the Company while it works to complete its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31, 2012. The Company notified the Securities and Exchange Commission (SEC) that it is unable to file its Annual Report on Form 10-K (the "Form 10-K") for the year ended December 31(st) , 2012 within the prescribed time period because it requires additional time to complete the required financial statements, however the Company expects to file shortly.
Form 10-K for Year Ended December 31, 2012
On April 2, 2013, the Company filed a Form 12b-25 with the Securities and Exchange Commission (the "SEC") which gave the Company an additional fifteen days to file its Form 10-K for the year ended December 31, 2012. The Company does not expect to file the Form 10-K within the additional time period prescribed under Rule 12b-25 because it is still finalizing the financial statements. As a result, the Company needs additional time to complete and review the financial statements and disclosures to be contained in the Form 10-K.
Temporary Suspension of the Stock Repurchase Program
Read more: Keyuan Petrochemicals Inc. Announces...
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Category: Ningbo Business
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Published: Thursday, 18 April 2013 10:03
Bangkok: RCL has added Nansha to its current RBC2 rotation, which now calls at three Thai ports, then Nansha, Ningbo and Shanghai, using three 1,000 teu ships.
RCL has also welcomed on board Cosco as partner and vessel contributor on the RBC2 service. Cosco will charter the Danu Bhum ship from RCL as a result.
Sumate Tanthuwanit, president of RCL, said: "This new joint service heralds a new era in RCL's cooperation with Cosco. Asia leads the world in terms of GDP growth today and in all likelihood, this will be the same scenario for many years to come as well. With our common interests in Asia and our Asian heritage, we hope that this cooperation is the start of more to come in line with Asia's rise." [17/04/13]
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Category: Ningbo News
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Published: Thursday, 18 April 2013 10:02
NINGBO - Twenty people in China were given jail terms ranging from seven years to life for manufacturing and selling "gutter oil" in two provinces, a local court announced Tuesday.
"Gutter oil" refers to recycled oil made from kitchen waste dredged from gutters behind restaurants as well as inedible animal oil. The oil, which contains carcinogenic substances, is dangerous if consumed.
Liu Liguo from the eastern province of Shandong was handed a life sentence after being convicted of "producing and selling hazardous and substandard food," according to a verdict from the Ningbo Intermediate People's Court in Zhejiang province.
Liu sold 99.9 million yuan ($16.2 million) worth of the unsafe edible oil made from kitchen waste between December 2007 and July 2011, the court found.
Six others who worked for Liu were sentenced to seven to 14 years in prison.
Bu Qingfeng from the central province of Henan was also sentenced to life in prison for "selling hazardous and substandard food," according to the verdict.
Bu earned 201 million yuan by selling "gutter oil" bought from Liu to food makers, pharmaceutical companies and feed producers between January 2010 and June 2011, the court found.
In a third case, Yuan Yi, a stall owner at a grain and oil market in Zhengzhou, capital city of Henan, was sentenced to 15 years in prison.
Yuan was convicted of selling 2.95 million yuan worth of "gutter oil" he purchased from Liu to construction-site canteens, roadside food stalls, and oil sellers, according to the verdict.
Eleven others who worked for Bu and Yuan were given jail terms ranging from seven to 15 years.
None of the defendants appealed their sentences in court.
(Xinhua)
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Category: Ningbo Business
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Published: Thursday, 18 April 2013 10:00
(Chinadaily.com.cn)
Technical barriers erected in overseas markets are hitting Chinese exporters, Qianjiang Evening News reported.
In 2012, 56.27 percent of exporters in Ningbo, in East China's Zhejiang province, encountered technical barriers, resulting in losses of $2.73 billion.
The losses increased by 23.79 percent from a year earlier, accounting for 4.44 percent of the city's total exports, said Chen Mengyu, spokesman of Ningbo Entry-Exit Inspection and Quarantine Bureau on Monday.
Europe and the US are markets with the most technical barriers for Ningbo exporters. Losses in these two markets accounted for more than 60 percent of the city's total, said Chen.
Technical barriers in Europe and the US also led to rising export costs. Chen said that added costs for coping with technical barriers in the two markets account for 78.96 percent of total added costs, a record high.
Li Hanyu, manager of Xici Xingsheng Agricultural Export, said that the company could not accept orders from European markets because of complicated verification procedures.
According to Li, the EU required more than 100 tests on imported agricultural products, which is both time-consuming and expensive. The exporter said he is trying to avoid orders from Spain, Germany and the UK.
