China, South Korea to extend swap facility

    CHINA and South Korea agreed to extend an existing swap agreement worth 64 trillion Korean won, or 360 billion yuan (US$57.86 billion), by three more years, the Bank of Korea said in a statement Saturday.

    The decision to extend the bilateral agreement to Oct. 10, 2017 was made to boost trade between the two countries and is expected to contribute to financial stability, the South Korean central bank said. The swap facility, which was initially signed by the two countries in 2011, had been doubled from an original swap line of 180 billion yuan launched in 2008. It can be extended again if both parties agree to it.

    China Mobile, Nokia ink agreement

    NOKIA Corp. said Friday it has signed a US$970 million framework agreement with China Mobile Ltd.

    The deal covers mobile network equipment, software and services for China Mobile’s roll-out of fourth-generation mobile data services in 2014 and 2015. China Mobile, by far the country’s largest carrier, is plowing almost US$7 billion this year into building its fourth-generation network as it strives to retain its top position on China’s telecom market. Nokia said it started deliveries to China Mobile in the first quarter this year.

    Tianhe Chemicals CEO ups stake in firm

    TIANHE Chemicals Group Ltd., the Chinese lubricants company accused by “hacktivist” group Anonymous Analytics of falsifying some of its financial reporting, said Friday that its chief executive paid HK$106 million (US$13.7 million) to raise his stake in the company by 0.2 percent.

    Tianhe chief executive Wei Xuan bought 62.62 million shares Friday at HK$1.69 a share through a firm he controls, Tianhe said in a statement. The purchase represents 0.2 percent of the company’s issued shares and comes after Wei bought a 0.6 percent stake in the firm Thursday for HK$233.8 million.

    Ex-Hanlong head held in Australia

    THE former head of China’s Hanlong Mining Investment Pty Ltd. is being held in custody in an Australian jail after being extradited from Hong Kong on Friday to face more than 100 insider trading charges linked to company takeovers.

    Xiao Hui, also known as Steven Xiao, is facing 104 charges of trading on inside information linked to Hanlong’s 2011 takeover bids for Australia’s Sundance Resources Ltd. and Bannerman Resources Ltd.