IBM fined
U.S. technology giant IBM was fined US$10 million to settle a complaint its employees tried to bribe South Korean and Chinese officials with cash, gifts and entertainment for more than a decade in return for business, reports said yesterday.
Regulators from the U.S. Securities and Exchange Commission said the company s employees in China furnished officials with gifts and entertainment from 2004 to 2009, which were improperly recorded as business expenses.
New energy group
SHANDONG Province today combines six local coal companies to form an energy group, the China National Radio reported yesterday. Yanzhou Coal Mining Co. isn t included in the six companies, according to the report posted on its Web site.
Shandong Energy Group will explore new energy sources, including solar, wind, biomass, and nuclear energy, according to the report.
$1.4b for subway
CHINA will lend the city of Buenos Aires US$1.4 billion to build a new subway line using Chinese technology, leading Argentine newspaper Clarin reported Saturday.
The 15-year loan includes a five-year grace period.
The (((((Clarin said the interest rate was expected to be low, around 4 percent to 5 percent, and quoted unnamed city government sources as saying construction on the line would start next year.
China and Argentina agreed last July to invest about US$10 billion over several years to revamp the South American country s dilapidated railway system and build a subway for its second-largest city, Cordoba.
