High court asked to reverse ruling clearing Arroyo, others in NBN case

THE SUPREME Court was asked yesterday to reverse an Ombudsman decision clearing former first gentleman Jose Miguel T. Arroyo and seven others of liability in the canceled National Broadband Network (NBN) project.

Lawyer Ernesto B. Francisco, Jr. filed a petition for certiorari questioning the exclusion of Mr. Arroyo from those charged with graft by the Office of the Ombudsman for their alleged participation in the $329-million NBN deal between the government and Chinese firm Zhong Xing Telecommunication Equipment Co. Ltd. (ZTE). The project was scrapped in 2007 on charges of overpricing.

On April 21, 2009, an Ombudsman investigating panel dropped from the charge sheet Mr. Arroyo, Leandro B. Mendoza, former Transportation secretary; Lorenzo G. Formoso III and Elmer A. Soneja, former Transportation assistant secretaries; and ZTE officials Yu Yong, George Zhu Ying, Fan Yang and Hou Weigui.

Source : http://www.bworldonline.com/main/content.php?id=14882

Qiao Xing Universal Announces 2009 Financial Results

HUIZHOU, China, June 30 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Resources, Inc. (Nasdaq: XING) ("the Company" or "XING"), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, today announced its unaudited results for the fiscal year ended December 31, 2009.

"We are pleased with the progress we have made in the past several months executing our resources driven growth strategies. During this time, we were able to divest our fixed line terminal business and complete the acquisition of our molybdenum mine. In addition, we entered into preliminary agreements to acquire participation in copper, lead and zinc," commented Mr. Ruilin Wu, the Company's Chairman and Chief Executive Officer. "We expect the Chinese and the Global economy will continue to grow in the months and years ahead, and we expect that our strategy to exit our legacy telecom businesses and focus our efforts on building a portfolio of strategic mining assets will provide us with more stable and attractive returns on our shareholder's capital going forward."

Fiscal 2009 Highlights

Fiscal year 2009 represented a critical year for the Company as it transitioned its business focus from telecommunication terminals to the resources industry. In April 2009, XING successfully acquired China Luxuriance Jade Co., Ltd. to enter the molybdenum mining and processing industry. In July 2009, XING started commercial production of molybdenum concentrate at its molybdenum mine, generating sales revenue of Rmb193.9 million (US$28.4 million) and net income of Rmb64.2 million (US$9.4 million) in the second half of the year.

Source : http://www.prnewswire.com/news-releases/qiao-xing-universal-announces-2009

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Confident Global Indians taking centre stage: Scribe

BEIJING: Though little impresses the Chinese, the emergence of confident and articulate 'Global Indians' is leaving lasting impression on the people here as they think this tribe could become more vocal on the world stage in future.

"The world is bound to see and hear more from Indians. As they become more prominent on the world stage, they will become more vocal and resolute on global issues and their views are certain to become more important," Li Xing, a senior journalist wrote in China Daily.

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Source : http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Confident
-Global-Indians-taking-centre-stage-Scribe/articleshow/6097348.cms