China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Chinese consumers to sue HP in US court -- National Business Daily

Wang Fengchang, founder of an advocacy group demanding action on consumer rights from US multinational HP, told the National Business Daily Wednesday, that it has given power of attorney to US lawyers to sue HP in the US courts on behalf of 400 Chinese consumers.

Wang, CEO of Laweach.com, the biggest professional law website in China, said it had proved difficult to get HP to improve its treatment of consumers. So they have decided to launch litigation in the US, which has a more developed legal system and, crucially, jurisdiction over HP.

A team of five US lawyers, including one Chinese-American lawyer, is preparing a feasibility report on possible litigation, Wang added.

HP's "Qualitygate" reflects the incomplete state of Chinese consumer legislation, Wang said, adding that he hopes the case will encourage improvement of the Chinese law.

China's economic growth to hit 10% this year: IMF - Chinanews.com.cn

The International Monetary Fund (IMF) has forecast China's GDP would grow 10 percent this year and 9.9 percent in 2011.

In its latest World Economic Outlook (WEO) report released Wednesday, the IMF said domestic demand has speeded China's recovery, adding that China, India and other emerging economies will lead the world economy out of the most serious recession since World War II.

The report was upbeat on overall world growth, predicting 4.2 percent this year and 4.3 percent in 2011.

ICBC buys Thailand ACL Bank -- China Business News

Industrial and Commercial Bank of China (ICBC) has purchased Thailand's ACL Bank through a voluntary tender offer. ICBC announced Wednesday that it now owns 97.24 percent of ACL stock.

On March 9, ICBC made a voluntary tender offer of 11.5 Thai baht per share to shareholders of ACL Bank. Share and fund transactions were completed on Wednesday. The whole process took 25 working days.

ACL Bank Public Company Limited was founded in 1969. The bank was listed on the Thai Stock Exchange in 1978. It has 17 branches in the country and its headquarters is in Bangkok.

Go to Forum >>0 Comments