Corning Announces $15 Million Investment to Expand Emissions-Control Manufacturing Plant in China

Company Cites Growing Global Demand for Clean-Air Products for Passenger Cars

CORNING, NY – March 29, 2006: Corning Incorporated announced today that its board of directors recently approved a capital expenditure of approximately $15 million to expand the manufacturing capabilities for clean-air products at Corning Shanghai Company, Ltd. (CSCL) in Shanghai, China.

This investment will increase the manufacturing capability of the facility to meet anticipated demand for Corning advanced ceramic substrates for light-duty vehicle applications. Corning advanced ceramic substrates include thin-wall products that deliver higher performance for emission reductions. The expansion is expected to be fully operational by mid-2007.

“The tightening of emissions standards in Asia and around the world continues to drive demand for Corning clean-air products,” said Thomas Appelt, vice president and general manager, Corning Automotive Technologies. “Through the expansion of our facility in China, we will be better able to supply clean-air products to our global customers, while still maintaining a strong presence in China.”

“Corning is proud of its long history in China,” said Curt Weinstein, general manager, CSCL. “We value our highly skilled, dedicated employees and the many relationships we have developed over the years. This additional investment in the facility is further proof of our commitment to the region.”

In China, demand for cleaner vehicles is being driven by the Euro III and upcoming Euro IV regulations that will require lower emissions. Tighter global regulations, along with growth in the China economy, make China an attractive market for Corning.

CSCL, which is wholly owned by Corning Incorporated, is a state-of-the-art, high-tech emissions control substrate facility, that first began shipping product in early 2001. In addition to manufacturing advanced substrates, CSCL also includes sales, marketing and engineering operations that provide world-class service for Corning customers in China and throughout Asia.

Corning is a leading supplier of advanced catalytic converter substrates and particulate filters, supplying all of the world’s major manufacturers of gasoline and diesel engines and vehicles. The company invented an economical, high-performance cellular ceramic substrate in the early 1970s that is now the standard for catalytic converters worldwide. Corning also developed the cellular ceramic particulate filter to remove soot from diesel engine emissions in 1978.

http://www.theautochannel.com/news/2006/03/29/002345.html

GE Real Estate Enters China With US $20 Million Investment in CITIC Capital Vanke China Property Development Fund

Wednesday March 22, 11:26 am ET

STAMFORD, Conn., March 22 /PRNewswire/ — GE Real Estate today announced its first commercial real estate investment in China. GE will invest US $20 million and be the sole Strategic Investor in the newly formed CITIC Capital Vanke China Property Development Fund.

The Fund, together with China Vanke Co., Ltd., the largest publicly listed real estate developer in China, plans to invest a total of US $100-150MM in residential real estate assets in specified economically developed regions in China, including the Pearl River Delta Region, the Yangtze River Delta Region, the Pan Bohai Region and other selected inland cities.

The Fund will be managed by CITIC Capital, a member of the CITIC Group (CITIC), a Chinese transnational financial services conglomerate. China Vanke Co., Ltd. will be the exclusive development manager for all Fund investments. A CITIC group entity and China Vanke Co., Ltd. will also make a substantial capital commitment to the Fund. The Fund will be domiciled in the Cayman Islands and governed by Cayman Islands law.

Michael Pralle, President and CEO of GE Real Estate, commented, “The CITIC/Vanke China Property Development Fund is the ideal vehicle for entry, as we are partnering with two of the most reputable companies in China.”

“Investing in residential properties is the right entry strategy, because it is the most robust and liquid commercial real estate segment in China. The value of this partnership exists in learning this market and establishing a confident presence in multiple business centers throughout China,” noted Mark Hutchinson, President, GE Real Estate Asia-Pacific. “Also, as the sole strategic investor we have a right to further co-investment, giving us the potential to scale up the portfolio managed by this partnership significantly.”

Pralle added, “Also, we will be exploring investment opportunities in other asset types throughout China, including retail, hotel, office and industrial properties. We have a pipeline of deals totaling several hundred million dollars which we will review as we move forward. We see great potential in China.”

Following this transaction GE Commercial Finance Real Estate Asia-Pacific will have real estate investments and operations in Japan, South Korea, Australia, New Zealand, India and China.

Notes to editors:

About GE Real Estate

GE Real Estate (http://www.gerealestate.com) is a world leader in real estate capital. Formed in 1972, the business has more than $35 billion in core assets with 34 offices located throughout North America, Europe, Asia, and Australia/New Zealand. GE Commercial Finance Real Estate, backed by its parent company’s AAA rating, offers a broad range of financing, equity and servicing solutions including: intermediate and long-term mortgage financing, restructuring and acquisition capital, niche equity investment/joint ventures, capital markets securitization and placements, and asset management. As one of the fastest growing units within GE Commercial Finance, Real Estate has experienced annual growth of more than 10% for the last ten consecutive years.

GE Commercial Finance (http://www.gecommercialfinance.com) offers businesses an extensive array of financial services and products worldwide. With approximately $217 billion in assets and an expertise in the mid-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. GE Commercial Finance is a wholly-owned subsidiary of the General Electric Company (NYSE: GE – News), a diversified services, technology and manufacturing company with operations worldwide.

http://biz.yahoo.com/prnews/060322/phw025.html?.v=51

China Job fair attracts Taiwanese

By Li Dapeng (China Daily)
Updated: 2006-04-10 05:40

The mainland’s first job fair directed at Taiwanese was held on Saturday in Xiamen, Fujian Province, with hundreds of job-hunters flocking to the fair in hope of snapping up one of 500 vacancies on offer.

The job fair, organized by human resources companies across the Taiwan Straits, was especially open to Taiwanese graduates and professionals.

More than 200 job-hunters attended the fair, including about 100 students and professionals from Taiwan, as well as 100 Taiwanese studying in universities on the mainland.

Lin Jia-yi, a Taiwanese college student, was one of many job-hunters travelling between different company booths at the job fair.

A recent graduate of Taiwan National Chengchi University, Lin is focusing on the mainland for her career.

“There are many more job opportunities here than in Taiwan,” Lin said. “Though I may earn less in the short term, my career prospects are very attractive.”

About 50 mainland and mainland-based Taiwan and overseas companies and institutions had over 500 vacancies on offer at the fair.

Wang Jianzhong, an official with Kunshan Human Resource Centre from East China’s Jiangsu Province said: “We didn’t find the suitable professionals we needed today, but we did get valuable information about the expectations and needs of Taiwanese people in relation to their career development on the mainland.”

“Job information about the mainland is still not transparent enough for Taiwanese talent, which has been the main obstacle for them starting their careers here,” said Steve Tsai, chief executive officer with Pan Asia Human Resources Management and Consulting Corporation, the fair’s Taiwan organizer.

“So the human resources organizations on both sides should co-operate to offer more information to help them,” Tsai said.

“Both sides are trying to make this kind of cross-Straits job fair a regular event,” added Tsai.

“The gap in salary between Taiwan and the mainland has caused many Taiwanese students to go back to work on the island after they graduate from mainland universities,” Zhao Shi-Cong, president of Taiwan Students Union, said.

Zhao said generally, a monthly salary of NT$20,000 to 30,000 (US$619-929) is available for graduates with bachelor degrees in Taiwan, while they would only receive 2,000 to 3,000 yuan (US$250-374) on the mainland.

According to him, about 9,000 to 10,000 Taiwanese students are studying at mainland universities.

Taiwanese professionals who are working in Xiamen can also enjoy a number of favourable tax regulations issued by local government, said officials with Xiamen Local Taxation Bureau.

For instance, the threshold for individual income tax for Taiwanese people working on the mainland is 4,800 yuan (US$600) starting from this year, which is 3,200 yuan (US$400) higher than that of their mainland peers.

Statistics from the bureau indicate more than 3,000 Taiwanese people are working in the city.

Economists Say China Now Offering Promising Investment Opportunities

Tuesday March 21, 8:00 am ET

DENVER, March 21 /PRNewswire/ — China’s economic growth has stabilized and offers exceptional investment opportunities over the long term, according to research published by economist Burton Malkiel and others in the most recent issue of the Journal of Investment Consulting, the formal publication of the Investment Management Consultants Association (IMCA®).
In their paper, “Investment Strategies to Exploit Economic Growth in China,” Malkiel and co-authors Jianping Mei and Rui Yang show why they expect China to enjoy economic growth rates well above those of the developed world.

They acknowledge, “returns from investments in Chinese equities have been unattractive for the past decade, and corruption and corporate governance issues, as well as a variety of restrictions, make direct investment in Chinese opportunities difficult.”

However, the Chinese economy has turned a corner, they write, and China is becoming more appealing and less risky for investors. “Chinese equities are now attractively priced relative to their earnings, their historical valuations, and their growth rates, and … some risks have been attenuated over time.”

The authors say that they believe there is an excellent probability that the growth of the Chinese economy will continue to be “exceptionally rapid” over the decades to come. They back up their optimism with the following three observations:

1) The market economic institutions necessary for growth in China are
established and the country already has enjoyed years of success;
2) China’s government is pragmatic and will continue to guide the
economic transformation of the economy; and
3) China is home to an abundance of underutilized human capital and
considerable savings, both of which are necessary to fuel growth.

Finally, the authors outline the potentials and risks of the various ways that investors can directly and indirectly take advantage of this promising forecast.

Malkiel, a long-time professor of economics at Princeton, is best known for his book, A Random Walk Down Wall Street. Mei, an expert in international asset pricing and real-asset finance, is a professor at New York University. Yang is deputy director of research for Boshi Fund Management in Shenzen, China.

The Journal of Investment Consulting is the formal publication of the Investment Management Consultants Association, the premier professional and accreditation organization of the investment consulting industry. For more information about IMCA and this issue of the Journal, visit www.imca.org.

http://biz.yahoo.com/prnews/060321/latu031.html?.v=44

Wharton Executive Education Launches New Program in China

Wednesday April 5, 10:00 am ET

New Partnership With China Minsheng Bank Will Lead Branch Managers Through Comprehensive Management Development Program

PHILADELPHIA, April 5, 2006 (PRIMEZONE) — The Wharton School of the University of Pennsylvania has announced a new Executive Education program in China for China Minsheng Banking Corporation. The partnership was made official at a signing ceremony on March 21, 2006 in Beijing. China Minsheng Banking Corporation, the country’s only privately-held bank, is expected to become one of the leading retail banks in China in the next few years.

Between March 2006 and May 2007, three cohorts of 60 senior executives from China Minsheng Banking Corporation will complete eight modules, spanning various aspects of management development, with specific reference to the banking industry. Examples of topics to be covered include:

— strategy
— leadership skills
— financial innovation
— international accounting standards

The program will be taught in Shanghai by Wharton faculty with sequential translation into Chinese. Participants will include branch managers from various locations of China Minsheng Banking Corporation.

“Wharton Executive Education is very excited about this partnership with China Minsheng Banking Corporation and we believe that this is the beginning of a long relationship,” commented Peter Degnan, executive director of Wharton Executive Education. “Wharton has significant expertise in delivering executive education for the banking industry. We look forward to this opportunity to support China Minsheng Banking Corporation’s efforts in becoming a world-class retail bank.”

“The Wharton School brings to this task unparalleled intellectual resources, in the existing work of our faculty, and also in our eagerness to learn more about China’s tremendous potential for growth and development,” said Wharton Deputy Dean David Schmittlein at the launch ceremony.

Shao Ping, executive vice president of Minsheng Bank and president of the Minsheng Bank-Shanghai Branch, stated that the competition in the financial service sector of the 21st century lies in innovation and human resources. “The Wharton-Minsheng program will build a new body of knowledge, widen strategic perspectives, and develop innovative thinking to make the core team of Minsheng Shanghai Branch outstanding among its competitors.”

“By the end of 2006, China will have to fulfill (its) WTO commitments for a more open banking sector,” commented Xu Jie, general manager for international iusiness at Minsheng Shanghai Branch. “I feel comforted that this Wharton program for senior executives can guide us in probing the right questions to arrive at the critical insights and answers as Minsheng looks to the future.”

Additionally, Wharton and Minsheng signed a strategic agreement to work together in the following areas: promotion of the Chinese edition of Knowledge at Wharton, the School’s online business journal; Minsheng human resource development; and Wharton faculty research and consulting.

The Wharton School is committed to developing its relationships in China. It recently opened an office in Shanghai and launched the Chinese edition of Knowledge at Wharton.

About China Minsheng Banking Corporation

Founded on Jan. 12, 1996 in Beijing, China Minsheng Banking Corp., Ltd. (Minsheng) is the first national joint-stock commercial bank in China with stocks mainly held by non-state-owned enterprises. It also is a standard joint-stock financial institution set up strictly in accordance with the Company Law and the Commercial Bank Law, which distinguishes itself significantly from state-owned banks and other Chinese banks. Since its establishment 10 years ago, Minsheng has become well known to domestic and overseas financial markets.

About the Wharton School

The Wharton School of the University of Pennsylvania — founded in 1881 as the first collegiate business school — is recognized globally for intellectual leadership and ongoing innovation across every major discipline of business education. The most comprehensive source of business knowledge in the world, Wharton bridges research and practice through its broad engagement with the global business community. The school has more than 4600 undergraduate, MBA, executive MBA, and doctoral students; more than 8,000 annual participants in executive education programs; and an alumni network of more than 81,000 graduates.

JPMorgan to hire 750 in RP, eyes China deal

DETROIT – JPMorgan Chase & Co.’s Chief Executive Jamie Dimon on Monday said the Wall Street bank was increasing its presence in Asia, with plans to hire 750 people in the Philippines this year and actively looking for acquisitions in China.

“We are optimistic about the future in China,” Dimon said in a speech at the Detroit Economic Club.

He said the bank would hire another 4,000 staff in India this year, taking its total there to about 9,000.

http://www.abs-cbnnews.com/storypage.aspx?StoryId=34038

Unisys to hire 1,000 for expanded China operation

by Antony Savvas
Wednesday 22 March 2006

Unisys has opened a new outsourcing and software development centre in Shanghai, as part of a move to hire an extra 1,000 staff in China over the next three years.

The Shanghai centre will provide software development, IT and business process outsourcing services, technical help desk services, and technology support and maintenance services.

Cal Killen, Unisys global sourcing vice president, said, “Now more than ever, Unisys clients require global sourcing options to further their business strategies, manage costs and optimise their return on IT and services investments.”

In addition to providing global sourcing support, the multi-purpose Shanghai facility will serve as the company’s Open Source centre of excellence, where Unisys will develop and deploy an open source software environment.

Unisys’ existing China operations already include offices in Beijing, Shanghai and Guangzhou.

EDS to hire 2,000 in China

by Antony Savvas
Thursday 6 April 2006

EDS is to open up to three outsourcing centres in China that will hire around 2,000 staff over the next two years.

EDS recently moved its Asian headquarters from Australia to Shanghai, and it is currently identifying locations for the two to three Global Delivery Centres it now plans.

The new centres will offer outsourcing services, including IT outsourcing and hosting, to both multinational and Chinese clients.

The first centre is expected to open some time this year. There are already similar EDS centres located in Malaysia and India.

EDS currently only employs 100 staff in China, so the expansion is a major but not unexpected move.

Earlier this year, EDS said it expected to double the size of its headcounts in India and China over the next two to three years. This comes at a time when the company is axing thousands of staff in the US and across Europe, as it strives to cut costs.

EDS currently has over 15,000 staff in India. It announced up to 20,000 redundancies in the US and Europe at the back end of 2004, which are still being implemented.

Last month, Unisys established an outsourcing centre in Shanghai, which will offer a range of services, including software development.

Over the next three years, Unisys plans to expand this operation by hiring 1,000 workers and potentially setting up similar centres in other Chinese cities.

EDS is also currently trying to buy Indian outsourcing company Mphasis BFL for $380m (£223m), to help ramp up it offshore outsourcing business even further.

Mphasis, based in Bangalore, is a publicly quoted company in India and has both an IT services and business process outsourcing (BPO) business.

The company has more than 12,000 employees, with around 11,000 of these based in India. Mphasis has clients in industries covering financial services, transportation, technology and healthcare.

The Mphasis board views the EDS offer as “favourable”, but it so far hasn’t officially responded to the takeover attempt. Its board will next meet on Tuesday, 11 April.

http://www.computerweekly.com/Feeds/RS/Articles/2006/04/06/215258/EDStohire2,000inChina.htm

CFO(China)

http://ehr.chinahr.com/jobs/job_detail.asp?job_id=20050104000214000654&stat=-1

Company introduction:

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Requirements:

1)Bachelor’ s or above degree in Finance or Accounting related area ;
2)CPA ,ACCA or CGA holder is preferred
3)15+ years financial experience in real estate development and investment management.
4)3+ years working experience in China mainland
5)Have the ability to manage cash management ,tax planning, and cost control during big project process
6)Good communication skill both in Chinese and English;
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Please send your complete resume to topjob_fi089sh@dacare.com

China-Based Employees Demand More Perks, Better Salaries

By Kathy Chen and Peter Wonacott
From The Wall Street Journal Online

China’s office workers may not know who Dilbert is, but many are feeling the pain of the popular cartoon character who works long hours for a soulless corporation.

And they are starting to fight back.

PricewaterhouseCoopers’ Beijing office recently has seen a rash of resignations in its auditing division, and, in July, a group of senior auditors approached the firm’s partners to complain about what they described as paltry pay and long hours.

“People felt that they were doing a very good job, but their salary increases weren’t ideal,” says one auditor who quit the firm this summer after working there several years, partly because of the long hours. To top it off, he says, even though senior auditors often worked until 1 a.m. or 2 a.m. each night and on weekends, they weren’t eligible for overtime pay (though they could take time off).

PricewaterhouseCoopers quietly settled the dispute by agreeing to pay all of their auditors overtime and to issue annual bonuses early. “We hadn’t done the best job communicating with staff, which happens when we’re so busy,” says Dave McCann, the firm’s partner in charge of human resources in China. “Now we’re starting more communications.”

Problems are brewing in the cubicles at multinationals in China. As business booms, foreign companies are pressuring local employees to be more productive, even as budgets — and salaries — remain tight. The trend coincides with some fundamental changes in China’s white-collar work force: No longer satisfied with just a job at a brand-name foreign firm, many Chinese professionals aspire to more leisure time and other accoutrements of a middle-class lifestyle. They also are showing greater awareness of their legal rights under labor laws.

The result is that labor friction, once confined to factories and unprofitable state enterprises, is seeping into the offices of multinationals in China. “At first, Chinese employees [at these companies] felt the salaries were higher, so they put up with the conditions. But gradually, they have become more and more dissatisfied and want to see improvements,” says Zou Zhen, a division chief at the state-backed All-China Federation of Trade Unions.

Adds Frank Gallo, head of the Beijing office of human-resources consulting firm Watson Wyatt Worldwide, “Companies need to be more conscious of people’s needs.”

A multinational job in China is still much cushier than working for a state-run company. While workers may be under more pressure to perform, monthly salaries are equivalent to $400 for receptionists and $3,500 for engineers, for example. Wages at state-run enterprises usually range from $50 a month to $200, although some are starting to pay more-competitive salaries.

Foreign firms also offer more opportunities to go abroad and to learn modern skills. Meanwhile, many of the former perks offered by state-run employers — job security, shorter hours — are fast disappearing as they, too, come under competitive pressures.

The number of labor disputes is rising, too. Last year, Chinese arbitration authorities heard some 226,000 cases involving more than 800,000 employees, up 23% and 31%, respectively, from 2002. Mary Gallagher, an assistant professor of political science at the University of Michigan, says that while foreign companies prefer to settle disputes internally, they also are seeing a rise in the number of cases.

But some workers are taking their multinational employers to court. Last fall, more than a dozen former managers at MSD China, a joint venture between Merck & Co. and a Chinese pharmaceuticals company, filed suit against the company alleging that they were fired over wrongful charges of misconduct. The firings took place around the time Merck was conducting global layoffs, and the Chinese employees believe the company fired them to avoid paying severance packages.

Alice Chin, MSD’s head of external affairs, says the company terminated certain employees because “they violated the company’s policies and procedures.” She says several cases have been settled through arbitration, while others are pending in China’s arbitration and court systems.

In April two Chinese workers sued Shanghai ADT Facilities Management Co. after they were fired for allegedly breaking company rules. A General Motors Corp. joint venture had hired workers from Shanghai ADT for low-skilled tasks, such as cleaning services. These employees worked at the GM site, but weren’t given health benefits or a work contract, and paychecks were delayed, says Qiu Jie, a director of the Labor Law Aid Center at the East China University of Politics and Law in Shanghai, which advised the employees. The arbitration panel ordered Shanghai ADT to pay them back wages and erase the rule-breaking allegation.

Shanghai ADT, a joint venture between Knight Facilities Management Inc. of Saginaw, Michigan, and two Shanghai companies, including GM’s passenger-car partner, Shanghai Automotive Industry Corp., declined to comment. Shanghai GM said it wasn’t aware of the dispute. Shanghai GM said any such situation would mean it would “take immediate action to demand the supplier provide all the necessary information and labor contracts…to address the issue.”

Some Chinese professionals also are getting riled over the often-huge differences in pay between local and expatriate staff. Under China’s old centrally planned economy, workers were paid roughly the same. These days, pay scales are uneven, and working elbow-to-elbow with highly paid expats stokes resentment, says S. Prakash Sethi, a professor at the City University of New York’s Baruch College who advises multinationals on codes of conduct. He says similar workplace frictions are playing out in other countries where skilled local professionals are in demand, such as India.

In this environment, some trade-union officials see an opening to expand their membership among white-collar workers in foreign companies, one-third of which are unionized. China’s unions fall under the umbrella of the All-China Federation of Trade Unions, which traditionally has been closer to management than workers.

Some multinationals are trying to adjust their policies pre-emptively to meet the changing needs of their workers — and of their own fast-growing operations in China. Merck, which has a female-heavy work force, says it has introduced flextime for working mothers and opportunities for managers to work in the U.S.

PricewaterhouseCoopers, whose annual revenue is growing more than 30%, is revving up hiring and becoming more selective about which projects it takes on. “With our China practice becoming more mature,” says Johnny Chen, partner in charge of the firm’s Beijing office, “we need to focus more on retaining the qualified accountants we have recruited and trained.”

http://www.careerjournal.com/myc/workabroad/20041130-chen.html