1. Policies for Pesticides Get Stricter
The Ministry of Finance and the State Taxation Administration issued a notice on July 30th to eliminate the export rebates for more than 30 kinds of pesticides, effective August 1st, 2008. (CCR2008 No. 23) Two background factors were publicly considered to result in the notice.
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2. Yangquan Coal Merges Sanwei Huabang
On September 18th the Shanxi Provincial State-owned Assets Supervision and Administration Commission (S-SASA) announced that the whole assets of Shanxi Sanwei Huabang Group were merged into Yangquan Coal Industry (Group) Co., Ltd. (Yangquan Coal) at no cost. Thereafter Yangquan Coal became the majority of Shanxi Sanwei Group Co., Ltd. (Sanwei, SZ: 000755) that Shanxi Sanwei Huabang Group holds 27.79% stake. Yangquan Coal holds 58.34% stake in Shanxi Guoyang New Energy Co., Ltd. (Guoyang, SH: 600348). By this merge, Yangquan Coal extends its industrial chain to the chemical industry from coal, power generation, aluminum and building materials industries.
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3.CPIA Proposes to Retain Export Rebate for Dicofol and Carbofuran
China eliminates export rebate for more than 30 kinds of pesticides, effective August 1st, 2008. (CCR2008 No. 23) .
Dicofol family and carbofuran are included in the list for the elimination of export rebate.
CPIA (China Crop Protection Industry Association) submitted a report to competent departments, stating that taking into account high pollution and high risk of pesticides production, China should retain the export rebates for dicofol family and carbofuran.
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4.China Medical Technologies Acquires Analysis System from Molecular Diagnostics Technologies
China Medical Technologies, a China-based medical device company, announces that it has entered into a definitive asset acquisition agreement with Molecular Diagnostics Technologies to purchase its HPV-DNA Biosensor Chip and Surface Plasmon Resonance based Analysis System (the "SPR System") for the detection of human papillomavirus ("HPV"), which causes cervical cancer and sexually transmitted disorders.
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5.China discovers oil, gas well in Bohai Bay
China National Offshore Oil Company Limited (CNOOC Ltd.) announced that it had found a new oil and gas well in east China 's Bohai Bay .
The well, named Bozhong (BZ) 35-2-2 , is located to the east of the Yellow River mouth. The well was drilled to a total depth of 3,235 meters.
During the drill stem test, the well flowed at an average rate of 560 barrels of oil per day.
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