Interfax China News Highlights
Interfax China announces three major scoops it has broken in recent days
- CONFIRMATION THAT A WRONG YUAN REVALUATION STORY WAS A CASE OF MISTRANSLATION BEFORE OTHER AGENCIES MANAGED TO TRACK DOWN REAL REASONS FOR A FALSE REPORT THAT HAD RATTLED MARKETS
- DISMISSAL OF A FINANCIAL TIMES STORY ON OIL MAJOR CNOOC‘S PLANS TO BEAT A 16 BLN DOLLAR BID BY CHEVRON-TEXACO FOR ITS UNOCAL COMPETITOR
- NEWS ON GOOGLE PLANS TO OPEN AN OFFICE IN CHINA BROKEN TWO WEEKS AHEAD OF ALL OTHER NEWS MAJORS
SHANGHAI. May 17 - Interfax China is pleased to announce that it was the first news organization to get a strongly sourced confirmation on May 11 that a market-rattling story on China‘s planned Yuan (RMB) revaluation was a case of mistaken translation.
Two days earlier Interfax was also first to dismiss a story on a possible USD 16 bln oil industry investment bid.
In another development which gave our subscribers a hugely valuable investment tip, Interfax used its excellent sources to break the news that Google had received permission to enter China. We ran the report exactly two weeks before other agencies woke up to the story, only after an official statement from the web services giant.
YUAN REVALUATION CONFUSION
On May 11 a Bloomberg‘s pick-up from China‘s official People‘s Daily on an imminent Yuan revaluation sent the dollar plummeting against major currencies. The story was promptly denied by China‘s central bank but the market calmed only after it emerged that the People‘s Daily story was a case of mistranslation from Chinese into English. Time ahead of competitors, Interfax got a well-sourced story which was first on the market to explain in detail the real reasons of the confusion.
DISMISSED BID BY CHINESE OIL MAJOR CNOOC
On May 9 Financial Times reported that China‘s largest offshore oil producer CNOOC would make a counter-offer to Chevron-Texaco‘s USD 16-bln bid for its junior competitor Unocal. Interfax managed to promptly run a denial report, firmly sourced to a named senior official of CNOOC. The only other agency to match the story was Reuters but its report appeared only more than three hours later and it could only be attributed to "sources close to the Chinese oil firm and analysts."
GOOGLE LICENSE ANNOUNCEMENT
On April 27 Interfax published a story on Google getting a long-awaited license to open an office in China. A well-documented report included comments from key competitors and analysts. Two weeks later, on May 11, and only after Google made an official statement, Reuters and then other news organizations reported this crucial story for China‘s Internet market. Google stock jumped by one and a half percentage point on that day.
For further details please visit our newly launched website www.interfax.cn
Interfax China, a member of Interfax Information Services Group, is a leading provider of news on China‘s key industries - IT, telecommunications, energy and metals - on which it publishes a real-time China Business Newswire. The wire also includes coverage of the country‘s major economic events.
There are also three separate weekly bulletins that cover these industries:
- China IT & Telecom Weekly
- China Energy Weekly
- China Metals Weekly
Interfax China operates from three bureaus in China: Shanghai, Hong Kong and Beijing.
Interfax Information Services Group provides news and other information products that are essential for decision-makers in politics and business. Since early 1990s, Interfax has been the main provider of up-to-date news from Russia and countries of the former Soviet Union. Over the past few years, Interfax has also become a leading provider of political and business news from China and emerging markets of Central Europe.
A network of 30 companies operates under the Interfax brand all over Russia, the CIS, China and several Central European countries. The Group publishes news in Russian, English, Ukrainian, Kazakh, and German languages and provides more than 100 specialized services.
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