China Unicom is expecting a big rise

Combined net profits of the ten Chinese listed brokerages grew by 34.05 percent to 16.2 billion yuan – around 2.4 billion U.S. dollars in the first nine months of this year.
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Assets of the ten companies totaled 457.84 billion yuan by the end of September, up 43.97 percent compared with last year-end. That's according to a report by the Shanghai Securities News.

China's upbeat stock market is also bringing more commission income to brokers this year. Broking business income of those ten companies rose 50.18 percent year on year to 22.48 billion yuan in the first nine months.
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China is to maintain basic stability and continuity in the economic policies and RMB exchange rate to ensure a foreseeable prospect for its businesses.

Minister of Commerce Chen Deming made the remarks yesterday at the Canton Fair, an important barometer of China's foreign trade, in Guangzhou City, the capital of southern Guangdong Province.

Chen said that in the following months, China should maintain the stability of the government's macro-economic policies, stick to the proactive fiscal policy and moderately easy monetary policy.

He also said the RMB exchange rate should also maintain relatively stable so that domestic manufacturers and exporters can better predict and adjust to the market.
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China Unicom, the country's second largest telecom operator, is expecting a big rise in its subscriber number after it launched the iPhone on Friday night.

Analysts estimated the monthly rise to be 1.8 million in November, a sharp increase from September's 935,000.

China Unicom started selling iPhones equipped with 3G service in 285 Chinese cities on Saturday, hoping it will give an edge against its rival China Mobile, the world's biggest phone company by subscribers.
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Up until the end of September, China Unicom has 140 million subscribers, much less than China's Mobile's 500 million.

The net profit of China Unicom hit 3.1 billion yuan – around 453.8 million U.S. dollars - in the first nine months this year, according to the company's Quarter 3 report released late on Friday.
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In what was the fourth largest takeover by regulators in the United States this year, the Los Angeles-headquartered California National Bank has been acquired by regulators. But its business will go on as usual.

The acquisition took place as the 68-branch fourth biggest bank in California suffered from hefty loss in buying preferred shares issued by mortgage giants Fannie Mae and Freddie Mac. It was taken over by the U.S. Bank unit of Minneapolis-based U.S. Bancorp.

U.S. Bancorp, with assets of 19.4 billion dollars at the end of September, had agreed to assume the deposits and most of the assets of the banks.