During the reporting period, the operating income of the Group was RMB5,552.258 million, representing an increase of RMB1,774.371 million, or 47.0%, as compared with the corresponding period last year. Net profit attributable to the Shareholders was RMB1,490.528 million, representing an increase of RMB789.861 million, or 112.7%, as compared with the corresponding period last year.

The balance of cash of the Company and its Subsidiaries as at the end of the period increased by approximately 80% over the beginning of the period. This was mainly due to the cash inflow from financing activities such as borrowings and sale and lease back. (2) Notes receivable for the Company and its Subsidiaries as at the end of the period decreased by approximately 92%

Reference is made to the announcement and circular of the Company dated 12 May 2005 and 19 May 2005 respectively in relation to, amongst others, the Continuing Connected Transactions in respect of agreements for the provision of goods and/or services between certain members of the CEA Holding Group and the Group. The Company has, in view of the expiration of the agreements relating to the Continuing Connected Transactions, entered into respective agreements relating to the Continuing Connected Transactions. It is the Company’s intention to finance the Renewed Continuing Connected Transactions through its internal resources.

On 17 March 2008, the Board of the Company approved the bidding by the Company in an open tender process on the China Beijing Equity Exchange to acquire certain equity interests in five aluminum fabrication plants and one primary aluminum production plant. Currently, the Board has submitted relevant proposals to the extraordinary general meeting to be convened on 9 May 2008 for consideration and approval and the relevant announcemen of the general meeting and circular were disclosed on 25 March 2008. Upon approval in the general meeting, the Company will participate in bidding on the China Beijing Equity Exchange.

During the reporting period, in accordance with IFRSs, revenues of the Group was RMB23,788 million (for the three months ended 31 March 2007: RMB18,489 million), representing an increase of 28.7%. Profit for the period attributable to shareholders of the Company was RMB6,772 million (for the three months ended 31March 2007: RMB4,919 million), representing an increase of 37.7%. During the reporting period, changes in major items of the financial statements and explanation thereof are as follows:

Datang International Power Generation Co., Ltd. (the “Company”) announces that, based on the Company’s preliminary statistics, as of 31 March 2008, the total power generation of the Company and its subsidiaries (the “Group”) for the first quarter of 2008 amounted to 29.306 billion kWh, an increase of 6.45% when compared to the corresponding period of the previous year. The Group’s total on-grid power generation was 27.561 billion kWh, an increase of 6.24% when compared to the corresponding period of the previous year.

Pursuant to Rule 13.43 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, there will be a meeting of the Directors of HSBC Holdings plc on Tuesday, 6 May 2008 to consider the declaration of the first interim dividend for 2008.

1. Mainly because of investing in construction projects and repaying the debts, the cash as at the end of the reporting period decreased by 55.86%, compared to the beginning of the reporting period.
2. Mainly because of the increase in value of coal inventories, the inventories as at the end of the reporting period increased by 30.20% compared to the beginning of the reporting period.
3. Mainly because of investing in construction projects, the construction materials as at the end of the reporting period increased by 40.27% compared to the beginning of the reporting period.
4. The notes payable as at the end of the reporting period were reduced by 100% to zero, as all notes payable were due and settled accordingly as at balance sheet date.

This year, the international crude oil prices have been continuously climbing. Due to the strict control over refined oil prices in the People’s Republic of China (the “PRC”), a distortion to the correlation of the refined oil prices and crude oil prices occurred. China Petroleum & Chemical Corporation (the “Company”) has taken various measures to guarantee the supply for the refined oil market in the PRC, which resulted in great losses in the oil-refinery business and massive decline in overall performance of the Company. Recently, the Company received a notice from the Ministry of Finance regarding the policy on provision of financial support to guarantee the supply for the refined oil market. The matters in relation to provision of financial support setting out in the notice are as follows:

For the first quarter of 2008, despite facing the challenges from the intense market competition and the increased diversity in communication means, the Group had successfully maintained its solid fundamentals. The Group grasped the opportunities brought by informatisation to tackle various challenges, and promoted the scale development of transformation businesses to drive revenue growth. Additionally, capitalizing on the customer brands operation and effective packaged sales of voice and transformation businesses, the Group endeavored to foster customer loyalty and mitigate the loss in voice revenue, progressively transforming voice usage value to integrated information services.

The Group’s net sales for the year ended 31st December, 2007 was RMB14,560.6 million (approximately US$2,080.6 million, or HK$16,234.4 million), representing an increase of RMB2,553.3 million (approximately US$364.9 million, or HK$2,846.8 million), or 21.3% as compared with the 2006 net sales of RMB12,007.3 million (approximately US$1,537.7 million, or HK$11,951.1 million).

By leveraging our premium network, strong brand recognition, economies of scale and highly effective refined management, the Group continued to maintain a favorable growth in its financial results for the first quarter of 2008. The Group’s operating revenue reached RMB93.024 billion, representing an increase of 19.7% compared to the same period of last year. EBITDA reached RMB49.777 billion, representing an increase of 22.2% compared to the same period of last year. With the positive effect of lowering the income tax rate in Mainland China, profit attributable to shareholders reached RMB24.102 billion, representing an increase of 37.2% compared to the same period of last year. Margin of profit attributable to shareholders reached a relatively high level of 25.9%.

For the first quarter of 2008, the revenue of the Company was RMB 20,487 million, including upfront connection fees of RMB 270 million. Excluding upfront connection fees, the revenue of the Company was RMB 20,217 million for the first quarter of 2008, representing an increase of 0.85% over that of 2007.

Reference is made to the notice of annual general meeting of PetroChina Company Limited (the “Company”) dated 28 March 2008 (the “AGM Notice”) for the annual general meeting to be held on 15 May 2008 (the “AGM”) which contains the resolutions to be considered before the AGM.

During the reporting period, the aviation market has seen steady growth in demand, and the Group persevered with the strategic transformation toward an internationalized airline with network economy. The Company dealt with pressures resulted from soaring jet fuel prices by enhancing the operating efficiency of its principal businesses and reinforcing its control over costs. During the reporting period, the growth rate of the traffic volume was significantly higher than that of capacity, and the growth rate of operating revenue was also higher than that of operating costs and capacity, leading to a remarkable improvement of operating efficiency. The gain from exchange as a result of the appreciation of Renminbi has further improved the Company’s performance.

During the reporting period, the booming domestic aviation market directly led to the rapid development momentum of the air transportation business. The exchange rate of Renminbi against major currencies such as the US dollar continued to appreciate. Under the precondition of ensuring flight safety, the Group continued to improve its corporate governance and business model. However, due to fierce competition in the industry and skyrocketing fuel prices, the Group was faced with comparatively significant cost pressures. The Group dealt with such pressures resulting from high fuel prices by optimizing the structure of flight routes and the composition of fleet, increasing its overall revenue, taking a series of fuel-saving measures and utilizing financial derivatives. In order to cope with the soaring jet fuel prices, the Group continued to reinforce financial budget management and cost control. It also improved the performance-assessment-by-objective mechanism geared towards operating efficiency of the flight routes network. All of these helped to realize a satisfactory improvement in operating standards and results benchmarks of the Company

On 18 April 2008 (after trading hours), Xiamen Airlines and Boeing entered into the Boeing Aircraft Acquisition Agreement, pursuant to which Xiamen Airlines agreed to purchase the Boeing Aircraft from Boeing in accordance with the terms and conditions thereof.

Reference is made to the Company's announcement dated 27 August 2004. The unaudited accumulated premiums income of the Company for the period from 1 January 2008 to 31 March 2008 was about RMB102.2 billion. The figure is to be released on CIRC's website at www.circ.gov.cn.

Based on the Company’s preliminary statistics, as of 31 March 2008, the Company’s total power generation based on a consolidated basis amounted to 46.103 billion kWh, an increase of 18.62% over the same period last year. The power generation of Yingkou Power Plant, Yuhuan Power Plant, Weihai Power Plant, Shanghai Shidongkou Second Power Plant, Changxing Power Plant, Luohuang Power Plant, Dezhou Power Plant increased significantly as compared to the same period last year. The increase in power generation of the Company’s power plants was mainly attributable to the following reasons:

As far as I know, the China Finance Minister announced in 15th that they will reture part of import tariffs paid by SINOPEC and CNPC for some predetermined oil products from 1st April to 30th June.

It is a new policy to assist oil producer in China, issued by Ministry of Finance People's Republic of China. Unfortunately, there is no English version yet. The content official from document is:

NOTICE IS HEREBY GIVEN that the annual general meeting (“Annual General Meeting”) of China Petroleum & Chemical Corporation (“Sinopec Corp.”) for the year 2007 will be held by way of physical meeting at Crowne Plaza Beijing Wuzhou, No.8, Beichendong Road, Chaoyang District, Beijing, China on Monday, 26 May 2008 at 9 a.m. for the following purposes:

The board of directors (the “Board”) of China Eastern Airlines Corporation Limited (the “Company”) announces the audited consolidated financial results of the Company and its subsidiaries (collectively, the “Group”) prepared under IFRS for the year ended 31 December 2007 with comparative figures for the corresponding year of 2006 as follows:

Momentum to loose steam
According to its announcement in 26th March, CNOOC realized an increase in both the total revenue and net income; however, the growing momentum is not so strong compared to previous years.

If there were no expectations on a potential revamp of telecommunication industry, China Unicom would be considered overvalued at current price although it reported doubled profits for 2007 full year result, however, considering the revaluation of two networks of China Unicom in the case of the restructuring, China Unicom is a good buy at current value. We will address these points below in detail:

The board of directors (the “Board”) and Supervisory Committee of Sinopec Shanghai Petrochemical Company Limited (the “Company” or “SPC”) as well as its directors, supervisors and senior management warrant that there are no false representations, or misleading statements contained in, or material omission from this report, and severally and jointly accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this report.

On 30 January 2008, the Company has entered into the Agreement with Boeing Company regarding the purchase of the Aircraft in accordance with the terms and conditions thereof. Based on the information provided by Boeing Company, the total asset value of the Aircraft, as determined by reference to the relevant catalogue price supplied by Boeing Company, amounts in aggregate to approximately US$1.94 billion (approximately RMB13.98 billion). The Company has not conducted any independent valuation on the Aircraft.

China has become one of the biggest energy-consuming countries in the world. Currently, the oil price has reached its historical price. It is because the two largest developing countries, China and India, are hungry to energies and resources to feed their high speed growths. However, the negative impact of use of resources, that is pollution, has caused a series of social problems and is seen as one of critical issues which can restrict Chinese economic development. Therefore, an alternative clean-energy and renewable energy, such as solar PV, is highly recommended by Chinese government.

Despite a decline in net income from investments, the bank suffered no notable write-downs as a result of the subprime crisis and HSBC Trinkaus has no significant exposure to synthetic credit risk. Net income before tax grew by 9.7 per cent to €207.8 million. The Annual General Meeting on 17 June 2008 will propose the distribution of a dividend of €2.50 as was also the case last year. Consolidated assets increased 12.8 per cent in 2007 to €21.1 billion. Loans and advances to customers increased 34.7 per cent to €4.3 billion. This growth largely reflected expansion in the client base. At the end of the year the bank’s total and core capital ratios were 10.7 per cent and 6.4 per cent respectively.

Based on my research, I agree with the points that: CNPC and SINOPEC's growth might be dented this year because of 'the windfall taxes and widening refining losses', which however, is not saying that they pay rising windfall taxes on their refining arm. The tax or 'special gain charge'is assessed on the production arm. The loss of refining is because the price of crude oil is increaseing while China has a fixed retail oil price at home. CEO has no refinery exposure,so is not hurt by this fixed retail price. For more detail, read this post.

There is not much direction to find in market sentiment lately. While February turned to be a comeback for Chinese shares listed in the Hong Kong Stock Exchange, the same stocks nosedived in the U.S. the last trading day of the month tracking major U.S. indices lower. As the chart on the page demonstrates, February was somewhat an improvement over January for stocks in Hong Kong measured by the blue chip Hang Seng Index. Stocks posted their best monthly gain since October in Hong Kong. At the same time, the selloff on February 29 in the U.S., a day the DJIA fell 315.79 points, left the stock market stuck in a rut with no clear indication to get any better. As the saying goes, it will get worse before it gets better… The U.S. listed stock universe, measured by the China ADR Index (CAI) has not been able to recover January losses and fell heavily on Friday along overall market sentiment.

The Board announces that the Company and China Telecommunications Corporation have entered into the Supplemental Agreement on 31 March 2008 to amend certain terms of the Centralized Services Agreement to adjust the pricing basis for the use of international telecommunications facilities.

Reference is made to the announcements of China Southern Airlines Company Limited (the “Company”) dated 6 July 2006, 16 April 2007 and 28 June 2007. The Company had entered into a sale and purchase agreement with Airbus SNC dated 6 July 2006 pursuant to which the Company agreed to purchase 50 Airbus A320 series aircraft from Airbus SNC.

Early this year, a snowstorm with its scale and duration unprecedented in the last century occurred in China. The snowstorm caused grave disturbances to people’s daily lives, as well as serious challenges to our telecommunications services. During the Lunar New Year, in places where the snowstorm was most severe, I myself witnessed many of our people volunteered to sacrifice their precious family gathering opportunities to make emergency repairs on the telecommunications