From AP:
Boss of failed China textile factory arrested
The former boss of one of China’s biggest textile factories was arrested while attempting to flee the country, a local official said Wednesday, as the bankrupt company’s Singapore-listed unit was put under court protection,
Tao Shoulong, former head of Zhejiang Jianglong Textile Printing & Dyeing Co., and his wife were arrested in southern China’s Guangdong province, Qi Xiaoning, a spokesman for the local government in the eastern Chinese city of Shaoxing, confirmed in a phone interview.
Shaoxing-based Zhejiang Jianglong, which derived about three-quarters of its revenues from overseas sales, shut down suddenly last month, saying it was unable to honor 2 billion yuan ($292 million) in debts.
And this item from AFP:
China Eastern says evaluating fuel hedging losses
China Eastern Airlines is evaluating potential losses from fuel hedging contracts, a company official said, following reports that the policy may have lost it 690 million dollars.
“We are still in the process of calculating fuel hedging losses, and will disclose the accurate figure soon,” Luo Zhuping, China Eastern board secretary, told AFP.
Wasn’t the whole point of hedging to protect against losses?