Work on big petrochem project starts in Dalian
A petrochemical refinery project started construction onWednesday near the world’s biggest purified terephthalic acid production base at Dalian Changxing Island Economic Zone. Hengli Group, based in Jiangsu province and one of the world’s biggest weaving companies, plans to invest 74 billion yuan ($11.5 billion) in the project and complete its construction in two-and-a-half years. The estimated annual production value is expected to reach 230 billion yuan, said Chen Jianhua, president ofHengli Group. andHua CapitalManagement Ltd made an offer for Fairchild Semiconductor International Inc valuing the company at $2.46 billion, people familiar with the matter said, topping a previous offer by ON Semiconductor Corp. Fairchild said it had received an unsolicited offer of $21.70 per share from a company it didn’t name. Fairchild’s board of directors will review and consider the proposal, the company said. issuers of bonds to build capital buffers, are looking beyond the savings of the nation’s 1.4 billion people for more funds as they grapple with mounting bad loans. The nation’s banks may account for about half of at least $100 billion in dollar notes sold by Asian lenders to meet new capital rules over three to five years, according to Barclays Plc. signed with Qingdao Rural Commercial Bank.