Word: huaneng
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...Yunnan province, an army of 10,000 workers, some wearing prison-labor uniforms, are toiling on a construction site of enormous proportions. In 2010, this remote section of the Mekong will be transformed into a placid reservoir, drowning the jagged gorges that now cradle the river. Constructed by the Huaneng Group, China's biggest power producer, Xiaowan dam is the nation's second-largest power project after the Three Gorges. As the biggest of the eight dams China plans for its portion of the Mekong, Xiaowan will dwarf the two hydropower projects that have already been built in Yunnan. Given...
...with China's energy needs soaring even in underdeveloped provinces like Yunnan, the Mekong is potent enough to be exploited for electricity. Some of that power, ironically, will be exported to countries like Thailand, where hydroelectric projects are controversial and have been blocked by ecologically minded citizens. Huaneng doesn't have to worry about public interference. The state-owned company is run by the well-connected son of China's former Premier, Li Peng. And with no shareholders calling for environmental-impact surveys or feasibility studies, Huaneng rarely makes public details of its plans until just months before it breaks...
...many in Yunnan as well. The Xiaowan project has forced 35,000 people from their homes, often with minimal compensation. Wang Zhengjun was uprooted in 2004 from his farmland on the banks of the Mekong with only six months' notice. Although he was provided a new house by Huaneng, the 42-year-old says it's much smaller than his old one - and it doesn't come with the fertile soil that supported his family for generations. Villagers were told the dam would be a financial boon to local residents. But Wang and others contend that the best jobs have...
...same period that Harvard unloaded its 67,200 shares of PetroChina on the New York Stock Exchange, it also sold all 67,200 American shares it owned of Banco Bradesco, a Brazilian banking and insurance firm. And Harvard also sharply reduced its holdings of Huaneng Power International, a Chinese electric company...
ADRS, RED CHIPS AND H SHARES Some of China's biggest companies, including Guangshen Railroad and Huaneng Power, trade in the U.S. as American Depository Receipts. Ten firms are listed on the New York Stock Exchange, one on the NASDAQ. Other blue chips trade in Hong Kong as H shares or red chips, including telecom operators China Mobile and China Unicom. Among stocks trading in Hong Kong, Theleen especially likes the well-run Hong Kong Shanghai Bank and Li Fung, a service firm helping foreign businesses set up in China...