Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: djane who wrote (6620)	8/14/1999 1:58:00 AM
From: djane	Read Replies (1) \| Respond to of 10852

China Blames Cox Report for Fewer Satellite Launch Customers (8/13/99) The president of China Great Wall Industry Corporation, one of China?s leading satellite launch firms, said the U.S. congressional report on alleged Chinese espionage, the Cox Report, has led to a downturn in his company?s business this year, the August 11 Hua Sheng Bao (HuaSheng Daily) reported. Last year, Zhang Xinxia said his company launched six satellites. This year, however, it has only launched two, and expects to launch only one more by the end of the year. Zhang said the launch of over ten to twenty satellites has been affected, the newspaper reported. Normally, Zhang said Great Wall received RMB 20 to 30 million (US$2.42 - 3.63 million) in profits annually from its satellite launch business. Since 1985, when Long March rockets began to launch satellites, China has successfully sent 25 commercial satellites into orbit. Of this number, 24 were for U.S. companies, the newspaper reported. Criticizing the conclusions of the Cox report, Zhang said America still is locked into a cold war mindset. China has no intentions, nor would it be possible, to acquire American technology via commercial satellite launches, Zhang said, according to the newspaper. China has not concluded any new launch contracts with American companies since last year. One U.S. satellite firm, Loral Space and Communications, Ltd., risks paying US$140 million in compensation if its launch contract with Great Wall is not honored, Zhang told the newspaper. Zhang remained optimistic on his company?s future prospects, however. Great Wall wants to expand its opportunities in the European market with a launch goal of one or two European satellites a year. ¸ ChinaOnline 1999.