Free Republic

BEIJING, Tuesday, Dec. 28 - China's biggest television exporter announced major losses Tuesday stemming in part from declining sales in the United States and an unfolding financial scandal involving its biggest American customer. The exporter, the Sichuan Changhong Electric Company, announced earlier that it would be reporting its first loss, up to nearly a half-billion dollars, because of unpaid accounts with Apex Digital Inc., a company in Ontario, Calif. A Changhong spokesman, Liu Haizhong, said on Tuesday that Apex Digital owed it $468 million. The spokesman did not specify what period the amount covered. Changhong estimated that it might be...