Auditors find Chinese companies tried to claim $5B in false profits

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A very interesting article. Apparantly Chinese companies are not so great (maybe) as they may seem or perhaps they are better than they seem. Its just so hard to tell when you fudge the numbers according to the need.

How about a company with great transparency in a BRIC country? Buy ICICI Bank of India, ticker symbol IBN. This bank is becoming an international bank and now has branches outside India in Europe. It is on a path to become an HSBC or Citibank (give it some time). In the interim enjoy a juicy 2% yield on its current $38 price. Target? I’ll say $50 by April ‘07.