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BEIJING – China is “shocked” that the US is alleging Chinese companies provided counterfeit electronic parts to the US army, says a spokesperson for China's Foreign Ministry.

China’s Foreign Ministry believes the US government should first investigate contract details and identify suppliers, according to published reports.

The statements came in response to a US Senate Armed Service Committee report that states the finding of more than one million suspected counterfeit parts in the Department of Defense's supply chain, about 70% of which were determined to have come from Chinese companies. The committee also said the US Defense Ministry and US-based defense contractors worked with hundreds of independent distributors.

The parts were slated for use in US Navy helicopters and surveillance planes, and Air Force cargo planes.

HONG KONG -- SMT Holdings Ltd. reported fiscal fourth-quarter revenue fell 58% year-over-year to HK$182.7 million ($23.5 million) on operation downsizing and drops in demand for LCD TVs, computer peripherals, industrial and automotive products.

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WATERLOO, ONTARIO -- Fresh off the departure of its global sales chief last week, RIM could be gearing up to lay off thousands more workers in the coming weeks, according to several media reports.

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