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China Wuhan Steel cuts Aug steel prices

China's Wuhan Iron and Steel will cut its major hot rolled and cold rolled steel product prices by 300 yuan ($44.28) in August, the company said on Tuesday. China's third biggest steel producer said the pre-tax price of its main 3 mm hot rolled products would fall almost 7 ...

Sinopec, Marubeni join hands for petrochem projects

BEIJING - Asia's largest refiner Sinopec Corp has formed an alliance with Japanese trading company Marubeni Corp for overseas energy and petrochemical projects in regions like South America and Africa. "We do not rule out the possibility to cooperate with Marubeni in overseas ...

Baosteel cuts prices for a 2nd month

Baoshan Iron & Steel Co, the biggest publicly traded Chinese steelmaker, cut prices for a second month amid weakening demand from makers of automobiles and appliances. Prices of low-carbon hot-rolled and some cold-rolled products were slashed by 300 yuan ($44) a metric ton, the ...

Small steel enterprises set for death sentence

The Ministry of Industry and Information Technology (MIIT) released new regulations Monday at the National Steel Industry Forum held in Dalian city of Northeast China's Liaoning province, setting new requirements for China's steel mills as a step to curb overcapacity of the ...

Alcoa raises demand outlook; China to be major consumer

NEW YORK - Citing improved end-market demand, Alcoa Inc increased its outlook for 2010 global aluminum consumption on Monday, with China, not surprisingly, expected to grab the lion's share of global supply. "China is obviously an important market, but also an important market ...

ChemChina: 50 billion yuan in new Gansu investment

China National Chemical Corp (ChemChina) and the Gansu provincial government signed a strategic cooperation framework agreement in Beijing on July 7 for industrial transformation, construction, a sustainable economy and research and development. According to the agreement, ...

Different labor realities

While some in Greece enthusiastically embrace of foreign investment, COSCO faces problems in Piraeus that highlight the realities of working in Greece. A strike by Greek dockworkers over redundancy payments delayed COSCO's takeover of the Piraeus container terminal from the State ...

China urges carriers' to merge cargo business

HONG KONG - China is pushing the country's three major airlines to merge their cargo operations in a bid to claw back business in a market dominated by foreign carriers, the South China Morning Post reported on Tuesday, citing sources. The three major airlines are Air China, ...

IBM buys stake in China's Bright Oceans

SHANGHAI - IBM's China unit has bought a 1 percent strategic stake in Bright Oceans Inter-Telecom Corp, the Chinese maker of computer parts and components said on Thursday. IBM bought the stake from Bright Oceans' parent for 50 million yuan ($7.37 million), according to a ...

CITIC Securities tops brokerages in net profits

CITIC Securities earned the most net profits, managed the largest assets and brought in the second-most revenues in 2009 among 106 members of the Securities Association of China (SAC), media reported today. CITIC Securities realized a net profit of 6.2 billion yuan in 2009, ...

Beijing Dalong Estate reports soaring net profit in 2009

BEIJING: Beijing Dalong Weiye Real Estate, a Shanghai-listed company, said its 2009 net profit soared by 14,256 percent year-on-year to reach 338.9 million yuan ($49.6 million). In a statement filed to the Shanghai Stock Exchange Tuesday, the company said its business revenue in ...

Foxconn's shares depressed

HONG KONG: Trading in shares of Foxconn International, the listed arm of the suicide-plagued Foxconn, resumed on Tuesday in Hong Kong and opened at HK$5.5($70.5), down 2.83 percent from the previous closing, in the wake of salary hike announcement. By midday, Foxconn Internationa...

McDonald's toxic glasses not sold in China

McDonald's China said that the Shrek-themed drinking glasses the fast food giant recalled in the US market due to toxic content are not sold in China. And the Coca-Cola glasses used in its Chinese promotion campaign for the 2010 World Cup are safe. McDonald's Corp has recalled 12 ...

China Eastern expands Vancouver-Shanghai route to daily service

VANCOUVER - Following plans to offer daily flights on its Vancouver-Shanghai route throughout the summer, China Eastern Airlines announced Monday it would be offering the service permanently beginning November 1. From June 20 through September 10, the Shanghai-based carrier is ...

Tough times ahead for China steel companies

BEIJIJNG - Chinese steel mills are facing a precarious situation in the third quarter due to falling product prices and rising raw material costs, forcing many of them to scale back output or opt for maintenance shutdowns, leading industry experts said on Monday. The nation's ...

Tough asset race

BEIJING - Domestic companies investing in global mining assets may see a decline in global market share this year, due to intense competition from the other countries recovering from financial crisis, consultancy firm Ernst & Young said on Monday. "A cheque book was the most ...

Foxconn says wage hike may not harm company

SHENZHEN - The suicide-plagued IT manufacturing giant Foxconn said Monday that the company's decision to offer its Chinese mainland assembly line workers large wage hikes -- possibly causing a spike in operational costs -- may not damage company finances. In a statement posted on ...

Foxconn hikes workers' pay by nearly 70% after serial suicides

SHENZHEN - Foxconn, a world's leading IT contract manufacturer, announced Sunday night in a statement that it will raise wages for assembly workers at its production base in the southern Chinese city of Shenzhen by 66 percent to 2,000 yuan ($293.3) per month as of Oct 1. Foxconn ...

China Vanke sales drop in May on property tightening moves

BEIJING - China Vanke Co, the country's largest property developer by market value, announced on Sunday that its sales revenue in May decreased 20.2 percent from a year earlier amid the government's tightening moves. In a statement filed to the Shenzhen Stock Exchange, the ...

Unions urged in all non-public firms

Beijing - The All-China Federation of Trade Unions (ACFTU) recommended over the weekend that unions be established in all non-public companies, including those that are foreign funded as well as Hong Kong and Taiwan-funded companies. The ACFTU released an urgent notice late on ...
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