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Beijing's IKEA not follow US's recall

Despite a US recall of some IKEA blinds, in response to three cases of infant strangulation, the Beijing branch of the Scandinavian furniture store has stated it will not follow suit. The announcement was made on Tuesday by a public relations manager at IKEA China. The US ...

China's Goldwind pulls $1.2b HK IPO

HONG KONG - China's wind turbine maker Xinjiang Goldwind Science & Technology said it shelved a plan to raise up to $1.2 billion in a share sale in Hong Kong because of deteriorating market conditions. "In light of the deterioration in market conditions and recent unexpected and ...

China's Fosun acquires 7.1% of Club Med

Fosun, China's largest non-government controlled group, has acquired 7.1 percent of holiday resort operator Club Med, the first time a quoted Chinese group has taken a direct holding in a listed French company. Club Med hopes to make China the No 2 market in the next five years ...

$100m in telecom loans for Bangladesh

DHAKA: The China Development Bank (CDB), the largest bank for international investment and financing in China, will provide $100 million loan to construct telecom network in Bangladesh. A memorandum of understanding (MOU) was signed on Monday among the CDB, Bangladesh telecom ...

Temasek offers $300m to invest in ABC July IPO

SINGAPORE / HONG KONG - Singapore's state investment fund Temasek plans to invest up to $300 million in the Agricultural Bank of China (ABC) ahead of its roughly $20 billion initial public offering (IPO), a source with direct knowledge of the matter said. Temasek's commitment to ...

China Southern world's 3rd biggest air passenger carrier

BEIJING -- China Southern Airlines had the third largest number of passengers in the world in 2009, only behind American Airlines and Delta Air Lines, the Chinese airline said Saturday. It flew a total of 66.28 million passengers in 2009, ranking the third in the latest World Air ...

Foxconn units to leave Shenzhen after wage hikes

Foxconn Technology Group, which supplies Sony, Apple and Nokia with IT components, is moving part of its major plant away from costly Shenzhen after hefty wage increases at its factories in the southern city, affecting hundreds of thousands of workers, China Times reported ...

Poly Real Estate's Jan-May sales top $2b

BEIJING - China's Poly Real Estate Group, the country's second largest property developer by market value, said Friday its contracted sales revenue totaled 15.41 billion yuan ($2.26 billion) in the first five months, up 4.75 percent year-on-year. The increase was generated on the ...

Posco acquires Chinese rare earth firm

South Korean steelmaker Posco, together with Korea Resources Corp, acquired a controlling stake in a Chinese rare earth mining company. Analysts say this might be a strategy to bypass China's restriction on rare earth exports, National Business Daily reported on Friday. Posco and ...

Aluminum firm seeks support in US dumping row

SHANGHAI - China Zhongwang Holdings Ltd, the country's largest aluminum extrusions maker, is seeking official backing to help it fight a US anti-dumping and countervailing duty charges. "We are closely cooperating with agencies, including the Ministry of Commerce and the China ...

Foxconn slammed again, this time over housing

Foxconn in Beijing is under investigation for failing to pay the housing accumulation fund for its 10,000 employees over nine years. A Foxconn employee, Luo Xiao (not his real name), told METRO the company had informed employees there is no law that compels it to pay into the ...

American Eagle to open stores in Hong Kong, Shanghai

American Eagle Outfitters Inc, the teen retailer with more than 1,000 stores in North America, will open stores in China starting next year through a franchise agreement. The first three of a "series" of stores will open in early 2011 in Hong Kong, Beijing and Shanghai, in ...

Chinese drug firm readies for Pfizer unit takeover

HARBIN - Harbin Pharmaceutical Group (HPG), the Chinese buyer of Pfizer's swine vaccine unit, is preparing workshops and technicians to take over the production line, the company announced Thursday. "The production preparations are underway, and we hope to obtain production ...

CNPC signs gas supply agreement with Uzbek oil company

BEIJING: The China National Petroleum Corporation (CNPC), parent of PetroChina, announced Thursday it has signed a framework agreement with Uzbekistan oil company Uzbekneftegaz to buy 10 billion cubic meters of natural gas annually. CNPC general manager Jiang Jiemin signed the ...

Chalco says Aurukun well on track

SYDNEY - Aluminum Corp of China Ltd (Chalco), the nation's biggest producer of the metal, is proceeding with plans to develop the A$3 billion ($2.5 billion) Aurukun bauxite deposit in Australia's Queensland state. "We are pushing forward with the project in accordance with our ...

Shanghai Electric close to sealing deal for US press maker

Company's acquisition of Goss International to help diversify product portfolio, add technology upgrades SHANGHAI - Shanghai Electric Group Co Ltd (SEG), one of the nation's largest mechanical and electrical equipment manufacturers, will complete the acquisition of US-based press ...

Foxconn ceases compensation in bid to end suicides

SHENZHEN - Foxconn, a world-leading electronics manufacturer, said on Tuesday that it would no longer offer financial compensation to families of employees of its south China factory who commit suicide. Foxconn, hit by a series of staff suicides this year, said the move was to ...

Foxconn says to negotiate price rise with clients

HONG KONG - Foxconn International, the HK-listed arm of the Taiwan-based electronics giant Hon Hai Precision Industry, said here on Tuesday that it has started talks with overseas clients over a possible product price rise, which could partly offset rising operating cost ...

KFC agrees to raise workers' pay in NE China city

SHENYANG - Representatives of US fast food chain KFC have agreed to raise workers' wages as demanded by a Chinese trade union in northeastern Liaoning province. Feng Hui, head of the Shenyang Municipal Trade Union for Services Industries, said Tuesday the Yum! Brands Inc China ...

Tax system hampering service sector growth

BEIJING - The heavy tax rate imposed on China's service sector will make it difficult to realize the country's growth target for the industry between 2006 and 2010, industry insiders said. "Many companies in the tourism industry operate on very narrow profit margins, and the ...
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