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China Mobile's vice chairman removed from post

Zhang Chunjiang [people.com.cn] Zhang Chunjiang, party chief and vice chairman of China Mobile, has been removed from his post for involvement in "serious economic issues," the Organization Department of the Communist Party of China Central Committee confirmed on Thursday.

Minmetals may benefit from Chile mining deal

Subsidiary to join hands with Shunde Rixin for iron ore imports China Minmetals Corporation, the country's largest metals trader, said yesterday it plans to cooperate with a Guangdong-based private company to develop iron ore mines in Chile. The company confirmed an earlier media ...

One firm's pain is another's gain

Two foreigners watch a Chinese worker manufacturing textile products at the Fashion Shanghai expo recently. More and more Shanghai exporters are increasing their export credit insurance to mitigate potential foreign risks. [China Daily] Call him "Lucky Lu". When Lu Jinguang ...

Nufarm turns down Sinochem offer

A worker moves a drum of Nufarm chemical products at a warehouse in Melbourne, Australia. The farm chemicals company rejected Sinochem's revised A$2.6 billion takeover offer. [Bloomberg News] Australian firm decides to join hands with Sumitomo Chemical Chemicals trader Sinochem ...

JV partners team up for resources

A man works at the Tongling Nonferrous Metals Group Holdings Co Ltd's copper smelter in Tongling, Anhui province. The proposed deal would offer China Railway and Tongling mining rights to 17 copper deposits in Ecuador. [Agencies] China Railway, Tongling eye copper mining rights ...

Sinosteel gets IPO ball rolling again

Steel trader expects to complete public float formalities by March Sinosteel Corp has set the ball rolling for an initial public offering (IPO) of its shares on the domestic bourses this year even as the steel trader looks to expand its global footprint further, said Huang ...

SOE profits show renewed growth

China's State-owned enterprises (SOEs) are expected to have generated 750 billion yuan ($110.29 billion) in profits and achieved a sales revenue of 12 trillion yuan in 2009, despite the global economic recession, according to figures released by the State assets watchdog. In the ...

Massive cement facility set to boost Beichuan reconstruction

The recently-completed 4,800-ton raw construction material production line. As demand for raw construction materials still continues to grow in the earthquake-battered Beichuan county, part of Sichuan province, at least part of the solution is set to be provided earlier this ...

Air China gets 1.5b yuan capital injection

Air China Ltd, the nation's flag carrier, inched a step closer to its goal of finalizing an air cargo joint venture with Cathay Pacific Airways by the end of June after the government approved a 1.5 billion-yuan capital injection into the airline. Air China has been negotiating ...

Debating the morals of vice mayor's stock trading

SOE chief and former deputy mayor attributes profits to skills Li Jian says he is an average stock investor but the Chinese media call him a genius. His track record speaks for itself. In just 11 trading days last July the 40-year-old made 170,000 yuan ($25,000). Impressive as ...

Workers angry over pay, toxic chemicals

Angry employees who attacked a Taiwanese company in Suzhou, Jiangsu province over management and pay disputes last Friday said yesterday they were not satisfied with the local government's investigation into the case. "The truth has been hidden from public view. There are people ...

Google's loss could be Baidu's gain

Domestic search firm Baidu Inc could be the biggest beneficiary of a possible pullout from China by Internet major Google, leading industry experts said yesterday. The NASDAQ-listed Baidu already dominates the Chinese search landscape and it has signaled its intentions to spread ...

Baosteel increases February manufacturer prices

Baoshan Iron & Steel Co (Baosteel), the nation's largest steel mill, significantly raised its February manufacturer prices yesterday. Major steel wire product prices went up 300 yuan per ton on average. Revised prices on major steel sheets, announced this week, are expected to ...

Ping An to lift bond holdings

Ping An Insurance (Group) Co will boost its holdings of bonds such as corporate debt this year as inflation drives up yields, Chen Dexian, deputy chief investment officer of China's second-largest insurer, said in an interview. The Shenzhen-based company cut cash holdings to ...

Google pullout threat 'a pressure tactic'

Google's threat to pull out of China over what it claims to be cyber attacks has left millions of Chinese users concerned - and analysts described the move as the company's strategy to put pressure on the Chinese government. Google - the world's largest search engine - said in a ...

Santander, CCB plan joint venture

The lender is set to make giant strides in rural financing by providing more services to farmers along with its Spanish partner Banco Santander. [File photo] China Construction Bank (CCB) and Europe's second largest lender Banco Santander, are planning to set up a joint financial ...

Aircraft R&D center breaks ground

Commercial Aircraft Corporation of China employees adjust a C919 airplane model at the 2009 China International Industry Fair held last November in Shanghai. The nation started work on an aircraft engine research and development center yesterday. [China Daily] Yesterday's ground ...

Bright Food eyes Australian sugar deal

White Rabbit candy produced by Bright Food Group on display in a supermarket. The Shanghai-based company plans to buy Australian CSR's sugar business. [Agencies] Bright Food Group Co, the biggest food company in Shanghai, offered as much as A$1.5 billion ($1.4 billion) cash for ...

Haier pins hopes on Japan sales

Workers carrying a box containing a Haier product in Tokyo. The appliance maker expects robust sales as demand for refrigerators and washing machines grows in Japan. [Bloomberg News] Haier Group, the world's biggest refrigerator and washing machine maker by volume, said Japanese ...

Hackers attack Baidu

Baidu, China's largest Internet search engine, was the target of a four-hour cyber attack yesterday, the most severe since it was established in 1999. The company said it had restored services for most Internet users by 6 pm. A hacker group, calling itself Iranian Cyber Army, ...
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