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HSBC November PMI Drops to 32-Month Low

The HSBC Purchasing Managers' Index (PMI) dropped from 51 in October to a 32-month low of 47.7 in November, pointing to a sharp deterioration of business conditions, said the bank on Thursday. The reading is the lowest level since March 2009 and the biggest monthly fall since ...

Policy Bank Chief Believed to Steer China's ABC through Reforms

Jiang Chaoliang, president of China Development Bank (CDB) and a recently revealed candidate to chair Agricultural Bank of China Ltd (ABC), will have the experience and boldness to make ABC more competitive through further reforms, industry insiders have said. ABC, one of China's ...

China Central Bank Official Nominated for Role as Executive Director of CCB

Wang Hongzhang, a distinctly low-profile central bank official, will probably soon set out on a journey full of public appearances as he has been nominated as executive director of China Construction Bank (CCB), the country's second largest lender. The nomination was unanimously ...

Oil output to rise steadily as gas output soars

China's oil production will rise steadily over the next 20 years, and its gas output will soar, the Ministry of Land and Resources said Thursday. Combined oil and gas output is expected to rise to 360 million tons of oil equivalent by 2015 and 450 million tons by 2030, up from ...

Moutai Denies Luxury Bid

China's leading liquor producer Kweichow Moutai has denied reports the brand will apply for luxury goods certification, the Beijing News has reported. According to an earlier article in a Xiamen-based publication, a director of the Moutai Group said that the retail price of a ...

Iceland Rejects Huang's Bid to Buy Land

Iceland's government on Friday denied Chinese billionaire investor Huang Nubo permission to purchase land in the island's north, arguing such a transfer of property would be "incompatible" with the country's laws. The government won't allow Huang, through his company Beijing ...

Chinalco JV Gets Business Nod

Chinalco Rio Tinto Exploration Co., a joint venture (JV) between Aluminum Corp. of China (Chinalco) and Australia's Rio Tinto, has obtained business registration for mineral exploration in China, according to Rio Tinto's Beijing office. The JV will initially focus on exploring ...

Hong Kong stocks end 0.4 pct higher

Hong Kong stocks edged up on Thursday, with the benchmark Hang Seng index closing up 70.67 points, or 0.4 percent, to end at 17,935.1 points, after trading between a day high of 17,997.07 and a day low of 17,657.69 points. Turnover totaled 53.75 billion HK dollars (about 6.9 ...

CNOOC appoints Li Fanrong as CEO

The China National Offshore Oil Corporation (CNOOC), one of the country's largest state-owned oil companies, said Wednesday night that it had appointed Li Fanrong as its new CEO. Li replaced Yang Hua, who resigned from the post to devote more time to his responsibilities as ...

China's Oil Output to Rise Steadily as Gas Output Soars

China's oil production will rise steadily over the next 20 years, and its gas output will soar, the Ministry of Land and Resources said Thursday. Combined oil and gas output is expected to rise to 360 million tonnes of oil equivalent by 2015 and 450 million tonnes by 2030, up ...

Merck Agrees to Pay $950m in Vioxx Settlement

American pharmaceutical company Merck, Sharp & Dohme has agreed to pay roughly 950 million U.S. dollars to resolve criminal charges and civil claims related to its promotion and marketing of the painkiller Vioxx, the U.S. Justice Department announced Tuesday. Under the terms of ...

China's Shenhua to Develop "Combustible Ice"

China's largest coal producer, China Shenhua Group, has launched a project to research and develop combustible ice, a kind of natural gas hydrate, in the northwestern Qinghai province. Shenhua Group signed an agreement with the Qinghai provincial government on Monday evening to ...

DreamWorks' Plans for Shanghai

Disney rival DreamWorks Animation, creator of the "Kung Fu Panda" movies, is preparing to launch a joint venture in Shanghai, according to the finance magazine Caijing. It cited unnamed Chinese government officials as saying that if negotiations between DreamWorks and Chinese ...

China Southern Launches Direct Beijing-Urumqi-Istanbul Flight

China Southern Airlines launched a route linking Beijing, Urumqi and Turkey's metropolis of Istanbul Tuesday. The carrier will operate three flights per week, with Urumqi, capital of northwestern China's Xinjiang Uygur Autonomous Region, acting as a stop-over for the journey, a ...

Singapore Newspaper Publisher Sues Yahoo for Infringing Copyright

Singapore Press Holdings (SPH) has filed a copyright infringement suit against Yahoo!, alleging that the search giant reproduced news content from its newspapers without its permission, local daily Straits Times reported on Wednesday. In its statement of the claim, SPH cited 23 ...

eBay Acquires Recommendation Engine Hunch

E-commerce and online payment giant eBay announced on Monday that it has acquired New York-based technology startup Hunch, an online platform that delivers customized recommendations to users based on their individual tastes. Hunch's team and expertise in areas like machine ...

Telcos Said to Admit Fault in Case

China Telecom Corp and China Unicom (Hong Kong) Ltd admitted fault in a broadband access antitrust case, Caixin Online reported, without saying where it got the information. The two Chinese firms told the National Development and Reform Commission they will change certain ...

HP Quarterly Profit Plunges 90 percent

Hewlett-Packard Co. (HP) on Monday reported that its profit in the most recent quarter fell more than 90 percent with sales also declining. In the company's fourth quarter of fiscal 2011 ended Oct. 31, the company posted net earnings of 239 million U.S. dollars, compared with 2...

Changan PSA JV to Start Production in Mid-2013

A joint venture (JV) between the China Changan Automobile Group and French automaker PSA Peugeot Citroen will start production in the middle of 2013, Changan's chairman Xu Liuping said Sunday. The venture will have an initial annual output capacity of 200,000 vehicles and engines ...

China Unicom 3G Users Exceeded 33 Mln in Oct.

China Unicom Ltd., the country's second-largest mobile operator, said Saturday its 3G subscribers rose to 33.15 million by the end of October, up 2.92 million from one month earlier. That marked the third consecutive month that the number of newly-added 3G subscribers has ...
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