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HSBC appoints new group managing director

HONG KONG -- Banking giant HSBC Holdings said on Wedsnesday that it has appointed Richard Bennett as its group managing director with effect from May 3, 2011. Bennett, who will also join the group management board, will continue to report to the Group's Chief Executive Stuart ...

Canadians searching for investors from China

BEIJING - The Canada-based investor relations (IR) outfit CHF Investor Relations Co is making efforts to help foreign resources companies find investors in China and facilitate overseas market listings for small and medium-sized enterprises (SMEs). Barry Leung, the director of ...

Marks & Spencer unveils plan for new Shanghai stores

Experts say Marks & Spencer Group Plc may find it difficult to increase its market share in China because of tough competition in the retail sector. [Photo/Agencies] SHANGHAI - The British-based apparel and luxury food retailer Marks & Spencer Group Plc (M&S) intends to open more ...

Pertamina edges out Sinopec for stake in Angolan oil

BEIJING - PT Pertamina, the Indonesian state energy company, bid about $3.5 billion for Exxon Mobil Corp's 25 percent stake in an Angolan oil block, surpassing an offer from a Chinese rival, the Wall Street Journal reported, citing a person familiar with the matter. Pertamina is ...

Google Launches Cloud-based Music Service without Label Licenses

Google on Tuesday launched its long-awaited cloud-based music service Music Beta without any label licenses it originally wanted. The search giant introduced the digital music locker service at its annual I/O developer conference in San Francisco. So far, only U.S. users can ...

Microsoft to Buy Skype for 8.5 Billion USDs

Microsoft Corp. on Monday said it will buy Internet communications company Skype for 8.5 billion U.S. dollars in cash, a bold move for the software giant to explore new business opportunities. "Skype is a phenomenal service that is loved by millions of people around the world," ...

Baidu Wins Top 100 Branding Accolade

The Chinese Internet search engine Baidu Inc has been named as the most valuable brand for a non-State-owned Chinese company. That's after Baidu climbed 46 positions in the BrandZ list of the world's top 100 brands, according to a study produced by the global brands agency, ...

Apple 'Resolves' Clash with Shoppers

Smashed glass covers the floor by the entrance to the Apple store in Sanlitun Village on Saturday. [Photo: Provided to China Daily] A confrontation outside the Apple store in Sanlitun Village between a "foreign" staff member and angry customers was resolved peacefully, according ...

BYD gets OK for Shenzhen share sale

BEIJING - BYD Co Ltd, the Chinese carmaker backed by Warren Buffett, has won regulatory approval for a share sale on the Shenzhen Stock Exchange to fund its expansion in the world's biggest vehicle market. The China Securities Regulatory Commission approved the planned issue of A ...

Three motives behind China's cross-border M&As

Source: A.T. Kearney Securing raw materials, gaining up-to-date technologies and accessing new markets are the three main motives for Chinese companies to participate in cross-border merger & acquisition (M&A) activities, an A.T. Kearney study revealed. The supply of raw ...

China Telecom aims for 1m WiFi hotspots

BEIJING - China Telecom Corp Ltd said on Tuesday that it will raise the number of WiFi hotspots to 1 million by the end of 2012 to meet rising demand for mobile Internet. The plan is part of China Telecom's February campaign to promote broadband in the domestic market for the ...

Xi'an Aircraft sends experts to probe Indonesia plane crash

XI'AN - AVIC Xi'an Aircraft Industry (Group) Co, maker of MA60 passenger planes, said Tuesday it has sent eight experts to investigate a recent plane crash in Indonesia. The Chinese company said in a statement that the eight experts were flown to Indonesia Monday to help ...

Vice-Premier calls on IBM to expand co-op with China

BEIJING - Chinese Vice Premier Zhang Dejiang met with Chairman and CEO of the International Business Machines Corporation (IBM) Samuel Palmisano in Beijing on Tuesday, calling on the company to further step up win-win cooperation with China. Zhang briefed Palmisano about China's ...

Lufthansa is adding Shanghai service, CEO says

The German airline Deutsche Lufthansa AG has named its A380 airliner "Munich" to show its support for the city's application to host the 2018 Winter Olympics. The airline said that it is aiming to further increase its presence in China. [Photo / Provided to China Daily] SHANGHAI ...

Foreign baby formula producers promise no price hikes

Three of six foreign baby formula companies in China interviewed by the China's chief economic policymaking body said they do not have plans to raise prices, acquiescing to government efforts to control inflation. The National Development and Reform Commission (NDRC) interviewed ...

CSR subsidiary to build rail car brake JV

BEIJING -- A subsidiary of CSR Corporation Limited (CSR), China's largest rail vehicle maker, said Monday that it signed an agreement with US-based Wabtec Corporation to establish a joint venture to produce braking systems for rail cars. According to the agreement, the CSR ...

HSBC Q1 net profit $4.15b

HONG KONG -- HSBC released its Interim Management Statement (IMS) on Monday stating that its net profit in the first quarter of this year was $4.15 billion, up 58 percent year-on-year, resulting in basic earnings per ordinary share of 23 cents, up 53 percent. According to the ...

Asia chairman sought by TPG

HONG KONG - TPG Capital, the buyout company that manages $48 billion, is seeking a chairman for its Asian operations to help it compete for investments in China, said three people with knowledge of the matter. The Texas-based company wants a Chinese speaker and has held ...

Cathay, Air China in cargo venture

Joint carrier will serve nation with a fleet of 12 Boeing 747-400 planes BEIJING - The Hong Kong-based international airline Cathay Pacific Airways Ltd and the Chinese mainland's flag carrier Air China Ltd are tapping into the nation's competitive cargo business with the start of ...

Ecolab hopes to cash in on food safety awareness

In China, 90 percent of beer bottles are recycled, disinfected and reused. [Photo/ Agencies] BEIJING - Ecolab Inc, a US-based producer of disinfectant and food safety services company, plans to increase investment in China, thanks to fast-growing demand in the local market, said ...
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