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Zara breaks silence over claims

Zara on Monday dismissed concerns over the quality of its products sold in Beijing, insisting they pose no risk to shoppers. The Spanish clothing giant's statement is the first since the Beijing Consumers Association claimed that its garments had failed standard checks for the ...

KFC denies excessive brightener in containers

Shanghai KFC Co Ltd said that paper containers for its "family barrels" meet national standards in terms of fluorescent brightener, National Business Daily (NBD) reported. The company cited a report provided by the National Environmental products Quality Inspection Center on ...

Minmetals drops Equinox bid

SYDNEY / SHANGHAI - Minmetals Resources Ltd withdrew its offer to buy Equinox Minerals Ltd after Barrick Gold Corp trumped it with a C$7.32 billion ($7.68 billion) cash bid. "The price offered by Barrick is above our most optimistic assessment of value," Andrew Michelmore, chief ...

Lotte Mulls 10-Billion-Yuan Investment in C. China

Lotte Group, a Fortune 500 company from the Republic of Korea, is considering spending about 10 billion yuan (1.5 billion U.S. dollars) to build a business center in central China's Hubei Province. A team of high-profile managers, led by Lotte chairman Shin Dong Bin, visited the ...

First Unionpay Debit Card Issued in Brunei

China Unionpay, a national bank card association, said on Tuesday that a leading lender in Brunei, Baiduri Bank, launched the first Unionpay debit card in the Southeast Asia country. Brunei is the 18th foreign country that has issued Unionpay cards. This year marks the 20th ...

Mine bosses switch career paths amid industry reform

TAIYUAN - Over the past few years, at least 58 mine bosses in Datong of north China's Shanxi province have abandoned their profitable mining businesses and channeled their money into agriculture and food processing sectors. "I have successfully transformed myself from a mine boss ...

MMR Withdraws Acquisition Plan for Equinox

Minmetals Resources (MMR), China's biggest metal trader, said Tuesday it withdrew the planned bid of offering to acquire copper miner Equinox Minerals for 6.3 billion Canadian dollars (about 6.6 billion U.S. dollars). MMR said Equinox will recommend its shareholders to accept an ...

ZTE shifts focus to smartphones

A ZTE booth at China International Exhibition Center in Beijing last year. The company expects to ship 12 million smart terminals in 2011, almost 90 percent of which will be smartphones. [Photo /China Daily] The company plans to seize more of the profitable EU and US markets ...

China Unicom net profit drops

A China Unicom (Hong Kong) Ltd "Wostore" in Beijing. Subsidies to attract 3G users cost the company 1.9 billion yuan in the first quarter. [Photo / China Daily] Effect of phone subsidies result in missed first-quarter expectations BEIJING - China Unicom (Hong Kong) Ltd, the ...

MMR withdraws $6.6b acquisition plan for Equinox

HONG KONG - Minmetals Resources (MMR), China's biggest metal trader, said Tuesday it withdrew the planned bid of offering to acquire copper miner Equinox Minerals for C$6.3 billion ($6.6 billion). MMR said Equinox will recommend its shareholders to accept an offer from Barrick ...

China Power New Energy to raise $77m from bond sale

HONG KONG - China Power New Energy Development said on Monday it plans to raise 500 million yuan ($77 million) from bond sale in Hong Kong to fund the construction and operation of its clean energy projects in the Chinese mainland. The three-year Renminbi-denominated bonds due ...

CDB helping Chinese firms get global edge

BEIJING - When the Brazilian landline company Tele Norte Leste Participacoes SA was shopping for network equipment last year, Huawei Technologies Co Ltd's offer stood out: access to China Development Bank's (CDB) $30 billion credit line. A two-year grace period on payments and an ...

HK to receive 1st mainland-made subway train

CHANGCHUN - Hong Kong's metro system will receive its first train from a mainland manufacturer Thursday, according to a source with the manufacturer. The 8-car train was designed and developed by Changchun Railway Vehicles Co, Ltd, a subsidiary of the China CNR Corporation ...

Rising sales boost Wuhan Iron and Steel

SHANGHAI - Boosted by rising sales and prices, Wuhan Iron and Steel Co Ltd, China's third-largest steel maker by production, registered net profit growth of 12.46 percent year-on-year to 1.7 billion yuan ($260 million) in 2010. Meanwhile, net profit rose 111 percent to 608 ...

Zhongjin posts 61% increase in Q1 net income

Zhongjin Gold Corp, the listed arm of China National Gold Group Corp, saw a jump in income from high gold prices.[Photo / China Daily] SHANGHAI - Zhongjin Gold Corp, the listed arm of China National Gold Group Corp (CNGGC), said its first-quarter net income jumped by more than ...

Jahwa to keep domestic tag

A shop of Shanghai Jahwa United Co Ltd's "Herborist" brand products. The company will actively expand into the fashion industry after restructuring. [Photo / China Daily] Company rules out share sale to wholly owned foreign competitors SHANGHAI - Shanghai Jahwa United Co Ltd, one ...

ZARA responds to Beijing quality control blacklist

BEIJING - Spanish retail giant ZARA said their garments sold in Beijing are in compliance with all Health and Safety requirements in China, replying to the Beijing Consumer Association (BCA)'s claim of its products failing a quality test. Two ZARA down jackets and one pair of ...

Bertelsmann plans to boost investment

BEIJING - The German media group Bertelsmann AG plans invest up to $100 million to the Chinese market through its investment arm in each of the coming five years, as part of its efforts to tap emerging markets amid lower growth in developed economies. The company hopes to ...

Goldwind wins two orders in US

BEIJING - Xinjiang Goldwind Science and Technology Company, a leading Chinese wind turbine maker, has won two new orders in the United States, the company said in Beijing Monday. These two orders comprise of five 1.5 megawatt (MW) direct-drive permanent magnetic wind turbines, ...

Chinese James Bond movie on the cards

BEIJING - A Beijing-based businessman from the United States is seeking $20 million from investors to fund a Chinese-style action adventure movie that he hopes will rival the James Bond franchise. Craig Quick, who is well known in the city's music circles, presented a proposal to ...
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