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BASF SE Constructing New Chemical Plant in Tianjin

BASF SE, the world's largest chemical company, kicked off the construction of a new chemical plant in north China's harbor municipality of Tianjin on Wednesday, said an official with the company. With an investment of 85 million yuan (about 13 million U.S. dollars), the Tianjin ...

Toyota to Recall 308,000 SUVs in U.S.

Toyota Motor Corp. announced Thursday it will recall about 308,000 SUVs in U.S. to fix problems related to unwanted airbag deployments, according to a report of Detnews. The recall affects about 214,000 2007 and 2008 RAV4 and 94,000 2008 Toyota Highlander and Highlander HV SUVs ...

Australia Inks Big Gas Sale Deal with Sinopec

Australia's Origin Energy said on Thursday its Australia Pacific Liquefied Natural Gas (APLNG) joint venture with U.S. energy giant ConocoPhillips has signed a binding agreement with China Petroleum & Chemical Corporation (Sinopec) for liquefied natural gas (LNG) supply and a 15 ...

BASF SE constructs new chemical plant in Tianjin

TIANJIN - BASF SE, the world's largest chemical company, kicked off the construction of a new chemical plant in North China's harbor municipality of Tianjin on Wednesday, said an official with the company. With an investment of 85 million yuan ($13 million), the Tianjin project ...

HK approves rise of fuel surcharges by three airlines

HONG KONG - The Civil Aviation Department (CAD) of the Hong Kong special administration region said Thursday it has given approval to three airlines to raise the upper limits of passenger fuel surcharges for the period from May 1 to May 31, 2011. The new maximum levels of fuel ...

Demand in small cities lifts Vanke sales profit

China Vanke Co's booth at a property expo in Beijing. Vanke's contracted sales more than doubled to 35.5 billion yuan ($5.44 billion) in the first three months of 2011 from the same period last year. [Photo / China Daily] First quarter net income hits $185m despite measures to ...

Packaging industry sees booming year in 2010

HANGZHOU - China's packaging industry had a booming year in 2010 with a gross industrial output of 1.2 trillion yuan ($183.9 billion), said a report released Thursday by the China Packaging Federation in Hangzhou, capital of east China's Zhejiang province. The packaging industry ...

Zambia nickel mine reopened

Enclosed containers for nickel ore shipment at Western Areas NL's nickel concentrate plant in Forrestania, Australia. Several mines from Australia to the European Union were mothballed indefinitely when world nickel prices dived in 2008. [Photo / China Daily] Australia's Albidon ...

Hainan Airlines Q1 profits up 8%

BEIJING - Hainan Airlines said on Wednesday that its net profits rose 8.24 percent over the previous year to 273 million yuan ($41.8 million) in the first quarter of this year. Revenue totaled 5.76 billion yuan in the first three months of this year, up 23.14 percent from a year ...

Sany shares slide from bribery rumor

A booth of Sany in a machinery exhibition in Shanghai [Photo / China Daily] SHANGHAI - Shares of Shanghai-listed Sany Heavy Industry Co Ltd dropped 4.3 percent on Wednesday after an anonymous source claimed the Changsha, Hunan province-based company used bribery to win orders and ...

Sinopec Chairman Su Shulin Resigns to Take Gov't Post

Sinopec Chairman Su Shulin has now resigned to take up a new position in the government. According to the provincial People's Congress, he has been appointed acting governor of Fujian. Sinopec Vice Chair Wang Tianpu will take over his duties until a replacement is appointed.

China's AVIC Int'l Completes U.S. Acquisition Deal

China's AVIC International Holding Corporation announced on Wednesday that it has consummated the acquisition of 100 percent of the shares of Teledyne Continental Motors, Inc. and Teledyne Mattituck Services, Inc. from their parent company Teledyne Technologies Incorporated. The ...

Obama Pushes Deficit-reduction Plan on Facebook Live Session

U.S. President Barack Obama on Wednesday visited Facebook headquarters in Palo Alto, California for a live webcast session to sell his economy and jobs initiatives. In the town-hall styled session, named "Shared Responsibility and Shared Prosperity," Obama discussed his vision ...

Apple Reports Better-than-expected Quarterly Earnings

Apple Inc. on Wednesday reported record second fiscal quarter results that beats analysts expectations, citing strong demands for its products. For its fiscal 2011 second quarter ended on March 26, Apple posted net income of 5.99 billion U.S dollars or 6.4 dollars per share, ...

SMIC Gets CIC Investment to Expand

Semiconductor Manufacturing International Corp said Tuesday that China Investment Corp, the country's sovereign wealth fund, had agreed to invest US$300 million in the firm through convertible preferred shares and warrants purchase. The investment is likely to help SMIC, China's ...

Goal to Double Annual Sales in China

Daimler AG's Mercedes-Benz aims to double annual sales in China to 300,000 cars by 2015, its country head said Tuesday, as the luxury brand eyes a growing market from younger Chinese customers. While the overall auto market in China - the world's biggest - is slowing, the luxury ...

VW Aims to Tap Local Expertise

Visitors check out the new Passat sedan at the Volkswagen booth at the Auto Shanghai 2011 show yesterday. The German auto maker said it would take more advantage of engineering capabilities in China in its future product development. [Photo: Shanghai Daily] Volkswagen AG said it ...

Shanghai builds Asia's largest dairy plant

SHANGHAI - Bright Food Group Co Ltd, a leading food and dairy company in China, started building Asia's largest diary factory with a daily processing capacity of 2,000 tons, in East China's Shanghai on Monday. With an investment of 1.4 billion yuan ($214.3 million), the factory ...

China's top power producer posts profit decline in Q1

BEIJING - China's largest power producer, Huaneng Power International, posted on Wednesday a decline of 76.25 percent in net profit for the first three months this year on surging fuel costs. Net profits totaled 226.26 million yuan ($34.68 million) from January to March this year...

Companies of China, Iran sign bogie sales contract

BEIJING - A subsidiary of China CNR Corp said Wednesday it has signed a bogie sales contract worth 210 million yuan ($32.16 million) with Iran's Rahvar Kowsar Rail Transport Co. Qiqihar Railway Rolling Stock Co Ltd (QRRS), owned by the nation's second largest train maker, said ...
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