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Central SOEs see Q1 net profit up 22.4%

BEIJING - Chinese State-owned enterprises that are under the central government, or central SOEs, posted a net profit increase of 22.4 percent for the first three months of this year. The combined net profits of the 121 central SOEs totaled 208.58 billion yuan ($31.96 billion) in ...

Top brands fail to pass quality test

The exterior of a Zara store in Xidan shopping area in downtown Beijing. In the latest quality control tests on garments by the Beijing Consumer Association, Zara and other well-known brands were declared substandard. [Photo / China Daily] Consumer group puts clothes under the ...

Tainted meat processor's shares plummet after suspension

A Shuanghui's regional manager in Chongqing municipality tastes a ham at a supermarket. The company spent 31 million yuan ($4.75 million) on product recalls and its revenue dropped by 1.34 billion yuan in March. [Photo / China Daily] BEIJING - Henan Shuanghui Investment & ...

Appliances export prices set to rise

A salesman shows customers the products at the Canton Fair on Friday. [Photo / China Daily] Appliance sellers to be hit by yuan appreciation, raw material costs GUANGZHOU - The export prices of China-made electrical appliances will see an increase this year because of soaring raw ...

Johnson & Johnson Sees Sales Growing in Q1

Johnson & Johnson (J&J), the world's second-largest seller of health-care products, achieved 16.2 billion U.S. dollars in sales for the first quarter of 2011, the company announced Tuesday in a financial report. The fresh sales figure increased by 3.5 percent as compared to the ...

Goldman Sachs' First Quarter Profit Beats Expectations

Goldman Sachs posted first quarter earnings on Tuesday with a profit of 2.74 billion dollars, down 21 percent from 3.46 billion dollars a year earlier, but the drop was smaller than analysts' previous estimation. The fifth-largest U.S. bank said the decline of profit largely ...

Shanghai Builds Asia's Largest Dairy Plant

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 tonnes, in east China's Shanghai on Monday. With an investment of 1.4 billion yuan (about 214.3 million U.S. dollars), the ...

China Vanke reports 7% rise in Q1 net profits

BEIJING - China Vanke Co, the country's largest developer by market value, said Tuesday that its net profits rose 6.97 percent year-on-year in the first quarter on stronger sales. Net profits in the first three months totaled 1.21 billion yuan ($185 million), the company said in ...

TPG Capital to invest $150m in China's Comtec Solar

Private equity firm TPG Capital said on Tuesday it would invest up to $150 million in China's Comtec Solar, marking the firm's first China-based solar investment. "The investment in Comtec is consistent with TPG's strategy of collaborating with high quality companies in China," ...

Hilton targets Chinese market as its top priority

Dave Horton, global CEO of Hilton Hotels & Resorts BANGKOK - The international five-star luxury hotel chain Hilton Hotels & Resorts plans to open about 100 new outlets in China in the next five years to extend its business into the nation's second- and third-tier cities. The ...

Spring Air plans overseas JVs

Spring Airlines will become the first budget airline in China to set up an overseas joint venture. Its proposed second route to Japan - between Shanghai and Takamatsu - was scheduled to begin on March 27 with four flights a week, but it was postponed because of the recent ...

Vestas wins deal from China Datang in Inner Mongolia

BEIJING - Vestas, the world's largest wind turbine manufacturer, has recently won a large contract from China Datang Corporation Renewable Power, said Vestas China Tuesday in Beijing. The contract includes an order for 25 two-megawatt wind turbines, which will be installed near ...

China Shipping marks expansion at US port

LOS ANGELES - China Shipping on Monday announced the completion of a major phase of its terminal expansion project at the Port of Los Angeles. "We take great pride in the growth and success we've experienced at the Port of Los Angeles," said Chairman Li Shaode of China Shipping. ...

China's Huawei sales up 24% in 2010

SHENZHEN - Sales revenue of China's Huawei Technologies rose 24.2 percent year-on-year to 185.2 billion yuan ($28.4 billion) in 2010, the telecom equipment maker said in its annual report released on its website Monday. Huawei attributed the growth mainly to its fast-growing ...

PSA Peugeot Citroen Targets 8 Pct Share in Chinese Market

French carmaker PSA Peugeot Citroen hopes to increase its share in the Chinese market to 8 percent by 2015, the company's CEO Philippe Varin said Monday in Shanghai. The target is a step up from the company's less than 4 percent market share in the world's largest auto market ...

China's State Firms See Profit Gains in Q1

The combined profits of China's state-owned enterprises and state-holding companies rose 27.5 percent year on year in the first quarter to 512.35 billion yuan (about 77.6 billion U.S. dollars), the Ministry of Finance announced Monday. The growth of operating costs was higher ...

Australia's CBD Energy, China Partners Establish JV

Australia's renewable energy company CBD Energy Ltd said Monday it had finalized a joint venture with two Chinese companies to develop approximately six billion AU dollars (6.34 billion U.S. dollars) of wind and solar energy projects in Australia. The Sydney-based CBD Energy said ...

Boeing's Tianjin Plant to Launch Production in 2013

The China office of U.S. aircraft manufacturer Boeing said Monday that an expansion of its China venture in north China's port city of Tianjin will be operational in 2013. The 21-million-U.S.-dollar project will double the size of Boeing Tianjin Composites Co. Ltd., a joint ...

Finding talent getting increasingly hard

Jeffrey A. Joerres, chairman and chief executive officer, Manpower Inc. Executive says finding the right talent is getting increasingly hard BEIJING - The history of mankind has long been defined by specific eras. Initially, humans were defined by the basic materials that ...

Yuanda China Holdings plans $536m HK IPO

Yuanda China Holdings, which makes curtain walls that cover the outside of buildings, plans to raise about $536 million in an initial public offering in Hong Kong, according to a term sheet seen by Reuters on Monday. The company will start marketing the IPO to institutional ...
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