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Transformation boosts MCC's earnings

BEIJING -Metallurgical Corporation of China Ltd (MCC), one of the world's largest engineering contractors, reported a year-on-year increase of 7.3 percent in net profit in 2010, boosted by a transformation of the business. The company earned operating revenue of 206.8 billion ...

Motorola adds Xoom to China

Bottles of Unilever Plc's Lux brand shampoo are arranged on a shelf in a supermarket in downtown Beijing. The Chinese media reported that some manufacturers, including Unilever and Procter & Gamble, are planning to increase prices of cleaning and personal care products by an ...

French firms see China as land of opportunity

An outlet of the French luxury brand Louis Vuitton in Fuzhou, Fujian province. Global revenue generated by French companies in China hit 35 billion euros ($49.75 billion) last year, tripling that from France's direct exports to China. [Photo / China Daily] BEIJING - Seeing the ...

Google-linked firms in tax fraud probe

SHANGHAI / BEIJING - Three companies linked to the Internet search giant Google have been investigated for alleged tax fraud in China, Economic Daily reported on Thursday, citing sources with China's taxation authorities. The companies have allegedly been found using fake ...

Evergrande's net profits surpass Vanke

Evergrande Real Estate Group Ltd has surpassed China Vanke to become the mainland's second most profitable property developer, Securities News reported Wednesday. Evergrande said its net profits in 2010 jumped to 8.02 billion yuan ($1.19 billion), an increase of 616.1 percent ...

Alcoa launches design competition

Beijing - Alcoa China announced Wednesday the launch of "2011 Alcoa Design Competition for Sustainable Innovation" in collaboration with Beijing Industrial Design Center (BIDC). In celebration of 125th anniversary of Alcoa founder Charles Martin Hall's invention of modern ...

Baidu fails to satisfy writers over copyrights

BEIJING - Baidu, the largest Chinese-language search engine, has failed to satisfy Chinese writers by deleting digital files that infringe on copyrights from its online library. Meanwhile, musicians in the country are getting organized to challenge Baidu over its alleged failure ...

Ping An says no capital raising plan in short term

SHANGHAI - Ping An Insurance (Group) Co, China's second-biggest insurer by market capitalization, said on Wednesday it will not raise capital on the financial markets in the short-term following a rights issue a few weeks ago. "We have met all the capital requirements and our ...

Hutchison's perseverance gets rewarded

HONG KONG - Li Ka-shing, Hong Kong's richest man, said that his high-speed mobile-phone business has turned a corner, posting its first profit after losing HK$157 billion ($20 billion) over seven years. Hutchison Whampoa Ltd, which has invested an estimated $30 billion in its ...

ExxonMobil opens technology center

Facility aims to tap into growing demand for petrochemical products SHANGHAI - To capitalize on China's increasing demand for petrochemicals, ExxonMobil Chemical Co, a unit of the global oil giant ExxonMobil Corp, opened its $90-million Shanghai Technology Center on Wednesday. ...

Tianya's share buy-back move presages IPO

SANYA, Hainan - Hainan Tianya Online Network Tech Co Ltd, the operator of Tianya.cn - one of China's best-known online forums - has bought back all of its shares previously owned by Google Inc, as it paves the way for a domestic listing. The company is also looking to take the ...

Coal costs cut into Huaneng's profit

Net income tumbled 32% in 2010, says power firm's earnings report BEIJING - Huaneng Power International Inc, a unit of China's biggest power producer, posted a 32 percent decline in profit last year, missing analysts' estimates, as the company paid more for coal to generate ...

China COSCO halts nuke power study

A China Ocean Shipping Group Co ( COSCO) container at a shipping terminal in Japan. [Photo / Bloomberg] BEIJING - China COSCO Holdings Co Ltd, the country's biggest shipping conglomerate by market value, said it has suspended its research into nuclear power as an alternative ...

CIC to train its focus on the emerging markets

BEIJING - China Investment Corp (CIC), the country's $300 billion sovereign wealth fund, will increase its portfolio in the emerging markets this year, and has achieved a good gain from several real estate deals, a senior official said on Wednesday. "We will continue to build up ...

Qihoo 360 collects $175.5m in IPO

NEW YORK - Qihoo 360 Technology Co Ltd raised $175.5 million in an initial public offering and priced shares above the proposed range, an underwriter said on Tuesday. Qihoo 360 said it was China's No 3 Internet company by user base and the leading provider of Internet and mobile ...

China Telecom rings changes

Visitors take photos in front of the China Telecommunications Corporation booth at a telecom exhibition in Shanghai this year. The number of subscribers using the company's mobile services has risen to more than 100 million. [Photo / China Daily] It surpasses Verizon Wireless to ...

China COSCO 2010 profits up 189%

BEIJING - China COSCO Holding Co, Asia's largest shipping company by market value, said Wednesday that its net profits rose 189.7 percent year-on-year in 2010, partly due to the continued recovery of the global economy and trade. Net profits climbed to 6.76 billion yuan ($1.02 ...

Tsingtao Brewery 2010 net profit up 21.6%

BEIJING - Tsingtao Brewery Co Ltd, one of China's leading beer makers, Thursday announced its 2010 net profit hit 1.52 billion yuan ($231.8 million), up 21.6 percent year-on-year. The company's sales revenue rose 10.4 percent year-on-year to 19.6 billion yuan due to steady market ...

Google lost in a new world without maps

An advertisement for Google's mapping service on a bus in Beijing. Google's market share in China dropped to 19.6 percent in the fourth quarter of last year, from 35.6 percent for the same period a year earlier. [Photo / for China Daily] The US-based search engine has yet to ...

Foreign firms still eye China

BEIJING - Observers may still worry that China is losing its attractiveness for inbound investment after it abolished preferential policies for foreign firms. However, with a profitable 2010, foreign entrepreneurs are already beginning to explore deeper into China's vast market. ...
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