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Air China H2 net jumps on air travel

BEIJING - Air China Ltd posted a more than three-fold rise in second half earnings on Tuesday thanks to brisk air travel in the world's second-largest economy and a merger deal, Reuters reported. Leisure and business travel will stay strong this year, but high-flying Chinese ...

Boss takes control of store expansion

METZINGEN, Germany - The German fashion house Hugo Boss AG said that it expects the Chinese market and its expanding network of own-brand stores to drive double-digit growth in both sales and earnings this year. The group, known for its sharp suits, said it expects sales to grow ...

Goodyear aims for another good year

US tire maker to raise capacity and expand in growing Chinese market Goodyear Tire and Rubber Co plans to expand its manufacturing capacity and increase the number of its retail outlets in China this year. [Photo / Bloomberg] SHANGHAI - The United States-based Goodyear Tire and ...

China's Ping An 2010 net profit up 23.9%

BEIJING - Ping An Insurance Group, one of China's major insurers, said Wednesday its 2010 net profit rose by 23.9 percent year on year to 17.94 billion yuan ($2.73 billion). Total assets rose 25.2 percent from a year earlier to 1.17 trillion yuan by the end of last year, ...

US firms eye JV to produce perchloroethylene in China

CHICAGO -The Dow Chemical Company and Befar Group Co Ltd announced a memorandum of understanding (MOU) on Tuesday to produce a key refrigerant chemical in China. The Midland-based company said in a statement that the new 50- 50 joint venture will produce perchloroethylene, a key ...

China Southern Airlines Reports Huge Net Profit Growth for 2010

China Southern Airlines Company Limited (China Southern) posted an upsurge in profits in 2010 from the low base in the previous year due to rebounding demand. In its annual business report filed with the Shanghai Stock Exchange Tuesday, China Southern said its net profit ...

Morgan Stanley appoints Asia Pacific co-CEOs

Sun Wei and William Strong will serve as Morgan Stanley's co-chief executives for the Asia-Pacific region, The Wall Street Journal reported Monday. Analysts said the appointment suggested Morgan Stanley's further enhancement of its China strategy, according to the Chinese ...

Minmetals may reduce $1.6b capital raising plan

China's Minmetals Resources is likely to reduce a planned $1.6 billion capital raising after reporting $430.4 million in full-year profits, the company said on Tuesday. "The company intends to exercise the mandate granted by shareholders, but the strong cash and profit generation ...

Building firms get payout for Libya pull-out

Two Beijing construction firms that were forced to abandon contracted projects in Libya have received early insurance payouts to cover their losses in resettling evacuated workers. In an unprecedented move on Monday, Beijing Construction Engineering Group (BCEG) and Beijing ...

Listed companies' profits increase 35% in 2010

The gross operating revenue for 1,039 A-share listed companies last year came to 9.28 trillion yuan an increase of 35.05 percent from a year ago, China Securities Journal reported Tuesday. Net profits for those 1,039 listed companies surged to 885.55 billion yuan, increasing 36...

Cheung Kong's Li may seek growth with Hutchison

HONG KONG - Cheung Kong (Holdings) Ltd, the developer controlled by Hong Kong's richest man, Li Ka-shing, may turn to its Hutchison Whampoa Ltd unit for growth this year as government curbs slow gains in property sales. The world's second-biggest developer by market value is ...

Tesiro plans broad mainland expansion

BEIJING - Tesiro Jewelry Co Ltd will open 80 to 100 stores a year on the Chinese mainland in the coming years aided by investment from Eurostar Diamond Traders NV. Eurostar is one of the world's largest diamond processing companies. Tesiro was established in 2006 as a joint ...

Merck Serono looks to expand value chain

BEIJING - The biopharmaceutical company Merck Serono AG says mergers and acquisitions (M&A) will play a part in its development strategy in China, as the company seeks to complete its industry value chain and expand into the grassroots market. Howard Sui, chairman and president ...

China penalizes property developer for pushing up housing prices

BEIJING - The price authority of a southeastern city had imposed a penalty on a land developer for improperly pushing up housing prices, according to a statement released Monday by China's National Development and Reform Commission (NDRC). The price bureau of Ganzhou city in ...

Private jet sales taking off

A flight attendant in an Airbus A318 Elite business jet on display at the Business Aviation Center during the Asian Aerospace International Expo and Congress in Hong Kong on March 9. [Photo / Bloomberg] Airbus expects 25 orders for corporate aircraft over five years BEIJING - ...

Gome reports strong result, expansion aims

Two workers erect a promotion banner outside a Gome Electrical Appliance Holding Ltd store in Shanghai. The electronics retailer will open 480 outlets around China in 2011. [Photo / Bloomberg] BEIJING - Gome Electrical Appliances Holding Ltd, China's biggest electronics retailer ...

Swire focuses on mainland, HK

Chairman pledges to concentrate on businesses the company does best in HONG KONG - "Conservative" and "modest" are words often mentioned by Swire Pacific Ltd Chairman Christopher Pratt when talking about business development of the Hong Kong-listed conglomerate. "We are known to ...

Globe Express Services builds warehouse in Tianjin

TIANJIN Globe Express Services (Overseas Group) and Tianjin Economic-Technological Development Area (TEDA) will invest $16 million in Tianjin Nangang Industrial Zone through its investment arm in Hong Kong, Classified Properties Limited. GES will build a 24,000-square-meter ...

China Construction Bank Profits Rise 26 pct in 2010

China Construction Bank (CCB), the country's second largest lender by market value, said Sunday that its net profits rose 26.39 percent year on year to 135 billion yuan (20.45 billion U.S. dollars) last year. Also, earnings per share rose to 0.56 yuan from 0.45 yuan one year ...

PICC P&C says profit tripled in 2010

BEIJING - China's largest general, non-life insurer, PICC Property and Casualty Company Limited (PICC P&C), said Friday its 2010 net profit tripled from a year ago in an expanding market network. Net profits hit 5.21 billion yuan ($788 million), an increase of 192.3 percent, the ...
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