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Minmetals Development posts net profit increase of 44.29% in 2010

BEIJING - Minmetals Development, a unit of China's leading non-ferrous metal producer China Minmetals, said Friday that its net profit increased 44.29 percent year on year in 2010. Net profits totaled 385 million yuan ($58.67 million) and earnings per share stood at 0.359 yuan, ...

Cities lag in setting home-price targets

A week before the deadline, only 32 of more than 600 have complied BEIJING - Nearly 95 percent of cities and regions in China have not released their 2011 targets for housing-price control as of Friday, a week from the deadline. On Jan 26, the central government launched a series ...

Developers make changes to beat tightening policy

BEIJING - China's property developers are diversifying their business lines, exploring different market segments and expanding to lower-tier cities to deal with the nation's rigorous real estate tightening policies, industry insiders said on Friday. The government's constraints ...

Japanese-funded businesses struggle against uncertainties

HANGZHOU - Uncertainties are increasing for some Japanese-funded companies in China after the earthquake and tsunami on March 11 that struck northeastern Japan. Challenged by disrupted supply chains and a halt in sales, the companies have begun to prepare for finding alternative ...

Baidu copyright negotiations break down

BEIJING - Negotiations between Chinese search engine Baidu and Chinese writers over a copyright dispute broke down on Thursday, according to a statement issued by publishers and writers who attended the negotiation. According to the statement, Baidu refused to meet any of the ...

South Korean company to build ginseng plant in northeast China

CHANGCHUN - KT&G, South Korea's largest tobacco and ginseng company, will build a plant in northeast China's Jilin province to tap into the world's largest market for the root. The company signed a cooperative treaty with the Jilin provincial government in Changchun city, the ...

Bayer HealthCare relocates

An advertisement for White and Black, a cold medicine, in a subway station in Beijing. Bayer HealthCare bought the brand in 2006 for 100 million euros ($141 million). [Photo / China Daily] The drugmaker says relocation is scheduled to be completed by June this year BEIJING - The ...

China Resources Q4 net falls, positive on 2011

HONG KONG - China Resources Enterprise Ltd, the country's biggest supermarket operator and top beer maker on Thursday posted a sharp jump in 2010 earnings, fueled by growing sales in its core businesses and gains from the disposal of non-core assets. The company, which produces ...

China Huiyuan bets on sparkling fruit juice sales

HONG KONG - China Huiyuan Juice Group Ltd, the country's largest fruit juice producer and once a takeover target of Coca-Cola Co, expects its new product of sparkling fruit juice to account for about one-fifth of its sales by the end of 2012, and is under no pressure to lift ...

NetEase launches pig breeding project

The Chinese Internet company NetEase.com Inc announced Wednesday it will launch a 1,200-mu (80-hectare) pig farm in Anji county of eastern China's Zhejiang province, China Business News reported. The first phase of the pig farm's construction is underway. The meat may be ...

Gree Electric net profit up 46.76%

BEIJING - Gree Electric Appliances, China's largest maker of home air-conditioners, reported Thursday its 2010 net profit soared 46.76 percent year on year. The company's net profit hit 4.28 billion yuan ($651.82 million), the Guangdong-based firm said in its annual business ...

Maersk to open new gateway

GUANGZHOU - Maersk Line, the world's largest carrier of shipping containers by volume, will open its third gateway in South China at Nansha port in Guangdong province, said Soren Karas, head of the company's South China cluster. The company will also add five shipping routes to ...

China's Golden Dragon Copper plans 3.5b yuan IPO

SHANGHAI - China's Henan Golden Dragon Precise Copper Tube Inc, partly owned by Lehman Brothers Holdings Inc, Goldman Sachs Group Inc and the private equity unit of Standard Chartered Plc plans to raise 3.5 billion yuan ($533.72 million) through a domestic initial public offering...

Guangdong Nuclear may cut bid for Kalahari

BEIJING - State-owned China Guangdong Nuclear Power (CGNPC) may cut its proposed 756 million pound ($1.2 billion) offer for uranium miner Kalahari Minerals in light of Japan's nuclear crisis, a CGNPC official said on Wednesday. The official said CGNPC and Kalahari, which backed ...

China Gold Int'l says plans to acquire abroad

HONG KONG - Hong Kong- and Toronto-listed gold producer China Gold International Resources Corp Ltd plans to boost production of copper and to acquire gold and copper mines outside China, the company's executive vice-president said. China Gold International, 42 percent owned by ...

Suntech revels in bright future

Suntech's presentation board at the 2nd International PV Solar Energy Conference and Exhibition held in Beijing. [Photo / China Daily] SAN FRANCISCO - Suntech Power Holdings Co Ltd, one of the world's largest solar panel makers, secured the No 1 position in the United States, ...

Zhongjin Gold 2010 profit doubles on higher gold prices

BEIJING - Zhongjin Gold Corp, China's second-largest bullion producer by market value, said Wednesday its profits more than doubled last year due to higher prices for non-ferrous metals. Net profits climbed to 1.13 billion yuan ($171.21 million) from 521.43 million yuan in 2009. ...

CNOOC sees net profit up 84.5%

BEIJING - China National Offshore Oil Company Limited announced Wednesday that its net profit surged 84.5 percent year on year to 54.41 billion yuan ($8.29 billion) in 2010. The company's net production of oil and gas rose by 44.4 percent year on year to 328.8 million barrels of ...

China to encourage dividend distribution

China's watchdogs are considering new rules to encourage listed companies to share active profits with their shareholders, China Securities Journal reported Wednesday. The rules may require all listed companies with consecutive profits to pay yearly dividends based on a certain ...

China Oilfield 2010 net profit rises 31.7%

BEIJING - China Oilfield Services Limited (COSL), a leading integrated oilfield services provider, posted a 31.7 percent year-on-year net profit increase as its exploration business expands. Its net profit hit 4.13 billion yuan ($629 million), COSL said in its 2010 annual report ...
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