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Chinese firm to build luxury helicopters

WENZHOU - A Chinese motor home manufacturer has acquired licenses from regulatory authorities to build luxury helicopters using technologies from Eurocopter, sources told Xinhua on Friday. The State Administration for Industry and Commerce (SAIC) had approved Zhong-Ou Internation...

Sequoia quits Feihe funding partnership

BEIJING - Feihe International Inc, the first Chinese dairy company to list overseas, is facing a withdrawal by its venture capital partner, which may provoke huge cash-flow pressures. According to a news release on the New York Stock Exchange, the milk powder manufacturer will ...

AgBank to Pay 2.59Bln Yuan for 51 Pct of Jiahe Life Insurance

Agricultural Bank of China (AgBank), the country's fourth largest lender, said on Friday that it would pay 2.59 billion yuan (392 million U.S. dollars) for a 51 percent stake in Beijing-based Jiahe Life Insurance Co. The bank said that its board of directors had approved its plan ...

IMAX considers lower price in China

NEW YORK - IMAX is considering lowering the price and opening over 100 new IMAX theaters in China, the company's CEO Richard Gelfond told Xinhua. "IMAX is thinking of lowering the price in order to attract more people coming into theaters," Gelfond said, "We have identified 350 ...

Tailor sews up new career

Hu Haixia, a native from Lishui, Zhejiang province, works in a tailoring shop in Hengdian World Studios, China's biggest film studio, on Jan 19. Her shop attracts many film and TV stars who want to buy down coats. [Photo/China Daily] Dongyang, Zhejiang - Setting up a tailoring ...

Esprit H1 net down 21%, eyes sourcing outside China

Europe-focused clothing retailer Esprit Holdings posted a 21 percent fall in first-half net profit and will switch its textile sourcing to Bangladesh from southern China to cut costs. Esprit, like rivals such as the world's No 3 fashion retailer Hennes & Mauritz, faces the ...

Vanke expects dreary month

'Sharp' decline in sales predicted after 221% revenue boost in January SHANGHAI - China Vanke Co, the country's biggest developer, said it expects a "sharp" drop in sales this month after revenue in January more than tripled to a record 20.1 billion yuan ($3 billion). Revenue ...

Bright Dairy denies yogurt bid talk

BEIJING - Bright Dairy & Food Co, China's third-biggest dairy company by sales, denied that it is bidding for a stake in a French yogurt maker. Gong Yanqi, a spokeswoman for the Shanghai-listed company, told China Daily that Bright Dairy & Food is not discussing a bid for a 50 ...

Wanhua Industrial turns gaze to Europe

Hungarian purchase will help consolidate its global position SHANGHAI - Wanhua Industrial Group Co Ltd consolidated its global footprint by purchasing a 96 percent stake in the Hungarian isocyanate producer BorsodChem Zrt, according to an announcement on Thursday by Shanghai...

Taking a slow boat from China

Cruise operators are planning to set sail into the domestic market BEIJING - Five years ago when Costa Crociere S.p.A first entered China, the cruise travel industry was an untapped market. Today, the Genoa-based cruise operator, which has a 70-percent market share in China's ...

Pawnshops cash in during long Spring Festival

Pedestrians walking past a pawnshop in Nanjing, Jiangsu province. By the end of 2010, the total registered capital of the Chinese pawn industry grew by 5.1 times over 2005. [Photo/China Daily] BEIJING - The Chinese gift-giving custom during the Spring Festival boosted the ...

Hunan Corun's battery purchase

BEIJING - Hunan Corun New Energy Co Ltd said on Wednesday that it has agreed to purchase a division of Panasonic Corp that produces automotive nickel-hydride batteries for 502.4 million yen, or 40 million yuan ($6 million). The Hunan-based battery maker will buy the related ...

Freight charges are the focus for steelmakers

BEIJING - The focus of iron ore negotiations between Chinese steelmakers and global iron ore producers this year will shift to freight price stabilization, to keep steelmakers' costs low, the Economic Observer Newspaper reported. China's steel mills and its steel lobby body, the ...

Chinese SME leaders forum kicks off in New York

NEW YORK - The Chinese small medium enterprise (SME) leaders forum was held here on Wednesday, with over 100 Chinese entrepreneurs attending the meeting. Bill Clinton, the former US president, was invited by the forum to give a speech. He said the 21st century was challenging for ...

Shanghai SOEs sell off assets totaling 11b yuan

SHANGHAI - State-owned enterprises (SOEs) in Shanghai sold off 11 billion yuan ($1.67 billion) in assets and equities on the property-rights market in 2010, as the city stepped up efforts to improve efficiency and eliminate business overlaps among SOEs. The amount accounted for ...

Disney's Earnings Up in 1st Quarter of Fiscal Year

The Walt Disney Co. announced on Tuesday that its net income increased by 54 percent during the fiscal year's first quarter, which ended Jan. 1. Net income hit 1.3 billion dollars, or 68 cents per share, from 844 million, or 44 cents per share, a year earlier, according to the ...

Train makers hope to be on track for big US rail plan

China 'leads world' in high-speed technology, ready for opportunities BEIJING - The country's two major train manufacturers hope to get on track for potential business opportunities following the $53 billion high-speed rail investment plan unveiled by the Obama administration on ...

MCC's property arm accelerates overseas expansion

Real estate arm in Singapore looks to grow rapidly overseas BEIJING - The real estate arm of China Metallurgical Group Corp (MCC) is quickening property development in Singapore, making it China's first State-owned real estate firm to expand overseas amid rigorous property ...

IHG rebrands Holiday Inn for Chinese market

BEIJING - Holiday Inn Express is upgrading its image by announcing its new Chinese name to further boost its presence and competitiveness in the country's mid-scale market as the territory of economy hotels is mostly dominated by domestic brands. With its English name unchanged, ...

More Carrefour stores caught overcharging

BEIJING - Two more Carrefour stores were found to have overcharged customers, after 11 of the French retailer's stores in China were fined 500,000 yuan ($76,000) each in a government campaign to crack down on price manipulation during the Spring Festival holiday. Guangzhou-based ...
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