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Beijing steelmaker halts production to cut pollution

BEIJING - Shougang Group, a heavyweight steel maker located in the Chinese capital, on Thursday announced it had halted all its steel-making operation in Beijing. A shutdown ceremony was held Thursday morning in Shougang's Shijingshan site in western Beijing, marking the close ...

Cliffs buys mining firm to feed Asia's iron needs

Part-owner Wuhan Steel backs sale, US ore supplier says NEW YORK - Cliffs Natural Resources Inc agreed to buy Canada's Consolidated Thompson Iron Mines Ltd for about C$4.9 billion ($4.96 billion) to expand iron ore sales to Asia, the world's largest market for the steelmaking raw ...

PepsiCo aims to put fizz back in business

Subway commuters in Beijing walk past a vending machine containing PepsiCo beverages. According to reports, the company plans to buy back stake holdings from local partners in an effort to gain full control and profits of its business in the Chinese market. [Photo / Bloomberg] ...

Shanghai Pharma heads north

Company moves into Beijing with China Health System stake buy BEIJING - Shanghai Pharmaceuticals Holding Co Ltd, the country's second-largest drug company by revenue, on Wednesday announced the acquisition of a 65.2 percent stake in China Health System Ltd, the third-largest drug ...

China's top property developers post big rise in 2010 sales

BEIJING - Property sales by China's three biggest listed property developers surged in 2010 despite government measures to cool the sector, according to company statements Wednesday. Poly Real Estate Group Co, China's second largest developer, said its property sales in 2010 rose ...

Imported milk powder may overtake domestic producers

China imported a record volume of milk powder in 2010, blowing domestic milk powder producers and the whole industry chain out of the water, chinanew.com reported Tuesday, citing an official of the Ministry of Agriculture (MOA). Ma Ying, deputy director of the MOA dairy industry ...

Qingdao Port gets foreign foothold

BEIJING - Qingdao Port Co will operate a crude oil port in Myanmar adjacent to the Sino-Myanmar crude-oil pipeline, according to an announcement posted on the State-owned Assets Supervision and Administration Commission's website on Tuesday. This will set another successful ...

Moutai liquor sales boom before Spring Festival

BEIJING - Renowned domestic liquor producer Kweichow Moutai has been enjoying brisk sales as people around the country prepare to celebrate Spring Festival, or the lunar new year, the most important traditional Chinese holiday. "You're lucky, because our shop's supplies of 53...

China Southern Airlines sees sharp jump in 2010 profit

China Southern Airlines Co Ltd estimated 2010 profit would be about 15 times that of 2009 as demand for passenger and cargo transportation services soared. In a filing with the Hong Kong bourse late on Tuesday, the Chinese airline said net profit attributable to equity holders ...

Bluestar to buy Elkem for $2b

China National Bluestar Group Co Ltd, a subsidiary of ChinaChem Group Corporation and Orkla ASA have signed a binding agreement on Bluestar's buying of Elkem, Bloomberg reported. Elkem's main products are silicon, solar grade silicon, and special alloys for the foundry industry. ...

Michelin navigates its way into nation's lucrative map market

BEIJING - French tire maker Michelin entered China's map market on Tuesday by launching the first in its World Destination Travel Map Series, a move to take a bigger slice of China's booming outbound travel market. China is the first Asian country where Michelin has introduced ...

Carlyle sells $1.8b of China Pacific shares

Carlyle Group, the world's second- biggest buyout firm, sold $1.8 billion of China Pacific Insurance Co shares, Bloomberg reported. Carlyle sold 415.2 million of the Chinese insurer's Hong Kong-listed shares at HK$33.45 each, according to Bloomberg. The lockup period for the ...

Just the right prescription

Tongrentang looks to expand overseas with more stores in Europe and US BEIJING - Beijing Tongrentang Group Co Ltd, a traditional Chinese medicine (TCM) producer, plans to open three more stores in Europe and is looking for partners to set up shop in the United States, a company ...

Baoshan Steel 2010 profit more than doubles

Baoshan Iron & Steel Co, China s biggest publicly traded steelmaker, said 2010 profit more than doubled to 12.8 billion yuan ($1.9 billion), the highest since 2006, Bloomberg reported. Net income gained 120 percent from 5.82 billion yuan in 2009, according to an exchange filing .

China Baosteel to raise Feb prices by 100 yuan

Baoshan Iron & Steel, China's biggest-listed steelmaker, said on Tuesday it will raise its main product prices by 100 yuan ($15.07) per ton for February bookings, Reuters reported. The company, usually known as Baosteel, said the price increase would be applicable to most of its ...

State Grid, GE to create smart grid standards

BEIJING - State Grid Corporation of China, China's top power distributor and main operator of the smart grid project, said that it has signed a Memorandum of Cooperation with General Electric Co (GE) and the Chinese Academy of Science to jointly develop smart grid standards. The ...

Balanced polysilicon market seen this year

BEIJING - China's polysilicon market will be balanced in 2011 despite imports of the material, which is a main ingredient of solar panels, surging to a record in November 2010, an industry analyst said. China imported 6,153 tons of polysilicon in November, a rise of 159.8 percent ...

Embraer to sell 10 jets to China's CDB Leasing

SAO PAULO, Brazil - Brazilian aircraft maker Embraer agreed on Monday to sell 10 of its best-selling commercial aircraft to the leasing unit of China Development Bank, in a deal worth about $400 million at current market prices. Deliveries are expected to begin in the second half ...

China Railway Materials aims for $1.8b Shanghai/HK listing

SHANGHAI - China Railway Materials Commercial Co Ltd (CRMSC) plans to raise up to 12 billion yuan ($1.8 billion) in a dual listing in Shanghai and Hong Kong around the end this year, China Business News reported on Monday. CRMSC, established in September 2010 to become the listed ...

PetroChina,INEOS announce new JV in Europe

BEIJING - PetroChina Company Limited, China's largest oil producer, announced on Monday that its subsidiary has entered into a framework agreement with subsidiaries of INEOS Group Holdings plc for a new trading and refining joint venture in Europe. The agreement was signed ...
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