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Huawei Withdraws from U.S. Company Purchase

A leading Chinese telecommunication equipment manufacturer confirmed Monday that it would abandon its efforts to acquire assets of a U.S. computer company as recommended by a security panel. "Huawei Technologies Ltd. has withdrawn its application to the Committee on Foreign ...

Fuel Surcharges Hiked for Domestic Flights

Related: China Hikes Gasoline, Diesel Prices Chinese airlines will raise fuel surcharges for domestic flights starting Feb22 due to the rise in base fuel prices, the Xinhua News Agency reported Monday. Major airlines in the country, like Air China, are set to levy a fuel ...

Alibaba Execs Resign over Fraudulent Sales

Two top executives of China's e-commerce giant Alibaba.com, CEO David Wei and COO Elvis Lee, have stepped down from their positions after a probe into their company's dealings exposed over 2,000 users' involvement in fraudulent sales aided from within the company. The probe was ...

Best Buy Closes China Outlets

U.S. consumer electronics retailer Best Buy Co. Inc. has closed all nine outlets on the Chinese mainland, plus its regional retail headquarters in Shanghai, a statement on the company's website said Tuesday. It said Best Buy's China business would be merged into its wholly-owned ...

Huawei 'in London Underground Phones Bid'

Huawei Technologies Co. Ltd. in south China's Guangdong Province confirmed Monday that the company had participated in a phone network installation bid for the London Underground. A senior executive of the company told Xinhua that the bid was worth some 50 million pounds. "Huawei ...

Temasek Holdings Appoints New China Head

Temasek Holdings, Singapore's sovereign investment company, has appointed Ding Wei, a former senior manager of China International Capital Corporation Limited, to head its operations in China, the company confirmed on Monday. The appointment will take effect on Feb. 28, Temasek ...

SOEs Shorting Government Coffers

State-owned enterprises (SOEs) raked in profits of nearly 2 trillion yuan ($304.2 billion) last year, but official data shows that the government received only a small fraction of this sum - considerably less than the firms are required to pay. The SOEs, more than 120 in total, ...

Huawei Scraps Bid for 3Leaf

A major Chinese telecoms equipment maker is scrapping its effort to acquire a American computer company after a security panel refused to approve the deal. American critics said Huawei Technologies Ltd's bid to acquire 3Leaf Systems might allow sensitive technology to be ...

China's Central SOEs Performe well abroad: Regulator

China's centrally administered state-owned enterprises (SOEs) had posted healthy profits in foreign markets since they adopted the strategy of going global in recent years, government official said Tuesday. In 2009, China's SOEs' overseas assets took up 19 percent of their total ...

China's Anshan Steel to Set up Joint Venture with British Stemcor

China's Anshan Iron & Steel Group Corp. has inked a deal with British Stemcor to set up a joint venture, an official of the Chinese company said Tuesday. Anshan, the state-owned parent company of Ansteel based in northeast China, and Stemcor will each hold a 50 percent stake in ...

Carrefour, Wal-Mart Fined 9.5 mln yuan for Cheating Chinese Consumers

Nineteen stores of Carrefour and Wal-Mart in China were fined 9.5 million yuan (1.45 million U.S. dollars) for cheating consumers over prices, said China's economic planner and price regulator Tuesday. The National Development and Reform Commission (NDRC) disclosed the cases of ...

HP Quarterly Revenue Misses Expectation

Hewlett-Packard Co. (HP) on Tuesday posted a quarterly revenue that was lower than expected due to lackluster sales of consumer personal computers. For its 2011 first fiscal quarter ended on Jan. 31, HP reported revenue of 32.3 billion U.S. dollars, up 4 percent from the year- ...

Staff's Shock Shared by Customers

More than 1,000 workers were left without jobs after retail giant Best Buy closed its six Shanghai stores Tuesday. Several dozen staff gathered in front of the company's Xujiahui outlet Tuesday morning, demanding their jobs back or better compensation. They said they only found ...

Danish Shipping Giant Maersk Posts Record Profits for 2010

by Devapriyo Das, Gunnar Blaschke Shipping and container giant A.P. Moller-Maersk registered a profit of 28.2 billion Danish kroner (5.18 billion U.S. dollars) for 2010, the company announced in its annual financial report Wednesday. The results, a record high, marked a ...

NIKE to Double Annual Revenue in Greater China by 2015

NIKE, Inc. will have the annual revenue of its operations in greater China double the level for 2010 fiscal year in 2015, according to Craig Cheek, vice president of Nike, Inc. and general manager of Greater China for NIKE, Inc. Nike's revenue in Greater China for the 2010 fiscal ...

Health of Steve Jobs Affects Apple Inc. and Beyond

Steve Jobs is a legendary person whose vision has changed the way how computers and cell phones function, and his health certainly has impacts on Apple Inc. he founded and even beyond the computer world. Jobs announced indefinite medical leave from Apple on January 17. Since then ...

Boeing Signs MOU with HK Airlines for 38 Airplanes

Boeing Company has signed a Memorandum of Understanding (MOU) with Hong Kong Airlines for 38 Airplanes, Boeing said in a statement Tuesday. According to the statement, Boeing is delighted with Hong Kong Airlines'intention to expand its fleet with the purchase of 38 Boeing ...

BAIC Buys Assets of Swedish Transmission Plant

China's Beijing Automotive Industry Holding Co (BAIC) announced Wednesday that it had purchased all equipment and technologies from a Swedish transmission plant for 31 million euros ($42.5 million). Ma Tongli, deputy general manager of BAIC, said the purchases from WEIGL ...

Toyota's Late Recall Raises Questions about Its Credibility

Nearly one year after Toyota Motor Corp. President Akio Toyoda apologized to Chinese consumers and vowed to ensure the quality of Toyota vehicles in March 2010, the Japanese car company made another recall announcement in China. Toyota Motor (China) Investment Co. announced that ...

Alibaba Scandal May Help Rivals' Business

Alibaba.com Ltd, owner of China's largest online-commerce site, has been the go-to marketplace for Western companies seeking gaskets, garden gnomes and gelatin. Disclosures that its salespeople helped defraud buyers may send business to rivals Google Inc and Global Sources Ltd. ...
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