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Bank of Qilu Probed for Loan Fraud

The Bank of Qilu has been found to be involved in a massive loan fraud and police in Ji'nan, capital of Shandong Province, is probing into the case, China Business News reported Tuesday. The bank which changed its name from Ji'nan City Commercial Bank in 2009, began to show signs ...

China Eastern 2010 Profit Predicted to Surge 10 Times

The Shanghai-based China Eastern Airlines, a leading air carrier, said late Tuesday that its net profit in 2010 would hit a record high of 5.4 billion yuan (about 816 million U.S. dollars), 10 times that of 2009, thanks to the booming air travel in China. The company said in a ...

China UnionPay Enjoys Robust Growth during New Year Holiday

China UnionPay Co. Ltd. (CUP), a Chinese bankcard services provider, said Tuesday its inter-bank transactions grew robustly during the country's New Year holiday. From Jan. 1 to Jan. 3, domestic inter-bank transactions totaled 92.19 billion yuan (13.9 billion U.S. dollars), up 44...

China Eastern Airlines Resuming Nepal Flights Soon

China Eastern Airlines is resuming flights to the Nepali capital of Kathmandu from Jan. 11. The airline will fly on Kunming-Kathmandu-Kunming route three times a week using Boeing 737-700 aircraft. Speaking at a press conference on Monday, Zhao De Jian, station manager of the ...

Hyundai, Kia Target Sales Increase to 6.3 Mln Vehicles

South Korea's two largest automakers, Hyundai and its affiliate, Kia, are now aiming to increase their global sales by 10 percent this year with a focus on boosting quality and developing new models. The carmakers are targeting combined sales of 6.3 million vehicles. They sold an ...

Apple Woes Continue as Some Sleep in Asia, Europe

Some iPhone users in Asia and Europe have complained of malfunctioning alarms, even after Apple reassured users that its phones' built-in clocks will work today. People complained they missed flights or were late to arrive at work, as the alarm built into Apple's iPhone failed to ...

China's Hi-tech Industrial Zones Take Lead in Industrial Innovation

China's 56 leading hi-tech industrial zones have led the country's industrial innovation, playing an important role in the nation's social and economic development, a government statement said Saturday. The statement came from the Ministry of Science and Technology's Torch High ...

Wuhan Steel's Profit Up 20% in 2010

China's major steelmaker Wuhan Iron and Steel Group would likely see a 20-percent rise in profits in 2010, despite rising production costs, the company said in a statement Friday. Wuhan Iron and Steel Group is the state-owned parent of Shanghai-listed Wuhan Iron and Steel Co. Ltd...

Ford, Chrysler Recall over 160,000 Vehicles

Ford Motor Co. said Thursday that it is recalling nearly 15,000 2011 models vehicles over fire concerns. Separately, Chrysler Group LLC issued three new recalls for nearly 150,000 vehicles on the same day. Ford said it is recalling 14,737 2011 F-150, F-250, F-350, F- 450, F-550, ...

China on road from acquired to world's No. 2 acquirer

China will become the world's second-largest acquirer this year after the United States with surging outbound direct foreign investment, according to a Chinese Academy of Social Sciences report issued yesterday. In the first 11 months, China's non-financial outbound foreign ...

BASF breaks ground for Shanghai innovation park

BASF, the world's leading chemical company, announced the groundbreaking for a new innovation technology park on Monday as it expands in China and the Asia-Pacific region. The new innovation park will open in the first half of 2012 in the Pudong New Area of Shanghai, said Saori ...

Middle East:Iraq daily oil output exceeds 2.6 million bpd

Giving a much awaited boom towards its set goal of achieving 2.25 million, Iraq's oil output has exceeded 2.6 million barrels a day on Monday. According to country's oil ministry, oil production will reach its planned higher targets "sooner than expected. Iraq has awarded 15 oil ...

Europe: Alberta would oppose EU ban on oil sands crude imports: official

Alberta will oppose any move by the European Union to ban imports of crude oil from the western Canadian province because of environmental concerns, a senior government official said Tuesday. "We will make sure oil sands products are not wrongly targeted by them [EU] under the ...

Brazil's Petrobras to Speed up Two Pre-salt Oil Projects

Brazil's state-controlled oil and gas giant Petrobras announced on Friday its decision to speed up the operations of two pre-salt projects. The company decided to charter two new floating production, storage and offloading platforms (FPSO) for the Guara-Norte area and Cernambi ...

SOEs to use overseas funds

State-owned firms should welcome involvement from foreign capital BEIJING - The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council has called for the engagement of non State-owned capital, including private and foreign assets, in the stake...

Substandard dairy companies face closure

BEIJING - The country's top food-quality regulator on Thursday required all domestic dairy companies to renew their production licenses this year or face closure. The move is the latest bid to ensure food safety following a scandal over melamine-tainted baby formula that killed ...

Container-ship demand to rise on trade boost

HONG KONG - China Rongsheng Heavy Industries Group Holdings Ltd, the nation's largest private shipbuilder, expects container-vessel orders to rise this year as world trade rebounds from the global recession. "Container-ship orders are looking better this year," Chief Financial ...

Beijing Yanjing pays 150m yuan to acquire Jinchuan

BEIJING - Beijing Yanjing Beer Group Corporation, China's third-biggest beer brewer by sales, is expanding in its traditional best-selling area of the Inner Mongolia autonomous region, by purchasing a local brand called Jinchuan. Yanjing's Shenzhen-listed subsidiary Beijing ...

New deal polishes company's tarnished image

SHANGHAI - Hangxiao Steel Structure Co Ltd received an order worth $69.56 million from Reliance Infrastructure Ltd, a subsidiary of India's Reliance Anil Dhirubhai Ambani Group, on Thursday, marking substantial progress in the Hangzhou-based company's overseas business. In a ...

China expects refined oil output to hit 310 mln tonnes by 2015

China expects its annual refined oil output to reach 310 million tonnes by 2015, Zhang Guobao, head of the State Energy Administration, said here Thursday. China will add about 100 million tonnes to its oil refining capacity during the 12th Five-Year Program which runs from 2011 ...
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China slams Japan's NHK governor's denial of Nanjing massacre
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China's farm product pricing plan shifts to market orientation
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IMF chief warns of risks to recovery
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Minivans rev up sales for GM
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Lucrative golf industry lures stiff competition
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