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Baosteel scales back expansion target

Baosteel Group Corp scaled back its 2015 expansion target to 60 million metric tons capacity, the China Business News reported, citing Chairman Xu Lejiang. The financial crisis made the company more cautious in planning, Xu was cited as saying, without elaborating. The new target ...

Industry meltdown possible if miners stick to price hike

BEIJING - Chinese steel mills have expressed their reluctance to accept iron ore prices of potentially $160 per ton proposed by Vale and BHP in the third quarter, saying that the price hike will create carnage in the nation's steel industry. "BHP has recently informed us that ...

PetroChina lines up $60b to boost overseas oil, gas output

BEIJING - PetroChina Co, the nation's largest oil and gas producer, will invest $60 billion to increase its overseas oil and gas output to 200 million tons every year, Chairman Jiang Jiemin said on Thursday. Jiang told reporters that the company's overseas oil and gas cooperation ...

Metro to open first electronics China store in Oct

German retailer Metro said on Thursday it will open its first media markt, or consumer electronics store, in China in October and will add 100 new stores to its global store network this year. "After a period of reduced investment in 2009, we will step up our expansion speed ...

China's Benxi Steel agrees to acquire Beitai

SHANGHAI - China's Benxi Iron & Steel Group has agreed to acquire Beitai Steel, in a move that could make it No 3 among the country's steelmakers after a planned merger with the Anben Steel Group, the China Business News reported. Benxi Steel and Beitai Steel, both located in the ...

NetEase may buy companies to boost China web search

NetEase.com Inc, China's third- biggest online games provider, said it may acquire companies to expand its Internet search business, after Google Inc moved its Chinese service offshore. "If an acquisition can help the development of our search business, then why not go for it," ...

NVC Lighting opens at IPO price on HK debut

HONG KONG - Shares of NVC Lighting opened at HK$2.1 (26.9 US cents) on Thursday on its debut at the Hong Kong stock exchange, the same as its price of the initial public offering (IPO). NVC Lighting, one of the Chinese mainland's leading suppliers of lighting products, said ...

Foton plans India vehicle plant in 2011

MUMBAI/SHANGHAI - Major Chinese truck maker Beiqi Foton Motor Co, a Daimler AG partner, is considering building a manufacturing plant in India, making 100,000 vehicles annually, three sources familiar with the situation said on Wednesday. "Beiqi has set up a special team for the ...

CNPC set to buy 35% stake in Shell's Syria unit

BEIJING - China National Petroleum Corp (CNPC) said on Wednesday it is acquiring a 35 percent stake in Royal Dutch Shell Plc's oil and gas unit in Syria, the latest move in its overseas expansion to meet rising domestic demand. The oil and gas producer will buy stake in Shell's ...

Sina may replace Google as China partner on searches

Sina Corp, the owner of China's third-most-visited website, said it may seek other search engine providers to replace Google Inc after the US company moved its Chinese site offshore. "If they cannot continue to provide high-quality service then we have to consider our alternative...

Blackstone group eyes agriculture market

A consortium led by Blackstone Group has invested $600 million in the to-be-listed Dili Group Holdings Co, which is planning to build a nationwide logistics network for agricultural products, the Economic Information Daily reported Wednesday. The logistics network will be built ...

NVC Lighting raises HK$1.37b from HK IPO

HONG KONG - NVC Lighting, one of the Chinese mainland's leading suppliers of lighting products, said Wednesday that the price of its initial public offering was set at HK$2.1 (26.9 cents) per share and the net proceed of its IPO was about HK$1.37 billion ($175.59 million). In a ...

China Sci-Tech says share sale gets good response

China Sci-Tech Holdings Ltd said it received "very good" response for a $1 billion equity sale that will fund its plan to acquire copper mines in Peru and Australia, as a market rout forced rivals to cancel offerings. "Investors' feedback to us has been very, very good, and our ...

China firms raise decade-high amount in H1 IPOs

Chinese companies raised the most this decade in first-half initial public offerings as Huatai Securities Co and more than 170 other firms tapped the country's financial markets. Companies raised 215.3 billion yuan ($31.8 billion) from IPOs, said Tong Daochi, the China Securities ...

PetroChina Dalian refinery runs at normal rate

PetroChina Co's Dalian oil refinery, the company's biggest, is operating at a normal rate even as an oil spill closed nearby berths, because the plant relies on its own docks to ensure steady crude supplies and fuel shipments. The plant is operating at 95 percent of capacity, ...

China's Camelot Information raises $147m in US IPO

Camelot Information Systems Inc, which helps companies install and maintain business-management software, raised $147 million in an initial public offering after selling shares at the low end of its forecast range. Camelot Information, founded in 2000, sold 13.3 million American ...

Officials held in toxic wastewater leak

SHANGHANG, Fujian - Two more local environmental officials have been detained for their inadequate supervision in the recent toxic wastewater leakage at a copper mine in Shanghang county of East China's Fujian province, local prosecutors said on Tuesday. Bao Weidong and Wu ...

Chinese air carriers eye more intl flights

The Civil Aviation Administration of China (CAAC) said recently it will further subsidize special long-haul international flights and expand the variety and scope of tax reductions and exemptions on international routes to encourage domestic airline companies to fly overseas, ...

Zijin shares jump in Shanghai

Zijin Mining Group Co, China's biggest gold producer, rose by the maximum 10 percent limit in Shanghai as Great Wall Securities Co and Shenyin & Wanguo Securities Co said the company's recent losses were excessive. Zijin Mining gained 0.52 yuan to 5.73 yuan at the 11:30 am local ...

China's GD Power plans $1.43b share sale

China's GD Power said on Tuesday that it planned to raise up to 9.7 billion yuan via a share placement. The company said proceeds from the sale of no more than 3 billion shares would be used for new energy development.
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