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China's central SOEs post $80.1b in six-mth profit

BEIJING - China's centrally-administered State-owned enterprises (SOEs) reported combined profits of 542.96 billion yuan ($80.1 billion) during the first half of this year, the nation's SOE watchdog said Monday. The figure represented an increase of 207.02 billion yuan from one ...

Chinese CEOs to focus on global vision

BEIJING - Faced with an increasingly complex business environment, Chinese CEOs are starting to attach more importance to skills like "creativity" and "global vision" than their global peers, a biennial report released by International Business Machines Corp (IBM) showed. Experts ...

Shanghai SOEs may face shake up

SHANGHAI - Two listed retailers under the Bailian Group Co suspended trading on Monday due to corporate restructuring, which may be a sign of things to come in Shanghai as State-owned enterprises look to improve efficiency and eliminate overlaps in redundant business units. ...

New nuclear plant to land in Guangxi

China Guangdong plans to start work this month, complete first phase by 2016 BEIJING - China Guangdong Nuclear Power Holding Corp will start work on a nuclear power plant in Guangxi Zhuang autonomous region later this month. Guangxi Investment Group will partner China Guangdong ...

Morgan Stanley sells $177m Shanghai property

Morgan Stanley has sold a serviced apartment project in Pudong for 1.2 billion yuan ($177 million), making it the second-largest residential deal in Shanghai so far this year, the South China Morning Post reported on Monday. Morgan Stanley Real Estate Fund has sold the residentia...

Severe overcapacity in China's stainless steel industry

China's stainless steel industry is facing severe overcapacity due to sluggish demand and lack of high-end product manufacturers, the China Business Daily reported Monday. China's stainless steel industry boasts an annual capacity of 15 million tons, but the actual output is less ...

Shampoo products taking a bath with Bawang scare

Beijing's consumers are still in a lather about herbal Bawang shampoo products, despite the fact that China's food and drug watchdog has declared the Guangdong-based company that makes them compliant with quality and safety requirements. Bawang International Group's products were ...

China seals oil port after spill; PetroChina cuts runs

BEIJING - China closed the Dalian Xingang oil port in Northest China, home to the country's largest oil reserve bases, after crude pipeline explosions spilled oil into the sea, an industry executive said on Monday. State oil major PetroChina, which operates two major refineries ...

China Huarong sets up PE fund in Chongqing

China Huarong Asset Management Corp formed a private equity fund with Chongqing Yufu Assets Management Co, a local financing vehicle in the western municipality, the China Securities Journal reported today, citing Huarong. The fund aims to raise 10 billion yuan ($1.47 billion), ...

Zijin Mining required to close copper plant

Zijin Mining Group Co, China's largest gold producer, said that it is required to close a copper plant in Shanghang, Fujian province, after a "substantial leakage of waste water" was discovered by a government team of investigators. A plant manager, deputy plant manager and ...

COSCO says it may swing back to profit in H1

BEIJING - China COSCO Holdings Co, China's largest shipping line, said Saturday it may swing back to profit in the first half as its shipping business recovered. The company's shipping business rebounded strongly in the first half as the global shipping market recovered, the ...

Burberry to buy out franchises in China

PARIS - Burberry Group Plc, the UK's largest luxury retailer, will take control of its franchised stores in China for 70 million pounds ($108 million) in a transaction that may boost earnings by almost 10 percent. The acquisition of stores and related assets from franchise ...

SFDA says Bawang shampoo 'safe to use'

BEIJING - China's food and drug watchdog Friday passed shampoos made by domestic firm Bawang International as safe to use, saying the levels of a potentially carcinogenic ingredient were within standards. A statement issued by the State Food and Drug Administration (SFDA) said ...

Cinda planning public float on domestic bourses

BEIJING - State-owned asset management company China Cinda Asset Management Co Ltd is planning to list its shares on the domestic capital market and rope in large financial institutions, including major commercial lenders, as strategic investors after it completes the restructuri...

Steelmakers to see new low in profits in July

Chinese steelmakers are likely to see a new low in profits in July amid rising iron ore prices and falling steel prices, the Economic Information Daily reported, citing a steel association official. The official also said that steelmakers will face greater cost pressure in the ...

China Eastern sees profit jump

China Eastern Airlines said its profit for the first half of 2010 would increase by more than 50 percent over the same period a year ago as the country's air transport market recovered rapidly. In a filing to the Hong Kong stock exchange late on Thursday, the airline said a ...

China Eastern in JV deal with Yunnan govt

China Eastern Airlines Corp, the nation's third largest air carrier, announced Tuesday it will set up a 3.66-billion-yuan ($540.3 million) joint venture airline company in southwest China's Yunnan province in collaboration with the local government. According to agreements signed ...

Zijin Mining faces production curbs

The government has ordered Zijin Mining Group Co Ltd to restrict production after discharges from its copper mine polluted a river and reservoir in Fujian province, the China Securities Journal reported on Tuesday, citing unnamed sources. Trading in shares of Zijin was suspended ...

China Gold's H1 profits surge 300% year-on-year

China National Gold Group Corp, China's largest and only State-owned gold mining company, said it earned nearly 1.55 billion yuan ($228.8 million) in the first half of this year, up about 300 percent from the same period of last year, according to a Tuesday report by the website ...

Zijin group 'attempts to buy silence'

SHANGHANG, Fujian - The Zijin Mining Group, China's largest gold producer, has been accused of attempting to bribe journalists to cover up a wastewater leak in Shanghang, East China's Fujian province. The Zijinshan Copper Mine, which is run by the group, suffered a wastewater ...
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