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China Hainan Air completes $440m share placement

SHANGHAI: Hainan Airlines Co, China's fourth-largest carrier, said on Thursday that it had completed a private placement of 595 million new shares worth 3 billion yuan. Hainan Airlines issued the new shares to the Hainan provincial government and its parent company, HNA Group, at ...

Overseas demand to aid Nippon Yusen

TOKYO: Nippon Yusen KK, Japan's largest shipping line, will be increasingly reliant on shipping iron ore and coking coal to China as it expands its fleet as domestic growth stagnates. China may account for half of the iron ore and coking coal the company ships by 2015, up from 20 ...

BBMG inks deal for Lafarge China units

Building material manufacturer aims to corner market in Beijing SHANGHAI: China's leading construction material manufacturer, BBMG Corporation, said yesterday it plans to pay about $74 million to Lafarge China Overseas Holding Co Ltd to purchase shares in two cement makers and ...

WuXi aims to beat rivals on price

WuXi PharmaTech, a Chinese drug-research company that provides scientists-for-hire to conduct research and development (R&D), hopes to become a global player in the next five to 10 years, a corporate executive said yesterday. The Shanghai-based company said it will do so by ...

Japanese car giants hike capacity as demand surges

TOKYO: Japanese carmakers are increasing capacity in China to meet surging demand in the nation, which surpassed the United States as the world's largest auto market in 2009. They were also buoyed by a rebound in the US auto sales, which gained for a third month in January. ...

China Unicom closes lower on clarification over NITEL bid

BEIJING: China Unicom Ltd closed down 1.38 percent at 6.49 yuan (95 cents) per share on Tuesday, on clarification over its involvement in Nigerian Telecommunications Ltd (NITEL) bid. In a statement to the Shanghai Stock Exchange late Monday, China Unicom, the country's second ...

China's Sanjiu net profit surges 42% in 2009

BEIJING: Sanjiu Medical & Pharmaceutical Co Ltd, manufacturer of traditional Chinese medicines on stomach diseases and cold, said Tuesday its net profit in 2009 surged 41.86 percent year-on-year. In an unaudited financial statement to the Shenzhen Stock Exchange, the Shenzhen...

CITIC mulls CLSA stake to drive overseas expansion

CITIC Securities, the largest mainland brokerage by assets, is in talks to acquire a minority stake in Hong Kong-based brokerage CLSA Asia-Pacific Markets in a bid to expand business overseas, the Century Weekly magazine reported yesterday. The securities firm is likely to ...

China Southern Airlines likely to receive 1.5b yuan

BEIJING: China Southern Airlines, the country's largest carrier, said late Monday that it was likely to receive 1.5 billion yuan ($219 million) as capital injection from its parent company. The parent China Southern Air Holding Co would use the funds, which was allocated by the ...

Job seekers pounce on openings in Year of Tiger

March and April high time as companies lay out annual plan for new employees As the lunar new year ignites a steady supply of pyrotechnics, so too are the feelings of the city's employees being fired up with the promise of new jobs after the economic crisis. "It will be a new ...

Gome ex-chairman Huang charged with bribery

China pressed charges for commercial crimes against Huang Guangyu, former chairman of Gome Electrical Appliances Holdings Ltd, China News Service said, citing a Beijing court. Huang, who was the largest shareholder of China's second-biggest electronics retailer by market value, ...

US panel OKs trade probe against China drill pipe

A US trade panel on Friday narrowly approved a Commerce Department investigation into charges Chinese companies are selling oil well drill pipe in the United States at unfairly low prices. The US International Trade Commission voted 3-3 that there was a reasonable indication US ...

Shaanxi province apple exports rebound as financial crisis effects fade

XI'AN: Northwest China's Shaanxi province has reported a significant recovery in apple juice and fruit exports as it shakes off the impact of the global financial crisis. Fruit companies in the province sold 525,400 tonnes of fruit into the international market in 2009, up 28.5 ...

China Telecom joins GSM Association

MADRID: The GSM Association (GSMA), an organization representing the interests of the worldwide mobile communications industry, announced Monday that China Telecom, KDDI and Verizon Wireless have joined the organization after committing to deploy services based on Long-Term ...

Nearly 70% of exported machinery, electronic products done by foreign-funded firms

BEIJING: Foreign-funded enterprises in China exported $494.4 billion worth of machinery, electrical and electronic products in 2009. A document posted on the website of the General Administration of Customs (GAC) said the figure made up 69.3 percent of the country's total exports ...

Australia trade talks resume to boost ties

Agriculture remains stumbling block to deal, Canberra says SYDNEY: Trade talks between China and Australia will restart this month despite tension surrounding the trial of a Rio Tinto executive on allegations of bribery, the Australian Minister for Trade said yesterday. ...

Majority stake in Okay Airways changes hands

TIANJIN: The majority shareholder of Okay Airways Co, China's first private airline, has changed ownership after a private logistics company took a 71.4-percent stake of the shareholder, the airline said Thursday. Wang Shusheng, chairman of Tianjin Datian W Group Co, has taken ...

UBM Asia joins hand with Trust to organize Sign China

UBM Asia Ltd, a fully-owned subsidiary of London-based United Business Media Limited, announced Friday that it has formed a 70-30 joint venture with Trust Exhibition Co Ltd, the organizer of Sign China, to jointly develop the international advertising industry show. "We are very ...

Laiwu Steel 2009 profit down 63%

Laiwu Steel Group, China's seventh biggest steel maker by output, announced Thursday its net profit in 2009 plunged 63 percent year-on-year to 96.9 million yuan ($14.1 million). The decline was due to steel price fluctuations last year caused by the economic downturn, the company ...

Ping An has no plan to raise capital

Ping An Insurance (Group) Co of China has no plans this year to raise capital, board chairman Ma Mingzhe told reporters, according to Friday's Guangzhou Daily. Ping An, China's second largest insurer, is waiting for approval to acquire Shenzhen Development Bank. The company has ...
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