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Shell opens lubricants blending plant in China

Shell today started up a lubricants blending plant in Guangdong province to meet domestic growing demand. With a production capacity of 200 million liters a year, and the potential for a phased development to 400 million liters a year, the complex could become one of Shell s top ...

Wal-Mart launches probe into labor abuse allegations

United States retailing giant Wal-Mart yesterday launched its own investigation into the findings of a New-York based human rights group, which levied serious labor abuse allegations against the company after inspecting five of its supplier factories in China. "We take such ...

Wal-Mart price pressure hurts Chinese workers: report

Wal-Mart Stores Inc's demand for rock-bottom prices from suppliers in China means some of these companies are forcing their employees to work in sweatshop-like conditions, a new report said on Wednesday. China Labour Watch said Wal-Mart, which also operates more than 250 stores ...

US agricultural equipment maker AGCO expands market in China

AGCO, the world's third biggest agricultural equipment maker, said on Wednesday it would invest $100 million in China in the next three to five years to boost its presence in the emerging market. The company will open two factories in China next year, one in the eastern city of ...

Gindalbie may get funding from CDB

Western Australian iron ore producer Gindalbie Metals Ltd and Chinese steelmaker Anshan Iron & Steel Group Corp (Angang Group) are planning to invest A$1.8 billion to develop the Karara iron ore mine in Australia and expect to obtain loans amounting to $1.2 billion from China ...

BAIC may bid for select Saab assets, analysts say

China's BAIC, part of a group that abandoned its bid to buy General Motors' Saab unit, could still bid for some Saab assets on its own but is unlikely to try for the whole company, analysts said. Beijing Automotive Industry Holding Corp (BAIC) must decide its next move after its ...

Baidu to boost search engine market share with new services

Chinese search engine Baidu Inc yesterday launched two services for mobile users, in an effort to gain an edge and market share in the world's largest mobile market. Baidu launched its client software that combines search and other functions it offers on the PC Internet. With ...

IKEA to launch two shopping centers in China

The Inter IKEA Center Group (IICG) on Tuesday unveiled two "Super Regional Shopping Center" projects located respectively in Daxing District in Beijing and Wuxi in eastern Jiangsu province. In the shopping centers, IKEA stores will be one of its main attractions, which, together ...

China Pacific gets nod for $3.4b HK IPO

China Pacific Insurance (Group) Co Ltd, China's third-largest life insurer, has received government approval for its long-delayed plan to float shares in Hong Kong to raise at least 23.3 billion yuan ($3.4 billion). The China Securities Regulatory Commission has approved the ...

Baosteel buys 15% stake in Aussie miner

Baosteel Group, China's leading steelmaker, announced on Monday its acquisition of 15 percent stake in Aquila Resources, an Australian iron ore and coal company. The A$286 million ($265 million) has made Baosteel the second largest shareholder of Aquila, said the Chinese company ...

Shanghai Yuyuan Tourist Mart forecasts profit gains in 2009

Shanghai Yuyuan Tourist Mart Co, a major Chinese retailer, Thursday forecast a 50-percent growth in annual profits for last year. In a brief statement filed to the Shanghai Stock Exchange, Shanghai Yuyuan Tourist Mart attributed the growth to its investment return in an increased ...

Hunan Valin Steel amends profit forecast in 2009

Hunan Valin Steel Co, one of China's major steel makers, on Thursday amended the forecast of its 2009 net profit and expected it to return to the black. In a statement to the Shenzhen Stock Exchange, the Hunan-based company amended last year's net profit from losses of 220 ...

Huarong says 2009 net profit up 103% year-on-year

China Huarong Asset Management Corporation,one of China's four state-owned asset management firms, registered a 17.38 percent growth in business revenue and 102.98 percent jump in net profit in 2009 from 2008, the company said on Wednesday. "The Corporation has fully fulfilled ...

Bengang Steel Plates forecasts huge deficit for 2009

Bengang Steel Plates Co, China's leading steel plates producer, on Thursday forecast its net profits in 2009 would stand a loss of 900 to 950 percent from the previous year. In a statement to the Shenzhen Stock Exchange, Bengang Steel Plates said its net profits in 2009 would be ...

Zhejiang China Commodities City Trading: profit rise

Zhejiang China Commodities City Trading Co, China's biggest wholesale firm, on Thursday forecast its net profits in 2009 would increase 50 percent from the previous year. The launch of a new wholesale center in Yiwu City, Zhejiang province in October 2008 contributed significantl...

Chana Automobile expects 2009 net profits to soar

Chana Automobile, a leading Chinese automaker which is also known as ChangAn, said on Thursday that it expected the company's net profits in 2009 to jump by 42 to 46 fold from the previous year. In a statement filed to the Shenzhen Stock Exchange, Chana Automobile said its net ...

CSG Holding forecasts soaring profits for 2009

CSG Holding Co, Ltd, China's leading glass manufacturer, forecast its net profits in 2009 would jump 90 to 102 percent from the previous year Thursday. Its shares opened at 17.85 yuan a piece Thursday, up 1.25 percent from a previous close. In a statement filed to the Shenzhen ...

Construction machinery makers enjoy stimulus push

Construction machinery manufacturers will report better-than-expected earnings for 2009, thanks to a huge increase in demand from the government's stimulus package. Eighty percent of manufacturery expect last year's profits to reveal record growth, above the 60 percent average ...

Baidu forms online shopping mall JV

Baidu Inc, a major Chinese language Internet search provider, and Rakuten Inc, the largest e-commerce website in Japan, yesterday announced an agreement to jointly invest $50 million over three years in a joint venture to build a B2B2C online shopping mall for Chinese-Internet ...

CIC planning more resource investments

China's $300 billion sovereign wealth fund is considering new investments in resource-related companies after bets on commodities producers from the US to Kazakhstan paid off in 2009. China Investment Corp (CIC) increased spending on energy and mineral assets last year to profit ...
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