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Rio Tinto hires new China boss to improve ties

SYDNEY: Rio Tinto has named fluent Mandarin speaker Ian Bauert to head its China business, at a time of tense iron ore price talks and a case against four employees accused of illegally obtaining commercial secrets. Bauert, a 30-year Rio Tinto veteran who opened the company's ...

China Minmetals 2009 profit down 56%

BEIJING: China Minmetals Corporation's 2009 profit fell 55.6 percent year-on-year to 3.15 billion yuan ($462 million) on weaker foreign demands and lower metal prices, the state-owned company said Thursday. The Beijing-based metal and minerals trader's revenue declined 7.9 ...

Coca-Cola fined for bottled insect in soft drink

The Beijing Coca-Cola Beverage Company has been ruled to pay 2.05 yuan in compensation to a customer who found an insect in a bottle of Sprite. The ruling came Wednesday in a trial at Daxing district court, Beijing. A man surnamed Gao, who bought a box of soft drinks containing ...

GM sales in China soar 97% in January

General Motors' Chinese sales soared 97 percent in January from a year earlier to a record high of 219,192 units, the auto maker said yesterday. The United States company said it's the first time for its sales to go past the 200,000-unit milestone. "Demand in January was strong ...

Minmetals on the prowl for more overseas, domestic buys

Metals trader China Minmetals Corp yesterday said it expects better fortunes this year on the back of double-digit growth fueled by more overseas and domestic mergers and acquisitions (M&As). Zhou Zhongshu, president of Minmetals, said revenue for this year may go up by 20 ...

Second-hand e-tailer gets new lease on life from e-partners

Ma Jian has never regretted his decision two years ago to start a website focused on shopping for second-hand goods, despite objections from friends and relatives. Though many people told him the business would surely fail, Ma is pleased to see his first entrepreneurial venture ...

Pfizer sees strong growth in China

HONG KONG: Pfizer Inc, the world's biggest drugmaker, said it expects its China business to grow by at least 25 percent this year and is forging partnerships to increase its share of the nation's fast-growing pharmaceuticals market. "(Pfizer's business in) China is growing by 25 ...

Lenovo profit beats analysts' estimates on China

Lenovo Group Ltd, China's biggest maker of personal computers, reported fiscal third-quarter profit that beat analysts' estimates as the reviving Chinese economy boosted demand for technology products. Net income was $79.5 million, or 0.79 cent a share, in the three months ended ...

Everbright Bank reports slight increase in 2009 profit

BEIJING: Net profits of China Everbright Bank (CEB) rose 280 million yuan ($41.1 million) last year to hit 7.6 billion yuan, announced the Beijing-based bank Wednesday. The growth rate was lower than that in 2008 when the bank's net profit soared 45.2 percent year on year. A ...

Ctrip offers $88m for 90% stake in travel unit of Wing On

Ctrip.com International Ltd, an online travel service provider, plans to invest $88 million to acquire a 90 percent stake in a travel service unit of Wing On Travel (Holdings) Limited of Hong Kong, the company said in a statement yesterday. Ctrip hopes to strengthen its market ...

MCC plans stake buy in Oz firm

Building and engineering firm Metallurgical Corp of China (MCC) said yesterday that it plans to pay $200 million in cash for up to a 5 percent stake in Resourcehouse ahead of the Australian commodities group's planned Hong Kong listing. MCC, which helped build Beijing's "Bird ...

DBS considering yuan bond float

SHANGHAI: Singapore-based DBS Group Holdings Ltd said yesterday that it has started preparatory work for issuing yuan-denominated bonds in China and would communicate with regulators and investors in due time. "Yuan bonds are new products and we're actively considering whether to ...

Airbus sees more buys from Asian companies

SINGAPORE: Airbus SAS, the world's biggest plane maker, raised its Asia-Pacific demand forecast about 4 percent as economic growth in China makes air travel affordable for more people. Carriers in the region will buy about 8,000 planes worth $1.2 trillion over 20 years, Airbus ...

Poly Real Estate reports 57% profit surge in 2009

Poly Real Estate Group Co Ltd, China's second largest property developer by market value, said Wednesday its 2009 net profit jumped 57.19 percent from a year ago to 3.519 billion yuan ($515 million). The company attributed this to strong market demand and China's relatively loose ...

Esprit plans expansion in Chinese mainland

HONG KONG: Europe-focused Esprit Holdings, the world's No 7 fashion retailer by market value, posted a forecast-beating 5.2 percent fall in profit for its fiscal first half, saying it aims to expand its Chinese mainland network and broaden its footprint in Asia to improve its ...

CIMC buys stake in drilling platform designer

Analysts question company's move into 'unfamiliar' territory China International Marine Containers (Group) Co (CIMC), the biggest container provider in China, will purchase a 75 percent stake in Friede Goldman United (F&G) from Russia's MNP Group for $75 million to strengthen its ...

China Life forecasts more than 50% profit rise in 2009

China Life, the nation's largest life insurer, said on Thursday night its net profit is estimated to grow at least 50 percent in 2009 from a year ago. The sharp increase is boosted by strong gains in investment thanks to the bullish capital market last year, the company said in a ...

Profits of China's top aircraft maker up 14% last year

Profits of the Aviation Industry Corporation of China (AVIC), the country's top aircraft manufacturer, reached 9.7 billion yuan ($1.4 billion) in 2009, up 32.2 percent year-on-year, the company said on Wednesday. Business revenue hit 191 billion yuan, up 14.4 percent, the ...

China's biggest carmaker expects 30% surge in sales this year

China's leading automotive corporation, the SAIC Group, expects to sell 2.65 million vehicles this year, a roughly 30 percent rise from a year ago, a company official said Monday. The SAIC Group, or Shanghai Automotive Industry Corporation, sold a total of 2.17 million vehicles ...

Airline fights back against high-speed railway

China Southern Airlines yesterday launched express routes linking Guangzhou, capital of Guangdong province, with Wuhan and Changsha in central China to avert any loss of passengers to a high-speed railway which starts operations next week. The Guangzhou-based airline will offer ...
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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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Minivans rev up sales for GM
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Lucrative golf industry lures stiff competition
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