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China's central SOEs report 14.6% growth in 2009 profits

China's centrally-administered State-owned enterprises (SOEs) under the supervision of the state assets watchdog posted a 14.6 percent rise in profits from a year earlier in 2009, the watchdog said Wednesday. The SOEs reaped 797.72 billion yuan ($116.8 billion) in profits in 2009...

Chemical firm plans expansion in Jiangxi

China National Chemical Corp (ChemChina), a national chemical producer, has signed an agreement with Boston, Massachusetts-based Cabot Corporation to expand their joint fumed-silica project in Jiangxi province. According to ChemChina, the move will strengthen the firm's specialty ...

Port operators to gain from trade upswing, says Moody's

Asia's three rated port operators - China Merchants, Hutchison Ports, and PSA International - are set to benefit from an upswing in China's trade as exports appeared to have turned the corner, said credit ratings agency Moody's Investors Service in a weekly report to its clients ...

State-owned restructuring pace quickens

The local government is seeking to speed up restructuring of Shanghai's State-owned enterprises by pushing them to go public, Shanghai Vice-Mayor Ai Baojun said yesterday. The city is targeting a securitization ratio of up to 90 percent for State-owned companies, Ai said on local ...

Migrant workers to get more protection

Migrant workers, who have been shortchanged in the past by companies that fail to pay their wages, will get more protection this year, thanks to a government initiative. The change calls for three industries to join the construction industry in having to deposit money in bank ...

Air China rises on upbeat earnings guidance for 2009

The share price of Air China, China's largest air carrier, closed up at midday Wednesday in Shanghai against widespread losses across the board, after the company announced an expected return to profit in 2009. The company's stock price edged up 1.26 percent to end at 11.22 yuan ...

Silver lining ahead for dry bulkers

Dry-bulk vessel operator China COSCO Holdings Co yesterday said it expects to post better performance this year as global demand picks up and the industrial climate improves. "This year would be better than last year," Zhang Liang, president of China COSCO, told Bloomberg ...

XD Electric float hopes to generate 10.27b yuan

China XD Electric Co, the country's largest maker of electricity transmission and distribution equipment, plans to raise as much as 10.27 billion yuan ($1.50 billion) in the first major initial public offering (IPO) this year. XD Electric, which hopes to sell up to 1.3 billion ...

Baosteel says 2009 net profit falls 11%

Baoshan Iron & Steel Co, China's largest steelmaker, said its 2009 net profit fell about 11 percent from a year earlier as turnover declined by more than a quarter. Baosteel, which competes with South Korea's POSCO and Japan's Nippon Steel Corp to supply the Chinese market, ...

TCL starts to build $3.6b 8.5G LCD production line

China's top appliance maker TCL Saturday started building a 8.5-generation LCD production line in the southern city of Shenzhen to meet the rising demand for flat-screen TVs. The plant, in which TCL and Shenchao Technology Investment Company each hold a 50 percent stake, involves ...

Beijing Tongrentang Group net profit up 16% in '09

Beijing Tongrentang Group Co, a major traditional Chinese medicine maker, announced Thursday its 2009 net profit rose 16 percent to 800 million yuan ($117 million) from a year earlier. Its sales exceeded 10 billion yuan for the first time, an annual increase of 12 percent. The ...

China's State Grids '09 profits down

The State Grid Corporation of China, the nation's biggest power transmission and distribution company, reported falling profits last year. Last year's profits shrunken to 4.52 billion yuan ($665 million) from 9.75 billion yuan in 2008, Liu Zhenya, general manager of the company, ...

Beijing appears firm on Google

China's Internet is open and the government welcomes international companies, the Foreign Ministry said yesterday, a day after Google said it may pull out of the country. "China has tried creating a favorable environment for the Internet ... China, like other countries, ...

China National Gold's gold reserve tops 1,200 tons

China National Gold Group had more than 1,200 tons of gold as reserve as of Dec 31, 2009, and its asset injection into its listed arm, Zhongjin Gold Co, is expected to raise its annual profit by 200 million yuan ($29 million), China Business News reported on Thursday. Song Xin, ...

Economic stability boosts CIC

China Investment Corporation (CIC), the nation's $300 billion sovereign wealth fund, may gain more than 10 percent from its investments last year on the back of the global financial market and economic stability, a source close to the fund said. "Though the total financial return ...

CNGG seeks more mines

China National Gold Group Corp (CNGG), the country's second largest gold producer, will transfer several gold mines as assets to its Canadian subsidiary Jinshan Gold Mines this year and acquire more mining assets abroad through Jinshan. Song Xin, vice-president of CNGG, told ...

Peugeot Citroen recalls 14 cars in China due to faulty bolt

French auto maker PSA Peugeot Citroen would recall 14 of its 308 SW model sold to the Chinese mainland due to faulty bolt, China's product quality watchdog said Tuesday. The wagons, manufactured between July 17 and August 28 last year, were imported from France, the General ...

Carlyle launches yuan-denominated fund with Beijing

Carlyle Group LP said on Tuesday it would form a yuan-denominated private-equity fund with the Beijing municipal government to finance the development of growth enterprises in China. The company said it had signed a memorandum of understanding with the Beijing Municipal Bureau of ...

Lenovo changes market strategy

Chinese computer maker Lenovo Group is planning to alter its 17-year tradition of targeting high-end business users by refocusing its ThinkPad notebooks at small businesses and home offices settings. Wang Fang, deputy general manager of Lenovo's Greater China and Russia business ...

Google copyright dispute put on hold

Google Books halted a scheduled negotiation over alleged copyright violations with China's copyright society in Beijing yesterday, leaving a formal apology hanging in air. Google Books' top negotiator in China, Erik Hartmann, called his counterpart, Zhang Hongbo, deputy director ...
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