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China Eastern resumes some flights to Europe

SHANGHAI - China Eastern Airlines resumed some flights to Europe Wednesday, a week after ash from a volcanic eruption in Iceland halted air travel. China Eastern resumed services between Shanghai and some European cities including Moscow, Frankfurt and Paris. The airline had ...

Viterra confirms building canola crusher in China

WINNIPEG - Canadian grain handler Viterra Inc confirmed plans on Tuesday to build a canola-crushing plant in South China with State-owned company Guangxi Beibu Gulf International Port Group Co. The plant will be located at the port of Fangchenggang in the province of Guangxi and ...

BHP raises Q3 iron ore output by 11% to meet Chinese demand

BHP Billiton Ltd, the world's largest mining company, raised third-quarter iron ore output by 11 percent, less than Credit Suisse Group AG forecast, as demand from Chinese steelmakers surged. Output of the ore, the company's biggest earner in fiscal 2009, was 31.16 million tons ...

SDIC Huajing Power 2009 net profit down 19% on higher costs, weak demand

BEIJING - SDIC Huajing Power Holdings Co Ltd, a major Chinese electricity producer, said Wednesday its 2009 net profit declined 19.3 percent year-on-year on increased business costs and weak demand. Special Coverage:2009 Annual Reports of Listed Companies The firm said costs ...

Strong ore demand assists Fortescue expansion

Sydney - Fortescue Metals Group Ltd, Australia's third biggest producer of iron ore, said third-quarter shipments jumped 53 percent amid increased demand from steel mills in China. Special Coverage:Refocus on Iron Ore Talks Fortescue is expanding its iron ore output and plans to ...

Ericsson, China's Datang in new tech co-operation

HELSINKI - Ericsson said on Tuesday it would deepen co-operation with Chinese rival Datang, giving the world's top network gear maker a better position in the growing TD-LTE field of mobile wireless. TD-LTE technology, which incorporates LTE and time division (TD) technology like ...

China CNR net profit up 16% on growing demand

BEIJING: China CNR Corporation Ltd, one of China's major locomotive and rolling stock producers, said Tuesday its 2009 net profit rose 16.34 percent on the back of strong domestic demand and rapid expansion into overseas markets. Net profits hit 1.32 billion yuan ($192.54 million...

Tibet Airlines to launch in May

China prepares to launch its first airline based in southwestern Tibet - Tibet Airlines Co Ltd next month. Tibet Airlines, with a registered capital of 280 million yuan, will be headquartered at Konggar Airport in Tibet's capital, Lhasa, and will provide domestic cargo and ...

Lenovo to expand in mobile market

BEIJING - Chinese computer maker Lenovo Group said on Monday it aims to become the biggest producer of mobile devices in China as the company tries to expand its presence outside its traditional PC turf. Yang Yuanqing, chief executive of China's biggest PC maker, said Lenovo ...

Profits take off at China Eastern Airlines

BEIJING - China Eastern Airlines Co., Ltd, one of China's leading carriers, Monday reported a net profit of 540 million yuan ($79 million) last year on lower operating costs. Net profits jumped 103.88 percent year on year from a 14-billion-yuan loss in 2008. Revenues hit 39.83 ...

Foreign manufacturers shifting business to less developed Chinese regions

HEFEI - Unilever, the world's second-largest consumer goods maker, plans to significantly increase its investment in Hefei, a medium-sized city in east China's Anhui province. "We will invest 700 million yuan ($103 million) in our production base in Hefei to boost output value to ...

Haier's 2009 net profit jumps 50% on govt incentives

BEIJING - Qingdao Haier Co Ltd, one of the world's leading white goods and household appliance manufacturers, said Sunday that its 2009 net profit jumped 49.64 percent on government stimulus program and products innovation. Net profit hit 1.15 billion yuan ($168.37 million) last ...

China's Baotou Steel Rare-Earth Corp '09 profit declines

BEIJING - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Corp said Friday its 2009 net profit declined 66.6 percent from a year earlier. Net profit hit 55.8 million yuan ($8.2 million) last year on revenue of 2.6 billion yuan which was down 19.6 percent from 2008, ...

Ping An 2009 net profit up more than 8 folds

BEIJING - China's Ping An Insurance Corp said its 2009 net profit surged by 879 percent year-on-year, boosted by strong earnings in insurance and other businesses. Net profit hit 13.88 billion yuan ($2.03 billion) in 2009 on revenue of 147.84 billion yuan which was up 36.2 ...

Domestic carriers stop Europe flights

BEIJING - The enormous ash cloud from the Icelandic volcano has caused most flights between China and Europe to be canceled or delayed on Friday, wrecking travel plans for thousands of people. Air China, the flag carrier, canceled the majority of flights to Europe on Friday, ...

China's XCMG forecasts 77% net profit jump in Q1 on strong demand

BEIJING - The Xugong Construction Machinery Co, Ltd(XCMG), China's largest construction machinery maker, has forecast its net profit in the first quarter this year surged 77 percent year-on-year. The Jiangsu province-based company said in a statement filed to the Shenzhen Stock ...

PPG to boost spending on Tianjin plant

TIANJIN - PPG Industries, a leading global coatings and specialty-materials manufacturer will expand its Tianjin facility this year, including a waterborne coatings workshop requiring $10 million of investment, and more importantly, an R&D center, Cathy Yan, general manager of ...

China Eastern to become SkyTeam alliance member by 2011

SEOUL - China Eastern Alliance Corp, one of the three leading Chinese carriers, signed a memorandum of understanding (MOU) with the SkyTeam alliance, a group of global airlines led by Korean Air Lines Co, the South Korean carrier said Friday. Under the preliminary deal, China ...

Ping An gets regulatory approval on Shenzhen bank deal

Ping An Insurance (Group) Co of China said it had received approval from China Securities Regulatory Commission (CSRC) on its plan to issue H-shares in exchange for shares in Shenzhen Development Bank. The Chinese insurer said the CSRC had approved its plan to issue 299.09 ...

Citic, Credit Agricole to combine brokerage units

PARIS - Citic Securities Co, China's largest brokerage by market value, and France's Credit Agricole SA are in exclusive talks to combine their global equity brokerage units and investment-banking operations in Asia. The firms have signed a memorandum of understanding, they said ...
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