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US group: China's business environment favorable

BEIJING - The majority of foreign-invested enterprises in China are still optimistic about the country's business environment, a US business group leader said in Beijing Tuesday. Harley Seyedin, president of the American Chamber of Commerce in South China, told Xinhua in an ...

Geely-Volvo deal financing totals $2.7b

HONG KONG: China's Zhejiang Geely Holding Group has lined up total financing of $2.7 billion to back its purchase of Ford Motor's Volvo car unit, sources said on Monday. The extra $900 million above the reported purchase price will allow the Chinese auto maker to grow its ...

Eli Lilly to launch 15 new products in China in 5 yrs

SHANGHAI - US drug maker Eli Lilly plans to launch 15 new products in China in the next five years, chief executive John Lechleiter said on Tuesday, while urging China to be more vigilant on intellectual property rights. Lechleiter said Eli Lilly, which opened its first non-US ...

China Valves posts Q4 profit, sales up

NEW YORK: China Valves Technology Inc swung to a profit in its fourth quarter as sales grew and the company produced more in its expanded Kaifeng facility. The company, based in Kaifeng, China, said it earned $16.4 million, or 52 cents a share, in the three-month period ended Dec ...

Shares of Xinjiang Ba Yi Iron & Steel rise on surging profit

BEIJING - Shares of Xinjiang Ba Yi Iron & Steel Co, Ltd rose 1.43 percent to 14.2 yuan ($2.08) at midday on its announcement of surging profits in 2009. Its profits climbed 40.3 percent from 2008 to 78.34 million yuan, while revenue went down by 17.88 percent to 16.45 billion ...

Ship builder CSSC net profit down 40% in 2009

BEIJING - China State Shipbuilding Co (CSSC) Holdings Ltd, the country's leading ship builder, announced Monday that net profits in 2009 shrank by 39.88 percent due to declining orders and prices hit by the global economic slowdown. The Shanghai-based firm said in its 2009 annual ...

Chalco reports losses in 2009 on low product prices

BEIJING: The Aluminum Corporation of China Limited (Chalco), the country's top aluminium producer, reported losses in 2009 as average prices of its major products were lower compared to a year ago. Special Coverage:2009 Annual Reports of Listed Companies The report did not say ...

Hisense posts net profit surge in 2009

BEIJING - Hisense Electric Co, Ltd (Hisense), a major home appliances maker in China, announced Monday that it more than doubled its net profit in 2009. In its annual business report filed to the Shanghai Stock Exchange, the Qingdao-based company said that its net profit rose 121...

Subaru recalls 70 SUVs in China over door flaws

BEIJING - Japanese auto maker Subaru will recall 70 Tribeca sport utility vehicles (SUVs) sold in China over door safety flaws, China's top quality watchdog said here Monday. The recall was made due to the vehicle's door lock defects, especially the front door. The front door ...

Airlines to ramp up schedules during Expo

SHANGHAI: Both domestic and international airlines will increase the number of flights to Shanghai during the six months of Expo to meet increased demand from local and overseas visitors. Expo Shanghai is one of the hottest events on the worldwide calendar this year and ...

Japan steelmakers said to agree to doubled iron ore price

Japanese steelmakers and the world's largest iron ore supplier Vale is expected to reach an agreement to settle the iron ore price at $110 per ton, doubling the benchmark price of 2009, the China Business News reported, citing Japan's local media. The report said the price will ...

Leading groups add to their portfolios, anticipating boom

BEIJING - Luxury hotel groups are expanding in China after predictions of a boom in the sector. Ritz-Carlton will open a new hotel in the Pudong district of Shanghai in April and also one in Hong Kong in November, bringing to eight the number of hotels and resorts the company ...

China Lodging surges in Nasdaq debut

SHANGHAI/NEW YORK - Shares of discount Chinese hotel chain China Lodging Group Ltd rose as much as 27 percent above their initial public offering price on Friday as investors bet that rising incomes in China would increase travel. The shares opened at $13.62 and rose as high as ...

Maersk says not planning JV with China Shipping

COPENHAGEN - Danish shipping and oil group AP Moller-Maersk said on Friday it has no plans to form a joint venture for transport of liquefied natural gas (LNG) with China Shipping Group, quashing media reports. "There is nothing whatsoever about a joint venture," Paul Carsten ...

Shanghai Port Q4 net jumps 48% as trade recovers

Q4 net up 48 pct at 1.03 bln yuan, reverses earnings slide SHANGHAI - Shanghai International Port (Group) Co, China's biggest port operator, posted a 48 percent surge in fourth-quarter net profit, halting an earnings slide as prospects improved for global trade. "Looking forward, ...

Yangguang Media gets 5b yuan credit line

Yangguang Media Development Corp, a wholly owned subsidiary of China National Radio, secured a 5 billion yuan credit line from the Beijing branch of Industrial and Commercial Bank of China (ICBC) on Thursday, China Securities Journal reported. Zhang Wenlei, general manager of ...

HK's entertainment business looking up: survey

HONG KONG: Prospects for Hong Kong's film and entertainment industry were bright, according to an industry survey released Thursday by Hong Kong International Film and TV Market (FILMART), with Chinese mainland viewed as the highest potential market. According to the survey of ...

High-speed railway outplaces regional air services

XI'AN: Air services between Zhengzhou and Xi'an, two Chinese provincial capital cities, were suspended on Thursday, 48 days after a high-speed railway line started operation between the two destinations. The Xinzheng International Airport in Zhengzhou, capital of central China's ...

Coca-Cola gets into tea with Spritea

SHANGHAI - The Coca-Cola Company, the world's largest beverage maker, has launched a new innovative tea-flavored beverage in China to enhance its product portfolio and further tap the huge beverage market. Coca-Cola's Sprite brand on Thursday launched Spritea, a carbonated blend ...

China Resources Q4 net jumps, positive on 2010

Consumer-sector focused China Resources Enterprise on Thursday posted a sharp jump in fourth quarter earnings, fueled by growing sales in supermarket and brewery operations, and aims to expand its presence in China's retail sector. The company said it anticipates both the ...
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