finance

The Industrial and Commercial Bank of China (ICBC), the largest lender by market value, will not raise funds from the capital market in three years as it promised in 2010, Chairman Jiang Jianqing said on Wednesday. He was speaking after the bank signed a cooperation contract with ...
China's private conglomerate Fosun Group and Prudential Financial Inc have formed a $600 million private-equity fund to invest in high-growth companies that bank on China's attractive business climate. In a signing ceremony on Thursday, Prudential Financial said it will invest ...
China's rapid economic growth and its push to consolidate industry have propelled merger and acquisition deals in China to a high in 2010, a report showed yesterday. A 16 percent increase from a year ago to a record 4,251 transactions was posted last year, PricewaterhouseCoopers ...
American International Group Inc has agreed to sell its 97.6 percent stake in Taiwan's third-biggest insurer to the Ruen Chen consortium for US$2.16 billion, five months after regulators nixed AIG's first attempt to sell the business. The deal announced yesterday is part of AIG's ...
New yuan-denominated lending in China reached 7.95 trillion yuan (1.2 trillion U.S. dollars) last year, the People's Bank of China (PBOC), the central bank, said Tuesday. The figure was 1.65 trillion yuan less than the 2009 level of 9.6 trillion yuan, said the bank in a statement ...
China's total insurance premiums likely rose 33 percent year on year to 1.47 trillion yuan (222.73 billion U.S. dollars) in 2010, the industry regulator said Tuesday. Total insurance sector assets totaled 5 trillion yuan at the end of 2010, said Wu Dingfu, chairman of the China ...
China's first gold-backed exchange-traded fund (ETF) has raised more than 3.2 billion yuan ($483 million) after the fund closed its subscription on Monday. Lion Fund Management Co, which will manage the gold fund, will mainly invest in overseas ETFs that track the international ...
Value Partners Group Ltd, Hong Kong's largest fund company by assets under management, plans to set up a joint venture on the Chinese mainland to tap its rapidly growing fund industry, Jimmy Chan, the fund's chief executive officer, said on Tuesday. The fund, which manages $7.8 ...
Allianz SE, Europe's biggest insurer, said it bought H shares of Shanghai-based China Pacific Insurance (Group) Co for US$855 million from Carlyle Group. Munich-based Allianz now owns 240 million H shares in the Chinese insurer, representing 2.8 percent of China Pacific's total ...
After last year's lending expansion and wave of refinancing, China Minsheng Bank and Agricultural Bank of China recently announced fresh plans to increase their capital to meet regulatory requirements. China Minsheng Bank expects to raise about 21.5 billion yuan ($3.24 billion) ...
Considering the market situation, the recovery of international market turned to clear. It might kept this tendency, but the sovereign debt crisis factor couldnot be ignored. Therefore, the export might grow in a slower speed comparing to first half. For the domestic market, with ...
In the first half of this year, China's textile industry still reached a 22 percent growth in exports year on year, despite facing heavy pressures, this proportion is significantly higher than the expectation of the industry at the beginning of the year. Experts believe that ...
The central parity rate of the yuan, China's currency Renminbi (RMB), strengthened to a new record Wednesday at 6.725 per US dollar, according to the data released by the China Foreign Exchange Trading System. The yuan's central parity gained 128 basis points, or 0.19 percent, to ...
The central parity of RMB against the dollar broke 6.7 yuan for the trade day in October 8, and recorded a new high since starting of yuan reform. Now the foreign traders in Taizhou city are on dilemma to receive new business orders because continuing appreciation of RMB. ...
TEXTILE firm Leeds Group has announced an annual loss in what it described as "difficult trading conditions". The Leeds-based group made a pre-tax loss of £24,000 in the year to September 30, compared to a £522,000 profit in 2008. It said that profits at its German-based Hemmers...
Turkey is seeking to carve out a new niche in the global fashion market by promoting its dynamic generation of young designers. With a solid reputation for textiles and production for big international brands like Gap and Dolce & Gabbana, it sees its home-grown creativity as the ...
CLOTHING retailer PEP aims to have 20 stores operating in Angola within the next three years as it rolls out on the continent country by country. Angola, officially the Republic of Angola, was a Portuguese colony from the 16th century to 1975 and is the second-largest petroleum ...
At the beginning of 2008, the apparel industry was focused on fears that Chinese prices would go through the roof as rising wages, new labour laws, worker shortages, the appreciation of the yuan and higher exporting costs took hold - sending many buyers in search of cheaper ...
The Australian wool market finished 0.5% higher, on average, at sales in Sydney, Melbourne and Fremantle this week. The AWEX EMI rose by 2¢ (+0.3%), ending the week at 743¢/kg. This reflected an unchanged Indicator in the North and an increase of 4¢ (+0.6%) in the South, with ...
The dollar's sharp turn weaker into the end of the year is threatening to reshuffle winners and losers in global trade amid the toughest economic conditions in decades. For countries like Japan and Germany, it is a source of anxiety, since a stronger currency makes exports less ...
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China's reform leading group holds first meeting
China's reform leading group holds first meeting
BEIJING, Jan. 22 (Xinhua) -- China's leading group for overall reform ...
China stocks close higher over liquidity injection
China stocks close higher over liquidity injection
BEIJING, Jan. 21 (Xinhua) -- Chinese shares rose on Tuesday after the ...
China slams Japan's NHK governor's denial of Nanjing massacre
China slams Japan's NHK governor's denial of Nanjing massacre
BEIJING, Feb. 5 (Xinhua) -- China on Wednesday slammed the remarks of ...
China cuts retail oil prices
China cuts retail oil prices
BEIJING, Jan. 24 (Xinhua) -- China's top economic planner announced on ...
Canada's main stock index tumbles over asset loss in emerging markets
Canada's main stock index tumbles over asset loss in emerging markets
TORONTO, Jan. 24 (Xinhua) -- Canada's main stock index fell sharply on ...
GM China chairman to retire
GM China chairman to retire
CHICAGO, Jan. 24 (Xinhua) -- General Motors Co. announced Friday that ...
Super car club in commercial drive
Super car club in commercial drive
On the night of Nov 11, more than 150 super cars were driven into the ...
China's banks must evolve or perish
China's banks must evolve or perish
As China's traditional banks raise interest rates to claw back lost ...
Chinese leader calls for more marine power
Chinese leader calls for more marine power
Chinese Vice Premier Zhang Gaoli Sunday called for research in polar ...
Stars 'Big Three' fall short of title in 1st year
Stars 'Big Three' fall short of title in 1st year
Miami Heat's LeBron James (R) stands with teammates Chris Bosh (C) and ...
Injured star short-track skater Wang Meng left out of China's squad for Sochi
Injured star short-track skater Wang Meng left out of China's squad for Sochi Winter Games
Injured Olympic champion Wang Meng has been ruled out of the 139...
Fourteen countries expected to compete in Cuba's wrestling tourney
Fourteen countries expected to compete in Cuba's wrestling tourney
Some 14 countries and regions are expected to compete in the 45th ...