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Chinese left in cold by greedy global firms

Toyota has sent another recall announcement to China's General Administration of Quality Supervision, Inspection, and Quarantine (ASQIQ). This one was for 5,202 faulty cars on the Chinese mainland over gas-pedal issues. These vehicles were not included in the former recall of 1.7 ...

230,000 Buicks in safety recall

Shanghai General Motors Corp yesterday recalled more than 230,000 Buick Regal and Buick LaCrosse models over faulty engine pipelines. The joint venture between GM and SAIC Motor Corp said the cars included 133,074 Buick Regal mid-class sedans with 2.0 or 2.4 liter engines ...

General Motors recalls 233,000 cars in China

Shanghai General Motors Co. began recalling 232,931 cars in China Monday to fix faulty fuel lines. The recall covered 133,074 2-liter and 2.4-liter Regal sedans produced from Sept. 18, 2008, to Oct. 14, 2010, and 99,857 2.4-liter LaCrosse cars made from April 20, 2009, to Oct. 14...

Bayer AG reports a loss in Q4

BAYER AG has reported a fourth-quarter loss of 145 million euros (US$199 million) after the pharmaceutical and chemical company took special charges. The loss for the October-December period compared with a net profit of 153 million euros a year earlier. But the company said ...

Blackstone will buy Centro's mall assets

PRIVATE equity firm Blackstone Group will pay about US$9.4 billion for the US shopping mall assets of Australia's debt-laden Centro Properties after winning a three-way bidding contest, a source with knowledge of the transaction said yesterday. Blackstone beat rival bidders ...

IT consultancy banks on creativity (2)

The trio named their company after the so-called "Graham's number," the largest number ever used in a mathematical proof. The name was meant to portend the astronomical growth hopes of the three entrepreneurs. GrahamSys has sailed through the online boom era that has been marked ...

Airbus JV operational in Harbin

AIRBUS' Chinese joint venture opened a new factory in Harbin yesterday that will produce parts for the A320 and A350 XWB aircraft as the plane maker takes a step closer to hit US$450 million in output in China by 2015. The new facility is the first phase of a US$100-million ...

Baosteel inks coal contract

BAOSHAN Iron and Steel Co yesterday said it has signed a three-year deal with Rio Tinto for coking coal supplies. The Australian mining company will supply coking coal, a key raw material used in steel making, to Baosteel, one of China's largest steel mills, from this year. The ...

Poly's Net Soars 40%

POLY Real Estate (Group) Co, China's second-biggest listed developer, yesterday posted a 40 percent rise in 2010 net profit on higher housing prices and sales. The firm earned 4.92 billion yuan (US$749 million) in 2010, up 39.8 percent from 3.52 billion yuan in 2009. Sales surged ...

Tesco signs JV for malls

TESCO, the world's third-biggest retailer, has signed a joint venture to build three more shopping malls in China as part of its plans to rapidly expand in the country. The British supermarket group said yesterday that 50 percent of the venture would be owned by a consortium of ...

Telco's WoPhone launch

CHINA Unicom launched its own-developed mobile operating system, WoPhone, yesterday in Beijing, the country's first home-grown mobile system. The WoPhone partners included Motorola, HTC and Samsung, according to the firm, the country's No. 2 telco. By the end of 2011, China ...

Henkel's sales jump

HENKEL, the German cosmetics-to-glue maker, said sales in Asia Pacific grew 30.8 percent to 2.17 billion euros (US$3 billion) last year. In organic terms, adjusted for foreign exchange and acquisitions and divestments, sales in this region grew 17.8 percent. The company looks to ...

Airline springs a deal

CHINA'S budget carrier, Spring Airlines, yesterday signed a deal with Shijiazhuang government to boost its presence in north China. Under the agreement, the carrier will help build Shijiazhuang airport into a low-cost air hub of northern China to attract passengers from nearby ...

Department store forum

THE World Department Store Forum will be held in Shanghai from June 9 to 10 at the Shanghai Expo Center. The forum, organized by China's retail conglomerate Bailian Group and Intercontinental Group of Department Stores, is themed "China Impacts Department Stores and Suppliers" It...

SAIC to make MAXUS vans

CHINA'S largest auto maker, SAIC Motor Corp, said yesterday it will start making MAXUS vans in China as it seeks to tap the commercial vehicle business. The MAXUS Datong (meaning big wisdom and smooth in Chinese) is the third self-owned brand for SAIC after it took over the ...

230,000 Buicks in safety recall

SHANGHAI General Motors Corp yesterday recalled more than 230,000 Buick Regal and Buick LaCrosse models over faulty engine pipelines. The joint venture between GM and SAIC Motor Corp said the cars included 133,074 Buick Regal mid-class sedans with 2.0 or 2.4 liter engines ...

Tencent shares rally on group-buying website venture

Shares of Chinese Internet giant Tencent surged Monday with the opening of a new joint venture with US group-buying website Groupon. The launch of bargain website GaoPeng.com boosted Tencent Holding stocks by 3.2 percent to finish at 206 Hong Kong dollars in Hong Kong. GaoPeng...

General Motors recalls 233,000 cars in China

Shanghai General Motors Co. began recalling 232,931 cars in China Monday to fix faulty fuel lines. The recall covered 133,074 2-liter and 2.4-liter Regal sedans produced from Sept. 18, 2008, to Oct. 14, 2010, and 99,857 2.4-liter LaCrosse cars made from April 20, 2009, to Oct. 14...

Alibaba scandal may help rivals' business

Alibaba.com Ltd, owner of China's largest online-commerce site, has been the go-to marketplace for Western companies seeking gaskets, garden gnomes and gelatin. Disclosures that its salespeople helped defraud buyers may send business to rivals Google Inc and Global Sources Ltd. ...

Construction starts on China's first low-speed maglev line

Construction began on China's first low-speed maglev line Monday in Beijing, a project that will make China only the second country with a low-speed maglev line after Japan. The project marked China's ability to industrialize low-speed maglev technologies, said Chang Wensen, ...
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