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China Development Bank outstanding forex loans hit $141.3 bln

China Development Bank said Wednesday its outstanding foreign-exchange loans totaled 141.3 billion U.S. dollars at the end of last year. The bank's ratio of non-performing foreign-exchange loans stood at 0.26 percent. The lender, a major Chinese creditor to international ...

Mills increase prices for March delivery

TWO major Chinese steel makers raised their main product prices for March delivery to cope with higher raw material costs, after earlier increasing their January and February prices. Baoshan Iron and Steel Co, China's largest listed mill, said yesterday it would increase prices ...

Cheers to deal

AB InBev will take over 100 percent of Dalian Daxue Brewery Co to expand its business in China. Established in 2001, Daxue Brewery was among the top three breweries in northeast China's Liaoning Province and sold more than 200,000 kiloliters last year. The Chinese brewery will ...

Tencent JV launch in near future

TENCENT is said to be planning to launch its joint venture with group-buying giant Groupon in the near future, according to media reports. Tencent and Groupon will each put US$50 million in the 50-50 joint venture and Tencent will designate executives to manage the business, ...

'Hybrid' gasification

ANGLO-DUTCH energy giant Shell has signed a deal with Shanghai-based Wison Engineering Ltd to jointly develop a "hybrid" gasification technology demonstration plant in China, under a cooperation expected to expand the cleaner use of the nation's coal resources. Michiel Mak, vice ...

Flying into profit

DOMESTIC civil aviation companies reported 3.4 billion yuan (US$515 million) of profit last month, more than a sixfold jump from 480 million yuan a year earlier, with the Spring Festival travel rush boosting passenger numbers. Income stood at 37.1 billion yuan, a 35 percent year...

Huawei awaits Obama's patent decision

HUAWEI Technologies Co awaits United States President Barack Obama's decision on whether it could use patents purchased from US-based 3Leaf Systems last year, which raised national security concerns in the US, China's biggest telecommunications equipment maker said yesterday. The ...

GM eyes rapid growth in China

UNITED States-based General Motors aims to be more competitive against Toyota Motor Corp, the world's biggest auto maker, by leveraging the rapid growth in the Chinese market. Dan Akerson, chairman and chief executive officer of GM who faced the Chinese media for the first time ...

Chinese firm signs Khartoum deal

A Chinese firm has won a $1.2-billion contract to build Khartoum's new international airport. The China Harbour Engineering Company said late Monday that the contract was worth 900 million euros ($1.2 billion).

Zijin to respond in court

China's largest gold miner, Zijin Mining, has been ordered by local courts to respond to a 170 million yuan ($25.8 million) lawsuit filed by Guangdong authorities for a deadly dam breach, Caixin magazine reported Tuesday.

PE policy tightens

The China Securities Journal reported Tuesday that, in a move to tighten regulations over the private equity sector, the National Development & Reform Commission has ordered private equity firms to register with the commission if they have investment capital of more than 500 ...

More problems for Carrefour

French retailer Carrefour, recently embroiled in controversy over wrong or ambiguous price tags, is under the spotlight again as two stores are facing possible closure. A staff member surnamed Zhang who works in the Chuncheng store in Changchun in Jilin Province Tuesday told the ...

Infrastructure lending

The State Council has recently approved a budget to invest 382.6 billion yuan ($58 billion) in various infrastructure projects this year, compared with the 2010 budget of 392.6 billion yuan ($59.6 billion).

Huawei leaves US deal's fate to Obama

China's Huawei has refused to back down after a US Congress panel voiced security concerns about the tech giant's acquisition of US computer technology, shunting the issue to President Barack Obama, a report said Tuesday. Huawei said it would suffer "significant damage" to its ...

Inability of China's singles to find love, ability for dating sites to create revenue

China's multitude of singles are reshaping the market for dating websites, according to a China Economic Weekly report Tuesday. According to the report, released by the All-China Women's Federation and domestic dating website Baihe.com, at present, China has 180 million singles. ...

Shanghai mulling to use part of land, SOEs earnings to fill social welfare funds loss

The Shanghai government is now mulling to use a part of the earnings from land transfers and local State-owned enterprises (SOEs) to fill a more than 10 million yuan ($1.52 million) income-expenditure gap in its social welfare funds each year, according to a China Economic Weekly ...

Carrefour to shut down two more

After unplugging stores in Dalian, Xi'an, Jiaozuo and Foshan, retail giant Carrefour is mulling to shut down another two stores in Changchun of Jilin Province and Shaoxing in Zhejiang Province due to bad management, the China Business News (CBN) reported Tuesday. According to the ...

Property rights deals to be standardized

China announced the establishment of an association of agencies dealing with the transactions of enterprises' State-owned property rights, the official Xinhua News Agency reported Tuesday. The association aims to standardize the transfer of State-owned property rights between the ...

Duo strikes sour note after gala performance

'Migrant worker singers' banned from song after money starts to roll in Riding the popularity of their cover version of the song In the Spring, the once-obscure singing duo Wang Xu and Liu Gang shot to fame in the limelight of State broadcaster China Central Television's Spring ...

Reports: 'Bullets' copyright scores Hollywood bullseye

Last year's blockbuster comedy Let the Bullets Fly, which became the biggest-grossing Chinese language movie ever, has now set another record - the top price paid in Hollywood for the rights to adapt a Chinese film. After generating more than 700 million yuan ($106 million) in ...
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