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Verdict for Rio Tinto trial handed down

Four defendants in the Rio Tinto case, including Australian national Stern Hu, got jail terms from seven to 14 years for bribery and infringing upon commercial secrets. [CFP] Four defendants in the Rio Tinto case, including Australian national Stern Hu, got jail terms from seven ...

Steel product prices may fall in June

A worker at a steel processing plant in Huaibei, Anhui province. Average steel prices in China had peaked the most in April since August 2009, with Mysteel's composite steel price index rising by 15 percent over the previous month. [Wu He/China Daily] Steelmakers are expected to ...

Metal recycling may make steel makers less dependent

A worker cuts up scrap steel at a waste recycling factory in Nanjing, Jiangsu province. As a substitute for imported ore, recycled scrap metals currently accounts for 8 percent of total steel production in China. [China Daily] Chinese companies should bolster investments in the ...

Sany Heavy mulls Hong Kong IPO

Sany Heavy Industry Co Ltd garnered 16.5 billion yuan in revenue in 2009 with 1.96 billion yuan in net profit, up 20 percent and 59.3 percent respectively from a year earlier. Construction machinery maker Sany Heavy Industry Co Ltd said on Monday it would seek an initial public ...

Sinosteel to buy iron ore from Brockman

A worker cuts steel bars at a mill in Huaibei, Anhui province. [China Daily]Iron ore trader Sinosteel Corp has agreed to buy future production from Australian miner Brockman Resources Ltd to secure raw material supplies for Chinese steel mills. Sinosteel, China's largest iron ore ...

Foot dragging slows Shanxi steel consolidation

A worker stokes a steel furnace in a Shougang Group plant in Beijing. Shougang paid 500 million yuan for a 90 percent stake in Changzhi Iron & Steel in Shanxi province last year. [China Daily] Steel industry restructuring in Shanxi province may kick off this summer, with State...

Rebate removal to be hard on steel mills

Workers oversee production at a Hualin Steel Co Ltd plant in Hunan province. Exports of Chinese steel products surged to 17.9 million tons in the first five months, up 127 percent from a year earlier. [China Daily] The Chinese steel industry may suffer losses in the third and ...

Service sector rebounded in December

A restaurant in Taizhou city, Jiangsu province. China's non-manufacturing PMI rose in December, indicating growth in the country's service sector. Gu Jun / For China Daily China's service sector continued to rebound in December, the China Federation of Logistics and Purchasing ...

Online shopping giant opens for businesses

Chinese e-commerce giant Alibaba Group's recent move to invite wholesalers to open stores on its online shopping site Taobao.com has triggered alarm among individual Taobao sellers. The launch of Taobao.com's business-to-consumer website, Taobao Mall, has its customer-to-customer ...

CSR special:Honoring traditional Chinese culture and modern management

Responsibility and philanthropic business was the theme of this year's Corporate Social Responsibility (CSR) Ranking in China, which was published on Dec 8. Wei Ding (second right), president of A.O. Smith (China) Water Heater Co Ltd, receives the Outstanding Enterprise Award of ...

Steel prices set to firm up

Workers process a steel bar at a mill in Huaibei, Anhui province. [China Daily] Falling steel prices will continue to cloud the profit outlook for domestic steel mills in July, but there are indications that the tide will change over the next few months, a top official from the ...

Auto market to slow in 2011

People look at a car in Guiyang, Guizhou province. Wu Dongjun / for China Daily China's automobile market is expected to end its skyrocketing growth next year. That's after the government decided to cease incentive measures and began to curb the booming auto market in big cities ...

LeTV.com touts new biz model

LeTV will launch a fee-based Internet protocol television service in the fourth quarter of 2010. [China Daily] In China's online video market, where firms generate most of their revenue from online advertising, subscriber fee-based LeTV.com seems to be a bit eccentric. But that ...

Labor costs no sweat for Lenovo

Customers make inquiries at a Lenovo store inside a computer market. Chinese computer maker, Lenovo Group, said on Thursday that rising labor costs in southern regions during the past few months will have little impact on the company's profitability. But the world's fourth...

Brazil sets conditions on China's toy story

Toys are displayed at a booth at the Guangzhou Yide Road wholesale toy market in Guangzhou. The value of China's exports of toys and parts grew by 30.3 percent to $9.34 billion during the first 11 months of this year, only 3 percent of which went to Brazil. Forbes Conrad / ...

Foxconn rallies to boost worker morale

Foxconn Technology Group, the world's largest electronics contractor, held a rally Wednesday for its workers to raise their morale at its Shenzhen complex in south China's Guangdong Province, where most of the highly publicized employee suicides happened. Foxconn Technology Group ...

E-commerce volume surged to 2.25 trln yuan in H1

A woman looks at UC browser's mascots at the China Internet Conference 2010 in Beijing. [China Daily] China's e-commerce industry is expected to see rapid growth in the next few years, with the average annual growth rate surpassing 35 percent, a top government official said on ...

Kindle fails to win over public

Apple's iPad (L) vs Amazon's Kindle (R). Apple Inc's iPad and Amazon's Kindle e-book reader have both gained a great number of fans in the global market since their debut, yet local consumer acceptance of the Kindle has paled in comparision to the iPad. Despite the fact that both ...

Shougang Group to stop production in BJ by year end

Chinese iron and steelmaker, Shougang Group, will stop production in Beijing's Shijingshan District by the end of this year. It's relocating its facilities to neighboring Hebei Province, for environmental concerns. Founded in 1919, the group ranked 39th in the top 500 Chinese ...

Outsourcers to get temporary tax-free status

A visitor passes by a Neusoft booth at the 2010 China International Software Expo in Beijing. [China Daily] The Ministry of Finance said on Wednesday that it plans to temporarily exempt service-outsourcing companies from sales tax in 21 Chinese cities including Beijing, Shanghai, ...
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