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Vodafone Sells China Mobile Vodafone Sells China Mobile(0)

The sale, announced late Tuesday, is the first in what is expected to be a series of sell-offs of Vodafone’s minority holdings as it seeks to focus on core markets in a bid to improve its share price.
Around 70 per cent of the net proceeds of the China Mobile sale, after tax and transaction costs, will be returned to shareholders through a share buyback, said Vodafone. The remainder will be used to reduce the group’s debt.
Vodafone, the world’s biggest mobile operator by revenue, initially bought a 2.18 per cent stake in China Mobile in 2000 and increased its holding to 3.2 per cent in 2002.
The group insisted that despite the sell-off it would continue cooperating with China Mobile.

Source : Konaxis

China Sky One Medical China Sky One Medical(0)

The company said several major private distributors chose to end their relationships with the company because they learned that China Sky One is required to disclose information about their business in filings with the Securities and Exchange Commission. According to China Sky One, the distributors said the disclosures led to greater scrutiny of their businesses by Chinese government regulators.
China Sky One Medical said it can replace the relationships with distributors over time, but it will have lower profit and revenue in 2010 because of the termination of the agreements. It will also have greater selling and marketing costs in the second half of 2010 as it develops new relationships with distributors.
The Harbin, China, company now expects annual net income of $26 million to $31 million, down from a prior estimate of $40 million to $41 million. China Sky One cut its revenue forecast to a range of $128 million to $136 million. It previously expected $160 million to $164 million.

Source : Konaxis

Chery Auto Plant Spain Chery Auto Plant Spain(0)

Catalonia “is the region best positioned to host the Chinese giant,” it said in a statement, following a visit to China by the head of the regional government, Jose Montilla.
They “agreed to begin drawing up a study to be approved by the board of the company on the economic and financial viability of setting up (the plant) in Catalonia,” the statement said.
Spanish media said the plant would lead to the creation of 3,000 jobs directly and 10,000 indirectly in Spain, where unemployment has soared to more than 20 percent.
The plant would be built by 2012 and the first models would be produced by 2015, “aimed at the European and Mediterranean markets,” the statement said.
Chery has also received offers to locate the plant in Italy or Turkey, the Dow Jones news agency said, quoting a source close to the situation.
Chery has already established overseas plants in 16 countries and sells cars in more than 70 nations.

Source : Konaxis

Sinochem Potash Bid Sinochem Potash Bid(0)

The report said that the state-owned company’s move is preliminary and doesn’t mean the Chinese company has decided to make a counterbid for Potash.
Potash recently rejected a $38.6 billion offer from Anglo-Australian mining giant BHP Billiton, which later turned its offer hostile, taking the bid to Potash shareholders.Saskatchewan Premier Brad Wall said that it wouldn’t be in the Canadian region’s best interest for Potash to have a large shareholder from a country that is one of the biggest importers of potash in the world.

Source : Konaxis

Citigroup to Increase China Workforce Citigroup to Increase China Workforce(0)

The expansion may make China Citigroup?s third-largest market by staff, after the U.S. and Mexico, said spokesman James Griffiths.
Unlike HSBC and Standard Chartered Plc, Citigroup has no plans to sell shares in China and will instead fund expansion with money generated in Asia, said Stephen Bird, Citigroup?s co-chief executive officer for the region on Aug. 25.
Citigroup has 4,500 employees in China and 50,000 in Asia, according to Griffiths. Standard Chartered, the U.K. bank that gets more than three-quarters of profit from Asia, has more than 4,000 employees at its China unit. HSBC, Europe?s largest lender by market value, has more than 5,000. Industrial & Commercial Bank of China Ltd. had 390,000 workers at the end of 2009.
Citigroup has 29 outlets in the country and plans to add 10 more this year. That will still leave it short of HSBC?s 102 outlets and the 59 operated by Standard Chartered.
Bird said consumer and institutional banking will account for about 80 percent of new hiring in China. The remainder will mainly be for technology support and data processing, he said.
Citigroup almost doubled profit in China to 1.3 billion yuan ($191 million) in 2008, on a 46 percent revenue increase. The company hasn?t published 2009 earnings for the country, Griffiths said.
Asia was the largest contributor to Citigroup?s earnings in 2008 and 2009, a period during which it lost $29.3 billion. Citigroup recorded a first-half profit of $2.5 billion for the region on $7.26 billion of revenue.

Source : Konaxis

Foxconn International Loss Widens Foxconn International Loss Widens(0)

The net loss was $142.6 million, or 2 cents a share, Foxconn said in a statement to the Hong Kong stock exchange Monday. Sales rose to $3.23 billion from $3.16 billion.
Foxconn raised research spending 27 percent and cut prices to win new handset orders and reduce its dependence on its biggest client, Nokia Oyj. The Finnish company has lost users to rivals including Apple Inc., after falling behind in the market for high-end smartphones.
First-half results were affected by lower prices for Foxconn?s products, the company said in the statement. Research and development spending increased to $110 million from $86.9 million, it said.
The handset maker, a unit of Taiwan?s Foxconn Technology Group, has asked clients to bear some of its rising wage and production costs, Chairman Samuel Chin said in June. Talks with clients are scheduled to be completed this quarter, Chin said.

Source : Konaxis

Acer and Founder PC Trademarks Acer and Founder PC Trademarks(0)

Under a tie-up announced this month, Acer said it would gain access to Founder’s channel network and operate the Chinese company’s marketing efforts, while Founder would run Acer’s after-sales services and provide support for its PC manufacturing operations.
Acer did not release financial terms then, but the world’s No.3 PC vendor said it aimed to book revenue of $2.5 billion in China next year and expected to become Asia’s No.2 PC brand, helped by the deal with Founder.

In a statement released late on Friday, Acer also said its subsidiaries had paid 51 million yuan for Founder’s PC-related operations, product systems, copyrights and patents, and paid another 69 million yuan to secure Founder’s PC-related customers and other distribution resources.
Acer and Founder are likely to jointly introduce new products in October at the earliest, the Chinese-language Commercial Times said on Saturday, without giving other details.

Source : Konaxis

PetroChina Vows Global Expansion PetroChina Vows Global Expansion(0)

Net income growth slowed to 4 percent in the second quarter from 71 percent in the first as state-set gasoline prices lagged behind gains in crude. The oil producer and refiner plans to spend at least $60 billion in the next decade on overseas takeovers after paying about $6.2 billion in the past year for refineries and reserves from Australia to Canada.

The Beijing-based company completed the C$1.9 billion ($1.8 billion) stake purchase in two Canadian oil-sands projects in February and the acquisition of Australian coal-bed gas producer Arrow Energy Ltd. with Royal Dutch Shell Plc for A$3.5 billion ($3.1 billion) this week.
PetroChina?s parent, China National Petroleum Corp., has operations in 29 countries including Mongolia, Indonesia and Sudan. The Hong Kong-listed unit plans to buy assets from state-controlled CNPC to expand its overseas oil and gas reserves, Chairman Jiang Jiemin said in May.
Net income was 32.8 billion yuan ($4.8 billion) in the April-to-June period. Average crude prices surged 31 percent in the second quarter from a year earlier.

Source : Konaxis

Air China Profit Jumps 60% Air China Profit Jumps 60%(0)

Net income rose to 4.61 billion yuan ($679 million) from 2.88 billion yuan a year earlier, the company said in a Hong Kong stock exchange statement. Sales rose 51 percent to 34.8 billion yuan.
The carrier, part-owned by Cathay Pacific Airways Ltd., had a 721 million yuan gain from fuel hedging and boosted group passenger numbers 35 percent because of a bigger fleet and rising demand. This year will be ?great? for airlines worldwide, International Air Transport Association Chief Executive Officer Giovanni Bisignani said Tuesday.

Air China, the nation?s largest international carrier, boosted first-half operating profit 45 percent to 4.1 billion yuan. The Beijing-based carrier?s premium-class sales climbed ?significantly,? helping drive a 12 percent increase in yield, a measure of average fares. The group carried a total of 26.3 million passengers.
Under domestic accounting standards, Air China reported a first-half net income of 4.7 billion yuan and sales of 34.3 billion yuan.

Source : Konaxis

Greentown China New Housing Greentown China New Housing(0)

It also ?may be difficult? for the company to achieve its 67 billion yuan contract sales target for this year, the Shanghai-based newspaper reported, citing Shou. China?s central government is unlikely to ease property control measures in the second half and more measures may be introduced for some cities, Shou was cited as saying.

Source : Konaxis

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