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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

Taiwan Boost China Retail Taiwan Boost China Retail(0)

Hon Hai plans to start opening the new stores later this year under a partnership initiated last year with German retailer Metro AG, the newspaper quoted Louis Woo, in charge of the company’s retail push, in an interview published on Tuesday.

Hon Hai also plans to open 45-50 branches of Cybermart, a small retail chain it bought a decade ago, the report said, adding that Cybermart operated 34 stores in 20 Chinese cities.
The retail push by Hon Hai, which makes personal computers and mobile phones for global brands such as Hewlett-Packard Co and Apple Inc, came as the Taiwan company faced challenges in its core manufacturing business after years of rapid growth, the newspaper said.

Source : Konaxis

Political changes in China must be maintained Political changes in China must be maintained(0)

The country should also push ahead with changing its political mechanism, as well as creating conditions for people to criticize and supervise the government, Wen said, according to a statement posted on the government?s website. He spoke during a trip to Shenzhen.

The country of 1.3 billion people led the world out of last year?s global recession with an economy that?s more than 90-times bigger than when leader Deng Xiaoping ditched hard-line Communist policies in favor of free-market reforms in 1978.
Wen also asked for more effective supervision on over-concentration of government power, according to the statement.

Source : Konaxis

McDonald’s Yuan Bonds in China McDonald’s Yuan Bonds in China(0)

China, the fastest-growing major economy, changed its rules in February to allow foreign companies to issue yuan-denominated bonds through Hong Kong as part of efforts to strengthen the former British colony?s position as a financial center and promote its currency for global commerce. Yuan bonds issued by Chinese companies have returned 6 percent this year, their best performance since 2005, according to a Bank of America Merrill Lynch index tracking 1.38 trillion yuan of debt.

McDonald?s sold its bonds in a private placement to Hong Kong institutional and professional investors, it said in a statement Thursday. Money raised will provide working capital for expansion in China, where it will open as many as 175 restaurants this year, according to the statement.

Source : Konaxis

New Levis brand in China New Levis brand in China(0)

The new brand is aimed at young consumers in emerging markets, starting with China, Singapore and South Korea.
The newest incarnation of Levis will aim at a broader segment of Chinese consumers than traditional Levis, which sell for over $100 in the upscale malls along Shanghai’s tony Nanjing Rd. shopping strip.
The Levis brand enjoys an avid following in China, among a relatively limited number of well-off younger shoppers, some of whom are collectors.
Already, sales of garments and shoes in China have outpaced pricey Japan, accounting for more than a third for all of Asia, and increasingly, fashion-conscious Shanghai is viewed as a foothold for the region.

Levi Strauss, which retreated from the China market for a time in the mid-1990s citing concerns over labor rights, now has hundreds of outlets in China and plans to open up to 1,000 by 2015.
The new label Levis jeans will sell for the equivalent of $40 to $60 ? a range likely to suit the relatively young 20-40 age range that dominates China’s spending on clothing and accessories.
The first dENIZEN shop will open later this month in Shanghai.

Source : Konaxis

China Doubles Korea Bond Holdings China Doubles Korea Bond Holdings(0)

Korean Treasury bonds held by Chinese investors rose 111 percent to 3.99 trillion won ($3.4 billion) in the first half of the year, data from the Seoul-based Financial Supervisory Service show.

China?s holdings of Treasuries fell 6 percent in the first half to $843.7 billion, Department of Treasury data released this week show, making it harder for President Barack Obama to finance record debt sales to sustain the U.S. economic expansion. Societe Generale SA predicts Chinese KTB purchases, which accounted for 19 percent of foreign inflows in the first half compared with 10 percent last year, will spur further gains.

China?s holdings of South Korean notes account for little more than 0.1 percent of its $2.45 trillion reserves. The increase in the first six months compares with $20.1 billion pumped into Japanese debt.
KTBs have handed investors a 5.6 percent return this year in dollar terms, delivering a profit every month, according to an index compiled by HSBC Holdings Plc. The advance marks the best winning streak since March 2007.

The value of KTBs owned by China totaled 1.87 trillion won on Dec. 31, up from 79.6 billion at the end of 2008, FSS data show. Foreigners? total holdings increased by 18.6 trillion won in 2009 and climbed 11.3 trillion to 67.8 trillion in the first half. That?s equivalent to 6.3 percent of South Korea?s outstanding government debt.

Source : Konaxis

China Southern Airlines Profit RMB 2.07 Bln China Southern Airlines Profit RMB 2.07 Bln(0)

The Guangzhou-based carrier said its net profit for the six months ended June 30 was CNY2.07 billion, according to international accounting standards, up from a net profit of CNY25 million a year earlier.

Revenue rose 40% to CNY33.94 billion from CNY24.27 billion a year earlier. Like last year, the carrier didn’t recommend a first-half dividend.

The company completed the disposal of its equity interest in MTU Maintenance Zhuhai Co. in the first quarter and booked a CNY1.08 billion gain in the first half, the statement said.

The firm added that in the second half of 2010, there remains “sound momentum for rapid growth,” though it also noted risks from a faltering global economy as well as challenges from the operation of high speed railways.

China Southern Airlines carried 36.2 million passengers in January-June period, or 17.1% more than a year earlier. Its passenger load factor, or the proportion of seats filled on each flight, rose 4.1 percentage points to 77.9% during the same period. Cargo throughput was up 37.6% to 512,000 metric tons, from 372,000 tons a year earlier.

Source : Konaxis

Tsingtao Brewery First-Half Net Rises Tsingtao Brewery First-Half Net Rises(0)

Net income rose to 830 million yuan ($122 million), or 0.61 yuan per share, from 639.8 million yuan, or 0.49 yuan, a year earlier, China?s second-biggest beer company said in a Hong Kong stock exchange filing Friday. Sales rose 9.4 percent to 9.81 billion yuan.

Tsingtao and rival China Resources Enterprise Ltd. are expanding production and adding variety to increase market share as Chinese demand rises. Per capita beer consumption in China was 30 liters (7.9 gallons) last year, exceeding the global average of 27 liters, according to Seema International Ltd.
Sales volume growth rose 2.9 percent in the first half, Tsingtao said Friday. Sales of its Tsingtao-brand beer rose 17 percent, it said.

Tsingtao Brewery will increase production capacity in the second half, the statement said. The company also will ?actively seek? opportunities for mergers and acquisitions to increase market share.

Source : Konaxis

China Industrial Growth Slows China Industrial Growth Slows(0)

Growth in spending on factories, real estate and other fixed assets in the first seven months of the year fell to 24.9 percent, down from 25.5 percent for the first half, the National Bureau of Statistics reported.

Retail sales rose 17.9 percent, down from 18.2 percent growth for the first half of the year.

The consumer price index, or CPI, rose 3.3 percent over a year earlier, its fastest rate this year as summer flooding wrecked crops and disrupted shipping.
The jump was driven by a 6.8 percent surge in food costs. But analysts expect inflation to fade quickly.

A statistics bureau spokesman said the declines in economic indicators for July were “not big” and could be positive for official efforts to improve China’s economic efficiency. He gave no sign the government plans to change policy.

The central bank reported Wednesday that total lending by China’s banks fell to 532.8 billion yuan ($78.7 billion), down nearly 12 percent from June’s 603.4 billion.

Also in July, growth in exports fell to 38.1 percent from June’s 43.9 percent. Australian miners and other companies that have enjoyed a windfall from Chinese demand have warned that their sales growth will slow.

Source : Konaxis

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