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Schwarzenegger High-speed Rail Schwarzenegger High-speed Rail(0)

His own state budget $19 billion in the red, Schwarzenegger says he is hoping for some “creative financing” from Asia to help lower costs and get California’s proposed high-speed rail lines up and running.
Industry experts say cash-rich China may be best placed to help with funding, and less risk averse than others whose banks are still recovering from the financial crisis. That could prove a key competitive advantage as it goes head-to-head against better established high-speed rail rivals in Asia and Europe.
The U.S. is the world leader in freight railway technology but has almost no high-speed rail expertise. It will have to import the technology for the 13 regional projects that have won $8.5 billion in initial federal funding, with $2.5 billion more to come this year and hundreds of billions needed before lines are up and running.
China already has the world’s longest high-speed rail network, about 4,300 miles (6,920 kilometers) of routes, including nearly 1,250 miles (2,000 kilometers) that can run at top speeds of 220 miles per hour (350 kph). It aims to develop 9,900 miles (16,000 kilometers) of such routes by 2020.

Source : Konaxis

Beijing Auto Listing Beijing Auto Listing(0)

China’s fifth-biggest automaker said a new company will be set up this month to facilitate the listing plan.
BAIC said in August it would take over smaller rival Guangzhou Baolong, securing a foothold in the competitive southern China market.

Source : Konaxis

Foreign Investors Equal Treatment Foreign Investors Equal Treatment(0)

Foreign business groups complain that China’s efforts to promote “indigenous innovation” by favoring domestic companies violates the spirit of its World Trade Organization market-opening commitments.
The vice president, Xi Jinping, said Beijing would alter the procurement rules that prompted an outcry from foreign companies by giving preference to Chinese-developed technology in multibillion-dollar annual
government purchases of computers and other goods. He repeated promises that foreign-owned companies in China would be eligible to apply to be treated as domestic suppliers.

Source : Konaxis

200 Million Vehicles by 2020 200 Million Vehicles by 2020(0)

China must make it a top priority to develop fuel-efficient and alternative energy cars, the China Securities Journal said, citing Wang Fuchang, vice minister of the Ministry of Industry and Information Technology.
As of the end of 2009, there were 76.2 million vehicles in the country, according to government figures.
China’s auto sales have slowed in recent months, partially due to seasonal factors, but August saw a surprising 55.7 per cent year on year jump, boosted by Beijing’s new subsidies for energy-saving vehicles.
The surging car use has brought mounting concerns over pollution, soaring energy demand, and traffic gridlock.
A top official with the country’s environment minister, Liu Ziquan, was quoted on Monday as saying vehicle exhausts had overtaken other major sources as the top cause of air pollution in cities.

Source : Konaxis

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

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