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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

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

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