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What's news [China Daily: US Edition](China Daily: US Edition Via Acquire Media NewsEdge) SOE profits up 9.2 percent during first seven months Profits of China's State-owned firms' rose by 9.2 percent during the first seven months of the year from a year ago, quickening from an annual increase of 8.9 percent between January and June, the Ministry of Finance said on Wednesday. Companies in the steel, transportation and building materials industries raked in more profits, while margins in the coal and chemical sectors shrank, the ministry said in a statement on its website. Lower domestic sales hit Geely growth in first half Geely Automobile Holdings Ltd on Wednesday posted a 20 percent fall in first half net profit, hit by slowing sales at home as local brands fall out of favor and a drop in exports to major markets in eastern Europe and the Middle East. Geely, whose parent company owns Swedish carmaker Volvo, said net profit fell to 1.11 billion yuan ($180.6 million) for the January-June period from 1.398 billion yuan the same period a year ago. CITIC Capital Partners buys mattress brand King Koil CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Ltd, said it is purchasing a controlling stake in mattress maker King Koil Shanghai Sleep System Co Ltd. Terms of the transaction were not disclosed. The investment was made through CITIC Capital China Partners II LP, its second China-focused buyout fund. AkzoNobel opens decorative paint plant in Qionglai AkzoNobel, the leading global paints and coatings company, and a major producer of specialty chemicals, broke ground on its new decorative paints plant in Qionglai, in Sichuan province, on Wednesday. With a total investment of 44 million euros ($58.5 million), it will be the fourth and one of the largest decorative paint production plants of AkzoNobel in China. Greenland, BoComm sign cooperation agreement Greenland Group has inked a strategic cooperation agreement with Bank of Communications Ltd valued at 30 billion yuan ($4.88 billion) for expansion of overseas projects, subway investment and urban renewal business. Aside from credit lending, the cooperation agreement with the Shanghai-based bank also encompasses integrated financial solutions, such as acquisition loans and financial advisory, as well as support for new modes of financing. Property, energy firms lead decline in share prices Share prices fell for the first time in four days on Wednesday, led by property and energy companies, ahead of Thursday's release of a preliminary manufacturing report. The Shanghai Composite Index slipped from an eight-month high, losing 0.23 percent to 2,240.21. Regulator clears public float applications of 11 companies The China Securities Regulatory Commission has cleared the third batch of initial public offering applications from 11 companies, and their listing time will be released later, it said on Tuesday. Five companies will be listed at the Shanghai Stock Exchange, including Jiangsu Yabang Dyestuff Co Ltd. The other six will go public at the Shenzhen Stock Exchange. Cognac sales slump as exports to China fall Worldwide sales of cognac fell in 2013-14 largely due to a drop in exports to China, France's main trade body for the brandy said. Sales for the year to August were down 6.7 percent by volume and 10.2 percent by value, the National Interprofessional Bureau of Cognac said on Tuesday. ZTE fares well as overseas business gains momentum Telecom equipment maker ZTE Corp on Wednesday posted a record first-half net profit thanks to improving margins in its global business and revenue from new contracts to build China's next-generation telecom network. The Shenzhen-based company said its first-half net profit rose 263 percent year-on-year to 1.13 billion yuan ($184 million), up from 310 million yuan a year earlier. Maersk to launch new vessel sharing service next year Maersk Line plans to launch its new vessel sharing service with MSC Mediterranean as early as January next year, and expects to notify customers of the network and transit times by September. The world's largest container shipper, part of Denmark's A.P. Moller-Maersk, and Swiss firm Mediterranean Shipping Co reached an agreement on ship-sharing in July, a month after China's Ministry of Commerce blocked a larger plan by the two firms and France's CMA CGM due to competition concerns. Himalayan Airlines to start operations in October Himalayan Airlines, a company set up by China's Tibet Airlines and two Nepali companies, is scheduled to launch its maiden flight on Oct 28, its Chinese shareholder said on Wednesday. The joint venture will launch direct flights from Katmandu to Lhasa and Katmandu to Chengdu using aircraft including Airbus-319 and Airbus-320. Nuclear firm to set up acid plant in Namibia China General Nuclear Power Holding Corp, the country's biggest producer of nuclear energy, will start building a sulfuric-acid plant next month at its Husab uranium mine in Namibia. The facility will have capacity to produce 1,500 metric tons of acid daily, or about 500,000 tons annually. China Daily - Xinhua - Bloomberg - Reuters Purchasing power College students select laptops on Tuesday ahead of a new semester in Liaocheng, Shandong province. Electronic product sales, especially those of laptops and mobile phones, are set to surge in China as colleges get ready to welcome new students. Zhang Zhenxiang / Xinhua (China Daily USA 08/21/2014 page15) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |