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BEIJING - The Chinese steel industry may suffer losses in the third and fourth quarters due to the government's decision to remove export rebates, putting further pressure on mills. Those mills have already suffered from falling product prices and soaring raw material costs, leading industry experts said on Wednesday. "The move is a huge blow to Ch...
Containership operators are taking advantage of their seamanship to enter the offshore energy production business, the Nikkei Report reported. As emerging-economy firms muscle into the shipping business, Japanese firms are setting sail for what they hope will be more valuable waters. Japanese marine transporters are swarming to "Pre-salt," a ultra-d...
BEIJING - China's National Development and Reform Commission (NDRC), the country's top economic planner, refuted on Monday recent reports online saying China is mulling adjustments of electricity prices, claiming such reports "untrue". The NDRC said in a statement on its website that recently there were reports online saying the NDRC was ...
HOUSTON - The British Petroleum said Monday it has spent $2 billion in costs related to the Gulf of Mexico oil spill. The British oil giant said in a statement issued here that the costs included those of spill response, containment, relief well drilling, grants to the Gulf states, claims paid to affected individuals and businesses, and federal costs. ...
BEIJING - The combined profit of China's State-owned enterprises (SOEs) climbed 65.8 percent year-on-year in the first five months of 2010 to 749.29 billion yuan ($110.2 billion), the Ministry of Finance said Tuesday. Business revenue totaled 11.5 trillion yuan in the period, up 44.5 percent from a year earlier, the ministry said in a statement. ...
BEIJING - China's State Council, or Cabinet, has approved the scrapping of export tax rebates on 406 products, effective July 15, the Ministry of Finance said Tuesday in a statement on it website. The products included some steel and non-ferrous metals products, fertilizers, as well as some plastic, rubber and glass products, the statement said. Th...
BEIJING - China will retain its competitive edge and remain a favorite manufacturing destination for global automakers, but the recent labor unrests may increase costs for companies, industry sources and analysts said on Tuesday. Kevin Wale, president and chief executive of General Motors China told China Daily that the recent labor disputes will not im...
WASHINGTON/BEIJING - China must gradually phase out stimulus policies and focus on boosting domestic consumption to maintain its strong growth momentum amid rising inflation and the unfolding European debt crisis, senior economists from the United States and China said on Tuesday. The comments come ahead of the G20 leaders meeting in Toronto, Canada on ...
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