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Major Chinese steel mills have not reached an interim price deal with BHP Billiton Ltd as reported by foreign media earlier this month, a sign that Chinese steelmakers will consolidate their efforts in upcoming benchmark iron ore price negotiations. One source representing a major State-owned steel mill said no price deal has been reached between major Ch...
Bank of Communications (BoCom), China's fourth largest lender by market value, is likely to raise up to 30 billion yuan through a rights offering in Hong Kong and Shanghai to replenish its capital base, people with knowledge of the matter said yesterday. The Shanghai-based lender may offer 1.5 new shares priced between 3 and 4 yuan apiece for every exist...
SHANGHAI: The new kid on the futures block seems to have got off to a great start, going by the early responses from investors. For many like Yao Shanliang, a 63-year-old retired metal trader, the opportunity to trade in stock index futures was something that they did wish to slip out of their hands. Yao drove two hours from his home in Zhangjiagang in Ji...
SHANGHAI: Mainland stocks dropped on the first trading day after a weeklong break as financial companies fell after the central bank ordered lenders to set aside larger reserves, countering gains by Fujian-based companies. China CITIC Bank Corp, the banking unit of the nation's largest investment company, slid 1.7 percent. Poly Real Estate Group Co and G...
China's crude oil processing volume grew 29 percent year-on-year in January, as economic recovery pushed up demand for oil products. The country processed 30.14 million tons of crude last month. Output of refined oil increased 24 percent to 18.59 million tons, according to the China Petroleum & Chemical Industry Association (CPCIA). Economic recove...
CITIC Securities, the largest mainland brokerage by assets, is in talks to acquire a minority stake in Hong Kong-based brokerage CLSA Asia-Pacific Markets in a bid to expand business overseas, the Century Weekly magazine reported yesterday. The securities firm is likely to purchase a small stake because the target company's asking price is high and the t...
China plans to tighten the auditing of fiscal funds and all government-related construction projects, according to a newly-revised regulation, in a bid to ensure sound use of public money and effective prevention of corruption. The regulation on the implementation of the Audit Law, issued over the weekend by the State Council and to take effect on May 1, ...
NEW YORK: Powered by technologies from the United States and manufacturing capacity in China, a solar thermal plant with an installed capacity of 2,000 megawatts (MW) will be up and running soon in northern China. The first of its type in China, the project also has the potential to serve as a role model for future solar plants in China with its new and c...
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