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Baosteel Group Corp, will take an 80 percent stake in a new 35.9 billion yuan (US$5.2 billion) joint venture in southern Guangdong Province amid a steel industry restructuring. Shanghai-based Baosteel will pay 28.7 billion yuan in cash for the stake in the new Guangdong Iron & Steel Group. Two local players, Shaoguan Iron & Steel Group and Guangzhou Ir...
China's largest domestic carmaker, the Anhui Province-based Chery, said on Tuesday that it had set up an auto finance company in cooperation with Huishang Bank, also based in Anhui, after receiving approval from the China Banking Regulatory Commission. The venture, called Chery Huiyin Auto Finance Co. Ltd., will be the 10th auto finance company in Chi...
Shenzhen Development Bank Co said on Monday it expected its first-half net profit to almost double from a year ago on loan growth, an increase of interest spread and improved asset quality. The Shenzhen-listed lender, partly held by United States-based TPG Inc, said net profit was likely to rise by 85 percent to 95 percent on year in the first six mont...
China's leading oil field services provider COSL has reportedly been in advanced talks to buy Norwegian rival Awilco Offshore ASA, in a deal worth more than US$2 billion. If successful, this would help boost the overseas business development of COSL (China Oilfield Services Ltd), which failed to buy Russia's STU, a unit of TNK-BP, earlier this year in ...
China National Offshore Oil Company Limited (CNOOC Ltd.) announced Tuesday that a new oil field in the South China Sea had started production with a current daily output reaching 31,000 barrels. The oil field, Xijiang (XJ) 23-1, is at Block XJ04 in the Pearl River estuary basin, about 19 km east of the XJ24-3 oil field. Its development facilities cont...
A round table between the China Economic and Social Council (CESC) and the European Economic and Social Committee (EESC) is discussing the social responsibility of enterprises and trade investment between China and the European Union (EU). Wang Zhongyu, CESC president, and Dimitrios Dimitriadis, EESC president, both spoke at the opening ceremony of th...
The first national craftwork expo was inaugurated Saturday in Quanzhou city, Fujian province of southeast China, the China News Service reported. Nearly 1,000 dealers from around the country brought numerous sorts of crafts, including life-sized woodcarvings of Buddhists, delicate porcelain wares and stone carvings. The organizer set up a special e...
More than 30 U.S. companies signed deals with the Chinese government last week prior to bilateral trade talks. Among the companies that struck business agreements are Ford Motor Co., Chrysler, General Motors, Motorola, Oracle, IBM, Texas Instruments and Analog Devices. These partnerships will stimulate American jobs and contribute to our country's...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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