Anti-dumping case
Australia on Wednesday started an anti-dumping and anti-subsidy investigation into toilet paper imported from or made in China. It's Australia's first anti-subsidy investigation against products from China. Wang Xinpei, spokesman for China's Ministry of Commerce, said the government is "sorry" that Australia has started the case, despite a lack of evidence. "This will give the wrong signal to industries in Australia and other WTO members, and will have a negative impact on the stable development of bilateral trade," Wang said.
Private banking
Industrial and Commercial Bank of China (ICBC) launched its private banking business in Shanghai yesterday.
The private bank, headquartered in Shanghai, will provide wealth management services including assets management and wealth consultancy for clients with more than 8 million yuan in individual financial assets.
The bank also established two private bank branches in Shanghai and Guangzhou.
New production lines
The Bosch Group, a global supplier of automotive technology and services, recently launched three new production lines for automotive electronics in its plants in Suzhou.
The three production lines include a new Parking Aid System sensor line for Driver Assistance Systems, an additional production line for Airbag-ECU (electronic control unit) and a production line for micro-hybrid technology.
Notebooks launched
The world's largest computer maker Hewlett-Packard released a series of new notebooks in China to tap the country's increasingly fashion-conscious consumers. Isaiah Cheung, vice-president of HP China's personal system group, said the company wants to personalize notebooks for young consumers and plans to release more stylish desktop PCs in China in the near future.
Screen share
The world's second largest maker of large LCD screens LG Display recently said its share in China's flat screen TV panel market will rise to 40 percent next year, compared with 35 percent this year. The growth is expected to come from strong demand from millions of Chinese splashing out on new TVs and appliances for this summer's Beijing Olympics, according to Jeffrey Kim, deputy general manager of the company.
Strategic deal
China's largest medicinal product distributor Sinopharm Medicine and German pharmaceutical manufacturer Boehringer Ingelheim (BI), agreed to extend a strategic cooperation agreement in Shanghai yesterday, after entering a partnership two years ago. Sinopharm agreed to continue to be the sole distributor for all of BI's 20 pharmaceutical products in China until the end of 2009.
Coal mine venture
China's Datang Power said yesterday it would invest up to 3.4 billion yuan to buy a 51 percent stake in a venture that will develop a large coal mine in Inner Mongolia.
The major electricity producer also said its net profit in 2007 rose 17 percent to 3.41 billion yuan due to increased power generation and higher power prices. Revenue climbed 32 percent to 32.83 billion yuan.
CITIC beats forecast
CITIC Bank Corp, China's seventh largest lender, beat analysts' expectations by more than doubling second-half 2007 earnings, riding a surge in fee-based income and widening interest margins.
CITIC Bank, in which Spain's Banco Bilbao Vizcaya Argentaria owns 4.83 percent, reported a net profit of 5.1 billion yuan in the second half of 2007 on Wednesday, compared with 2.1 billion yuan in the second half of 2006.
Source: China Daily/Agencies
|
Comment
Tell A Friend
Print Format
Save Article