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2008-06-25 Beijing
Mazda 6 saw continued growth in sales in China during the period from January to June of this year, with 5,558 new vehicles applying for registration in May, despite the country's bleak auto market. Stylish models and Mazda's rich experience in auto making as well as the better cost performance of the model were the main factors contributing to the growth.
2008-06-25 Chengdu
Aluminum Corporation of China (Chinalco) (SEHK: 2600, NYSE: ACH, SSE: 601600) said at the 2008 China Aluminum Fabrication Forum in Guangzhou that it is planning to invest around RMB 3.7 billion (approx. $US 544 million) in building a 100,000-ton double-zero aluminium foil manufacturing facility in Chengdu. Upon completion, the facility will be the largest double-zero aluminium foil manufacturing base in Asia.
2008-06-25 Beijing
For the first 5 months of 2008, Manzhouli Port, a land port bordering Russia in north China's Inner Mongolia Autonomous Region, recorded iron-ore imports of 491,000 tons from Russia, significantly up from a year earlier. The average import price was US$ 153.8 per ton, 2.1 times higher than a year ago. Industry insiders expect Russia will become the major iron-ore exporter to China.
2008-06-24 Beijing
In an attempt to deal with the allegation of sweatshop practices levied against China's largest producer of containerboard products, Nine Dragons Paper (Holdings) Limited (SEHK: 2689), by the Students and Scholars Against Corporate Misbehavior (SACOM), the newspaper's chairman attempted to lay off 415 workers without notice. SACOM, angered by Zhang Yin's practice, sent emails to the company's international investors to persuade them to stop buying Nine Dragons Paper's stock, which has had a negative effect on Zhang's ability to raise capital. One of Nine Dragons Paper's clients, Nike (NYSE: NKE), has responded to SACOM and indicated its concern about the sweatshop practice issue and said it will keep a close eye on the company going forward.
2008-06-24 Beijing
Fukang will retreat from the Chinese market in 2009, after its entry into the market 15 years ago. After the expected retirement, Fukang will become a brand under Dongfeng Citroen. As for the reason behind the proposed retreat of Fukang, an insider said the old model is not in line with Citroen’s current brand strategy in China. Dongfeng Citroen also will launch a new Elysee family product to meet customer demand after the middle of next year.
2008-06-24 Wuhan
The government of Suizhou, a special purpose vehicle manufacturing base in Hubei province, has entered into a strategic agreement with China International Marine Containers (Group) Co., Ltd. (CIMC) (SSE: 200039) at a trade and economic cooperation conference, according to which CIMC will locate its recreational vehicle manufacturing facility in Suizhou, entering the city’s special purpose vehicle industry. In addition, at the conference the government signed a total of 43 project contracts worth more than RMB 3.3 billion (approx. $US 485 million).
2008-06-24 Beijing
With the theme of creating a good environment to boost development of the software industry, Business Software Alliance Vice President Jeffrey Hardee delivered a speech at this year’s China International Software and Information Service Fair. He cited many factors, including an effective intellectual property right (IPR) protection system, sufficient talent resources, established IT infrastructure and a fair business environment, that would ensure a rapid development of the Chinese software industry. According to an IDC report, China’s piracy rate is expected to decrease by 10 percentage points over the next four years.
2008-06-24 Beijing
Cross-strait direct weekend charter flights are scheduled to begin on July 4. Air China (SEHK: 0753, LSE: AIRC, SSE: 601111) will launch non-stop services between Beijing and Taipei as well as between Shanghai and Taipei. The carrier will use aircraft painted with the symbol of the Olympic Games for the services.
2008-06-24 Beijing
As COSCON Container Lines has reduced its energy consumption greatly by lowering the traveling speed of its ships. The company plans to apply the energy saving approach to all of its container vessels. As a result, speed of all the ships will be lowered by 10 percent. In addition, an insider said that energy saving equipment will be added to the company’s fleet to help the company lower its oil consumption to the lowest level in history.
2008-06-24 Chongqing
According to the Chongqing Information Industry Bureau, it has signed a Memorandum of Understanding with Qingdao Shining Information Technology Company, to build the largest software outsourcing base in the southwest of China for South Korea. Qingdao Shining will build a software technology company in Chongqing, to cooperate with Taejon, SK Group, Tong Yang Group, LG Group and Hyundai Group in developing offshore outsourcing and a pool of competent human resources.
