SHANGHAI/BEIJING, June 21 (Reuters) – China’s central bank
faced down the country’s cash-hungry banks on Friday, letting
interest rates again spike to extraordinary levels as it
increases the pressure on the banks to rein in rampant informal
lending and speculative trading.
The banks have been using cheap official funds to finance
the vast “shadow banking” market, which Beijing worries is
siphoning credit from industry and creating asset-price bubbles.
BEIJING (Reuters) – ZTE Corp, China’s second-largest telecoms equipment maker, has essentially stopped doing business in Iran after a U.S. investigation into alleged sales of embargoed equipment, the company’s chairman told Reuters on Thursday.
ZTE said in March 2012 that it would curtail business in Iran following a report by Reuters that it sold Iran’s largest telecoms firm a powerful surveillance system capable of monitoring telephone and Internet communications. The company is now facing a U.S. criminal investigation over the issue.
BEIJING, March 6 (Reuters) – China’s plans to curb property
speculation are likely to be more bark than bite, and markets
have over-reacted because of the uncertainty over how local
governments will implement measures including a 20 percent
capital gains tax on house sales.
Investors took fright this week over the potential impact of
the tax – which has been in place for almost two decades but
never strictly enforced – hammering shares of big property
development firms such as China Vanke, Poly Real
Estate, China State Construction Engineering
and China Resources Land.
BEIJING (Reuters) – However ploddingly China’s new leaders might like to reform the world’s second-largest economy and the way they govern, pressures set to build over the next decade will likely force great change upon them.
President-in-waiting Xi Jinping and the next premier, Li Keqiang, were anointed on Thursday as the top leaders of the Communist Party, only the second time the party has managed a peaceful transition since it took power in 1949.
BEIJING, Nov 9 (Reuters) – HNA Group, China’s fourth-largest
aviation group, is in talks with Airbus and may cancel
its order for 10 A380 aircraft with a total list price of $3.8
billion due to weak market conditions, chairman Chen Feng said
The order has faced uncertainty due to a row between China
and the European Union over airline emissions charges.
SHANGHAI (Reuters) – The pre-holiday procession of Chinese entrepreneurs bearing gifts for the officials who hold sway over their businesses highlights the ubiquity of corruption in China and the difficulty the government will have in stamping it out.
For the past few weeks, business people across the country have been preoccupied not with their companies’ operations, but with delivering thinly veiled bribes to the officials who grant them permits, sign off on the quality of their products or validate their tax bills.
SHANGHAI, Sept 18 (Reuters) – The image of a small island
topped by a massive Chinese flag that dominated the home page of
Chinese internet giant Baidu Inc on Tuesday leaves
little doubt as to where its allegiances lie.
Baidu and companies across the country are tapping a frenzy
of nationalist sentiment, launching patriotic promotional
campaigns as thousands take to the streets to protest against
the Japanese government’s purchase last week of some disputed
islands from a private owner, islands China claims as its own.
BEIJING, Aug 1 (Reuters) – Hanlong Mining said China has
approved its long-delayed $1.3 billion takeover bid for
Australian iron ore developer Sundance Resources, a
vote of confidence for a sector grappling with falling prices
and weak demand as the global economy cools.
Hanlong, which already owns 17 percent of Sundance, wants
the company for its $4.7 billion Mbalam iron ore project on the
border of the republics of Congo and Cameroon in western Africa.
The region is seen as a major new source of iron ore that could
cut China’s dependence on Australia and Brazil.
SHANGHAI, July 12 (Reuters) – China’s biggest listed
steelmaker, Baoshan Iron & Steel, will cut August
prices of its main products by 4.6 percent to 5.6 percent, after
its first reduction in 2012 this month, suggesting the company
lacks confidence in the market near-term.
Baosteel’s pricing decisions are generally regarded as a
bellwether for the industry. While demand generally weakens in
China’s hot summer months as construction projects slow,
sluggish economic growth and a fragile global economy are
putting particular pressure on the company this year.
SHANGHAI (Reuters) – Wang Zhenghua employs a simple philosophy for surviving as a private airline in China’s state-dominated aviation sector.
“You have to take it a bit slowly, rather than being too aggressive and making enemies everywhere,” says Wang, founder and chairman of Shanghai-based Spring Airlines, of the approach that has enabled him to successfully carve out a piece of the $56 billion-a-year Chinese airline industry.