BEIJING, April 26 (Reuters) – Cotton stored at Chinese
bonded warehouses has risen to as much as a million tonnes after
merchants stocked up with cheaper overseas supplies in
anticipation of Beijing raising import quotas, trade sources and
analysts said on Thursday.
China, the world’s top cotton buyer, may issue a new batch
of quotas for as much as 1.5 million tonnes by May to help
textile mills secure cheaper cotton overseas, since Indian
supplies are currently about 15 percent cheaper than domestic
cotton, they said.
BEIJING, April 25 (Reuters) – The State Grid Corp of China
(SGCC), the world’s largest state utility, plans to spin off a
coal and power generation unit with assets worth about 50
billion yuan ($7.9 billion), or 2.5 percent of its total assets,
sources told Reuters on Wednesday.
The sale, to state-run Shenhua Group, would be the second
divesture after SGCC stripped 4 percent of assets including
mostly power construction services last year in a delayed and
scaled-down step in China’s power market reform.
BEIJING, April 19 (Reuters) – The tiny electric car that
Chen Xianping drives to work over bumpy country roads in
Shandong province says much about the hurdles facing China’s
efforts to promote electric vehicles and the big car companies’
efforts to sell them.
It’s not a beautiful machine. The Shifeng brand car
resembles a plump Fiat Mini with oversized headlights and has a
top speed of about 50 kilometres per hour.
BEIJING, April 11 (Reuters) – Car sales in China climbed a
modest 4.5 percent in March from a year earlier, pulling back
sharply from a hefty gain in February, a s a slowing economy and
higher fuel prices kept customers away from showrooms.
Sales declined 1.3 percent in the first quarter, in a
downtrend that started in January when automakers and dealers
cut working hours during China’s lunar new year holiday.
BEIJING, March 29 (Reuters) – Top Chinese automaker SAIC
Motor Corp reported a 67 percent surge in quarterly
earnings on Thursday, citing solid demand for German and U.S.
cars made at its Shanghai ventures as well as a $4.4 billion
asset purchase from its state parent.
SAIC and its partners, General Motors Co and
Volkswagen AG, will continue to outpace their rivals
in China as they roll out more quality new products in the
coming months, industry observers say.
BEIJING, March 27 (Reuters) – Dongfeng Motor Group
, China’s second-largest automaker, reported a 4.6
percent decline in its annual earnings in 2011 as a slowing
market and parts supply disruption from natural disasters dented
the sales of its Japanese partner, Honda Motor.
The outlook should improve steadily in 2012, industry
observers say, as the No.3 Japanese automaker recovers.
BEIJING, March 25 (Reuters) – BYD Co Ltd
, a Chinese carmaker backed by U.S. billionaire
Warren Buffett, reported a jump in fourth quarter net income due
to an asset sale, but full year earnings plunged on weak car
sales, according to its annual report.
Analysts believe BYD faces a tough 2012 mainly because its
core auto business lags many of its domestic rivals amid a
BEIJING, March 21 (Reuters) – When Chinese car maker Geely
bought Volvo 18 months ago, some predicted a government which
has made it a priority to buy or build high-end international
brands would roll out the red carpet for the country’s first
fully-owned premier marque.
Not so. Under Chinese law, Volvo, which is still registered
and incorporated in Sweden, is branded a foreign company and
gets the same treatment as General Motors, Ford Motor Co
or German luxury car maker Audi.
BEIJING, March 9 (Reuters) – February car sales in
China rose 26.5 percent from a year earlier, rebounding strongly
from a slump in the previous month as automakers and dealerships
resumed normal operations after the lunar new year holidays.
However, sales in the first two months still slipped 4.4
percent from the year-ago-level, reflecting the impact
of the holidays that sometimes fall in January and sometimes in
February. Industry observers typically look at the two-month
combined figure to gauge the state of the industry.
BEIJING, March 7 (Reuters) – China’s northeast
province of Heilongjiang, the country’s top corn and soy grower,
aims to raise total grains output by eight percent in 2012 and
will expand its corn acreage by paring back on land for soy, a
local agriculture official said.
Heilongjiang produced 15 percent, or 26.76 million tonnes,
of China’s total corn output in 2011, equal to the total harvest
in Argentina, the world’s second largest corn exporter.