BEIJING (Reuters) – China will exclude foreign firms from bidding in its second tender for shale gas blocks, despite a need for overseas technology to help exploit massive reserves of gas trapped within shale rock formations in the world’s top energy user.
China launched its shale gas push in late 2009, inspired by a shale boom in the United States
BEIJING, May 11 (Reuters) – China, the world’s top cotton
consumer, will soon issue about 1 million tonnes of extra cotton
import quotas to help textile mills buy cheaper overseas cotton
to cut costs, traders said on Friday.
The extra quotas, which would allow imports at sliding
tariffs between 5 and 40 percent, would bring total import
quotas issued so far this year to about 2.4 million tonnes, they
BEIJING, May 9 (Reuters) – Car sales in China rose 12.5
percent in April from a year earlier, more than double the
modest pace in March as consumers trickled back to the showrooms
ahead of the Labour Day holiday.
Demand will likely remain solid in May and June as new
models that premiered at the Beijing autoshow start to arrive at
the showrooms, industry observers said. After that, a more
subdued growth pattern, which began after Beijing’s policy
incentives expired, is likely to carry through the rest of the
summer, the slowest auto selling season of the year.
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