Aluminum Corp of China, or Chinalco, has got Australian approval to raise to 11 percent its stake in Rio Tinto Group, the target of a hostile $143 billion takeover by rival miner BHP Billiton Ltd.
“I have decided to raise no objections under Australia’s foreign investment policy,” Wayne Swan, federal treasurer of Australia, said yesterday in [...]
SAIC Motor Corp, China’s biggest auto maker, said first-half profit fell 28 percent on higher raw material costs and lower-than-expected demand.
Net income rose to 2 billion yuan (US$292 million), or 0.305 yuan a share, from 2.7 billion yuan, or 0.415 yuan a year earlier, the Shanghai-based auto maker said in a statement to the city’s [...]
China’s mutual funds lost a record 1.08 trillion yuan (US$158 billion), accounting for about 30 percent in net assets they managed, in the first half of this year due to a sluggish stock market.
Among the 364 funds managed by 59 companies, equities-oriented funds lost 1.06 trillion yuan, accounting for 97.52 percent of the total loss, [...]
Rizhao Port Co, China’s biggest iron ore port, said it will raise handling charges by 11 percent for the steel making mineral, as stockpiles remain high.
From September 1, the handling fee will be raised to 30.50 yuan (US$4.46) a ton from 27.50 yuan, for imported iron ore at its port, the Shandong Province-based company told [...]
China Oilfield Services Ltd, a unit of the nation’s third-largest oil producer, is awaiting approval from the Chinese securities regulator on its purchase of Awilco Offshore ASA and may complete the transaction by the end of next month.
The go-ahead, the last regulatory hurdle on the Chinese side, is expected “soon,” President Yuan Guangyu said in [...]
China has ordered a halt to projects that use coal to make oil as the nation seeks to conserve its supplies of the fuel for power generation.
All coal-to-fuel projects must suspend operations, the Ningxia Hui Autonomous Region Development and Reform Commission said in a statement on its Website.
Shenhua Group Corp’s plants in Inner Mongolia and [...]
