Aluminum Corp of China, the nation’s leading diversified nonferrous metals maker which is also known as Chinalco, has appointed former executive Xiong Weiping as its new president to replace Xiao Yaqing.
Xiao, who led Chinalco’s acquisition of mining giant Rio Tinto, was promoted to deputy secretary general of the State Council, a Chinalco official said, confirming [...]
Huawei Technologies won the most new 3G-network contracts globally last year and its wireless division, including 2G and 3G equipment and services, generated revenue of US$10 billion last year, the country’s biggest telecommunications equipment maker said yesterday.
The Shenzhen-based firm is expected to land many more deals this year as China only began 3G services in [...]
China signed a US$25 billion energy deal in Beijing yesterday that will secure oil supplies from Russia for the next 20 years in return for loans, Russian state pipeline monopoly Transneft reported.
As part of the broad energy supply deal, China will lend US$15 billion to Rosneft, Russia’s state-owned major oil company, and US$10 billion to [...]
The China Beijing Equity Exchange linked up with Shanghai Pudong Development Bank as strategic partners yesterday and will work together on offering financing to mergers and acquisitions.
The bourse will act as a platform for member firms to gain access to the bank’s financing resources. The Beijing bourse is set to sign a similar deal with [...]
Hang Seng Bank yesterday said that it has completed an 800-million-yuan (US$117 million) deal that makes it the largest shareholder of Yantai City Commercial Bank.
Hang Seng now holds a 20-percent stake in the bank, based in Shandong Province. Hang Seng will have the right to nominate directors and make personnel recommendations for various senior management [...]
The growth of the middle class and penetration in the markets in tier-two and tier-three cities will boost life insurance premiums in China to US$160 billion by 2012 from US$100 billion last year, McKinsey & Co said yesterday.
Life insurance premiums are forecast to grow at a compound annual growth rate of 16 percent to 19 [...]
