Lenovo Group has announced it plans to cut jobs globally. Under the plan, it will lay off 50 employees in its headquarters in the U.S. But the staff reduction would not apply to its arm in China.
A spokesperson for Lenovo Group says that the new round of staff reduction will last to the year end [...]
China’s aluminum producers have asked Beijing to introduce tax breaks and buy up surplus supplies to see them through the current bear market. Most producers are to cut output but Wen Xianjun, deputy chairman of China Nonferrous Metal Industry Association, said this was not enough. “They’re hoping for supportive polices such as export tax benefits, [...]
Air China posted a loss of US$277 million in the third quarter due to disruptions caused by the Olympic Games and poor hedging on fuel prices. It is the first time in seven quarters that China’s largest international carrier has recorded a loss. Sales fell 4% to US$2.03 billion as the Beijing-based airline was forced [...]
Russian Deputy Prime Minister Igor Sechin said China will provide “considerable” loans in exchange for increased oil supplies as the two countries reached a deal on a new pipeline. Some reports have said the value of these loans could amount to as much as US$25 billion, although Sechin said it would depend on future oil-supply [...]
China Life and Ping An Insurance both announced disappointing third-quarter results on Monday, largely due to the impact of struggling stock markets on investment income. China Life, the country’s largest life insurer, saw net profit for the period fall by more than 70% to US$342 million while Ping An posted a net loss of US$1.15 [...]
Beijing is poised to delay the launch of margin trading and short selling amid fears that the new mechanisms will increase market volatility. The launch was originally scheduled for next month. A source close to the China Securities Regulatory Commission said senior officials believed margin trading and short selling could expose investors to heavy losses. [...]
China called on developed nations on to devote 1% of their GDP to assisting developing nations in the fight against global warming on Tuesday. Much of the money would be spent on the transfer of “green” technologies, said Gao Guangsheng, head of the National Development and Reform Commission’s climate change office. The announcement comes ahead [...]
The Shanghai Composite Index closed up 2.8% at 1,771.82 points on Tuesday after a rally in other Asian markets wiped out early losses. Property developer China Vanke, which saw its third-quarter profit plunge 13% to US$31.5 million, led the early decline, dropping by as much as 9.2% in morning trading. Vanke eventually closed down by [...]
Wal-Mart has become the first retailer to recall eggs in China over fears of melamine contamination. Hong Kong authorities earlier said they had found traces of the chemical, which was responsible for the deaths of four infants and the hospitalization of thousands more after contaminating milk powder products, in eggs from the Hanwei Group. Wal-Mart [...]