Construction of the 120-floor Shanghai Tower will begin in Shanghai’s Lujiazui financial district in Pudong Saturday, a US$2.16 billion project in defiance of the global financial crisis. The building, which is expected to be the China’s tallest at 632 meters when it is completed in 2014, is being built by Shanghai Tower Construction and Development, [...]
Police confirmed that Huang Guangyu, chairman of electronics retailer Gome and one of China’s wealthiest men, was under investigation for involvement in economic crimes after a week of speculation on Huang’s whereabouts. Further details on the specific charges were not disclosed. Gome announced that Huang had handed responsibility for company affairs over to to CEO [...]
A-shares rose early in the day Thursday following the announcement of China’s largest interest rate cut in 11 years, but dampened later in the day. The benchmark Shanghai Composite Index finished up 1.1% at 1,917.86 points after rising 6.6% earlier in the day, while the Shenzhen index rose 1.7% to 544.1 points. Gainers included property [...]
Shares of China Eastern Airlines were suspended Thursday on speculation that the carrier would soon receive a capital injection from Beijing. China Eastern said its parent company intended to lower its debt level, adding that the details would be completed in 10 days. China’s main airlines have been hit by high fuel prices from earlier [...]
Chinese shipbuilder Sinopacific will hold a meeting next week in Hamburg to assure its Western customers that it can deliver ordered vessels. The meeting was called in reaction to speculation that the Shanghai-based company may not survive the current credit crunch and slowdown in the shipping industry. “Sinopacific does not have problems in delivery, and [...]
Zhang Ping, chairman of the National Development and Reform Commission (NDRC), said the impact of the global downturn on China’s economy accelerated in the last month, possibly leading to higher unemployment and unrest, and is continuing to spread. Zhang said the government needed to take “forceful” measures to limit the effects of the slowdown, including [...]
A Shanghai court ruled in favor of UK liquor maker Diageo in a suit against a local firm that copied the packaging and bottle design of its Johnnie Walker Black Label whisky. Diageo was awarded US$183,000 in damages in the case, an unusually high amount for intellectual property (IP) cases in China, in the midst [...]
A plan to insure about 98% of bank deposits in China has been submitted for State Council approval and is expected to be introduced next year. The scheme would require financial institutions to buy deposit insurance from the Central Deposit Insurance Corp, which would have the right to borrow from the central [...]
The parent of China Southern Airlines secured a US$439 million capital injection from the Ministry of Finance. Earlier this month, it was reported that parents of both China Southern and China Eastern Airlines would receieve a capital injection before the end of the year. The injection could help the airline to hold [...]
China postponed an annual summit with the European Union after French President Nicolas Sarkozy announced that he would meet with the Dalai Lama next month in Poland. Other European leaders are also expected to meet with the Dalai Lama. Chinese officials did not comment on the postponement, and no date has [...]