Chinese aviation conglomerate HNA Group, which counts US billionaire George Soros among its shareholders, is to receive a US$72.3 million government bailout. It will be the first capital injection by the state into a privately owned airline. The Tianjin government’s money will go toward shoring up Tianjin-based HNA Grand China Express – an amalgamation of [...]
Ford is in discussions about selling off Volvo to Changan Automobile, its Chinese joint venture partner. According to state media, Xu Liuping, Changan’s president, participated in discussions with Ford and Volvo during an auto show last month in Guangzhou. No details of the talks were given, but an unidentified Changan executive was quoted as saying [...]
General Motors announced Thursday that its auto sales in China are up 8% so far this year compared with the same period last year. GM sold one million cars in China in 2007, and has already past that mark this year. The news comes as the carmaker engages in talks with the US government to [...]
China has pledged to help Pakistan steer clear of defaulting on upcoming international debt payments. Islamabad is looking to plug a US$10 billion hole in external financing in the financial year to June 2009 even as its currency continues to fall in value and its liquid foreign currency reserves dry up. One Pakistani official said [...]
Copper, zinc and aluminum futures all fell by the 4% one-day limit in Shanghai on Tuesday, feeling the effects of metal price drops in international markets last week while China’s markets were closed for the National Day holiday. Copper for December delivery on the Shanghai Futures Exchange fell to RMB51,210 (US$7,518) a metric ton when [...]
China welcomed the passage of the US$700 billion US financial rescue package over the weekend, as top officials insisted that the mainland’s economy is strong enough to withstand the impact of a global credit crisis. China’s central bank said in a statement Saturday that it was pleased the bill had passed, and that “China’s financial [...]
