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Who Will Apologize Next? 2007-09-27 23:11:31 The American Consumer Product Safety Commission has issued another set of product recalls involving leaded toys and jewelry from China. (Golly gee willickers, but don’t they look so cute!) In Bejing, Commerce Ministry spokesman Wang Xinpei on Thursday said: “Our attitude toward the toy problem has always been the same, that the problem is one in a thousand.” With several million products already recalled and many more likely to follow, that ratio may be somewhat erroneous. The $64,000 Asia Business Intelligence question: which of the American companies involved in the recalls will be the first to suddenly appear with Chinese officials, apologizing deeply, humbly and profusely to the government, exporters, manufacturers, factory workers, transport carriers, freight forwarders, longshoremen and God knows who else in China? Read Original Post Here ...

Are Super Logisitics Mergers in China On the Way? 2007-09-27 14:17:06 While recently looking further into the Yangtze, recent container traffic patterns, and the companies operating on the Yangtze we have been able to see that there is something on the horizon… something in the planning among the big 5 state owned shipping companies (COSCO?China Shipping?China Changjiang Shipping, Sinotrans, and China Merchant Shipping). These big five central companies have all develop their own specialties and market very well.COSCO, China Shipping, China Merchants and Changjiang are all heavy hitters in the shipping area with COSCO and CSL primarily export shippers and China Merchants and Changjiang primarily river shipping. Sinotrans however has carved out their niche not in shipping, but in freight forwarding, an area closely aligned with all four of the shippers. Where this gets interesting is that China is in desperate need to begin privatizing its state assets, and with nearly 20% of GDP going to logistics, there is clearly ways to find efficiencies& ...

Non-public sector of economy creates great job opportunities 2007-09-27 13:05:52 Chinanews, Beijing, Sept 24 – From 2002 to 2006, the number of people employed by non-public economic sector had increased by 11 million year on year. Non-public sector has become the new source to absorb China’s newly increased labor force, according to information released by the National Statistics Bureau on Thursday. From 2002 to 2006, non-public sector had created jobs for about 43 million people in total, more than the total number of newly increased workforce during this time. According to Chinese officials, non-public sector has played an important role both in alleviating the work pressure in cities and in absorbing the surplus labor force in rural areas. From 2003 to 2006, China faced heavy pressure in resolving the unemployment issue. During the four years, there was a fast increase of the new labor force in the market as many people in China turned 16 or older. From 2003 to 2006, the number of people who had attained work age increased by 50 million. While the ne ...

Central bank may raise mortgage rate 2007-09-27 13:05:50 (Source: China Daily) Sept. 26 - The central bank is expected to increase the interest rate of mortgage loans to 1.1 times the benchmark one-year lending rate this week, sources said. The move is an attempt to curb the rise in house prices and speculation in the property market. The current five-year lending rate has reached 7.83 percent after the central bank raised the interest rate for the fifth time this year on September 13. This means the interest rate for five-year mortgage loans could reach as high as 8.613 percent if the central bank makes a move this week. “With the expansion of mortgage loans, and as the central bank continuously raises interest rates, mortgage loans are beginning to face a high risk of default,” China Construction Bank (CCB), the lender with the highest mortgage loans in China, said in its latest report. Total non-performing mortgage loans in three major commercial banks - CCB, the Industrial and Commercial B ...

XinAo Gas First-Half Profit Fueled by Sales 2007-09-27 01:23:25 Natural-gas distributor XinAo Gas Holdings Ltd.’s first-half net profit rose 40%. The largest Hong Kong-listed Chinese piped-gas distributor by cities covered said net profit rose to 175.5 million yuan ($23.4 million) from 125.3 million yuan a year earlier. Revenue rose 59% to 2.31 billion yuan. Read Original Post Here ...

Auto Makers See Losses as the Price of Admission 2007-09-27 01:23:24 Chengdu, capital of the southwest province of Sichuan, is on the front lines of China’s automobile price wars, as companies battle it out in an increasingly crowded market. Nearly every brand is on sale. General Motors Corp. Read Original Post Here ...

Crackdown on Visa Abuses 2007-09-27 01:23:24 Police are stepping up enforcement of visa restrictions for foreigners living in Beijing. The crackdown is targeting foreigners living or working in Beijing under expired or misused visas, according to people affected and others familiar with the recent efforts. The crackdown has involved police spot checks at homes and hotels, and resulted in fines and, in some cases, detention or deportation. Read Original Post Here ...

Temasek Exec Departs to Start China Fund 2007-09-27 01:23:23 An executive involved with China investments at Temasek Holdings Pte. Ltd. is leaving to set up a China-focused private-equity fund. That fund could potentially be in competition for Temasek’s business with another fund being set up by the head of Goldman Sachs Group Inc.’s Chinese joint-venture investment bank. Read Original Post Here ...

Bank of Beijing Shares Soar on Debut 2007-09-27 01:23:23 Shares of Bank of Beijing Co. soared 81% on their Shanghai trading debut. The stellar debut came after China’s largest city bank raised 15 billion yuan ($2 billion) from selling 1.2 billion new Class A shares at the top of the indicative price range. The first-day surge was in line with the strong performances of other Chinese companies on their initial trading days. Read Original Post Here ...

Demand for Offshore Drilling a Boon for COSL 2007-09-27 01:23:22 The combination of rapid economic development and rising energy prices is accelerating demand for oil exploration in China-particularly off of its coast. Analysts say that few companies are in a better position to benefit from this demand increase than China Oilfield Services Ltd., known as COSL, which provides its parent Cnooc Ltd. and other oil companies with services needed to drill offshore. Read Original Post Here ...

Nine Dragons Paper Profit Soars 46% 2007-09-27 01:23:21 Nine Dragons Paper (Holdings) Ltd. posted a 46% rise in net profit for fiscal 2007, as China’s largest containerboard maker by output benefited from strong demand for packaging materials from export-oriented manufacturers. Hong Kong-listed Nine Dragons said it aims to almost double annual production capacity to 10.15 million metric tons by 2009. Read Original Post Here ...

Potential Airline-Carrier Tussle Averted 2007-09-27 01:23:21 Cathay Pacific Airways Ltd. and the parent company of its Chinese affiliate planned, then backed down from, a joint bid for shares in China Eastern Airlines Corp., averting a showdown with Singapore Airlines Ltd. for control of the mainland’s lucrative Shanghai gateway. Read Original Post Here ...

Inflationary Pressures Keep Energy Prices Low 2007-09-27 01:23:20 Beijing’s struggle to contain inflation, now at its highest level in a decade, is starting to crimp its room to maneuver on other economic policies. One major casualty looks to be a liberalization of energy prices. Read Original Post Here ...

Clothing Firms Fashion Offers Totaling Over $1.5B 2007-09-27 01:23:19 Down-clothes maker Bosideng International Holdings Ltd. and sportswear retailer China Dongxiang (Group) Co. are seeking to raise as much as $1.54 billion in initial public offerings ahead of listings in Hong Kong next month. Bosideng plans to raise as much as $836 million, a person familiar with the situation said. Read Original Post Here ...

Beijing Reserves Help Ease Pork Shortage 2007-09-27 01:23:17 China has begun releasing pigs from its central reserves into the domestic market in a bid to head off surging pork prices. In August, meat and poultry prices surged 49% from a year earlier, helping to push inflation to an 11-year high. But analysts say the move isn’t likely to ease worries of broader asset-price inflation and economic overheating. Read Original Post Here ...