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McDonald’s Looks For an Image Boost 2007-08-09 06:09:39 McDonald’s Corp. said it will raise wages for its restaurant crews 12% to 56% above the minimum-wage guidelines as of Sept. 1. It’s a move that McDonald’s hopes will bolster its image as an employer. Wages at McDonald’s and its fast-food rival Yum Brands Inc. Read Original Post Here ...

Takeover Bid Tests Millionaire’s Clout 2007-08-09 06:09:39 The vice chairman and second-biggest shareholder of Hong Kong-traded China Oriental Group Co., Diana Chen Ningning, formally launched an offer to pay the equivalent of HK$3 per share (38 U.S. cents) in cash and bonds for the 72% she doesn’t own of the company. Read Original Post Here ...

Lenovo Cost Cuts Pay Off as Sales Surge 2007-08-09 06:09:38 Lenovo Group Ltd. said net profit in the three months ended June rose to $66.8 million from $5.2 million a year earlier, while revenue in the period increased 13% to $3.93 billion from $3.48 billion. Total operating expenses edged down to $462 million from $465 million a year earlier. President and Chief Executive William Amelio said that Lenovo will continue to streamline its cost structure. Read Original Post Here ...

Sasac Warns State Firms on Illegal Investments 2007-08-09 06:09:38 The State-owned Assets Supervision and Administration Commision warned central government-owned firms against illegally diverting bank loans into stock and property investments, as it aims to clamp down on profitable state firms putting money into riskier, noncore ventures. Read Original Post Here ...

CIMC Acquisition Bolsters Capacity 2007-08-09 06:09:37 China International Marine Containers (Group) Co., the world’s largest marine container maker by output, paid HK$1.13 billion (US$144 million) for a 42.18% stake in Chinese gas-equipment maker Enric Energy Equipment Holdings Ltd., Enric Energy said in a filing to the Hong Kong stock exchange. Read Original Post Here ...

Oil Giants Are Poised to Clash Over Piped Gas 2007-08-09 06:09:37 China Petroleum & Chemical Corp., or Sinopec, is considering building a long-distance pipeline from Sichuan to Guangdong so it can intensify competition with PetroChina Co. for customers in southern China’s booming natural gas market. Read Original Post Here ...

Microsoft Slashes Price on Vista To Counter Piracy 2007-08-09 06:09:36 Microsoft Corp. slashed the price on its Windows Vista operating system in China by more than half in a bid to lure buyers away from pirated versions of the software. Microsoft said it has cut its retail price for the Vista Home Basic package to 499 yuan ($66) from 1,521 yuan, and for the Vista Home Premium package to 899 yuan from 1,802 yuan. Read Original Post Here ... Microsoft

Wuhan Iron Buys Kunming Stake 2007-08-09 06:09:36 Wuhan Iron & Steel (Group) Corp. will buy a 48.41% stake in the steelmaking unit of Kunming Iron & Steel (Group) Co., a person at the unit said, further consolidating the Wuhan firm’s position as one of China’s largest steel producers. Beijing has been pushing the consolidation of China’s steel sector to eliminate inefficient operators and develop internationally competitive champions. Read Original Post Here ...

Foreign Press Says Freedoms Still Lacking 2007-08-09 06:09:35 Ninety-five percent of foreign journalists in China think reporting conditions in the country don’t meet international standards. The study, published by the Foreign Correspondents Club of China, is based on responses of 163 members from foreign media in the country. China has pledged to give international media “complete freedom to report” as it hosts the Olympics in 2008. Read Original Post Here ...

A Kingdom of Bicycles Goes Electric, But Pollution Problems Persist 2007-08-09 06:09:35 Millions of Chinese are shelling out $200 to $300 for electric bicycles and scooters at a pace that has manufacturers in raptures and environmental officials having fits. It has also created a huge demand for lead. Almost 95% of electric bikes are powered by lead-acid batteries. For each bike, about one quarter of its weight is the lead in the battery. Read Original Post Here ...

Manufacturing Sector Shows Signs of Cooling 2007-08-09 06:09:34 Manufacturing growth in July started showing signs of slowing, according to the latest purchasing managers’ indexes, suggesting China’s breakneck expansion could moderate. The China PMI, issued by the China Federation of Logistics and Purchasing and the National Bureau of Statistics, fell to 53.3 points in July from 54.5 in June, marking a decline for a third consecutive month. Read Original Post Here ...

Talks Aim to Streamline Accounting Methods 2007-08-09 06:09:34 Chinese and U.S. officials held a series of meetings aimed at bringing accounting methods in line to eventually allow cross-border share-market listings between the two countries. Liu Yuing, national director of the Accounting Regulatory Department in China’s Ministry of Finance, said talks with regulators at the U.S. Read Original Post Here ...

U.S. Senate Approves Bill Targeting Yuan Policy 2007-08-09 06:09:33 Efforts to sanction China over trade policies seen hurting the U.S. gained steam in Washington as a second congressional panel approved legislation aimed at pressuring Beijing to revalue its currency. Read Original Post Here ...

Chinese Firing @ the Factory: Power to the People 2007-08-08 14:21:52 Since I’ve been working here in Shenzhen, there have been a lot of people that have been fired. While I haven’t yet witnessed the firing processes in American companies (for myself), I think I have a good idea of how its handled and the necessary customs. In my experience, the Chinese process is…let’s just say, different. As I’m writing this my secretary is in the process of cleaning off her desk and gathering her personal belongings. The head of the R&D department just fired her at 8am on Monday right after she came in for work. To tell you the truth, I never really liked my secretary from the beginning. Although she was a smart girl and proficient in computer work, she was lazy and forgetful. It seemed like that she was always sitting at her desk (which is right in front of me), doing nothing while other people were running around. She had no initiative in doing anything. I personally would have never hired her (but our hiring process for my department sucks too). Fro ...

Ascendas China is Looking For Funds 2007-08-08 07:21:45 Following the piece on Prologis last week, it was a bit fortuitous that we would see an article in today’s Shanghai daily announcing Ascendas’s plan to raise nearly a billion USD. For those that are not familiar with Ascendas, it is a Singaporean REIT with close ties to the Singaporean Government. Where Prologis was an early mover in the warehousing/ 3pl facility secotr, Ascendas (through their ties to the Suzhou Investment Park) went for the build to suit facility sector.. and it has paid dividends. Much like Prologis, the Ascendas developments are world class (I will make trip next week to visit one of the Suzhou facilities), and though they initially had high hurdle rate expectations and were hated by all the big real estate firms Ascendas has done well expanding into other projects in Dalian, Hangzhou, Nanjing, Shenzhen, Suzhou, Tianjin, and Xi’an And given their interest in raising a billion USD, the list is sure to include other cities (Chengdu, Chongqing, and ...