March 29, 2010
China Business News for Monday 29 March 2010
- Geely Buys Volvo - Chinese carmaker Geely becomes the 1st Chinese auto maker to buy a legendary brand with its $1.8 billion (US dollar) acquisition from Ford Motor. Analysts say for the venture to work Geely will need to take a different approach something Geely just may be able to pull off given its reputation as China's biggest privately owned auto company....
- Rio Tinto Ex-employees Sentenced in China to prison on bribery and theft charges with terms ranging from 7 to 14 years. Australian Foreign Minister Stephen Smith criticized the verdicts and said it may impact relations with China. China is Australia's top trading partner....
- AFP says a World Gold Council report sees Chinese gold consumption doubling over the next decade. Although currently the world's leading gold producer China could exhaust its known gold reserves in just 6 years if gold consumption reaches the same degrees as India....
- Sinopec Buying Upstream Assets from its parent China National Petroleum Corp. including Angola assets valued at $2.6 billion (US dollars) all in a bid to ensure petroleum reserves....
- China's National Social Security Fund To Invest Overseas and its Chairman Dai Xianglong specifically mentioned USA, EU, and India as investment targets. Currently the fund has around $114 billion (US dollars) available and aims to more than double in size in 5 years to 2 trillion Yuan....
Labels: business news, Chinese business, financial news
October 16, 2009
Chinese Blockbusters
The center of gravity of Asia's film industry is shifting to China with more than a dozen Chinese movies expected to reach 100 million Yuan (renminbi) or more at the box office. Cinema business is booming in China and the deal making is moving from Hong Kong to Beijing. Some private Chinese production companies to watch include Cinema Popular, Enlight Media, Huayi Brothers Media, and the Shanghai Media Group.
Hollywood has yet to reap any advantage over the recent WTO ruling that China should free up distribution of foreign films in the country. But American movies are still a draw - "Transformers" topped "Titanic" this year for the highest grossing film in China....
Labels: beijing, Chinese business, hollywood, hong kong
June 04, 2008
Iran China Ties Build Despite Pressure
At a press conference today Iranian ambassador to China Javad Mansouri said the two countries are increasing ties particularly in energy development.
China is buying more oil from Iran and imports of petrochemicals have grown from under $100 million (US dollars) a decade ago to an expected $1 billion this year. China accounts for around ten and a half percent of Iran's petrochemicals exports.
Last month Shanghai hosted an "Investment Opportunities in Iran" conference. Trade with the "Dragon's Head region (Shanghai, Jiangsu, Anhui, & Zhejiang) was in the billion$ in 2007.
Chinese oil majors are developing big oil and gas fields in China and Chinese auto manufacturers will soon supply Iran with passenger cars. Iran is one of many emerging markets for autos with sales over 1 million/year already. Chery will be rolling out the popular QQ sometime this year. And Chang'An Auto, partner to Ford Motors in China, just started a joint venture with the Iranian PIDF enterprise to assemble Chang'An's 1.3 liter mini, Benben, with production of 250,000 a year expected around 2012.
Meanwhile, geopolitical pressures of the EU and USA will leave this huge emerging market to China unless wiser heads soon prevail.
Labels: china, Chinese business, foreign investment, global economy, globalization, iran, opportunity
May 15, 2008
Will GE Turn Chinese?
The announcement that GE is hiring investment bankers for a possible sell of its appliance business has commenters buzzing that the Chinese may be interested suitors, specifically Haier which was thwarted in its bid for Maytag three years ago by a shamelessly xenophobic (and non business minded) US Congress. GE's appliance unit has a long and distinguished history as an early manufacturer of household appliances and former market leader but it's sales today - though substantial at over $7 billion annually - have fallen behind foreign brands in Germany and Asia (South Korea's LG, for example).
Labels: china, Chinese business, foreign investment, General Electic, Haier, investment
Subscribe to Posts [Atom]
