Former Ford Germany chief likely to head VDA auto lobby

Head of Ford Germany Bernhard Mattes (R) gestures as German Chancellor Angela Merkel makes an opening tour of the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 17, 2015. Photo: REUTERS/Ralph OrlowskiThe former chief of Ford-Werke GmbH, Bernhard Mattes, is the favorite to head Germany’s VDA auto industry lobby when the current chief’s contract expires next year, a newspaper reported

Target's new changes could boost stock

Target Corp’s growing focus on online sales and other changes at the U.S. retailer could reward investors, propelling its stock to $75-$80 during the next two years, returning 20 percent to 30 percent, Barron’s reported on Sunday.Khalid bin Ahmed Al Khalifa also said on his account on Twitter that “if Qatar thinks that its current playing with time and evading

Oman's SalamAir starts operation to Qatar's Doha

MUSCAT, Oct. 29 (Xinhua) -- Oman's first budget airline SalamAir will start flying to Doha from Muscat on Nov. 22, offering a new route for passengers and connecting the country to a wider network of destinations, said an airline release on Sunday.Operating five weekly flights from Muscat International Airport to Hamad International Airport, the new route will "offer travelers in

Financial measures help poverty relief in China

CGTN PhotoChina has set goals to eliminate poverty in the country by 2020. To achieve this target, poverty relief efforts in rural areas have been vital. In Fuping County of northern China's Hebei Province, where new mechanisms are being tested to give greater financial support to poverty relief efforts.Zhang Hongliang in his greenhouse/ CGTN photoZhang Hongliang now has his own

Alibaba exec taking stake in NBA team

Photo: VCGThe co-founder of Chinese Internet titan Alibaba Group Holding is set to buy a 49 percent stake in the Brooklyn Nets, US-based sports network ESPN reported on Friday, citing National Basketball Association (NBA) sources.Joseph Tsai, Alibaba's executive vice chairman, has reached an agreement in principle to acquire the stake, the report said.The agreement leaves open the possibility of acquiring

China’s debt level still moderate: IMF official

Photo: VCGChina's household and public sector debt levels are still moderate, with corporate debt standing relatively high. But the central government is tackling the issue by addressing leverage, an International Monetary Fund (IMF) official said in Beijing Saturday.Though China's household mortgage-related debt has gone up quite a bit, household debt in general is not yet particularly high by international standards,

Huawei provides $680,000 CSR assistance to Myanmar

Chinese Huawei Technologies Company has provided a total of 680,000 US dollars worth of assistance under 15 programs of Corporate Social Responsibility (CSR) in Myanmar in 2016-2017, according to a CSR report released by Huawei Myanmar on October 28.During the period, Huawei Myanmar operated many CSR activities including supporting restoration and repairing efforts for the ancient buildings and relics in

China firms in talks to bid in Brazil's grain rail auction

A group of state-owned Chinese firms plan to form a consortium to bid in an auction for the right to build and operate a railroad known as Ferrogrão, Brazil’s secretary for the government’s public-private partnerships program, Adalberto Vasconcelos, said on Friday.With 1,100 kilometers (683 miles), Ferrogrão will connect grain producing regions in Brazil’s center-west to the port of Miritituba, in

Biggest Nordic bank Nordea to cut 6,000 jobs

Nordea, the biggest bank in the Nordic region, said Thursday it would slash 6,000 jobs to improve competitivity, as it posted a six-percent drop in third-quarter net profit due to historically low interest rates weighing on margins."In order to secure longterm competitiveness, we ... plan to reduce the number of employees and consultants (by) at least 6,000," chief executive Casper

Baidu, Shouqi Limousine & Chauffeur to develop driverless cars

Photo:VCGChinese Internet giant Baidu and Shouqi Limousine & Chauffeur, an online car rental company, have entered a strategic partnership to speed up the development of driverless vehicles. Baidu will provide Shouqi with its Baidu Map service, while Shouqi will help Baidu develop high-precision maps for self-driving cars.Baidu will also offer software and hardware solutions such as the "DuerOS" and "Apollo

China approves IPO applications from 9 companies

Photo: VCGChina's securities regulator has approved IPO applications from nine companies, which will raise no more than 9.5 billion yuan (around 1.43 billion U.S. dollars) in the A-share market.Five companies will be listed on the Shanghai Stock Exchange, one on the Shenzhen small and medium enterprise board and three on the ChiNext, a NASDAQ-style board, according to the China Securities

Geely's Volvo Cars posts 78 percent profit rise in China

A Volvo logo is seen at a car dealership in Vienna, Austria, May 30, 2017.Photo:REUTERS/Heinz-Peter BaderGeely-owned Volvo Car Group reported a 78 percent rise in third-quarter operating earnings on Friday and said it saw strong sales growth in China and continued signs of recovery in the U.S. market.Under Chinese ownership since being bought by Zhejiang Geely Holding Group from Ford

Canada's Saputo buys Australian dairy, bolsters China access

Canada’s biggest cheesemaker Saputo Inc has agreed to buy debt-ridden Murray Goulburn Co-operative for up to $490 million, becoming Australia’s top milk producer and expanding its access to China.The deal rescues Murray Goulburn, the maker of Devondale milk and cheese after a disastrous foray into China, where sales were not as strong as hoped for. Including Murray Goulburn’s debt, the

Air China profit lifted by stronger yuan, despite lower yields

Air China posted a 31 percent rise in third-quarter net profit on Friday as a strengthening yuan offset lower passenger yields on international routes.The state-owned Chinese airline said net profit rose to 5 billion yuan for July-September from 3.8 billion yuan a year earlier. Net profit over the nine months to September rose 14.6 percent to 8.3 billion yuan.Analysts from

Japan's automakers rekindle youthful passion for cars

By day, the Daikoku Parking Area hums with transport trucks en route to and from the Port of Yokohama. On weekend evenings, it transforms into a revved-up runway of tuned-up Japanese cars.The unassuming rest stop is famous to car enthusiasts as a temple of the country’s motor culture, but it also illustrates a “youth” problem that auto companies such as

Hong Kong shares follow Wall Street higher

Hong Kong stocks ended the week on a firmer footing, after an encouraging slew of earnings from U.S. tech giants buoyed Wall Street and the European Central Bank extended its stimulus.The market also drew support on solid earnings from major Chinese firms listed in the city, including China Life Insurance and telecommunications equipment and systems company ZTE Corp.The Hang Seng

US economy shows resilience with 2nd straight solid quarter

Photo: APPowered by businesses and consumers, the U.S. economy grew at a solid 3 annual pace last quarter despite two devastating hurricanes — evidence of economic durability and all but assuring that the Federal Reserve will resume raising interest rates late this year.Friday’s figures from the government marked the first time in three years that the economy has expanded at

Chinese smartphone brands capture 48 % of global market share

Visitorstry newly-released smart phones made by Chinese manufacturer ZTE at the Mobile World Congress held in Barcelona, Spain in February, 2017. (Photo by Wang Di from People's Daily)Chinese smart phonebrandscaptured 48 % of global market share in the second quarter of 2017, said a recent report issued by market research firm Counterpoint Research. According to the report, China'sHuawei has become

Hainan Airlines launches first non-stop service between New York, Chengdu and Chongqing

File PhotoNew York--Hainan Airlines, a unit of HNA Group, this week begins two new routes between New York's John F. Kennedy International Airport (JFK) and the Chinese cities of Chengdu and Chongqing.In conjunction with the route launches, Hainan Airline's parent-company, HNA Group, is supporting a series of New York City events including Lincoln Center's Fall Gala, the China Institute's Blue

Malaysia expects to achieve 5-5.5 percent economic growth in 2018

Malaysia's Prime Minister Najib Razak presents the 2018 budget beside his deputy Ahmad Zahid Hamidi at the parliament house in Kuala Lumpur, Malaysia on Oct. 27, 2017. (Photo: IC)Malaysia's 2018 real gross domestic product (GDP) is expected to expand between 5 percent and 5.5 percent, underpinned by resilient domestic and external demand, according to an economic report released by Malaysian

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