Business - People's Daily Online
People's Daily Online



China's largest stainless steel maker invests in Myanmar nickel mine (Jul 30)
Taiyuan Iron and Steel Group (TISCO) signed an agreement with China Nonferrous Metal Mining Group (CNMC) on July 26 to jointly develop the Tagaung Taung nickel mining project in Myanmar, according to an announcement on TISCO's Web site on July 29. CNMC Nickel, a wholly-owned subsidiary of CNMC, was previously in charge of developing the Tagaung Taung nickel mine. After signing the agreement, TISCO will inject capital into CNMC Nickel to acquire a certain share in the increased capital stock. ...


Dollar at lower 86 yen level in Tokyo (Jul 30)
The U.S. dollar traded in the lower 86 yen range Friday morning in Tokyo. The dollar bought 86.27-29 yen at midday, compared with 86.75- 85 yen in New York and 87.33-34 yen in Tokyo at 5 p.m. Thursday. It was the lowest intraday quote in nearly eight months in Tokyo trading. The euro was quoted at 1.3056-3057 dollars and 112.64-67 yen against 1.3075-3085 dollars and 113.62-72 yen in New York and 1. 3026-3028 dollars and 113.76-80 yen in Tokyo late Thursday. &$&$Source: Xinhua&$& ...


Beijing's home prices still growing, signs of slowing showing (Jul 30)
Beijing has achieved initial success in the regulation of its property market. Speculation in the real estate sector has been effectively curbed and the growth of housing prices has started to cool, said Zhang Gong, director of the Beijing Municipal Commission of Development and Reform, on July 29. Zhang said that Beijing's housing price index fell 0.1 percent in May compared with April, and remained at May's level in June. In addition, the city's second-hand housing price index dropped 1.6 ...


Singapore's unemployment rate edges up slightly in Q2 (Jul 30)
The seasonally adjusted overall unemployment rate in Singapore reached 2.3 percent in the second quarter of this year, official data showed on Friday. The second quarter number edged up slightly from 2.2 percent in the first quarter of this year, but improved from 3.2 percent in the same period of last year, Singapore's Ministry of Manpower said. Similarly, among the resident labor force, the seasonally adjusted unemployment rate rose slightly from 3.2 percent in the first quarter to 3.3 p ...


Japan's industrial production falls 1.5% in June (Jul 30)
Japan's industrial production fell a seasonally adjusted 1.5 percent in June from a month earlier when it rose 0.1 percent, the Ministry of Economy, Trade and Industry ( METI) said in a preliminary report on Friday. The ministry attributed the drop to a softening of domestic and international demand for motor vehicles and cellular phones. The production index stood at 94.7 against the base of 100 for 2005, marking a second month of decline on the back of a 0.1 percent decline in the previo ...


U.S. carrier Southwest Airlines reports 112 mln USD 2Q profits (Jul 30)
Southwest Airlines, the biggest U.S. discount airline, said Thursday its second-quarter profit rose to 112 million U.S. dollars, from 91 million in the same period last year. Total operating revenue rose 21.1 percent 3.17 billion, from 2.62 billion in the year-earlier period. Eleven analysts polled by Thomson Reuters estimated revenues of 3.15 billion for the quarter. Passenger revenues increased 20.4 percent from last year to 3.02 billion. Freight revenues was up nearly 14 percent, the Da ...


Samsung Electronics scores record Q2 operating profit (Jul 30)
Samsung Electronics, the world's largest maker of memory chips and flat-screen panels, on Friday reported a record second-quarter operating profit of 5.01 trillion won (4.2 billion U.S. dollars), a whopping 88 percent increase year-on-year. The company's net profit also posted a record high at 4.28 trillion won in the April-June period, an 83 percent rise from a year earlier. Sales rose 17 percent to 37.89 trillion won. The company, in a statement, attributed its increased profitability in ...


Brazil's mining giant Vale reports year-on-year hike in 2Q net earnings (Jul 30)
Brazil's mining giant Vale, the world's leading iron ore producer, announced on Thursday net earnings of 3.7 billion U.S. dollars in the second quarter of 2010, 2.1 billion dollars higher compared to those of the same period in 2009. Vale notched up 9.9 billion dollars in operating revenues in the second quarter, increased by 45 percent against the 6.8 billion dollars registered in the first. Apart from that, other items such as operational income, cash generation and investments also saw ...


Brazil's Vale to acquire copper metallurgy company (Jul 30)
Brazil's mining giant Vale said Thursday it plans to acquire copper metallurgy company Paranapanema in a bid to become a top copper producer. According to Vale, the world's biggest iron ore miner, the bid is subject to the purchase of at least 50 percent plus one common shares and will be applicable to all Paranapanema's shareholders. If all Paranapanema shareholders decide to sell their stocks, Vale will acquire the company for 2.01 billion reais (1.14 billion U.S. dollars) at 6.30 reais ...


CEOs see complexity of global economy as top challenge: survey (Jul 30)
A survey shows that global chief executives have ranked the increasing complexity of the global economy as the top challenge facing businesses this decade, according to a Straits Times report on Friday. This complexity stems from worldwide trends such as shifting consumer demands as emerging markets gain economic power, and great government involvement and regulation, the report outline the CEOs as saying. This increasingly interconnected world has resulted in a new economic environment th ...