Farmers are out shopping, but no one else is – not even for recycled waste paper
Category: Consumer
China Resources Enterprises said yesterday that its 2008 net profit fell by 53% year-on-year because of one-off gains in 2007 and lower revenues from its food processing business due to strong competition in Hong Kong, the Wall Street Journal reported. The company’s net profit for last year reached US$297 million, down from US$639.97 million in […]
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Kingfisher to scale back China business
European home improvement chain Kingfisher will close a third of its 63 outlets in China over the next two years in response to ongoing losses, the Financial Times reported. The company, which owns the B&Q brand, saw net profit plunge 75% last year, partly due to its China operation racking up US$332 million in exceptional […]
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Yum! to buy 20% stake in Little Sheep
Yum! Brands, the US fast food giant, will pay US$63 million for a 20% stake in the Chinese hot pot restaurant chain Little Sheep Group, Dow Jones reported. Hong Kong-listed Little Sheep said Yum! will buy a 13.92% stake currently held by private equity firms 3i Group and Prax Capital Management at HK$2.40 (US$0.31) per […]
Chinese health authorities said on Saturday that they had found no cancer-causing chemicals in products made by US company Johnson & Johnson, Reuters reported. The State Food and Drug Administration has investigated 33 Johnson & Johnson baby products, including baby shampoo, after a US consumer group charged that they contained carcinogens. A Shanghai-based local supermarket […]