Dazhong Insurance Co is to pull out of its partnership with Allianz, Europe's largest insurer in order to focus on the property and casualty insurance sectors, Bloomberg reported. Allied Dazhong Life Insurance Co was set up in 1999 with US$24.7 million of capital but the Chinese partner is now looking to sell its 49% stake […]
Category: Economics & Trade
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BPB to build plant in China
British plasterboard manufacturer BPB announced plans to build a new plasterboard plant in Changzhou, Jiangsu province, at a cost of US$36 million. The plant, set to become operational in early 2007, is intended to capitalize on an expected sharp upturn in the region, BPB said in an official statement. The company is currently the target […]
An increase in the minimum taxable income from US$99 a month to US$185 is being considered by the National People's Congress in a bid to narrow the country's widening wealth gap, state media reported. Consideration of the draft amendment of the law on income tax comes in the wake of growing social unrest, with scores […]
China's steel industry is expanding quicker than analysts had predicted, with capacity for steel production expected to reach 490 million tonnes by the end of 2006, versus the 420 tonnes forecasted by analysts earlier, the Financial Times reported, citing new research by China Iron & Steel Association (CISA). The gap can be explained by the […]
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Steel maker to cut prices
Boashan Iron & Steel Co will cut prices of its major steel products in the fourth quarter in a long-awaited move to catch up with similar reductions made by global and domestic rivals, the Wall Street Journal reported. Analysts saw the move as a sign that steel prices in China, which have fallen by a […]