China Economic ReviewSinochem paid US$100 million to acquire a 14% stake in an oil field in Ecuador operated by US firm ConocoPhilipps. Spanish company Repsol has a 55% stake in the field while Taiwan’s Chinese Petroleum has a 31% share. Under the deal, Sinochem would be entitled to 8,000 barrels of oil per day, which it could […]
A particularly high number of corruption cases were reported in China’s media during November and December as China’s “fourth generation” of leaders continued its emphasis on high-profile corruption investigations. Some of the more notable cases included the sentencing of Wang Chun, former deputy secretary-general of Jilin Provincial Committee of the Communist Party of China (CPC), […]
China’s largest online games firm, Shanda Networking, announced plans to seek a Nasdaq listing worth at least US$300 million in 2004. The Shanghai-based firm, which had an estimated value of more than US$1 billion, would sell between 20 and 25% of its share capital with the sale being arranged by investment bank Goldman Sachs. Shanda […]
China predicted that its foreign trade would slow dramatically in 2004. Growth in China’s total trade will be only 8% in 2004, down sharply from the 36.4% year-on-year growth in the first 10 months of 2003 according to the Ministry of Commerce (MOFCOM). MOFCOM also said that its trade surplus in 2003 was likely to […]
Stocks in Hong Kong-listed utilities companies are soaring on the back of the rapid expansion of China抯 gas network. The country plans to spend more than US$7 billion on gas pipelines and city networks in the next five years and hopes to quadruple its use of natural gas to 8% of household fuel by 2010. […]