Chinese automobile and battery maker BYD reported an 89% decline in profits and 11% fall in revenue year-on-year in the first half of 2011, the Wall Street Journal reported. The weak performance was in line with the market’s expectations for BYD, given increased competition at the low end of the Chinese car market where BYD […]
Category: Investment
Chen Xiangzhi, CEO of Chinese chemical maker ShengdaTech, is being sued by board members after the company filed for bankruptcy earlier this month, Bloomberg reported. The lawsuit accuses Chen of seeking to obstruct further investigation of the company’s finances and trying to oust a chief restructuring officer hired to oversee the bankruptcy proceedings. ShengdaTech has […]
Yields on Hong Kong-dollar denominated debt fell this week, stimulating increased demand for RMB-denominated assets as China has made it easier for Hong Kong residents to invest, Bloomberg reported. The Hong Kong dollar is linked to the US dollar and has therefore been steadily losing value against the renminbi. Last week China’s government sold US$10.8 […]
A delegation of Chinese regulators will travel to Washington, DC in October to participate in ongoing talks on allowing US inspectors to scrutinize Chinese audit firms, the Wall Street Journal reported. Chinese officials have so far not allowed officials from the US Public Company Accounting Oversight Board, which monitors compliance and practices at companies that […]
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Coca-Cola to spend $4bn in China
Coca-Cola (KO.NYSE) plans to spend an additional US$4 billion over the next three years growing its business in China, the beverage giant’s third-largest market, the Wall Street Journal reported. Chairman and Chief Executive Muhtar Kent said that the funds will be plowed into setting up new bottling plants, expanding existing facilities and supporting distribution, marketing […]