China Economic ReviewChina Life Insurance (LFC.NYSE, 601628.SH) said profits declined 22% in the first quarter of 2011 due to a surge in claims and poor returns on invested capital, Bloomberg reported. The company said profits earned from January through March reached RMB7.97 billion (US$1.2 billion), down from RMB10.2 billion in the same period last year. Policy income […]
Haitong Securities (600837.SH) announced on Tuesday it will seek a stock listing in Hong Kong to expand its presence and benefit from the internationalization of the renminbi, the Wall Street Journal reported. The listing announcement follows a similar statement last month by mainland brokerage CITIC Securities (600030.SH), which plans to link up with Credit Agricole […]
China Minmetals Resources (1208.HK) withdrew its offer to acquire copper miner Equinox Minerals (EQN.TSX, EQN.ASX) in the face of a higher bid from Barrick Gold (ABX.NYSE, ABX.TSX), the Wall Street Journal reported. State-controlled Minmetals bid US$6.6 billion for Equinox earlier in the month, but Equinox shareholders rejected the offer as too low. Canadian firm Barrick […]
MGM Resorts International (MGM.NYSE) has signed a deal with Pansy Ho, daughter of Macau casino mogul Stanley Ho, to take a controlling stake in their Macau casino venture, the Wall Street Journal reported. The agreement will give the Las Vegas-based casino operator a 51% interest in MGM China Holdings following the venture’s public offering on […]
Spanish and Chinese enterprises have signed eight deals worth a total of US$1.44 billion, marking a four-day visit by Spanish Prime Minister Jose Luis Rodriguez Zapatero to China, state media reported. Contracts included a deal between Spain’s Santander (SAN.MCE) bank and China’s ZTE Corporation (000063.SH, 0763.HK) to finance the export of telecom equipment, and an […]