General Motors said it will begin selling its China-made CTS Cadillacs in early 2005, but could start selling Cadillac SUVs before yearend. GM is China's second largest foreign carmaker, after Volkswagen. The CTS models are made at its joint venture with Shanghai Automotive Industry Corp (SAIC). Cadillac's SRX luxury sport utility vehicle is also assembled […]
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Baoshan Iron & Steel plans to acquire US$3.4 billion of assets from its state-owned parent Shanghai Baosteel through transfer of 2.5 billion new shares. The company will also offer 2.5 billion new shares for sale to the public. Analysts said the move was part of the steelmaker's goals to become one of the world's top […]
Government credit curbs continued to cut into demand for metals, alumninum included, producers said Bloomberg reported that the price of aluminium on the Shanghai Futures Exchange has fallen 7.7% so far this year. Higher costs for alumina have also cut into processors' margins. Aluminum Corp of China, which supplies almost half the country's raw material […]
In yet another sign that Beijing is bearing down harder on Internet service companies and users, state-dominated China Mobile cut picture transmission services to top portal Sohu.com from September 1 for reportedly using its customer base for unsolicited marketing activities. The suspension, which does not take effect till September 1 but is set to last […]
Volkswagen, China's largest foreign automaker, won preliminary approval from authorities to develop its long-planned car-loan joint venture, becoming the third car giant to get the go-ahead to proceed with plans to sell loans to car buyers. Ford Motor's Ford Credit unit and GM's General Motors Acceptance Corp were cleared to form credit joint ventures in […]