China Aviation Supplies Import and Export Group, China's aircraft importer, reported that Chinese regulators and unspecified airlines had reached a preliminary agreement to buy an undisclosed number of Airbus 380 aircraft, marking China's first orders for the double-decker superjumbo set to displace Boeing's 747. Agence France-Presse, reported that at least five were on the order […]
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UPS heads off on its own
With restrictions coming off foreign players operating on their own in the logistics industry, United Parcel Service (UPS) is set to become the first foreign independent in the market after announcing it would pay US$100m to end its joint venture with state-owned cargo operator Sinotrans. UPS will operate alone in Qingdao, Tianjin, Shanghai, Guangzhou and […]
The central government said it would bail out Industrial & Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) which started the year with 29% of its loan book in non performing loans. China Construction Bank (CCB) and Bank of China (BOC) received similar bailouts earlier this year. Vice-Finance Minister Lou Jiwei said […]
Goldman Sachs said it received approval to set up its long planned joint-venture investment bank. The announcement gives the green light for Goldman to launch Goldman Sachs Gao Hua Securities, its venture with Beijing Gao Hua Securities. Goldman, which reportedly retains the option to buy out its partner, starts with a 33% interest, the currently […]
TNT Logistics said it plans to make China its largest market outside of Europe. The company said it planned to tackle investing US$303m in enlarging its facilities and training more employees, aiming to double annual China sales by 2010. TNT Logistics saw revenue of US$220m from China in 2003, about 5% of its global turnover. […]