Phoenix Satellite Television Holdings has set up a joint venture with Guangdong Television Broadcasting Development Centre to sell advertising and programming to Chinese broadcasters, AP news agency reported from Hong Kong. Financial details were not announced but the company's vice president for international affairs said that the deal would allow Phoenix to collect advertising revenue […]
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China opens tobacco market
China will open its tobacco market to foreign firms at the beginning of 2003 by abolishing the special retail licence for foreign cigarettes and cutting import taxes, Xinhua reported Xu Dan, director of the State Tobacco Monopoly Administration, as saying. Import duties on foreign cigarettes would be reduced to 25 per cent from 65 per […]
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Tsingtao beer sales meet target
Tsingtao Brewery announced that beer sales met their target in 2002, having increased by one-fifth over the year to 3m tons. Sales of Tsingtao brand beer increased to 910,000 tons from 650,000 tons and exports more than doubled to 60,000 tons. Tsingtao is China's largest brewer, having acquired 48 small local breweries in the last […]
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Profits improve at Air China
China's flagship carrier Air China reported a pre-tax profit of Yn112m in 2002, nearly three times the Yn34m reported in 2001. The results were the first since the company was merged with China Southwest and China National Aviation last year, and it attributed the rise to fast growth in passenger and cargo traffic. The company […]
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Steel maker's profits rise
Baosteel, the listed arm of China's top steel maker, and the fifth largest steel maker in the world, made a net profit of Yn4.27bn in 2002, 67 per cent more than in 2001. The improvement was helped by a strong fourth quarter, when the company had net earnings of Yn1.63bn, against Yn347m in the same […]