Cnooc is likely to abandon its bid for US oil producer Unocal Corp, The Wall Street Journal reported. While Cnooc could sweeten its US$18.5bn cash bid, there is a far greater likelihood that Cnooc would walk away from the bid, unnamed sources close to the deal said. The Unocal board has accepted Chevron's bid to […]
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Deflation ahead: economists
At a recent economic forum sponsored by the China Center for Economic Research, economists said overproduction in China's manufacturing sectors since 1998 and the expected overcapacity from over-investment in some sectors in 2003 and 2004 could lead to deflation in the second half of 2005. Wang Jian, deputy secretary general for the Economic Research Institute […]
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Sino-US dialogue begins
Chinese Premier Wen Jiabao met on Sunday with US Deputy Secretary of State Robert B Zoellick, who is in Beijing for the China-US strategic talks, the first such meeting of its kind, which is expected to be held biannually in the future. The dialogue is a result of the consensus reached between Chinese President Hu […]
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Offshore borrowing hits record
Fueled by acquisitions and rampant speculation on a yuan revaluation, China's offshore borrowing levels rose to a record high of US$3.8bn this year, approaching the record US$4.9bn for the whole of last year, the South China Morning Post reported, citing a report from debt newsletter, "Basis Point".
China's largest power generator, China Huaneng Group, bought a 25.5% stake in an Australian thermal coal project for US$22.3m, state media reported. The agreement gives Huaneng half the ownership of Macarthur Coal's 51% stake in the Monto thermal coal project in central Queensland, said company sources. The plan involves an exploration program and a feasibility […]