China National Offshore Oil Corporation reported that daily gas and oil production in the first half of 2003 averaged 352,780 barrels of oil equivalent, 15 per cent more than a year earlier. However, higher prices meant that sales had risen 68 per cent, producing a net income of Yn6.3bn, from Yn3.62bn a year earlier. The […]
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Japan's second largest steelmaker, JFE Steel, is to form a US$179m joint venture with Guangzhou Iron & Steel. The companies will build a plant capable of producing 400,000 tonnes of hot-dip galvanised steel sheets for carmakers in southern China. JFE will take a 49 per cent stake in the venture, which should start operations by […]
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DaimlerChrysler plans expansion
Car giant DaimlerChrysler has signed a new agreement with its joint venture partner Beijing Automotive Industry Holding Co, the New York Times said. Under the deal, the venture will build a new facility outside Beijing to replace the existing Beijing Jeep plant. The new plant will produce Mercedes C-class and E-class cars, as well as […]
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KPMG warns of mounting overcapacity
Overcapacity will be a major factor in the Chinese motor manufacturing industry in the next two years, according to auto industry consultants in KPMG's financial advisory services. Paul Brough, managing partner, said annual vehicle sales had grown to 3.3m units from 1.4m over the past eight years and were expected to grow annually at 8 […]
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McDonald's opts for franchising growth
Fast-food chain McDonald's is basing its expansion strategy for China on franchising, which it expects the Chinese government to legalise early next year, Bloomberg reported. Currently only one McDonald's outlet in China is franchised, a pilot operation in Tianjin. The remainder are either wholly owned or jointly owned with either Shanghai-based Hualian Group or Beijing […]