China plans to build one of the world's highest airports in Tibet at 14,300 feet above sea level, state media reported. The airport in Ngari prefecture near Tibet's border with Kashmir will be only the third in the Himalayan region once it is built, the report said, citing Yan Shijin, deputy director of Tibet's development […]
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RBS to acquire 10% of BoC
The Royal Bank of Scotland Group PLC said it is leading a US$3.1 billion investment in the Bank of China that would give Europe's second largest lender a 10% stake, with 5% controlling interest, to a tune of US$1.6 billion. The deal, which is subject to regulatory approval, would give RBS access to China's second […]
China and Russia began their first-ever joint military exercises today in hopes of boosting economic and political cooperation between the giant neighbors and sending a message to the US about their growing power, Reuters reported. The eight days of war games will take place in the Russian Pacific near Vladivostok and in China's coastal province […]
Having found a way to legally circumvent government regulations to sell asset-backed securities, China United Telecommunications will become the first borrower to sell asset-backed securities on the Mainland, beating out China Construction Bank and China Development Bank which have won government approval for their sales, the Standard of Hong Kong reported. China United, China's second-largest […]
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Great Wall Auto profits fall 15.1%
Great Wall Automobile Holding, China's biggest maker of pick-up trucks, said half year net profits fell by 15.1% to US$25.05m from US$29.52m in the first half of last year, due to price wars and rising steel prices, the Standard of Hong Kong reported. The automaker sold more vehicles, but profit margins were down to 27.3% […]