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MCCC welcomes Chinas tyre makers to move to Malaysia

China-based tyre manufacturers are advised to set up operations in Malaysia to avoid the extra duty imposed on their products when exporting to the United States. Malaysian-China Chamber of Commerce (MCCC) Liew Choon Kong made this remark here on Saturday in the interview with Bernama, the country\'s national news agency. The United States recently imposed a punitive tariff of 35 percent on Chinese-made tyres imported by the U.S. The practise of trade protectionism by the U.S. has led to strong...

Standard Chartered: China to register CPI growth

China\'s consumer price index (CPI), a major inflation gauge, might begin to see growth since November, said Stephen Green, head of research for Standard Chartered Bank in Shanghai on Saturday. China\'s CPI halted its enlarging declining pace since March due to the government\'s stimulus measures and the CPI might rise around 4 to 5 percent in 2010, said the bank in its recent research report. The CPI of the world\'s third largest economy dipped 1.2 percent in August from a year earlier,...

Key power plant starts operation in SW China

Xiaowan hydro station, a keystone power generation project in southwest China\'s Yunnan Province, became operational Friday, according to a statement from the China Huaneng Group. Built on the Lancang River since 1999, the first generating unit of the power station is now pumping out 700,000 kilowatts of electricity an hour while five other units of the same capacity are under construction. The overall investment in the power station is 40 billion yuan (5.86 billion U.S. dollars). Its six...

HSBC moves Group CEO to HK

HSBC Group announced Friday that it would relocate its Group Chief Executive from London to Hong Kong in February, a move in line with its strategy to focus on emerging markets. \"The move further positions the group for the shift in the world\'s center of economic gravity from West to East,\" said the HSBC in a statement. Stephen Green, Group Chairman of HSBC, told a Xinhua reporter in a phone interview that the decision came from the expectation that China mainland as well as Hong Kong and...

Ford begins construction of new plant in China

.S-based Ford Motor Co. began building a new plant in China\'s southwest Chongqing city Friday, mainly to produce the next generation Focus car. Covering about 100 hectares with a total investment of 3.34 billion yuan (490 million U.S. dollars), the plant is being jointly built by the Changan Ford Mazda Automobile Co. Ltd., a joint venture of Ford; Chongqing-based Chana Auto Co. Ltd. and Japan\'s Mazda Motor Corp.. The plant, the second in Chongqing and third in China, will have an annual...

Oil keep falling on oversupply

Oil prices continued a week-long slump Friday after government reports showed the US continues to sit on a huge petroleum surplus as the driving season comes to a close. Benchmark crude for November delivery gave up 19 cents to $65.70 a barrel on the New York Mercantile Exchange. In London, Brent crude fell 25 cents to $64.57 on the ICE Futures exchange. Prices rebounded early Friday when President Barack Obama and the leaders of France and Britain issued a stern warning to Iran, demanding the...

G20 summit kicks off in Pittsburgh

The third summit of the Group of 20 (G20) kicked off in Pittsburgh, Pennsylvania, on Thursday evening. The leaders are expected to coordinate their positions on global economic recovery, financial regulatory reform and world trade issues during the two-day meeting. A year after global finance crisis erupted, as countries claw back from recession, leaders of G20 is to decide when to pull the plug on state stimulus packages and how to coordinate that move. Early this month, G20 finance ministers...

CIC invests US$1.9b in Indonesian coal miner

China Investment Corporation (CIC), the nation\'s sovereign wealth fund, has agreed to buy 1.9 billion U.S. dollars of debt from Indonesian coal miner PT Bumi Resources to increase its access to commodities, sources with CIC said Thursday. The deal came days after CIC reaching an agreement to take stake in the Hong Kong-based commodities trader Noble Group for approximately 850 million U.S. dollars. In July, CIC invested 1.5 billion U.S. dollars in Tech Resources Limited of Canada. \"These...

Chinese firm races to grab Lightning Bolt

A Chinese company has offered sprint star Usain Bolt a staggering deal that could see the Jamaican reap more than $115 million in the next five years. Ajani Williams, chief executive officer with Anza Marketing Group (AMG), yesterday confirmed that the organization, which has the sole rights to market Bolt in China, received the offer after \"Lightning\" struck twice at last month\'s Berlin World Championships - winning both the 100 m (9.58) and 200 m (19.19) in world-record times. While...

China starts building major oil reserve

China started building a 5.4 million cubic meter strategic oil reserve in the far western Xinjiang region Thursday in the latest effort to ensure its energy security. The project in Dushanzi, Karamay City, is part of the country\'s second phase of strategic oil reserves with a planned total storage capacity of 26.8 million cubic meters. Sun Longde, vice president of PetroChina Co., said construction on the first phase of the reserve base, with a capacity of 3 million cubic meters, is expected...