Luxury auto maker Mercedes-Benz enters used car market in China

November 12, 2009

Luxury auto maker has entered the premium used-car market with its new StarElite Pre-Owned Program, in a bid to garner more market share and support its businesses in . StarElite offers multi-brand trade-in, certified pre-owned vehicles and premium after-sales service, in a transparent, reassuring, and convenient one-stop shopping experience, the newspaper said, citing Bjoern Hauber, general manager of sales and marketing, () Ltd. StarElite facilities will be available in 11 cities and 15 showrooms. MBZ intends to add another 10 to 15 StarElite dealerships next year, and going forward, it plans to have StarElite pre-owned vehicle showrooms at all its dealerships, according to Hauber. He expected used-car sales to cross 3 million units this year and grow further in the next few years. Read more

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Green Light go ahead for Disney’s Shanghai Park

November 4, 2009

The Chinese government has approved an application from Walt to build a theme park in , paving the way for the media company to establish a foothold in mainland . With an estimated cost of US$3.5B, the park would be one of the biggest investments in by an international company. “ is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for the Walt company in mainland ,” said Bob Iger, chief executive. already has a theme park in Hong Kong but has long coveted a park in , viewing the city as a perfect entry point for the mainland Chinese market. It has been in talks with officials in for a decade but made its first official application to construct a park this year. A park would raise the company’s profile in , increasing its ability to cross promote and sell TV programming, films and consumer products that are based on its library of characters. Read more

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22 Chinese companies listed on the NAS this year

October 29, 2009

The OMX Group, Inc. has welcomed 22 companies from to the Stock Market year- to-date in Y 2009, it was reported on Wednesday. The 22 listed Chinese companies, include eight IPOs, 13 OTCBB upgrades, and one switch to from . “ is the largest and most important overseas market for us, with 116 listed companies,” said Bob Greifeld, chief executive officer of OMX. “Companies going public in today’s market are looking for greater visibility to global investors and seeking better intelligence on investor activity from their exchange. As a result, we are seeing more companies coming to and increased interest in the public company support services we provide,” he added. Shengda Games, which was listed on September 25, is one of the largest US IPOs this year and the largest capital raise for a Chinese company in Y 2009. There are currently 116 Chinese listed companies on , including Baidu, ’s largest listed company in and a member of the prestigious -100 Index. Companies span all major sectors including technology, media and telecom, consumer, industrials, healthcare, energy, materials and financials.

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China says growth quickening but will not exit stimulus yet

October 27, 2009

’s economic growth is likely to speed up this quarter, but the government will stay the course on its fiscal stimulus and loose monetary policy, senior officials said Monday. Despite the emphasis on policy continuity, an unmistakable shift toward greater optimism in ’s official rhetoric has led analysts to conclude that Beijing is thinking about how to start unwinding its ultra-loose pro-growth policies. Restating the thrust of a cabinet statement issued last week, Vice Premier Li Keqiang said the economy had performed better than expected and its recovery was now on solid ground. “The pace of growth is quickening quarter by quarter,” Li told an international tax conference. “ is confident and is capable of achieving its full-year economic targets.” Read more

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Nike beats expectations, shares pop

September 30, 2009

beat quarterly profit as deep cost cuts and lower taxes more than offset lower revenue in Key markets like the and , sending its shares up 4.4%. The world’s top athletic shoe and apparel maker stressed it was gaining market share and stood to benefit when the global economy improved. But executives warned that retailers and consumers remained wary going into the pivotal holiday season, which accounts for the bulk of most retailers’ yearly sales. “People are still going to be relatively cautious going through that holiday period,” Nike Brand President Charlie Denson told analysts on a conference call, adding that Nike saw “sequential improvement” in retail orders through spring. Nike’s fiscal first-quarter net profit was US$513.0, or $1.04/shr, compared with US$510.5M, or $1.03/shr, a year earlier. Analysts, on average, had expected 97 cents per share, according to Reuters Estimates. Revenue fell 12% to US$4.8B from US$5.4B a year earlier, when orders in advance of the Beijing Olympics and the European soccer championships boosted sales.

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China’s economic “V” shaped recovery is on track ahead of expectations

September 11, 2009

’s economy showed new signs today that its recovery is gaining with the announcement that investment, industrial output and credit all expanded rapidly in August 2009 The increases in output and investment were both ahead of analysts’ forecasts and followed a series of figures in July which suggested the recovery might be weakening. The one exception was on the trade front where the decline in exports and imports compared to the year before was sharper than expected. “The combination of strong growth and still deep deflation shows that the V-shaped recovery is on track, while inflation pressure remains subdued,” said Sun Mingchun, economist at Nomura International. Read more

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