Under the deal, Baosteel is to take over its smaller competitor Wuhan Iron and Steel.Both companies are majority-owned by the state.The announcement comes as Beijing tries to overhaul the steel industry, one of the country’s bloated state sectors.The merger will create a new company, China Baowu Iron and Steel Group. Based on data from 2015, the two firms together have an annual production of about 60 million tonnes a year, which would make it the country’s largest steelmaker.Globally, it would be second only to Luxembourg-based ArcelorMittal.Baosteel’s net profit tumbled 83% to 1bn yuan ($150...
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2016
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浏览次数：30
Hangzhou, the host city of the 2016 G20 summit, saw a total of 5,105 houses sold on Sept. 18, one day before the city’s new home-buying restriction took effect, setting a record high.Some 3,265 new houses, together with 1,840 second-hand properties, were sold to buyers whose household registrations are not for Hangzhou. Some real estate developers even traveled to other cities where clients lived to seal the deal.An increasing number of people have begun setting their sights on Hangzhou with regards to property investment, especially after the G20 summit, with housing prices increasing by abou...
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2016
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浏览次数：40
People’s Bank of China surveys showed the business confidence index rising to 51.2% in the third quarter.That was 2.2 percentage points higher than in the second quarter.China’s factory output and retail sales grew faster than expected in August, on the back of a strong housing market and government infrastructure spending.Economic changeThe world’s second largest economy has lost some of its momentum during this year, as it has entered a period of readjustment.China is looking to transform its economy away from factories and exports towards domestic consumption.The International Monetary Fund...
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2016
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LONDON — It can withstand a spin cycle in a washing machine filled with extremely hot water. It can be eaten by mischievous toddlers or pet hamsters without causing lethal indigestion. It can fend off wily criminals with tiny lettering visible only under a microscope.Printed for more than a hundred years on cotton paper, the 5-pound note now comes in polymer, a thin, flexible plastic film that makes it stronger, safer and more resistant to counterfeiters. The British central bank introduced the new bill on Tuesday.The polymer notes, featuring the former Prime Minister Winston Churchill, went t...
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2016
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Brazil’s new government has announced a privatisation plan aimed at reviving the country’s struggling economy.It plans to sell off four airports and two port terminals as well as offer contracts to private firms for a wide range of projects from building new roads to running mining projects.President Michel Temer, sworn in two weeks ago after his predecessor Dilma Rousseff, was removed from office, said the plan would boost growth and jobs.The state cannot do it all, he added.The plans are part of the new president’s "Crescer" ("Grow") initiative, which aims to increase pri...
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2016
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