Shanghai Business

Nokia opens new front in Apple patent battle

THE world's top mobile phone maker Nokia launched a new patent broadside against Apple, escalating a battle for control of the smartphone market that has already led to a flurry of lawsuits. Nokia filed a complaint...

US slaps tariffs on Chinese steel grates

THE United States Commerce Department announced on Tuesday (Washington time) it will impose preliminary anti-dumping duties on imports of steel gratings from China, adding to the trade disputes between the two countries. ...

PetroChina buys into Canadian oil sands

PETROCHINA has won approval to buy a stake in two Canadian oil-sands projects in its biggest North American acquisition. China's largest oil producer will pay US$1.8 billion to buy a 60 percent stake in the MacKay...

Market bolstered by prospect of futures

SHANGHAI'S market added more than 1 percent today, lifted by brokerages and futures related companies among speculation that permission to trade stock index futures has gained government approval. The benchmark...

Insurers help protect 300,000 export jobs

EXPORT credit insurance has helped boost exports of US$2 billion in Shanghai this year and the city will increase insurance coverage to support its exports in 2010, said the head of Shanghai Commission of Commerce...

China curbs Vitamin C production

CHINA will closely supervise industries including the coal chemical sector, Vitamin C and wind power equipment production to avoid overcapacity, senior officials said today. "There exists worrisome redundant construction...

Heavyweights boost Shanghai stocks in morning

SHANGHAI'S market closed higher in the morning session, lifted by heavyweights as market expects rally to continue next year. The benchmark Shanghai Composite Index added 1.05 percent, or 33.56 points, to close...

Oil near US$79 a barrel

ENERGY prices rose slightly yesterday with a majority of futures traders taking the holiday week off, though a stronger dollar helped keep a barrel of oil below US$79. Benchmark crude for February delivery added...

Stocks slip to break six-day winning streak

THE U.S. stock market edged lower yesterday, breaking a six-day advance as reports on home prices and consumer confidence did little to excite buyers. Major indexes rose modestly in the early going but slipped...

US home prices rise but rally uneven

UNITED States home prices rose for the fifth month in a row in October, but the recovery continues to be uneven with only 11 of the 20 metro areas tracked showing gains. The Standard & Poor's/Case-Shiller home...

Spend and cheer into New Year

SHOPPERS in Shanghai will have extra reasons to celebrate and spend money tomorrow, New Year's Eve, to bring the year to a happy close as several major retailers will offer bargains, including price discounts. ...

Telco to tap 3G to increase user base

CHINA Telecom is set to boost its subscriber base by 30 million new mobile phone users this year, the best performance in its history, thanks to a booming 3G business and more entry-level models, the country's No....

Shanghai's used home sales to soar 75%

THE transaction volume of existing homes in Shanghai is expected to jump 75 percent to 23.16 million square meters this year and more than half of the apartments cost not more than 800,000 yuan (US$117,130), according...

Nufarm rejects Sinochem bid

SINOCHEM'S bid to buy a stake in farm chemicals maker Nufarm failed, as the Australian firm turned to Japan's Sumitomo Chemical's tender offer to buy a 20-percent holding after the Chinese company trimmed its offer...

Shanghai may see 14% drop in TEUs

SHANGHAI'S container throughput this year may drop 14 percent from 2008 to around 24 million TEUs (twenty-foot equivalent units) according to preliminary estimates, a government official said yesterday. The city's...

Joint bid for Canadian miner

CHINA Railway Construction Corp and Tongling Nonferrous Metals Group Holdings Co have agreed to jointly acquire a Canada-based mining company for C$679 million (US$651 million) to gain access to the miner's assets...

Macau saves more

Construction profits rise

Tokyo sets bourse course

World stocks maintaining rally

WORLD stocks floated below year highs yesterday, extending a rally with Britain's FTSE rising to pre-Lehman levels. Wall Street looked set to join in with gains at the open. The dollar was weaker, 10-year euro...