VW has set a hefty goal for itself: to displace Toyota as the world’s No. 1 car company. The German automaker is actually within reach, thanks mainly to its huge lead in China. To overtake Toyota, however, VW will need to reall…
Industrial & Commercial Bank of China, the Asian country’s largest lender, bought a U.S. unit of Fortis Securities for $1.
ICBC is the world’s largest bank by market value and is 70% owned by the Chinese government, The Wall Street Journal said. ICBC bought the unit from France’s BNP Paribas (BNPQY).
The unit is small, with 75 existing customers and a balance sheet of $10…
Continue reading China’s ICBC Buys Fortis U.S. Unit for $1
China’s ICBC Buys Fortis U.S. Unit for $1 originally appeared on DailyFinance on Mon, 01 Nov 2010 08:30:00.
Filed Under: Company News, Investing, Market News
Manufacturing output jumped in China and India in October, breaking with the rest of Asia.
China’s official Purchasing Managers Index gained to 54.7 in October, from 53.8 a month earlier, The Wall Street Journal said. A reading above 50 signals expansion and a reading under 50 means output contracted.
A Chinese PMI produced by HSBC (HBC) was 54.8, up from 52.9 a month earlier.
“If…
Continue reading China, India Report Manufacturing Growth
China, India Report Manufacturing Growth originally appeared on DailyFinance on Mon, 01 Nov 2010 07:39:00.
Filed Under: Technology, Economy, Market News
Coca-Cola Company (KO) may increase its spending in China, according to CEO Muhtar Kent.
Coke, the world’s largest beverage company, will likely spend “a little more” than the $2 billion it had planned for China from 2009 to 2011, Kent told Bloomberg News.
“We’re ahead of our projections in investments,” Kent said.
China’s soft-drink market grew 11% in 2009, according to Euromonitor…
Continue reading Coca-Cola May Boost Investment in China
Coca-Cola May Boost Investment in China originally appeared on DailyFinance on Mon, 01 Nov 2010 06:29:00.
Filed Under: Company News, Coca-Cola Company, Retail
The world’s largest chipmaker turned on the lights Tuesday at its first chip plant in China. Intel co-founder Andy Grove, who recently called for keeping tech jobs in the U.S., might not be so proud.
Continue r…