Baidu Partners with Britain's Skyscanner for Flight Search
Baidu Inc (Nasdaq: BIDU), China's dominant search engine, has teamed up with Skyscanner, a British flight search engine, to cooperate in offering information about flights, posing a challenge to Google's advantage in this field. Skyscanner's database includes over 750 million flights from 900 airlines. Its revenue was 30 million pounds last year, when it recorded an average monthly visitor count of 20 million.
Sinopec to Halt Production in Argentina
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said it would likely suspend production in Argentina due to financial problems after the local government failed to grant promised subsidies. Sinopec made a foray into the Argentinean market last year after purchasing US-based Occidental Petroleum Corp's (NYSE: OXY) assets in the South American country for $2.45 billion. Sinopec originally planned to produce 51,000 barrels of crude oil per day from the facilities in Argentina. Analysts say Argentina's recent privatization of energy assets brings uncertainty to Chinese oil firms.
Eastern Airlines to Take 20% Stake in China United Airlines
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second biggest carrier by passenger traffic, said it plans to spend ¥83.95 million buying a 20% stake in China United Airlines. China Aviation Supplies Holding Co owns the remaining 80%.
ZTE 1H Profit Dives 68%
ZTE Corp (SHE: 000063, HKG: 0763), China's second largest telecom device maker, said its 1H net profit plummeted 68.2% year on year to ¥245 million due to worsening investment returns, foreign exchange exposure and spending cuts by Chinese telecommunications firms. Revenue was up 15.2% to ¥42.64 billion.
CSR 1H Profit Down 6.2%
CSR Corp (SHA: 601766, HKG: 1766), China's biggest train maker by market value, said its 1H net profit declined 6.2% year on year to ¥1.92 billion after it ramped up research spending and employee remunerations. Revenue was up 5.8% to ¥42.45 billion.
Geely 1H Profit Up 9%
Geely Automobile Holdings Ltd (HKG: 0175), China's largest privately-owned carmaker, said its 1H net profit rose 9% to ¥1 billion thanks to government subsidies that countered the sluggish auto market. Revenue was up 6% to ¥11.2 billion. Geely sold 222,400 vehicles at an average price of ¥50,260 per unit between January and June, up 4% and 2% year on year respectively.
Intime 1H Profit Rises 14%
Intime Department Store Group Co (HKG: 1833) posted ¥1.87 billion in revenues and ¥547 million in net profits for 1H 2012, up 20.1% and 13.7% respectively from 1H 2011, cementing its leading role in its home market of Zhejiang province and expanding business in Hubei province as well as other cities in China. As of the end of June 2012, the company was operating 29 stores nationwide, including 18 in Zhejiang.
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