Datang Mobile CEO quits
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China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Datang Mobile CEO quits—China Business News
Datang Mobile, a state-owned telecommunications equipment maker, part of the Datang Group, confirmed yesterday that its CEO Xie Yongbin has resigned and that Li Zhuyuan, vice CEO of Datang Telecommunications, is to replace him.
Datang Mobile is best known for its leading role in developing the Chinese TD-SCDMA 3G mobile telecommunications standard
The financially troubled Datang Group had pinned hopes on Datang Mobile's TD-SCDMA standard to turn its business round but so far the strategy has not worked.
Xie Yongbin's departure signifies a restructuring in the company. "There will definitely be changes, but it's not clear what they will be," said a middle-ranking manager.
Steel companies unveil price hike--the Beijing News
Baosteel and Wuhan Iron and Steel Company (Wisco) plan to increase their prices in January, a move that analysts say reflects increased costs of iron ore and coking coal, as well as better market prospects, and is likely to be followed by other major steel makers.
Baosteel, China's largest steel maker, plans to raise prices of steel plate by 300-600 yuan a ton. Wisco, China's third largest steel maker, plans to increase the price of hot-rolled sheet, used in car and appliances manufacturing, by 200 yuan a ton.
Baosteel's price increase is supported by strong car sales figures. The company is the leading supplier of steel used in cars, accounting for 50 percent of the domestic market.
Food companies have enough grain stocks—National Business News
In respond to recent grain price rises, Cao Changqing, a director of the National Development and Reform Commission (NDRC), said that state-owned food companies have over 225 billion kilograms of grain in stock and that the stock to use ratio was above the minimum threshold.
Cao also said that the rally in food prices is mainly due to higher government purchase prices and a temporary stockpiling policy.
Hainan Airlines sells six jets—China Securities Journal
Hainan Airlines (600221) has announced that its subsidiary China Xinhua Airlines will convert six Boeing 737-300 jets into freighters and sell them for 560 million yuan (US$86.3 million) in order to boost profitability.
The buyers are Hong Kong International Leasing Ltd and Yangtze River Express Airlines Co. Ltd, who will each buy three aircraft.
