Huaneng Power Lifts Capacity by 2%
Huaneng Power International Inc (NYSE: HNP, SHA: 600011, HKG: 0902), China's largest electricity producer, said its capacity has grown 1.9% to 59,079MW after the inauguration of two new projects.
Chinalco Yunnan Copper to Spend $5m Digging Australian Mine
Chinalco Yunnan Copper Resources Ltd, an Australia-listed unit of Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), said it has signed a deal with Xstrata Copper to co-develop the Mount Frosty project in northwestern Queensland. Chinalco Yunnan Copper plans to invest $4.9 million in the project in the next six years.
Leshi Partners with NetEase for Online Videos
Leshi Internet Information & Technology Corp, a Chinese online video site operator, said it signed a deal with NetEase.com Inc (NASDAQ: NTES), a leading Chinese web portal, to launch a joint video site at 163.letv.com. NetEase will have to pay Leshi ¥100 million in three years and take some of the revenues with respect to number of views.
Apple Bans Qihoo Apps
Apple Inc (NASDAQ: APPL) banned all apps by Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, for unknown reasons. Among Qihoo's major products are Qihoo 360 Mobile Defender and 360 Browser for the iPad.
Saic Jan Sales Decline 8.5%
Saic Motor Corp (SHA: 600104), China's biggest automaker by output, said it sold 380,305 cars in January, down 8.5% from a year earlier, as its joint ventures with General Motors Co (NYSE: GM) and Volkswagen AG saw sluggish sales.
Angang, LG to Build Steel Plants in India and Brazil
Anshan Iron and Steel Group Corp, the parent of China's third biggest steelmaker by output Angang Steel Co (SHE: 000898, HKG: 0347), has reached an agreement with South Korea's LG to build steel smelters in India and Brazil to explore local automobile and home appliance markets, an insider told Yicai.com, without revealing financial details.
$1 = ¥6.31