China Life to Post 40% Drop in 2011 Net Profit
China Life Insurance Co (NYSE: LFC, SHA: 601628, HKG: 2628), the nation's biggest insurer by premium income, said its net profit might slide 40% in 2011 due to underperforming investments in the domestic capital market. The benchmark Shanghai Composite Index slumped 20% last year. The company posted ¥33.63 billion in net earnings for 2010.
China Eastern Forecasts Big Drop in Travel Growth
China Eastern Airlines Corp (NYSE: CEA, SHA: 600115, HKG: 0670), the nation's second-biggest carrier by passenger traffic, expects a big drop in growth of demand for travel this year amid domestic economic slowdown and Europe's debt crisis, chairman Liu Shaoyong said on the sidelines of the ongoing National People's Congress annual sessions.
Tudou Bridging Gap with Youku
Tudou Holdings Ltd (NASDAQ: TUDO), China's second biggest video site by viewership, is narrowing the gap with leader Youku Inc (NYSE: YOKU) after adding content and expanding ties with microblogs, Bloomberg reported, citing CEO Gary Wang. Tudou's share of video views rose to 13.8% in January, up from 11.9% in December, according to data from ComScore Inc (NYSE: SCOR). Youku's share dipped by 0.2 percentage points to 21.8% in the same period.
China Railway Construction to Dig Ecuadorian Mine
China Railway Construction Corp (SHA: 601186) said its overseas subsidiary with Tongling Nonferrous Metals Group Co (SHE: 000630) has signed a deal with an Ecuadorian company to develop a mine in the South American country. The subsidiary plans to invest $1.72 billion in the project, which is expected to produce 20 million tons of ores per year.
Shanghai Int'l Port Forecasts Slower Growth in TEU Traffic
Shanghai International Port Group (SHA: 600018), the operator of the world's busiest port, predicted its TEU container traffic would grow 3% to 5% this year. The slower rate, compared with the 9.2% growth that pushed up Shanghai's TEU container traffic to 31.74 million units last year, was expected due to rising costs and a bleaker economic outlook.
Huiyuan Juice to Spend ¥500m Building Vineyard
China Huiyuan Juice Group Ltd (HKG: 1886) will invest ¥500 million building a vineyard in Jilin province to make wine and grape juice, chairman Zhu Xinli said. The project is expected to generate ¥600 million in annual revenues once operational.
$1 = ¥6.32
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