State Companies Profit Drops 11.5% Through Feb
China's state-owned enterprises reported ¥7.5 trillion in revenues and ¥211.97 billion in gross profits in the first two months of 2012, up 9.9% and down 11.5% respectively from the same period a year ago. The sluggish steel, real estate and machinery industries were cited for the decline in earnings.
China Hikes Fuel Prices on Costlier Crude
China raised gasoline and diesel prices by ¥600/ton, the biggest single increase since July 2009, after international crude prices tracked by the government had gained over 10%, the National Development and Reform Commission said. The economic planner last increased fuel prices by ¥300/ton six weeks ago. Market watchers say the latest markups will help the nation's two oil companies turn around from their loss-making refining businesses.
China's Auto Sales Jump 13% in Feb
China sold 1.57 million vehicles, including 1.21 million passenger cars, in February, up 12.8% and 26.5% year on year respectively, the China Association of Automobile Manufacturers said. The nation produced 1.61 million units, including 1.26 million passenger cars, last month, up 23.8% and 31.3% year on year respectively.
China, IADB Kicks Off $1b Latin America Fund
China and Inter-American Development Bank said they have launched a $1 billion fund to invest in the oil, mining and food industries of Latin America. The move, which will expand China's influence in the region, has upset Brazil.
$1 = ¥6.3