Hunan Valin Iron & Steel Group, the second biggest shareholder of Perth-based iron ore miner Fortescue Metals Group Ltd., said its chairman Li Xiaowei stepped down because of his age, according to a statement on the Chinese steelmaker’s website yesterday.
China Eastern Airlines Corp. , the nation’s second-largest carrier by passenger numbers, saw first- half profit increase 79 percent as Shanghai’s World Expo spurred travel and a stronger yuan cut the repatriated value of debts.
Spring Airlines , China’s only low- cost carrier, starts Shanghai-Hong Kong services tomorrow challenging China Eastern Airlines Corp. and Cathay Pacific Airways Ltd. on flights between the nation’s two financial hubs.
China Southern Airlines Co. , Asia’s biggest carrier by passenger numbers, said it boosted first-half profit more than 54-fold because of surging travel demand and the sale of a stake in a maintenance venture.
China Railway Construction Corp., the world’s biggest listed heavy-construction company, rose the most in six weeks in Hong Kong trading after announcing contracts worth a combined 21.5 billion yuan ($3.2 billion).
The Democratic Republic of Congo said it won’t approve a $284 million bid by China’s Zijin Mining Group Co. and the China-Africa Development Fund to buy copper mine developer Platmin Congo because it violates regulations.