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.
The European Union plans to increase duties on imports of car wheels from China to 22.3 percent from 20.6 percent as price-undercutting hurts makers in the 27-member bloc, according to a document from the European Commission.