Many domestic flights in China have been canceled or delayed because of summer storms as of Tuesday evening, according to a smartphone application and information from airline companies. Twenty-four flights were canceled at Beijing Capital Internet Airport, and another 160 were affected by 6 pm on Tuesday, according to VeryZhun, a real-time flight tracking application. World Civil Aviation Resource Net reported that about 600 flights were affected in Beijing on Tuesday, and that delays and cancellations were also seen at other major airports across the country in recent days.
Updated 5 Years ago

After a slight dip in the Luxury Consumer Price Index last year, it rose by 4 percent in 2014, according to a Hurun Research Institute report released on Tuesday. The LCPI was also 1.7 percent higher than China's overall CPI released by the National Bureau of Statistics in June. Over the past eight years, the LCPI has risen 70 percent, while the national consumer price index is up only 29.2 percent.
Updated 5 Years ago

Sumitomo Mitsui Banking Corp. will extend ¥20 billion in loans to Brazilian agribusiness company Amaggi to improve its distribution network and boost exports of corn and soybeans to Japan, according to sources close to the matter. The Japanese government will take on some of the risk of the six-year loans through a trade insurance program designed to secure sufficient food supplies for Japan, the sources said Wednesday.
Updated 5 Years ago

US stocks ended mostly higher today, with the S&P 500 closing at a record on Apple's bullish results, though Boeing weighed on the Dow and conflicts in Ukraine and the Gaza Strip kept the broader market's gains in check. Biotech stocks ranked among the day's biggest gainers, boosted by some strong results and drug trial data. The Nasdaq Biotech index jumped 2.2 percent in its fourth straight day of gains.
Updated 5 Years ago

Colombian electricity firm Celsia is eyeing a potential purchase of power generating assets outside its home market, management said Wednesday during Celsia's 2Q14 conference call. Specifically, Celsia is looking at conventional and unconventional generating assets in Chile, Panama, Guatemala and Mexico. The firm expects to make an announcement regarding a potential acquisition by the end of this year, the firm's management added.
Updated 5 Years ago

BHP Billiton reported a 1.8% increase in copper output in its fourth fiscal quarter to 470,000t from 461,700t a year ago. For BHP's 2014 fiscal year ended June 30, copper output was up 2.2%, to 1.73Mt, the company said in itsproduction report.
Updated 5 Years ago

South Korea's economy grew 0.6 percent in April-June over the previous quarter, the central bank estimated on Thursday, the slowest in more than a year due to sluggish consumption while falling slightly below market expectations. The data follows 0.9 percent growth for the first quarter on a sequential basis and marks the weakest since a 0.6 percent gain in the first quarter of 2013. The median forecast from a Reuters survey of 27 analysts was 0.7 percent, on a seasonally adjusted basis.
Updated 5 Years ago

A change to Hong Kong’s real estate investment trust rule may free HK$34 billion ($4.4 billion) for property development and rebuilding, according to Victor Yeung, who runs Admiral Investment Ltd. that invests in REITs. Of the amount, HK$27 billion could come from trusts with Hong Kong assets, Yeung, a former managing director at LaSalle Investment Management, said in an e-mail response yesterday. Hong Kong-based Admiral is seeking $200 million for a fund to invest in regional REITs.
Updated 5 Years ago

Newcrest Mining Ltd. (NCM), Australia’s largest gold producer, flagged another writedown for its Lihir mine in Papua New Guinea, a legacy of a $9 billion takeover labeled one of the industry’s worst. A charge of as much as A$2.5 billion ($2.4 billion), mainly for Lihir, which is contained within an extinct volcano crater, would follow the $5.7 billion writedown in 2013 that triggered a record loss, a regulatory inquiry and a boardroom clean out.
Updated 5 Years ago

China's manufacturing activity grew at its fastest pace in 18 months in July, an initial survey by HSBC showed, the latest in a series of signs that the country's economy may be stabilising. The bank's purchasing managers' index (PMI), a gauge of the sector's health, rose to 52 in July, from 50.7 in June.
Updated 5 Years ago