Posts Tagged ‘financial crisis’

Vietnamese Government Cancels Foxconn’s Mobile Phone Plans

The Vietnamese government is canceling plans for Taiwan-based Foxconn to manufacture mobile phones in the country. An official from the government of Vietnam revealed that their related department has cancelled the investment license issued to Foxconn Group for the construction of a USD200 million mobile phone plant in Vietnam. Nguyen Tien Hanh, head of investment […]


Heightened Chinese Inflation Pushes Renren.com To Offer Employee Loans

Chinese social networking website Renren.com has announced that it will launch an interest-free housing scheme, and employees can apply for loans of between CNY200,000 and CNY400,000. Chen Yizhou, chief executive officer of Renren.com, told local media that the rapid development of Renren.com is attributed to the efforts and commitment of employees. Renren.com will not only […]


China’s Datang Sued By Investors For Misleading Financial Report

Datang Telecom Technology says it is being sued by two investors in China for misleading statements made in its financial report released in 2004.


European Electronics Firm Trimming China Operations

European electronics manufacturing services firm Elcoteq SE has decided to launch an intense global restructuring plan that will see one of its China facilities close.


What’s In A Name For China’s Kingsoft Corporation?

Chinese software provider Kingsoft has confirmed that the company is seeking to change its name.


Electrolux China’s President Steps Down

The world’s leading home appliances maker Electrolux has announced that its president for the China area Li Yan has departed from her position, replaced by Electrolux’s president for Asia Pacific Gunilla Nordstrom, who holds a concurrent post.


Huawei Sales Up 46% In 2008

Chinese telecommunications equipment maker Huawei Technologies increased its sales by 46% year-on-year to USD23.3 billion in 2008.


Financial Crisis Hits China’s Lenovo As Company Cuts Worldwide Staff

The global financial crisis has hit Chinese PC maker Lenovo (LNVGY) as it today announced cutting approximately 11% of its total global workforce, and the company expects to report a loss for the fiscal quarter that ended December 31, 2008.


China’s E-commerce Scale Increased 20% In 2008

The market research company IDC has published a white paper about China’s e-commerce industry, and it states the trade volume of China’s e-commerce increased by about 20% in the year 2008, forming a big contrast with the macroeconomic downturn.


Taobao.com Invest CNY1.36 Billion To Build Taobao City In Hangzhou

Chinese online auction website Taobao.com has started construction of its new headquarters, Taobao City in the Yuhang district of Hangzhou, and the project will cost about CNY1.36 billion. Taobao City is planned as the new office building of Taobao.com, which is a subsidiary of Chinese e-commerce company Alibaba. The construction of the Taobao City will […]