Chinese Airlines Increase Fuel Charges by 50 Per Cent
As of 1 July, Chinese airlines will raise fuel charges by 50 per cent
to offset rising costs, state media reports. For domestic flights, the
charge is set to increase to RMB80 from RMB60, and for flights further
than 800km, customers will need to pay RMB150 instead of RMB100. People
who already have bought their tickets are not required to pay the
higher fee.
Launched Hong Kong-Bangalore Service
Dragonair has launch a new scheduled service between Hong Kong and
Bengaluru (Bangalore) in India. The new route marks Dragonair's first
flight service to and from India, and it is now the only airline
offering a scheduled nonstop service between Hong Kong and Bengaluru.
"Dragonair has been looking at opportunities in the Indian market for
many years, as we have long recognised the huge potential associated
with this important, fast-growing country," said Algernon Yau,
Dragonair General Manager Ground Services and International Affairs.
Guangzhou Auto Invests USD992m for Own Brand
Guangzhou Automobile Group, a joint venture partner of Toyota and
Honda, will invest USD992m in new manufacturing facilities to produce
its own car brand, state media and Reuters report. Guangzhou
Automobile's first branded car will be a medium to high-end sedan. The
plant will start operations in 2010, and will eventually have an annual
capacity of 200,000 vehicles and 250,000 engines.
Sinopec: No Refunds, No Profit
Sinopec is likely to lose money in the third quarter of 2008 if the
government stops paying a 75 per cent refund on oil import taxes,
Goldman Sachs Group said in a report. It is expected that China will
end oil-import subsidies to refiners Sinopec and PetroChina after last
month's fuel price increases. However, both companies say that they are
still negotiating, and no final decision has been made. Goldman Sachs
believes that China could increase fuel prices again later this year.
Chinese Steelmaker Secures Kazakhstan Deal
Jiuquan Iron and Steel Group, one of China's major steel producers, has
agreed a partnership deal with International Mineral Resources to mine
for iron ore in Kazakhstan, Reuters reports. IMR will supply iron ore
to the Chinese company and guarantee a certain market price, the
companies said in a joint release. Jiuquan is investing assets worth
USD4.37 bn in the venture.
Last update : Sunday, 06 July 2008
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