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szdaily -> Business_Markets -> 
News Bites
    2017-11-03  08:53    Shenzhen Daily

Lenovo net profit drops 80%

LENOVO Group Ltd. said Thursday that its net profit dropped 80 percent in the April-September period on higher expenses and challenging market conditions.

The Chinese personal computer maker said net profit for the six-month period fell to US$67 million from US$330 million a year ago, while revenue edged higher to US$21.77 billion from US$21.29 billion. The company’s gross profit margin fell 1.1 percentage points to 13.7 percent, largely weighed on by component cost increases arising from supply constraints across various products, it said.

CEFC plans its own bank

CEFC China Energy, a privately owned conglomerate which is buying a stake in Russian state oil firm Rosneft, plans to launch its own bank early next year in a latest step to build financial muscle along with its oil and gas assets, two company executives said.

A CEFC-controlled bank is expected to win Chinese regulatory approval early next year, with a registered capital of 5 billion yuan (US$755 million), the executives said, making Shanghai-based CEFC one of the few energy companies anywhere to run a private commercial bank.

Bombardier urged to mull rail deal with CRRC

BOMBARDIER Inc. should look at all options for its transportation business including partnering with China’s CRRC Corp., one of Bombardier’s biggest shareholders said Wednesday.

“I think we have to look at everything. Every opportunity that comes up ought to be looked at,” Caisse de depot et placement du Quebec chief executive officer Michael Sabia told reporters when asked about a deal with CRRC. Germany’s Siemens and France’s Alstom said they are merging their train manufacturing operations in September. The move will leave Bombardier competing in a market dominated by CRRC, the world’s largest trainmaker.

Yuan climbs past key 6.6/dollar

THE yuan jumped to its strongest against the U.S. dollar in more than two weeks Thursday morning, breaching a key threshold on the back of heavy U.S. dollar selling after the central bank lifted its official fixing by the most in over three weeks.

The yuan also gained momentum as the dollar slipped in global markets ahead of a U.S. tax bill that will be unveiled after a one-day delay.

 

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