360° Coverage : China's industrial profit rise

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China's industrial profit rise
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China's industrial profit rise

Aug 27 2013, 4:42am CDT | by IANS

Beijing, Aug 27 (IANS) Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

Beijing, Aug 27 — Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday. The rise in...

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1 year ago

China's industrial profit rise

Aug 27 2013, 4:42am CDT | by IANS

Beijing, Aug 27 (IANS) Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

Beijing, Aug 27 — Major Chinese industrial firms saw their combined profits rise 11.6 percent year-on-year in July, gaining from the 6.3 percent in June, official data showed Tuesday.

The rise in the industrial profit points to further evidence of a firming economy.

The profits of industrial companies with annual revenues of more than 20 million yuan ($3.24 million) hit 419.55 billion yuan in July, Xinhua reported citing China's National Bureau of Statistics (NBS).

In the first seven months, their profits rose 11.1 percent to 3.0 trillion yuan.

Among the 41 industries surveyed, 27 posted year-on-year profit growth during the January-July period, while 11 saw a decline in profits.

Private businesses led the growth, with their combined profits up 15.4 percent year-on-year in the first seven months, while state-run enterprises saw profits up 5.5 percent during the period.

While acknowledging the acceleration of profit growth, NBS analyst He Ping also cautioned that the gains were concentrated in several sectors and the aggregate business profitability remained at a relatively low level as production costs keep climbing.

Electricity, heat production and supply industry saw profits jump to 73.5 percent in the first seven months, and manufacturers of computers, telecommunication and electronics saw their profits rise 29 percent.

Tuesday's data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world's second-largest economy may be gradually stabilising after a protracted slowdown.

HSBC's preliminary reading for China's manufacturing sector showed the Purchasing Managers Index rose to 50.1 in August, the highest level in four months.

"China has shown clear signs of stabilising and the country is on track to meet its annual growth target of 7.5 percent," NBS spokesman Sheng Laiyun said Monday.

China's economic growth eased to 7.5 percent in the second quarter, down from 7.7 percent in the first three months.

Instead of initiating a massive stimulus programme to lift the economy, the authorities are moving cautiously by speeding up shantytown renovation, accelerating railways and infrastructure investments and reducing taxes for small businesses.

As these policies filter through, China's economy is showing mounting signs of stabilisation that has prompted the scale-up of growth forecast for the second half of the year.

Deutsche Bank has recently raised its forecast for China's GDP growth in the second half to 7.7 percent from its previous estimate of 7.6 percent, and Credit Suisse tuned up the annual growth forecast from 7.4 percent to 7.6 percent.

IANS

Source: IANS

 
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11

51 minutes ago

Apple’s iCloud service suffers cyber-attack in China, putting passwords in peril

Oct 21 2014 3:56pm CDT | Source: The Washington Post

A sophisticated cyber-attack has targeted Apple’s iCloud service in China, in an apparent attempt to collect user names, passwords and other private information as the company releases its newest round of iPhones in the world’s most po ...
Source: The Washington Post   Full article at: The Washington Post
 

 
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US stocks log their biggest gain of the year as traders applaud earnings from Apple, others

Oct 21 2014 3:15pm CDT | Source: Canadian Business Online

NEW YORK, N.Y. – The stock market had its best day of the year as investors applauded solid earnings from U.S. companies and economic growth in China. It was the fourth straight gain for the Standard & Poor’s 500. The index climbed 37 points, or 2 per cent, to 1,941. The market has now clawed back much of the ground it lost over the last two weeks. The S&P 500 is still 3.5 per cent below the all-time high it reached in mid-September. Apple ...
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1 hour ago

Gold hits 6-week high on China growth worry, commodities gain

Oct 21 2014 2:56pm CDT | Source: Reuters India

NEW YORK/LONDON (Reuters) - Gold rose to a six-week high at above $1,250 an ounce on Tuesday, lifted by broad-based commodities gains and concerns over an economic slowdown in Chi ...
Source: Reuters India   Full article at: Reuters India
 

 
Update
8

2 hours ago

China Attack Aims at Apple iCloud Storage Service

Oct 21 2014 2:01pm CDT | Source: NewYorkTimes-Business Day

Cybersecurity monitoring groups and security experts said iCloud users in China may have given away login information to ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 
Update
7

3 hours ago

China-backed hackers target Apple's iCloud

Oct 21 2014 1:41pm CDT | Source: Business Standard

Apple Inc's iCloud storage and backup service in China was attacked by hackers trying to steal user credentials, a Chinese web monitoring group said, adding that it believes the country's government is ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
5

3 hours ago

Apple Says iCloud Servers Haven't Been Compromised Following Reports Of Hacks In China (AAPL)

Oct 21 2014 1:23pm CDT | Source: Business Insider

Apple is warning iCloud users against giving their login information away, according to a new support page on their website. The phishing attack is coming from China, where the iPhone 6 recently went on sale.  Chinese hackers have found a way to intercept iCloud login information, which they've then used to try and access user accounts, according to a Reuters report. "We’re aware of intermittent organized network attacks using insecure certifica ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

4 hours ago

Why more Chinese stimulus may not be in the cards

Oct 21 2014 12:43pm CDT | Source: CNBC

Slowing growth would seem to point more economic stimulus in China, but Beijing may not have optio ...
Source: CNBC   Full article at: CNBC
 

 
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3

4 hours ago

Jaguar Land Rover readies for China push

Oct 21 2014 12:04pm CDT | Source: FT

British carmaker plans to build its premium sedans in China to challenge its dominant German ...
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Update
2

5 hours ago

US stocks gain as companies report solid quarterly earnings; Apple, Harley-Davidson rise

Oct 21 2014 10:51am CDT | Source: Canadian Business Online

NEW YORK, N.Y. – U.S. stocks were solidly higher in midday trading as the market headed for a fourth day of gains. Traders were encouraged by economic growth figures from China, as well as strong quarterly earnings from several big U.S. companies. Apple and Harley-Davidson both rose after releasing their latest quarterly results. Apple gained 2 per cent after predicting strong holiday sales, and Harley-David ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
1

8 hours ago

McDonald’s Profit Drops 30% on China Food Scandal and Tough U.S. Competition

Oct 21 2014 8:16am CDT | Source: NewYorkTimes-Business Day

McDonald’s Corp. reported a 30 percent fall in quarterly profit due to a food scandal in China and tough competition in the United States, two factors that are expected to hurt curr ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 

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