China reports third quarter growth
China’s gross domestic product expanded 7.8 percent year-on-year in July-September, the first rise in three quarters.
Chinese inflation rises to 3.1%
Consumer prices in China rose by 3.1 percent in September, a seven-month high, fuelled mainly by a surge in food prices.
KFC parent Yum! Brands profits hurt by China food scares
Yum! Brands, the owner of fast food chains KFC and Pizza Hut, says its profit fell 68 percent in the third quarter, as its China sales slumped following controversy over its chicken supply and bird flu scare.
L’Oreal bids for Chinese face mask company Magic Holdings
Cosmetics giant L’Oreal has made a $6.5 billion Hong Kong dollars takeover offer for Chinese skincare company Magic Holdings. In a joint statement, the French company said it saw Magic as the “ideal fit” for its existing business in China’s fast growing beauty industry. Magic Holdings, based in Guangzhou, is famous for its face masks. The company generated $150 million euros in revenues in 2012. “Facial masks are one of China’s beauty market’s fastest growing areas with very promising development prospects. Magic’s MG brand is one of China’s leading brands in this category,” the joint statement said. L’Oreal, which has brands such as Garnier and Lancome under it, has 3,500 employees in China, a Research and Innovation centre in Shanghai and two plants in Suzhou and Yichang. The deal needs approval from China’s Ministry of Commerce before it can go ahead. Image: © L’Oreal Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
Tesco, CRE in China merger talks
UK retailer Tesco and China Resources Enterprise (CRE) are in talks about merging their hypermarkets and supermarkets in China.
China fines baby formula companies
China has fined six producers of baby formula a record 670 million yuan for price-fixing, the official Xinhua news agency says.
OtterBox expands into Vietnam
Handheld device protective case manufacturer OtterBox has announced plans to expand into the Vietnam retail market through distribution partner Petrosetco Distribution Joint Stock Company (PSD).
Cathay Pacific profits fall 83%
Hong Kong-based Cathay Pacific has announced profits have fallen 83 percent amid higher fuel costs and a drop in demand for corporate travel.
China to become world’s biggest online market
China is set to become the world’s biggest online market with online sales forecast to exceed $420 billion annually by 2020.
