Updated: 2013-07-30 08:11
Li Fangheng, a farmer in Enshi Tujia and Miao autonomous prefecture's Xintang town, in Hubei province, checks the humidity of his tobacco leaves on Saturday. About 1,100 hectares of tobacco in Xintang are now being harvested and dried. Tobacco is the main cash crop in Enshi. Photo by Song Wen / Xinhua
Sohu.com beats Q2 estimates
Sohu.com Inc, the owner of China's third-largest Web portal, reported second-quarter profit that beat analyst estimates as an increase in online video viewers led advertisers to boost spending. Net income doubled year-on-year to $22 million from the Beijing-based company said in a statement on Monday. The result surpassed the $19.7 million average of three analysts' estimates compiled by Bloomberg. Revenue rose 33 percent to $339 million. Sohu has invested in developing mobile apps and online video content to strengthen its Internet media and entertainment offerings.
Coal price falls to 4-year low
Thermal coal in China fell to a four-year low as industrial demand declined amid evidence the economy is slowing. Coal with an energy value of 5,500 kilocalories a kilogram at Qinhuangdao, the country's biggest shipping port for the fuel, slid to a range of 560 yuan ($91.34) to 575 yuan a metric ton on Sunday, the China Coal Transport and Distribution Association reported on Monday. That was the lowest since July 27, 2009, according to data compiled by Bloomberg. Prices have decreased the past six weeks.
Small-credit firms make more loans
China had 7,086 small-credit companies with a total loan balance of 704.3 billion yuan ($114.14 billion) at the end of June, the central bank said on Monday. The People's Bank of China said the credit expansion achieved by small-credit companies in the first half stood at 112.1 billion yuan. Small-credit companies provide financial services mainly for small- and micro-sized enterprises, people with low incomes and private rural households.
Steel price hurt by oversupply
China's steel prices dropped further in June, as output continued to grow in an industry already reeling from overcapacity, according to official data issued on Monday. The steel price composite index averaged 99.15 points in June, retreating 4.45 points from a month earlier and down 16.72 points from the same period last year, the National Development and Reform Commission said in an online statement.
Okay approved for international cargo
Okay Airways and Beijing Capital Airlines have won approval to en-gage in the international cargo busi-ness. The Civil Aviation Administra-tion of China said on its official web-site on Friday that Okay Airways and Beijing Capital Airlines had been permitted to broaden their cargo business to international flights. Founded in 2004, Bei-jing-based Okay Airways is China's first private carrier, and it mainly operates flights from Tianjin Binhai International Airport. Beijing Capi-tal Airlines was founded in 2010 and is a subsidiary of Hainan Airlines Group.
General Nuclear Power plans IPO
China General Nuclear Power Group, said in an e-mail on Monday that it has put on the agenda a listing plan to improve its corporate governance. The IPO is likely to raise at least 20 billion yuan ($3.26 billion) in the A-share and Hong Kong markets in 2014, Shi Bing, vice-president of the company, was quoted as saying on Friday. Follow-up work and details of the listing will depend on the situation in the capital markets, the company said in the e-mail. The group had total assets of 271.3 billion yuan as of June. The company also controlled 53 percent of China's installed nuclear power capacity and had the world's largest reactor fleet under construction.
China Daily - Agencies
(China Daily USA 07/30/2013 page14)