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Briefs, October 30, 2012

PUBLISHED : Tuesday, 30 October, 2012, 12:00am
UPDATED : Tuesday, 30 October, 2012, 4:25am

Apple Store to open in Shenzhen on weekend

Apple, the world's largest technology company, will launch its ninth retail store in China at the Yi Tian Holiday Plaza in Shenzhen on Saturday. The new Apple Store opening was announced yesterday on the firm's China website. It comes two weeks after Apple opened a new three-level store in Beijing, the company's largest retail shop in Asia. The firm has two other stores in Beijing, three in Shanghai and two in Hong Kong. Bien Perez
 

1 in 10 jobs to go at Hutchison venture

Vodafone Hutchison Australia, the country's third-ranked mobile phone company, said it plans to cut up to 500 jobs out of a workforce of 5,000 as part of a restructuring as it struggles with shrinking market share. The firm, a 50-50 joint venture between Vodafone and Hutchison 3G Australia, part of the Hutchison Whampoa group, has 6.8 million customers and operates brands including Vodafone, 3 and Crazy John's. Reuters
 

HTC shares slide on dismal forecasts

HTC, Asia's second-largest smartphone maker, fell 7 per cent, the daily limit, to its lowest level in almost seven years in Taipei after forecasting sales that missed analysts' estimates and predicting its narrowest operating margin. The decline widened HTC's stock-price loss to 56 per cent this year. HTC's third-quarter smartphone shipments fell 43 per cent from a year earlier, the most among the top five vendors, even as the market climbed 45 per cent, according to market research firm IDC. Bloomberg
 

Results roundup

Net profit at Haitong Securities, China's second-largest broker, slid more than 10 per cent in the third quarter from the same period last year to 2.44 billion yuan, although revenue dropped just 1 per cent to 6.89 billion yuan. Ray Chan

  • Baoshan Iron & Steel, China's biggest listed steelmaker, said third-quarter profit fell 4.9 per cent to 1.18 billion yuan on a rapid decline in steel prices. Baosteel said in a filing with the Shanghai stock exchange that it expects steel prices on the mainland to stabilise in the fourth quarter, while a rebound in raw materials prices and oversupply in the sector will curb steel mills' margins. Reuters

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