介绍:
Chinese steel industry makes big losses in first quarter of 2014
New data shows steel firms here in China are reporting combined total losses of more than 2-billion yuan through the first three months of this year.
This is in sharp contrast to the 3-billion yuan in profits the steel industry earned during the same period of last year.
Just under half of the 300 plus Chinese steel companies monitored by China Iron and Steel Association have suffered losses in the first quarter.
Steel prices through March are down over 11-percent year-on-year, dropping for seven consecutive months.
By the end of last month, steel inventories here in China are up more than 40-percent compared to the start of this year.
Alibaba Has Acquired 16.5% Stake in Chinese Video Service Youku-Tudou
Anchor:
China's internet powerhouse Alibaba and partner Yunfeng Capital have bought some 1.2-billion US dollars' worth of shares in Chinese online video service Youku-Tudou.
The deal gives Alibaba a 16.5-percent stake in Youku-Tudou.
Yunfeng holds 2-percent.
Jonathan Lu, CEO of Alibaba, will join Youku-Tudou's board.
For more on this, CRI's Shane Bigham spoke earlier with Gao Shang, analyst with GuanTong Futures.
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Back Anchor:
Gao Shang, analyst with GuanTong Futures, speaking with CRI's Shane Bigham.
Sohu loses US$79m on increased expenses
China's online company Sohu.com is reporting a first-quarter loss of nearly 80-million US dollars.
That compares to 23-million US dollars profits a year earlier.
The Chinese web portal is citing higher expenses through an expansion of its games and mobile businesses.
Sohu's online advertising revenues are up 51-percent.
Sohu also says its mobile video traffic has surpassed its PC-based traffic through the first quarter.
But the company is warning its shareholders it expects losses of around 50-million dollars through this current fiscal quarter.
Ctrip buys into Tongcheng Network
Chinese travel booking website Ctrip is buying a stake in Tongcheng Network worth 200-million US dollars.
Suzhou-based Tongcheng operates ly.com, a local attraction ticket service provider.
Ctrip's CEO says the deal will help support ly.com's operations.
Ly.com is China's leading attraction ticket retailer.
Samsung's mobile phone sales decline
South Korean mobile phone maker Samsung is reporting an increase in its net profits through the first quarter.
The company has made 7.5-billion US dollars in the first three months.
This is up from the 7-billion earned in the final quarter of last year.
Samsung is reporting a 4-percent decline in sales from its mobile phone unit through the first quarter.
But its operating profits from the sector are up 18-percent quarter-by-quarter.
The success of Samsung's Galaxy smartphones has been one of the biggest drivers of Samsung's growth in recent years.
Nokia names Rajeev Suri as new CEO ;Nokia posts loss on lower mobile sales
Nokia has named Rajeev Suri as its new CEO.
Suri is the former head of Nokia's Solutions and Networks division.
The announcement comes just days after Nokia completed the sale of its devices and services division to Microsoft.
Suri will take over on Thursday.
Meanwhile, Nokia is also out with its first quarter results.
The company is reporting a net loss of 330-million US dollars.
Nokia has seen its revenues fall 15-percent to 3.6 billion US dollars over the period.
The decline comes amid a 17-percent drop in sales in Nokia's mobile network operations, which accounts for almost 90% of the company's revenues.
Panasonic reports first annual profit in three years
Japanese electronics giant Panasonic is reporting its first full-year profits in 3-years.
Panasonic has posted profits of 1.2-billion US dollars for its fiscal year ending in March.
This, following a loss of over 7-billion US dollars a year earlier.
The company says cost cutting and a weaker yen have boosted its profitability.
Panasonic is forecasting a 16-percent jump in net profits to 1.4 billion US dollars in this current fiscal year.
Panasonic has more than 600 business units.
Sales in its appliances division are up 10-percent from a year ago, which has been mainly driven by a surge in consumer spending in Japan ahead of the rise in the country's consumption tax.
Oil giant BP reports $3.2bn profits
British Petrolium is reporting significant decline in net profits through the first quarter.
BP's profits are down 23-percent to 3.2-billion US dollars, one billion dollars less than a year ago.
BP says its first quarter results have been affected by write-offs in its exploration activity, as well as lower production.
But the company is still increasing its dividend by 8-percent to 9-dollars-75-cents a share.
This is BP's second dividend increase in six months.
ABB profits drop 18% as power systems struggle
Swiss-based power-and-technology group ABB is reporting an 18-percent drop in first-quarter profits.
Through the three months, ABB's net profits have fallen to some 540-million US dollars.
Analysts had been expecting ABB to earn around 730 million dollars this quarter.
The results come as Zurich-based ABB, the world's largest maker of electricity grids, continues to sell off parts of its business.
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