Latest news with #Shanghai-headquartered
The Star
24-06-2025
- Business
- The Star
China Eastern Airlines launches direct route between Xi'an and Istanbul
ISTANBUL, June 24 (Xinhua) -- A China Eastern Airlines flight carrying over 200 passengers touched down at Istanbul Airport at around 7 a.m. local time (0400 GMT) on Tuesday, marking the launch of the airline's new direct route between Xi'an in southwestern China and Türkiye's Istanbul. It is the airline's second direct route connecting China and Türkiye, following its Shanghai-Istanbul service. Operated with Airbus A330 wide-body aircraft, the new route offers three round-trip flights per week on Tuesdays, Fridays, and Sundays, according to the Shanghai-headquartered airline. At the launch ceremony for the inaugural return flight from Istanbul at the airport on Tuesday morning, Wu Jian, China's deputy consul general in Istanbul, hailed the opening of the new route as a significant step in building a convenient "air Silk Road" between the two historic cities. The new route will undoubtedly inject new momentum into the promotion of China-Türkiye economic cooperation, cultural exchange, and the joint advancement of the Belt and Road Initiative, Wu said. Firat Ocak, aviation development director at Istanbul Airport, emphasized the airport's commitment to the Chinese market and expressed confidence that the new route would provide Chinese travelers with more efficient transit options to Europe and beyond via Istanbul. The launch of the direct flight not only enhances connectivity between western China and Türkiye but also serves as a convenient bridge for bilateral cooperation in trade, culture, and tourism, said Li Ge, general manager of the Istanbul branch of China Eastern Airlines.
Yahoo
23-06-2025
- Business
- Yahoo
Key Players and Production Trends in the Steel Industry
Via Metal Miner According to the World Steel Association (worldsteel), one of the leading providers of steel market information, the China Baowu Group was the largest steelmaker group in 2024, with production remaining stable on the year. In its June 5 report, titled '2025 World Steel in Figures,' worldsteel stated that the Shanghai-headquartered company poured just over 130 million metric tons in 2024, compared with almost 131 million tons in 2023. The report focused specifically on companies producing over 3 million metric tons to determine a ranking of global steel market leaders. ArcelorMittal was 2024's second-largest producer, even though its volumes were half that of China Baowu. Altogether, ArcelorMittal poured 65 million metric tons, down 5.13% from more than 68.5 million metric tons in 2023. That volume also includes the Mumbai-headquartered AM/NS India joint venture between Arcelor Mittal and Nippon Steel, in which ArcelorMittal holds a 60% stake. Meanwhile, the firm also has steelmaking assets in Europe, the Americas and Africa. Nippon Steel's 2024 volumes also remained stable year on year at 43 million metric tons, allowing the company to retain its fourth-place position in the global steel market. Also adding to the Tokyo-headquartered group's total crude production was Nippon Steel Stainless Steel Corporation, Sanyo Special Steel, Ovako, a 40% stake in AM/NS India and a 22% stake in Brazilian steelmaking group Usiminas. Meanwhile, South Korea's Posco Holdings slipped to seventh place from eighth after pouring 37.8 million metric tons in 2024, a 1.7% decline from 38.4 million metric tons in 2023. Worldsteel noted that Hyundai Steel rose to 21st place from 18th, though its crude production fell 4.57% to 18.4 million metric tons from 19.2 million metric tons. Dongkuk Steel, which has its headquarters in the South Korean capital of Seoul, fell to 102nd place from 97th. Overall, its crude production dropped 16.2% to an estimated 3.1 million metric tons. In Southeast Asia, Vietnam's Hoa Phat Steel rose to 49th place from 62nd. That firm's steel production rose 30% to 8.71 million metric tons from 6.71 million metric tons. On the subcontinent, India's Tata Steel managed to maintain its 10th place spot amongst producers thanks to a 5.15% increase in production. This put the firm's 2024 output at 31 million metric tons from 29.5 million metric tons. Tata's compatriot JSW Steel, which has its headquarters in Mumbai, saw a 3.05% year-on-year increase to 26.9 million metric tons from 26.2 million metric tons, allowing it to retain its spot at number 12. In Europe, Thyssen Krupp Steel, Germany's largest standalone steelmaker, maintained 42nd place. Worldsteel reports that the firm produced 10.3 million metric tons of crude in 2024, down less than 1% from about 10.4 million tons in 2023. Salzgitter Group, which is located in Lower Saxony, rose to 61st place from 69th. That company reported a 12% increase in its crude production from 5.71 to 6.39 million metric tons. Germany is Europe's largest steelmaking nation. In total, the country poured 37.2 million metric tons in 2024, a 5.2% increase from the 35.4 million metric tons poured in the previous year. Even with the war still raging, Ukrainian metals and mining group Metinvest moved up 18 spots to 92nd place. The total amount of crude steel poured from its operating sites rose 8.58% to 3.54 from 3.26 million metric tons. In Turkey, Tosyali Holding rose 21 places to become the 46th largest producer. Its 2024 steel production was almost 55% higher than the year beforeat 9.12 million metric tons. Meanwhile, Erdemir Group rose to 50th place from 55th. That firm's crude production rose 18.94% to 8.54 million metric tons from 7.18 million metric tons. Further south, Egypt's Ezz Steel sealed its place as Africa's largest steelmaker with a 3.4% increase to 6.38 million metric tons from 6.17 million metric tons. In terms of the global steel market, the longs and flats producer also saw its ranking move up two places to 62nd. In the United States, flagship steelmaker US Steel rose five places in the rankings, settling at 29th. Despite this, the Pittsburgh-headquartered company saw its crude production fall almost 10% to 14.2 million metric tons from 15.8 million metric tons. Nucor actually produced the most steel in the United States at 20.7 million metric tons. Worldsteel noted that this allowed the company to ascend a single spot, from 16th to 15th. Nevertheless, the firm's output saw a 2.35% drop. Cleveland Cliffs moved from 23rd to 22nd, pouring an estimated 16.4 million metric tons. That firm's total volume dropped 5.03% from 2023's 17.3 million metric tons. Meanwhile, Argentina's Techint took the top spot in South America, producing 14.2 million metric tons. This represented a decline of 3.57% from 14.8 million metric tons, but the firm managed to retain its place at 28th. Brazilian steelmaker Gerdau gained two places to 33rd, with output remaining basically unchanged at 12.7 million metric tons. Brazil is traditionally considered South America's largest steelmaking nation. Worldsteel reported that the country produced 33.7 million metric tons of steel in 2024, an increase of 5.3% year on year. By Christopher Rivituso More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
11-06-2025
- Business
- The Star
China Aircraft Corporation requests majority stake in Lao Airlines as govt seeks partnership
Lao Airlines inaugural COMAC C909 Commercial flight at Pakse international Airport 12 Apr 2025. - Lao Airlines via Vientiane Times/ANN VIENTIANE: The Lao government is considering a proposal made by Commercial Aircraft Corporation of China, Ltd. (COMAC) to purchase a majority stake in Lao Airlines, the national flag carrier. It comes as the government is seeking to reform key state enterprises in a bid to improve their operation after years of sustained losses. Prime Minister Sonexay Siphandone told the National Assembly (NA) on Monday (June 9) that Lao Airlines is one of four key state enterprises that are undergoing reform. The other three are Electricite Du Laos, the Lao State Fuel Company and the Nayobay bank. The government is 'considering the proposal of COMAC on a comprehensive venture, particularly its proposal to hold at least a 51 per cent stake,' the PM told members of the NA's 9th legislature at its ongoing 9th Ordinary Session. The Shanghai-headquartered aircraft manufacturer and Lao Airlines signed a Memorandum of Understanding on the joint venture in October 2024. An independent auditing firm is currently carrying out an audit to determine the total value of Lao Airlines' assets. As part of the partnership negotiation, COMAC asked to exclude Lao Airlines' existing debts from the venture deal. NA member for Vientiane, Valy Vetsaphong, disagreed with the request to remove the airline's debt from the deal, saying that if it is cut out Laos would do better to employ more competent executives or a CEO to manage the operation of Lao Airlines instead of selling a majority stake in the company. No party, she added, should be allowed to interfere with the airline's operation or ask it to subsidise in any form. She also disagreed with the idea of allowing a foreign entity to hold a majority stake given that Lao Airlines is of strategic importance. But another NA member supported the idea of selling off a larger stake within a certain timeframe to be specified in a joint venture agreement, after which Laos should be entitled to purchase sufficient shares to hold the majority stake. This process would also enable the transfer of know-how. PM Sonexay said the Chinese company has also asked that Lao Airlines use COMAC-made planes for commercial flights, a move already undertaken by Lao Airlines with the addition of a COMAC C909 jet to its fleet in April this year. Acquired through a lease agreement with COMAC, the aircraft, configured with 90 economy class seats, has been deployed on key domestic routes, including services between Vientiane and Pakxe, as well as between Vientiane and Savannakhet. Plans are in place to expand operations to additional destinations, particularly in China, according to Lao Airlines. The Chinese manufacturer is also providing comprehensive support services to ensure that operational standards meet stringent international safety regulations. Lao Airlines' network of scheduled flights extends to at least ten international destinations and seven locations within Laos. This is complemented by charter flights to destinations in countries like China and South Korea. Founded in 1976, the Lao national flag carrier also has interline and codeshare partnerships with over 30 airlines globally. COMAC's requested partnership with Lao Airlines is part of its broader expanding presence in South-East Asia. - Vientiane Times/ANN
The Hindu
22-05-2025
- Business
- The Hindu
BRICS bank NDB admits Algeria as new member
The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday (May 22, 2025). Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' 'Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda,' she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Ms. Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling $40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's Finance Minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Mr. Bouzerd said.
Mint
22-05-2025
- Business
- Mint
BRICS bank NDB admits Algeria as new member
Beijing, May 22 (PTI) The New Development Bank (NDB), established by BRICS nations, has admitted Algeria as a new member, further expanding its global membership base, it said on Thursday. Algeria has deposited its instrument of accession, in line with the provisions of the Articles of Agreement of the NDB on May 19, the Shanghai-headquartered bank said in a press release. Welcoming Algeria, NDB President Dilma Rousseff said, 'Algeria plays an important role not only in the economy of Northern Africa, but also at a global scale, and will definitely contribute to enhancing NDB's position in the global financial arena.' Rich in natural resources, with a dynamic economy and strategic geographic position, Algeria has immense potential for growth and development. NDB is fully committed to becoming a reliable and trustworthy partner for Algeria, supporting its sustainable development agenda, she said. 'The New Development Bank is a financial institution mobilising resources for infrastructure and sustainable development projects. It is a platform for collaboration and knowledge sharing among its member countries. Together with Algeria, we will work to finance impactful projects that drive progress, improve lives, and contribute to development,' Rousseff, who is from Brazil, said. Both the presidency and vice-presidency of the NDB are rotated among BRICS founding members: Brazil, Russia, India, China and South Africa. NDB was established in 2015 for financing development projects in the group's member countries. Since its establishment, NDB has approved over 120 investment projects totalling USD 40 billion and spanning several key areas, including clean energy and energy efficiency, transport infrastructure, environmental protection, water supply and sanitation, social and digital infrastructure, according to the press release. 'We are delighted to announce the formalisation of Algeria's membership of the New Development Bank and thus becoming a full member of this prestigious international financial institution,' Algeria's finance minister Abdelkrim Bouzerd said. 'This membership is a testament to our belief in this institution's vital role in financing global development, and its status as a key player capable of providing alternative and innovative solutions to promote the growth and resilience of its member countries' economies,' Bouzerd said.
