The long-awaited marriage of China Eastern Airlines and Shanghai Airlines looks set to finally be consummated with the two carriers announcing today that money-losing China Eastern would acquire its smaller, Shanghai Airlines through a share swap in a deal valued at 8.9 billion yuan (US$1.3 billion). China Eastern said the merger would help it expand its market share and integrate resources in Shanghai, China’s biggest business centre and a major transportation hub. Under the … [Read more...] about CHINA: China Eastern acquisition of Shanghai Air confirmed

Exports from China fell again in June, by 21.4 per cent year-on-year but the decline was less severe than the record drop of 26.4 per cent in May. The country’s June imports also shrank, by 13.2 per cent compared to May’s decline of 25.2 per cent and January’s record 43.1 per cent fall. China’s global trade surplus narrowed to US$8.2 billion in June. … [Read more...] about CHINA: Fall in China’s imports/ exports moderates in June

China has reported a 7.9 per cent year-on-year growth in its estimated gross domestic product (GDP) for the second quarter, spurred by a government economic stimulus package. The April-June figure was up from 6.1 per cent in the first quarter and took China’s GDP growth to 7.1 per cent for the first six months of this year compared with the same period last year, according to the country’s National Bureau of Statistics. In another sign of improvement, … [Read more...] about CHINA: China posts 7.9% GDP growth for second month

Jade Cargo has begun its earlier announced service linking Geneva’s Cointrin international airport with Shenzhen in China’s southern industrial zone, utilising a Boeing B747-400 freighter. The twice-monthly service will be operated by Lufthansa Cargo and the Shenzhen-based Jade Cargo, which is partly owned by the German carrier. The new service makes Geneva the seventh European city from which Lufthansa Cargo operates a direct service to China, has been opened in … [Read more...] about CHINA: Jade begins Geneva-Shenzhen service

The Transported Asset Protection Association (TAPA) Asia has formed a new anti-cargo crime taskforce for China (CACCTF). The steering committee of the newly-formed CACCTF aims to raise the level of co-operation with Chinese authorities in order to achieve a safer and more secure supply chain environment. The cost of global cargo theft, according to the US Federal Bureau of Investigation’s report in 2006, is conservatively estimated to be US$15-30 billion a year. Adding the cost of … [Read more...] about CHINA: New TAPA anti-cargo crime taskforce in China

The US Customs and Border Protection (CBP) and Japan Customs and Tariff Bureau (CTB) have signed a “mutual recognition arrangement” to align “security standards in international trade partnership programs critical to both countries.” The agreement recognises similarities and mutual standards between Japan’s Authorised Economic Operators (AEO) programme and the US’ Customs-Trade Partnership Against Terrorism (C-TPAT) programme. The two said … [Read more...] about JAPAN: US & Japan agree on security standards