Financial stocks drag down key index

Sharp falls in banking and financial stocks dragged down yesterday's lead indicator by more than 2 percent.

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Business Roundup

Stocks surge on talk of stamp tax cut

The Shanghai stock market jumped 2.06 percent yesterday, as investor expectation of a stamp tax cut intensified.

Hotel chief exec sees more room for growth

InterContinental Hotels Group (IHG), the world's largest hotel group by number of rooms, recently opened a new outlet in Chengdu, capital of Sichuan province. Two years ago, the hotel giant signed a landmark deal with Chengdu Travel and Exhibition Group to manage six hotels in Chengdu and Jiuzhaigou in the southwestern province, as it quickens its pace to penetrate China's hinterland. It plans to have 125 hotels in China by the end of the year. Andy Cosslett, chief executive of IHG, talked to Wang Zhenghua in Chengdu to share the company's strategy and the secret of IHG's success in China.

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Commodities play fuels HK stock rally

Hong Kong stocks rose yesterday for a third straight day as a commodities rally fuelled resource plays, and refiner Sinopec Corp leapt on talk it may receive government subsidies as oil prices test records.

Call for honest CEOs, not driven only by profit

Honesty, ethics and fairness are more important than financial performance for chief executives, a global survey has found.

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Business Roundup

Business Roundup

China Railway Construction sets mainland price

China Railway Construction Corp priced the mainland portion of its $5.4 billion Hong Kong and Shanghai IPO at the top of its range on strong demand for shares despite the recent market sell-off.