COSCO shares rise on doubled profit

China COSCO Holdings Co, Asia's largest shipping company by market value, rose for a fifth day in Hong Kong trading, its longest winning streak this year, after annual profit doubled on the purchase of dry-bulk ships.

Biz scene

BIZ MOVE

Business Roundup

Shanghai stock index on the rebound

The Shanghai main stock index tumbled more than 4 percent to a fresh 13-month low yesterday before bouncing sharply to end higher, led by financials.

Zipping ahead in the China market

With its sales volume crossing the 100,000-unit mark last year, a 25 percent increase over 2006, German premier car producer Audi AG has strengthened its leading position in China's luxury sedan segment. The strong sales have also made China Audi's second biggest market, climbing up from the fourth position in 2006.

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GRAPEVINE

Business Roundup

Shimao profit up with more home sales

Shimao Property Holdings Ltd, the Chinese developer controlled by billionaire Xu Rongmao, said 2007 profit rose 80 percent as it sold more apartments amid surging home prices in the world's most populous nation.

Star Alliance builds up BRIC by brick

Since its inception in 1997, Star Alliance has grown into the world's largest airline alliance. Its 20 members now carry about 30 percent of all air travelers in the world every day.

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MARKET

Business Roundup

HK shares rise 1.6% on regional upswing

Hong Kong stocks tracked regional gains to rise 1.6 percent yesterday, with Chinese oil giants Sinopec and PetroChina leading the climb on speculation the government could step in to help refiners trim losses.