Several baby formula companies are at the center of an anti-trust inquiry. Geng Guoqing / for China Daily

Food

Baby formula companies probed

China's top economic planner is conducting an anti-trust investigation into several baby formula companies over allegations of price fixing, the Shanghai Securities Journal reported.

The National Development and Reform Commission said the companies, including Biostime, MeadJohnson and Nestle, have been accused of violating anti-monopoly laws and setting high prices with limited market competition, the report said.

Biostime confirmed that the commission is investigating the company's wholly owned subsidiary in Guangzhou.

Meat giant reports profit surge

Henan Shuanghui Investment & Development, a major meat processor in China, reported a big rise in half-year profits on July 1.

Shuanghui had profits of between 1.6 and 1.7 billion yuan ($275 million; 212 million euros) in the first half of this year, an increase of 59 to 66 percent year-on-year. Rising domestic demand and sales, product portfolio adjustment and lowering costs helped the profit surge, it said.

At the end of May, Shuanghui announced it was buying Smithfield, the biggest pork producer and supplier in the United States, for $7.1 billion.

Kraft tailors name for Chinese market

Kraft Foods China has undergone a name change. It is now Mondelez China, along with the Chinese name Yi Zi, said Irene Rosenfeld, chairman and CEO of Mondelez International.

Mondelez China has launched the Golden Oreo biscuit, which was developed at the company's Asia-Pacific research and development center in Suzhou, and is being made at its factory in Beijing.

Real Estate

Top property sellers maintain rise

China Vanke Co, Greenland Group and China Overseas Land & Investment Ltd topped the realty sales list for the first half of the year, a report says.

China Vanke maintained pole position with half-year sales of 83 billion yuan ($13.52 billion; 10.42 billions euros), said the report by China Real Estate Information Corp.

Greenland Group jumped from the fourth to second, with sales of 65.3 billion yuan, while China Overseas Land & Investment Ltd came third on 64.5 billion yuan, closely followed by Poly Real Estate Group, with 63.5 billion yuan.

The report said most of the top 50 Chinese real estate companies have realized nearly 60 percent of their annual sales target in the first half of the year.

Finance

ICBC tops world banks ranking

The Industrial and Commercial Bank of China has moved from third to first in The Banker's Top World Banks ranking this year, on the back of a 15-percent increase in capital.

The Banker, a global banking and finance service provider, said ICBC's performance marks a new high in the growing strength of the Chinese banks.

China's second-largest bank, the China Construction Bank, grew by 15 percent, and it dislodged Citigroup from the fifth place. China now has 96 banks in The Banker's top 1,000 and holds four places in the top 10.

Last year's leader, the Bank of America, fell to third, while JP Morgan stayed second.

The only British bank in the top 10 is the HSBC, in fourth place, thanks to significant earnings from its Asian operations.

China Daily-Agencies

( China Daily European 07/05/2013 page18)