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BEIJING, Aug. 22 (Xinhua) -- Wuhan Iron and Steel Company Ltd., the listed subsidiary of China's third largest steel maker, said Sunday that its net profit rose 90.43 percent year on year to 963.53 million yuan (141.7 million U.S. dollars) during the first half of the year as strong economic growth boosted steel demand and prices.The company's first-half-year sales reached 34.36 billion yuan, up 50.72 percent from one year earlier, it said in a statement delivered to the Shanghai Stock Exchange.However, costs also climbed in the first six months compared with a year earlier because of increases in raw material prices, it said.Production costs for steel products gained 47.12 percent year on year to 31.18 billion yuan. Further, the company's steel output in the first half of the year gained 29.75 percent year on year to 8.04 million tonnes.China's producer price index, a major gauge of inflation at the wholesale level, rose 6 percent in the January-June period, according to statistics released by the National Bureau of Statistics.However, the company was likely to face a "difficult time" in the second half of 2010 and meeting its full-year profit target would become a "challenging task" as demand from auto, home appliance and real estate sectors experienced "drastic changes" since July, leading to more restrained sales and falling prices, it said.Company officials also worried that high prices of iron ore, coal and electricity would further push up production costs and squeeze profit margins.On Friday, the price of its shares fell 2.87 percent to 4.73 yuan on the Shanghai bourse.

BEIJING, June 27 (Xinhua) -- Heavy rainfalls have ended in South China's flood-battered Provinces and water levels of major rivers in Jiangxi and Hunan provinces are receding, according to the State Flood Control and Drought Relief Headquarters (SFDH) Sunday.However, flood prevention work must not slow down since risks remain, said the SFDH.Also, water levels in Jiangxi Province's Ganjiang River and Poyang Lake remain higher than normal warning levels and water in Hunan Province's Dongting Lake is still rising.Persistent heavy rains that have devastated parts of south China had, by Saturday, left 379 dead, and 141 missing, and resulted in economic losses estimated at 82.4 billion yuan, the SFDH said.The torrential rains and ensuing floods have affected 68.7 million people in 22 provincial-level regions along with 4.36 million hectares of farmland, said the headquarters.

ASTANA, June 12 (Xinhua) -- Chinese President Hu Jintao wrapped up his Central Asia trip Saturday after visiting Uzbekistan and Kazakhstan, and attending a Shanghai Cooperation Organization (SCO) summit in the Uzbek capital, Tashkent.Hu started his trip Wednesday in Tashkent, where he and his Uzbek counterpart Islam Karimov exchanged views on the current situation and prospects of bilateral ties as well as international and regional issues of common concern.The two leaders signed a joint statement on the further development of the friendly and cooperative partnership between China and Uzbekistan. Chinese President Hu Jintao (7th L) and other participants of the Shanghai Cooperation Organization (SCO) summit pose for a group photo in Tashkent, capital of Uzbekistan, on June 11, 2010Hu and other SCO leaders met in Tashkent on Friday for the annual SCO summit. They discussed strategies for safeguarding security and stability, and increasing pragmatic cooperation in the region.At the summit, Hu delivered an important speech, calling for deepening practical cooperation and maintaining peace and stability in the region. He also put forward a series of proposals for intensifying cooperation within the SCO framework.Founded in 2001, the SCO consists of China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Mongolia, India, Pakistan and Iran have observer status.From Tashkent, Hu travelled to Astana for his second visit to Kazakhstan in six months. He paid a working visit to the Central Asian country last December.In Astana, Hu and his Kazakh counterpart, Nursultan Nazarbayev, discussed ways to advance the China-Kazakhstan relations and enhance pragmatic cooperation. They also exchanged views on international and regional issues of common concern.Political analysts say Hu's Central Asia trip is conducive to promoting the SCO's sustained, healthy and stable development and strengthening China's ties with Uzbekistan and Kazakhstan.

LONDON, Aug. 2 (Xinhua) -- Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London.Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday."This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars," said Li."The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital efforts of union representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Li."This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," he added.Geely named Stefan Jacoby, chief executive of Volkswagen Group of America, as president and chief executive officer of Volvo Cars.Jacoby said: "I am honored to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers, and above all our customers, can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation, even as it pursues new market opportunities."Jacoby will join the board of Volvo Cars, chaired by Geely chairman Li. The board comprises several new directors including Hans-Olov Olsson, former president and chief executive of Volvo Cars and former chief marketing officer of Ford, who will become vice chairman of the board.Hans-Oskarsson, deputy chief financial officer, will replace Stuart Rowley as the CFO of Volvo Cars. Rowley and former Volvo president and chief executive Stephen Odell are moving to leadership roles at Ford of Europe.Geely paid 1.3 billion U.S. dollars in cash plus a 200-million-dollar note, less than the price worth 1.8 billion dollars announced in March due to changes in pension obligations and working capital.Under the new ownership, Volvo Cars will keep its headquarters and manufacturing presence in Sweden and Belgium, and its board will have autonomy to execute its strategic plan. Volvo and Ford will maintain close relations in component supply.

CHENGDU, June 20 (Xinhua) -- Senior Chinese leader Zhou Yongkang has urged Party and government departments across the country to focus on improving people's livelihoods to manage social security.Zhou, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks during a two-day meeting on the country's social security management that ended Saturday."Currently, our country's overall social situation is stable... But at the same time, we must see that various conflicts have been emerging, especially as many incidents happened recently that harmed the country's stability and induced tremendous negative effects," Zhou said.He noted that such cases exposed the weaknesses in social construction and social management."Party and government departments should focus their work on ensuring and improving people's livelihoods, and making greater efforts in solving prominent issues in education, employment, medical treatment and social insurance in order to let both urban and rural people share the fruits of the country's development," he said.Zhou also urged social security officials to strengthen social construction and management with more effective measures and greater resolution.During the meeting, representatives from various regions reviewed their working experiences in managing social security.