Officials in Beijing held an unprecedented high-level meeting to try to break an impasse over US-based Carlyle Group’s controversial proposal to purchase a Chinese construction equipment maker Xugong Group.

The deal, announced in October, prompted a nationalist outcry in China over the sale of assets to foreigners. The government later announced that big construction equipment makers must consult Beijing for selling stakes to foreign investor s.

The three-day meeting last 

Caterpillar continues enjoying high demand for equipment Heavy equipment maker Caterpillar Inc. posted better-than-expected quarterly earnings on Friday and raised its outlook for the full year, bolstered by strong sales to the mining industry.

Second-quarter profit rose to $1.046 billion, or $1.52 a share, from $760 million, or $1.08 a share, a year earlier.

Sales rose 13 percent to $10.605 billion.

Analysts, on average, expected the Peoria, Illinois-based company to report earnings of $1.42 a share on sales of $9.74 billion, 

John Deere celebrates Waterloo victory The Waterloo, Iowa (USA) factory of John Deere Power Systems recently celebrated its 30th anniversary and produced its one-millionth engine.

This significant achievement is a fraction of the overall total production of John Deere engines worldwide, which exceeds well over 5 million. To accommodate the rising global demand for the engines, John Deere now manufactures engines at five factories.

The one-millionth engine manufactured at the Engine Works in Waterloo, Iowa, was a 

Komatsu reaches north of Russia Vyacheslav Shtyrov, President of Sakha Republic(Russia) and Heinz Koelsch, Vice-President of Komatsu Mining Germany (KMG), signed protocol of intentions.

During the meeting, leaders and members of delegations discussed possibility of supply of KMG equipment to existing mining companies of Sakha Republic (aka Yakutia), as well as to those being designed (such as Elgaugol project).

KMG confirmed its interest in sustaining cooperation with Yakut specialists. For more detailed familiarization 

Volvo goes to waste In response to the recent growth of preliminary sorting yards, where waste material such as wood, steel, paper and general waste is segregated, Volvo Construction Equipment has launched the EW160B wheeled excavator for use in congested recycling yards where manoeuvrability is vital.

The company said sorting yards are often in urban or even inner-city locations and are usually small and densely filled and quite often indoors, so the EW160B was designed to offer a tight turning circle