TMCnet News
What's news [China Daily: Hong Kong Edition](China Daily: Hong Kong Edition Via Acquire Media NewsEdge) China Life, ENN keen on Sinopec retail unit China Petroleum & Chemical Corp, Asia's top refiner, drew interest from China Life, the nation's biggest insurance company, and gas supplier ENN Energy Holdings Ltd as it seeks to raise about $16 billion selling a stake in its retail unit. Sinopec, has shortlisted 37 potential buyers for its retail unit and is in talks to complete terms, the refiner's Chairman Fu Chengyu said this week. It is seeking to raise as much as 100 billion yuan ($16.3 billion) by selling about a third of its stake in China's biggest fuel-station operator, people familiar with the matter said in July. Apparent oil demand falls by 2.1% in July Apparent oil demand in China fell by 2.1 percent year-on-year in July, according to a report published by global commodities information provider Platts on Wednesday. The apparent oil demand in July was 9.61 million barrels per day. On a month-over-month basis, this was a 6.2 percent drop from 10.25 million bpd in June. The fall reversed the positive growth experienced in June. China became a net exporter of oil products in July, with net outflows totaling 450,000 metric tons, according to data released by the General Administration of Customs on Aug 8. The country's oil product imports during the month slumped 42.8 percent year-on-year to 1.86 million tons, while exports rose 13.8 percent to 2.31 million tons. SAP arm opens cloud computing data center SAP SE, a unit of German software giant SAP AG, said its joint venture with China Telecom Corp has opened a data center in Shanghai to push cloud-computing sales amid rising government concern about information security. The venture, China Datacom Corp, will use the center initially to support sales of cloud-based human resources solutions, Mark Gibbs, president for the greater China region at SAP said. In the next few months, sales of software for supplier and customer management, procurement and electronic commerce will be added, he said. HP recalls laptop power cords over burn risks Hewlett-Packard Co is recalling more than 6 million personal-computer power cords in the US and Canada, citing reports of overheating and melting units. The cords, distributed with Hewlett-Packard and Compaq notebooks and related products, were sold from September 2010 to June 2012, the Palo Alto, California-based company and US Consumer Product Safety Commission said in a statement. Power firm says top official under watch Power producer China Resources Power Holdings Co, which was accused last year of deliberately overpaying for coal mines, said President Wang Yujun is under investigation by prosecutors in Jiangsu province. The company suspended Wang, with Chairman Zhou Junqing assuming his duties, according to a Hong Kong stock exchange filing on Tuesday. Wang remains an executive director, it said. PBOC hikes re-lending quota for farm sector The People's Bank of China, the central bank, said on Wednesday that it has raised the re-lending quota for the farm sector by 20 billion yuan ($3.26 billion) - the latest step to support a vulnerable part of the economy. The central bank has also cut re-lending interest rates for loans to the agricultural sector by 1 percentage point, it said in a statement on its website. Hydropower provider plans diversification Hydropower provider China Three Gorges Corp is planning to enter the nuclear power sector following an agreement with China National Nuclear Corp, according to a company statement on Tuesday. Under the strategic cooperation agreement signed on Aug 22, the two companies will jointly invest in domestic nuclear power projects as well as research and development of new nuclear technologies. Shanghai FTZ eases approval process Foreign-funded enterprises will no longer have to get government approval for some investment proposals in the China (Shanghai) Pilot Free Trade Zone. Wang Shouwen, assistant commerce minister, said the move, a part of the government efforts to encourage foreign investment, will be extended to other regions in China gradually. Vanke to set up ski resort in Songhua Lake Real estate giant China Vanke Co said on Tuesday that it plans to develop a 40 billion yuan ($6.51 billion) ski resort at Songhua Lake, Jilin province. It is the first time in 30 years that China Vanke has invested in such a resort and indicates a major change in the company's strategy. New fund to boost healthcare investment The Russia-China Investment Fund and Vcanland Fund has jointly set up a sub-fund in Yangzhou, a city in east China's Jiangsu province, with a total scale of 5 billion yuan. The sub-fund will be mainly invested in high-end health industry for the elder and tourism property development both in China and Russia. Ecuador seeks credit arrangement renewal Ecuador, the OPEC nation that uses most of its oil output to pay off loans from China, is seeking to renew a $1.5 billion credit line with the Asian country to help finance next year's budget. Finance Minister Fausto Herrera met with officials from China Development Bank Corp on Aug 22 in Quito, the Ecuadorean capital, to review investment projects financed by the bank and discuss the renewal of the credit line. The funds would be used to help pay for budgeted public works projects in 2015. Soybean exports from US poised for growth Soybean exports from the US are set to accelerate in the next few months as farmers harvest the biggest crop ever, and stockpiles in competing shipper Brazil remain "unusually low," Oil World said. US soybean exports will climb to a record 46.3 million tons in the 2014-15 marketing season that starts Sept 1 from 44.65 million tons a year earlier, the Hamburg-based researcher said in an e-mailed report. Rusal back in black as aluminum prices surge United Co Rusal, the world's largest aluminum producer, swung to profit for the first time in five quarters as aluminum prices and premiums rose. Net income was $116 million for the three months ended June 30, compared with a loss of $325 million in the first quarter, Moscow-based Rusal said Wednesday in a statement. Apple, Samsung face tough challenge Apple Inc and Samsung Electronics Co face a $3.9 billion challenge as they prepare to sell new marquee phones in the world's biggest wireless market. China's State-run wireless operators are slashing subsidies they pay to make devices more affordable for consumers just as the biggest phone-makers are set to introduce upgraded products. After China Mobile Ltd said it will cut subsidies by $2 billion, its competitors will lower payments by $1.9 billion, according to analysts' estimates. China Telecom Corp said Wednesday it will cut spending without giving a figure. State Grid manager faces corruption probe The State-owned assets supervisor is investigating the head of a State Grid Corp regional subsidiary amid a government crackdown on graft. Yan Fulong, general manager of State Grid Liaoning Electric Supply Co Ltd, is under investigation for suspected legal and discipline violations. Li supports high-speed rail network in Africa Premier Li Keqiang reiterated his support for an African Union proposal to build high-speed railways connecting African cities. Li voiced his backing during a meeting with Zimbabwe President Robert Mugabe, who is in Beijing on a five-day visit. On Aug 17, the chairwoman of the African Union Commission, Nkosazana Dlamini-Zuma, proposed high-speed rail lines between Africa's capitals and major business centers. Li has promoted high-speed rail to countries in Asia, Europe and Africa. He has said building railways overseas will boost exports of machinery and labor, and give China a competitive edge. China Daily - Xinhua - Bloomberg - Reuters Hairy delicacy A worker in Lianyungang, Jiangsu province, lifts a crab to check its size and gender, ahead of its shipment across China prior to the weeklong National Day holidays in October and the upcoming Mid-Autumn Festival on Sept 8. Lianyungang is one of the major crab centers in China, and city officials are confident in a bumper crab harvest this year. Geng Yuhe / China Daily (China Daily 08/28/2014 page14) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |