IN BRIEF (Page 14)

Telecom

Apple's new iPad receives license

Apple Inc's new iPad has gained a network access license for the Chinese mainland, the country's Telecommunication Equipment Certification Center said on its website. Without the license, Apple could not legally sell the new iPad in the country.

The device, which has the model number "A1430", is compatible with both the fourth-generation standard for wireless networks, or 4G, and the 3G network operated by Apple's local telecom partner, China Unicom Ltd.

Apple began selling the new device in March in many countries and regions including the United States and Japan. .

Hutchison returns to Israeli market

Hutchison Whampoa Ltd, the port-to-telecom operator controlled by Hong Kong billionaire Li Ka-shing, is re-entering Israel's phone industry after less than three years by agreeing to buy a stake in Partner Communications Co Ltd's largest shareholder.

Hutchison and the Li Ka-Shing Foundation will pay $125 million (99.9 million euros) for 75 percent of Scailex Corp Ltd from Suny Electronic Ltd, the Hong Kong-based company announced. Scailex owns a 44.5-percent stake in Partner, Israel's second-largest mobile phone operator.

Hutchison exited the Israeli phone market in 2009 when its telecommunications unit sold a 51-percent stake in Partner to Scailex for $1.4 billion.

Power

China Nuclear plans IPO to fund projects

China National Nuclear Corp, the country's biggest nuclear power developer, plans to go public to raise funds for its projects, according to the Ministry of Environmental Protection.

A statement from the ministry did not specify its fundraising target or timing for the initial public offering, but said the proceeds would go toward five projects with a total investment of 173.5 billion yuan ($27.3 billion, 21.8 billion euros).

The ministry said in a statement that it had approved the nuclear power company's IPO plan, which would also need the go-ahead from the nation's securities regulator.

Mining

Rio Tinto to buy mining equipment in China

Rio Tinto Group, the world's third-largest miner measured by market value, plans to buy more supplies from Chinese companies this year, a senior official said.

Mark Rivers, general manager of emerging markets procurement for the company, said Rio Tinto will spend $1.5 billion in 2012 in the Chinese market, or $300 million more than last year. Up to 10 percent of that money will go toward purchases of mining equipment, especially of advanced technology, Rivers said.

Finance

Citigroup to issue RMB letters of credit

American financial service corporation Citigroup Inc introduced yuan-denominated letters of credit for importers and exporters in Latin America, demonstrating the company's eagerness to cash in on the current push to make the yuan a global currency.

The new product will allow traders in Latin America to work with partners in China to issue, receive and settle yuan-denominated letters of credit. It will also provide traders with alternative means of financing their trade and mitigating their risks.

Citigroup's new service comes as the value of trade between China and Latin America has increased greatly in recent years. In 2011, China's trade with the region increased by 32.3 percent year-on-year to reach $236.6 billion, according to data from the International Monetary Fund.

Auto

GM car sales in China increase

Automaker General Motors Co said vehicle sales in China last month increased by 21 percent, boosted by demand for its Wuling minivan and Chevrolet sedans, according to a company statement.

Deliveries of cars and minivans increased to 231,183 units in May from 190,674 units a year earlier, the Detroit-based company said. Its sales for the first five months increased 12 percent to 1.2 million units, according to the company.

GM is on track to meet its China sales targets and outperform the industry this year, said Kevin Wale, GM's regional head.

Restaurants

Pizza Hut opens store in plateau province

Pizza Hut, an American restaurant chain and international franchise, has opened a branch canteen in Xining, capital of Northwest China's plateau province of Qinghai.

Spanning 330 square meters, the outlet can feed 98 customers at one time. Long queues have been seen each night since its trial run on April 21, said Ma Tao, Pizza Hut's market manager for Northwest China.

Pizza Hut has opened restaurants in the relatively underdeveloped western China since 2000 as rapid development there has been prompting huge demand for its products, Ma said.

The company is a subsidiary of YUM! Brand, Inc, the world's largest restaurant company. It has more than 600 chain stores so far in more than 130 Chinese cities since it opened its first store in Beijing in 1990.

China Daily-Agencies

(China Daily 06/08/2012 page14)