IN BRIEF (Page 14)

Citigroup to double outlets in 3 years

Citigroup Inc, the third-largest US bank by assets, plans to double the number of outlets in China to 100 in the next three years, underlining its push into retail banking in the world's second-biggest economy.

While China's economic slowdown poses short-term challenges, the long-term outlook remains strong, said Jonathan Larsen, the group's global head of retail banking.

"We've doubled in the last three years. We'd like to double again in the next three years, but the pace of growth is largely dictated by the speed at which we can get new branches approved by the regulators," Larsen said in Shanghai during the opening of Citi's latest sub-branch in the city on Aug 7.

Entertainment

DreamWorks to create $3.14b Shanghai center

DreamWorks Animation SKG Inc, the US film company, has announced plans to build a $3.14 billion (2.5 billion euros) theme park in Shanghai, to bolster its presence in the booming local entertainment market.

The studio's newly formed China joint venture, Oriental DreamWorks, is scheduled to open the theme park in 2016, said the creator of hits like Shrek and Kung Fu Panda.

Li Ruigang, the chief executive officer designate of Oriental DreamWorks, said the project - being dubbed the Dream Center - will comprise entertainment centers, animation exhibitions and commercial developments, including hotels and shopping areas in Shanghai's Xuhui district.

Energy

CNOOC signs coalbed methane deal

CNOOC Ltd, China's largest offshore oil producer, has inked a 9.93 billion yuan ($1.56 billion, 1.26 billion euros) deal for coalbed methane exploration in China over the next five years.

The exploration will be jointly conducted by CNOOC Ltd and China United Coalbed Methane Corp Ltd, which is half owned by CNOOC Ltd's parent, China National Offshore Oil Corporation, and half owned by China National Coal Group Corp, CNOOC said in a filing with the Hong Kong bourse.

Under the agreement, exploration would cover a 10,866 square kilometer area in Shanxi, Shaanxi, Anhui, Shandong, Yunnan, Hebei, Hubei and Henan provinces and the Ningxia Hui autonomous region, CNOOC said.

Resources

New cut for rare earths

Rare earth production will be scaled down to one-fifth of the total capacity in China as part of the new rules for the industry, a move analysts fear could lead to more problems.

Mixed-type rare earths mines, mostly located in North China, will have to have a minimum annual production capacity of 20,000 metric tons a year and smelting companies will have to ensure an annual output of at least 2,000 tons, according to a statement released by the Ministry of Industry and Information Technology.

Up to one-third of the 23 mines and about half of the 99 smelting companies will fail to meet the new rules, said Jia Yinsong, director of the ministry's rare earths office. He estimated that about 20 percent of the country's rare earths capacity will be shuttered due to the new rules.

Tech

Apple's iPad leads tablet PC race

The market share of Apple Inc's iPad in China's tablet-PC market has climbed to more than 72.6 percent during the second quarter of 2012, according to a report released by market research firm Analysys International. The figure marked a 20.1 percent increase from the first quarter, the report said.

In the second spot was the tablet PC from Lenovo Group Ltd, the world's second-largest PC maker, with around 8.38 percent of the market share. Samsung Group's tablet PC market share fell 7.7 percent year-on-year to 3.6 percent in the second quarter of 2012.

Though Apple introduced a new generation of iPads in the Chinese market in March, customers were unable to buy them till the second quarter of this year.

Manufacturing

Deal reached for 2016 Olympics pin badges

Beijing Huajiang Culture Development Co Ltd has secured a contract to provide Olympic pin badges for the 2016 Olympic Games in Rio de Janeiro, Brazil.

Beijing Huajiang, also known as Honav, has been awarded the license to become the official provider of pins for the Olympic and Paralympic Games by the Rio 2016 Olympic and Paralympic Games Organizing Committee.

Honav Chairman Jack Chen pledged that his company will use the opportunity to be a part of the Rio de Janeiro 2016 Olympic and Paralympic Games.

"We are becoming an increasingly significant part of the Olympic community," he said.

Auto

Ford taps heavy-duty truck market

Ford Motor Co's Chinese commercial vehicle unit agreed to buy a heavy-truck maker for 270 million yuan, as the US automaker expands beyond passenger cars in the world's largest auto market.

Jiangling Motors Corp, in which Ford owns a 30 percent stake, will pay cash for Shanxi province-based Taiyuan Changan Heavy Truck Co from China Changan Automobile and China South Industries Group Corp, Ford said on Aug 8 in an e-mailed statement.

Claire Li, a Shanghai-based spokeswoman for Ford, said in a separate e-mail that the exact price is still subject to final deal terms.

China Daily-Agencies

(China Daily 08/10/2012 page14)