IN BRIEF (Page 14)

Technology

Telecom giants fightfor iPhone turf

Two Chinese telecom carriers, China Unicom (Hong Kong) Ltd and China Telecom Corp Ltd, announced on Dec 11 that they will offer Apple Inc's latest iPhone 5 handsets in the Chinese mainland starting on Dec 14. The release date for China is almost three months after the iPhone 5's debut in the United States. China Unicom will offer service contracts for the device starting at 5,899 yuan ($944; 727 euros) and China Telecom will offer it at a contract-plan price starting at 5,288 yuan. The iPhone 5's debut in the Chinese market will be the first time that the two telecom carriers will compete with each other for customers at the release of an Apple mobile phone product.

Huawei to set up R&Dcenter in Finland

A decision by Huawei, the world's second-largest telecommunications equipment vendor by sales, to set up a research and development center in Finland is being seen as a sign of the company's ambitions to be a major player in the global smartphone market. The move could help Huawei better explore the European market, analysts said. Huawei announced on Dec 10 that it will invest 70 million euros ($88 million) over five years to set up the center in Helsinki. Helsinki is also the headquarters of Nokia Corp, previously the world's top mobile phone manufacturer.

Auto

Chinese firm to open auto plant in Bulgaria

Chinese company BYD, which makes electric cars, buses, batteries and LED lighting, and the Bulgarian energy giant Bulmineral have signed a joint-venture agreement to build an auto assembly plant. The plant of the 50-50 joint-venture company, called Auto Group Motors, will be located in the small town of Breznik, some 50 kilometers west of the Bulgarian capital Sofia. It will produce electric cars and electric buses, Alexander Usachev, CEO of Bulmineral said. The first sample bus is due to be rolled out in February and when the plant is fully operational, it will produce 40 to 60 buses a month.

Buick and Chevrolet drive GM sales higher

General Motors Co, the biggest foreign automaker in China, said sales in the country increased 9.7 percent year-on-year last month with greater demand for its Buick and Chevrolet cars. Sales in China climbed to 260,018 units in November, led by a 17 percent increase in Buick sales, the Detroit-based automaker said.

Investment

Private equity firm injects $700 million

Carlyle Group LP, one of the world's largest private equity firms, made investments totaling more than $700 million (538 million euros) in China this year, and next year will invest even more, a senior executive said. "We remain very committed to China, and we are very pleased with our performance this year," said Carlyle managing Director David Marchick. Although China's economy is slowing, there are still very good investment opportunities, including the retail sector, he said.

AIG unit sale likely to be approved

The largest Chinese acquisition ever in the US - a stake of up to 90 percent in the aircraft-leasing arm of American International Group Inc - is likely to be approved by both governments, experts said. A Chinese investor group led by New China Trust Co Ltd has signed an agreement with AIG to pay $4.23 billion for 80.1 percent of International Lease Finance Corp, the world's second-largest aircraft-leasing company by fleet. AIG, which wholly owns ILFC, announced on Dec 9 that the Chinese investors have the option of acquiring an additional 9.9 percent stake. The investor group, which also includes P3 Investments Ltd and China Aviation Industrial Fund, is expected to be expanded to include New China Life Insurance Co Ltd and an investment arm of ICBC International, according to the statement. The transaction is expected to close during the second quarter of next year, AIG said.

Economy

Chinese economy to dodge hard landing

The Chinese economy will not have a hard landing, said Stephen Green, head of Greater China research at Standard Chartered Bank. Government projects, credit and the real estate sector are the three leading indicators to forecast China's economic outlook, Green said at a seminar organized by the Hong Kong General Chamber of Commerce. He said that both central and local government projects have increased this year, whereas they declined around 2008. At the same time, the real credit sector is also growing, implying that investment activity will pick up.

Profits propel iron ore imports

China's iron ore imports in November rose 17 percent from the previous month to their highest in almost two years, according to customs data, as mills stocked up on raw material for steelmaking due to higher profit margins. Imports were 65.78 million metric tons in November, their highest since January last year. Total imports in the first 11 months of this year were 672.9 million tons, up 8 percent on the same period a year ago.

Retail

Carrefour store denies fraud

The local government in North China's Shanxi province is investigating a Carrefour SA store that has been accused of pricing fraud. Song Jianhu, director of the price supervision division of the Taiyuan price administration bureau, said that a Carrefour store in Changfeng Street was accused of cheating customers with mislabeled price tags. Store officials said the items were mislabeled because salespeople forgot to change the price tags after a recent sales promotion ended. The bureau staff visited the Carrefour store and found that the complaints were true, Song said.

Gucci owner buys stake in Chinese jeweler

PPR SA, the French owner of Gucci, has acquired a majority stake in the Chinese jeweler Qeelin for an undisclosed price to bolster growth in its largest market for high-end goods. Qeelin, whose jewelry sells for HK$20,000 ($2,600; 1,998 euros) to HK$300,000, has 14 boutiques and is offered in stores such as Colette in Paris and Restir in Tokyo, Paris-based PPR said. The transaction is likely to be completed in January, the company said. More than half of Qeelin's clients are from the Chinese mainland.

Energy

Chinese PV company supplies US project

China's Yingli Green Energy Holding Company, a globally leading solar panel producer, said that it has supplied 25 mW of solar photovoltaic modules to Arizona's Queen Creek solar farm in the United States. The installation used more than 90,000 Yingli solar modules and will generate electricity to power about 3,300 households. The solar farm is owned by PSEG Solar Source, and was developed and built by Colorado-based engineering, procurement and construction contractor Juwi Solar Inc. Miao Liansheng, CEO of Yingli, said the company has consolidated its leading position in ground-based solar installations in the US through providing products and support to Queen Creek, one of the biggest solar farms in the country.

Solar company signs $1b deal with CBD

The Swiss subsidiary of Jinko Solar, one of the world's largest silicon solar photovoltaic module suppliers, has signed a strategic cooperation agreement with China Development Bank's Guangdong branch. The deal, in which CBD promised to provide $1 billion to Jinko Solar over five years, was reached in Jinko Solar's European headquarters in Zug, Switzerland. Jinko Solar officials said they plan to expand further in Europe and the global solar market, even though Chinese solar suppliers are now dealing with rising protectionism in the US and Europe.

China Daily-Agencies

(China Daily 12/14/2012 page14)