What's news

Company

Alibaba starts NY investor session

E-commerce giant Alibaba Group Holding Ltd began a 10-day global roadshow here on Sept 8 for what is expected to be a record initial public offering on the New York Stock Exchange, but some of those who were among an overflow crowd of institutional investors said they did not get all the answers they had hoped for.

About 800 investors came to the Waldorf Astoria to hear founder and executive chairman Jack Ma. Other meetings are planned in the United States, Europe and Asia before the IPO, which is reportedly scheduled for Sept 18. The American depositary shares will trade under the symbol BABA.

Transport

Alstom JV bags metro contract

Alstom and its local joint venture, Shanghai Alstom Transport Electrical Equipment Co Ltd, were awarded a 21 million euro ($27.18 million) contract by Nanjing Metro Group to provide traction systems and associated services to Line 12 of the Nanjing Metro. Line 12 is expected to enter commercial operations by the end of 2015. Also known as the Ninghe Intercity Rail Line, the line is about 36 kilometers long and includes 19 stations. It will connect the city to Hexian county in neighboring Anhui province.

Yum's China sales hit by probe

Yum Brands Inc, which gets about half its revenue from China, said third-quarter same-store sales in the country fell about 13 percent following a probe into one of its suppliers.

Sales at both its KFC and Pizza Hut locations in China were hurt after OSI Group was investigated for changing sell-by dates on food, the Kentucky-based Yum said in a filing with the US Securities and Exchange Commission.

Yum added it plans legal action against OSI and its Shanghai Husi unit to recover damages.

Event

Alcoholic beverage expo records deals

The fourth China International Alcoholic Beverage Expo opened in Guiyang, Guizhou province, on Sept 9. Nearly 110 deals, worth 113.03 billion yuan ($18.37 billion), were signed on the first day of the expo. The exhibition attracted liquor and winemakers along with distributors from more than 40 countries.

Trade

Garment exports drop as demand weakens

Exports of garments from China have slowed significantly this year as weak demand and rising costs hit the industry.

The value of China's garment exports gained 5.79 percent year-on-year to $100.23 billion during the January-July period, retreating 7.71 percentage points from the rate seen in the same period last year, according to figures released at a leading industry forum in Xinjiang.

Chen Dapeng, deputy head of the China National Garment Association, said competition from neighboring countries such as Vietnam, Cambodia and Indonesia had pushed down demand for Chinese products, while rising costs and insufficient re-sale value had also made them less attractive.

Aviation

New identity for China Eastern

China Eastern Airlines Co Ltd, one of the three largest airline companies in China, on Sept 9 launched a new visual identity system to replace one that had been in place for two-and-a-half decades. The system includes a new logo featuring the shape of a swallow and consisting of two capital letters - C and E- the initials of the company's name.

China Daily-Agencies

(China Daily European Weekly 09/12/2014 page18)