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Gold loses its glitter in 2014

Gold jewelry demand cooled in China in 2014, in sharp contrast to frenzied buying in 2013, plunging 33 percent year-on-year to 624 metric tons, according to data published by the World Gold Council.

India displaced China as the largest gold consumer in 2014 with demand for gold jewelry and investment gold exceeding 843 tons, compared with 814 tons in China.

Global gold demand fell by 4 percent last year to 3,924 tons as consumers bought less jewelry, coins and bars compared with record levels in 2013, the gold council said.

Mercedes to recall vehicles in China

German luxury carmaker Mercedes-Benz will recall 127,071 cars in China starting on March 13 due to a fire risk, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement on Feb 16. The recall involves the CLS-Class and E-Class vehicles imported into China, as well as some E-Class cars manufactured by the Beijing Benz Automotive Co Ltd. The recall order was issued after a sealing strip for the engine cabin in some vehicles was found coming loose, which could lead to an engine fire if the strip falls on hot engine parts, the statement said.

More crude oil imports for private refiners

The National Development and Reform Commission, the nation's top planner, said that domestic private-sector refineries will be able to apply for crude imports after meeting certain technical and environmental standards. The refineries must have a single facility with an annual capacity of more than 2 million metric tons, and imports cannot exceed a facility's total capacity. Imported crude should not be resold. At present, only some state-owned oil and gas companies such as China National Petroleum Corp, and certain large-scale private facilities, are permitted to import crude oil.

Anbang's purchase of Dutch firm approved

Anbang Insurance Group Co, which bought New York's Waldorf Astoria Hotel, won approval in the Netherlands to buy and recapitalize SNS Reaal NV's former insurance arm. The Chinese company will pay 150 million euros for Vivat and recapitalize it by as much as 1 billion euros, Dutch Finance Minister Jeroen Dijsselbloem said in a statement to parliament. The transaction also requires Anbang to repay loans of 552 million euros made by SNS to Vivat, Dijsselbloem said.

Credit card debt level rises to $5.73b

The outstanding value of unpaid debt by the country's credit card users stood at 35.76 billion yuan ($5.73 billion) as of the end of 2014, up by 42 percent from the previous year, according to a statement published by the People's Bank of China, the central bank.

Suifenhe airport to boost foreign trade

China plans to build a civilian airport in the northeastern border city of Suifenhe, Heilongjiang province, the country's largest contributor to trade with Russia. According to the feasibility plan, which was approved by the central government, the project includes a 2,500 meter runway and a 4,500 square meter terminal. The domestic airport is designed to handle 450,000 passengers and 3,600 tons of cargo by 2025, according to the Suifenhe municipal government. It will cost about 944 million yuan ($153 million).

China Daily

(China Daily European Weekly 02/20/2015 page18)