IN BRIEF (Page 18)

Lenovo set to hike prices

The yuan's depreciation is forcing local electronics makers to lift their product prices to offset the rising costs of imported components, according to a report on the technology website Digitimes, citing upstream suppliers.

Lenovo Group Ltd, the world's biggest personal computer maker, could even raise the prices of some products sold in China later this month, said Digitimes. Acer Corp and Asustek Computer Inc too are likely to lift their prices early September.

The companies refused to comment on the report on Aug 26.

Chrysler recalls vehicles in China

Chrysler will recall 11,088 of its Grand Cherokee vehicles in China over fuel pump flaws, the country's quality watchdog said on Aug 25.

The affected vehicles were manufactured between Sept. 17, 2010 and Aug 19, 2013, according to a notice released by the General Administration of Quality Supervision, Inspection and Quarantine.

Chrysler said the vehicles might stall or fail to start due to the flaws.

The company has promised to repair the faulty components free of charge under a recall starting Aug 30.

More small businesses offered tax breaks

The State Council has extended tax breaks to more small businesses in recognition of their role in generating jobs and growth, officials said. From Oct 1 to the end of 2017, companies with annual taxable income under 300,000 yuan ($46,900) will have their corporate tax halved, according to a statement released after a meeting chaired by Premier Li Keqiang.

Tax breaks are also being extended to companies with monthly revenue under 30,000 yuan, which will be exempted from value-added tax and business tax until the end of 2017.

Sinopec seals Kazakh oil stake

China Petroleum & Chemical Corp, also referred to as Sinopec, has completed the purchase of a 50 percent stake in a Kazakh oil producer from Lukoil PJSC for $1.09 billion, gaining full control of a venture with stakes in five oil and gas fields. The sale of Caspian Investments Resources Ltd received the required permits from Kazakhstan authorities in late July, Lukoil said in a statement.

China to boost imports of cheap LNG

ENN Energy Holdings Ltd, the Chinese natural gas distributor, will rely more on cheaper liquefied natural gas from overseas this year. LNG, tracking the slump in global crude, has fallen to about 0.7 yuan (11 US cents) a cubic meter less than the retail price of piped domestic gas supplied by China's major gas producers.

Chinese tourists buy watches in Europe

Swiss watch exports slid in July, but more of the timepieces were bought in Europe by Chinese tourists who avoided South Korea following its recent MERS outbreak. Exports fell 9.3 percent to 1.9 billion Swiss francs ($2 billion), according to figures from the Federation of the Swiss Watch Industry.

CNNC to bid for stake in Slovak firm

Slovak Economy Minister Vazil Hudak said that China National Nuclear Corp is expected to bid for a stake in the country's electricity producer Slovenske Elektrarne, owned by Enel, the Italian manufacturer and distributor of electricity and gas. CNNC is expected to place a binding bid by the end of August, said Hudak.

(China Daily European Weekly 08/28/2015 page18)