IN BRIEF (Page 18)

Lenders seek lower threshold for bad loans

Commercial banks are talking to the country's regulator about lowering requirements for bad-loan provisions as reserves because a rising tide of soured credit eats into lenders' earnings. Industrial & Commercial Bank of China Ltd said that lenders were discussing the current requirements with regulators, according to a transcript of comments to analysts in a conference call on Oct 30. No comment was available from the China Banking Regulatory Commission.

Investment firm raises GDP forecast to 6.9%

A Chinese investment firm has raised its forecast for China's economic growth this year to 6.9 percent from 6.8 percent, citing the effect of supportive macroeconomic policies. The economy is expected to expand by 6.8 percent next year, compared with the forecast of 6.6 percent, and maintain that growth in 2017, China International Capital Corp said in a report. The GDP growth is likely to stabilize in the fourth quarter of this year as a result of strong government commitment toward shoring up the economy, it said.

Sinopec to keep oil refining target flat

China Petroleum & Chemical Corp, which has raised production every year for at least a decade, may keep its refining target unchanged for next year because of waning demand and increasing competition. Sinopec, as Asia's biggest refiner is known, informed its refineries that the company will not raise its target and asked them to make annual plans accordingly, said people with knowledge of the matter. They asked not to be identified because the information is supposed to be confidential.

Dongfeng Motors head being investigated

Zhu Fushou, general manager of the Chinese carmaker Dongfeng Motor Corp, has been put under investigation, China's top anti-graft body said on Nov 2. Zhu, also the company's deputy Party chief and board member, is being investigated for alleged "severe disciplinary violation", said a statement published on the website of the Communist Party of China Central Commission for Discipline Inspection.

Casino shares surge as slump starts to ease

Casino shares rose in Hong Kong trading after Macao reported gambling revenues of 20.1 billion patacas ($2.5 billion) in October, down 28.4 percent year-on-year but better than the 30 percent fall since January. This raised hopes the 17-month-long slump in the world's largest gambling center may be starting to ease.

JD.com e-commerce zone to be biggest

Chinese e-commerce powerhouse JD.com Inc will build an e-commerce industrial park, the biggest of its kind in China, in Langfang, Hebei province, as a regional integration plan gains steam. It will be built with JD's investment, technology and human resources, and the Langfang city government will help with infrastructure, according to an agreement signed on Nov 1. The park will serve as an important logistics center for JD.com Inc, and Langfang hopes it will boost the city's e-commerce development.

Lion Air plans flights to China

Indonesian carrier Lion Air plans to start flights to China early next year, CEO Rudy Lumingke told reporters on Nov 2. The company is considering routes to Guangzhou, Shanghai and other areas in China, Lumingke said.

R&D climate best in China, study finds

China has become the most popular destination for research and development activities by overseas companies thanks to the presence of a high-growth market and key manufacturing sites. A survey conducted by Strategy&, a unit of the global consultancy firm PricewaterhouseCoopers LLP, said total R&D investment in China has risen to $39.4 billion, compared with just $1.2 billion a decade ago.

Nepal Oil Corp turns to China for fuel

Fuel-starved Nepal Oil Corp has signed an agreement with a Chinese firm to provide petrol, diesel and cooking gas, after India restricted its supplies as a result of ongoing political protests in Nepal, officials said. An agreement was signed with China National United Oil Corp in Beijing, said Nepal Oil official Deepak Baral. Details on how much fuel would be sent to Nepal, prices and other arrangements still need to be worked out, he said.

Civil satellite systems to be set up by 2020

China aims to complete the construction of satellite systems for remote sensing, communications and navigation before 2020, according to a national plan. The three satellite systems should be able to provide continuous and stable service for the long-term development of civil space infrastructure. The plan was posted on the website of the National Development and Reform Commission, the top economic planner.

Bright Food plans $200 million IPO

Bright Food Group Co, the Chinese owner of the Weetabix cereal brand, plans a Hong Kong initial public offering for its distribution arm Manassen Foods that could raise more than $200 million, people familiar with the matter said. The Shanghai food conglomerate has hired an investment bank to prepare a listing for Manassen next year.

Big data startup for health services opens

ICarbonX, a startup focused on using big data for health services, opened in Shenzhen. Its founder Wang Jun, former CEO of the Beijing Genomic Institute, said iCarbonX will help individuals better manage health and overcome diseases. ICarbonX will seek partners in other Asian countries and plans to set up branches in the United States and Europe.

Phone bookings to bring rewards for hotel guests

The online travel agency Booking.com, owned by online travel giant Priceline Group, has announced that it is working with China's largest telecommunication carrier, China Mobile Communications Corp, on plans under which China Mobile users will be rewarded a minimum 1 GB of domestic mobile data traffic once they book a hotel room on Booking.com on their mobile phone.

PetroChina profit dives 81% on oil price drop

PetroChina Co, the country's biggest oil and gas producer, posted an 81 percent slump in third quarter profits, missing estimates, as a plunge in crude prices ate into revenues. Net income was 5.2 billion yuan ($818 million), compared with 27.9 billion yuan a year ago, the company said. That compares with a 10.9 billion yuan average of four analyst estimates compiled by Bloomberg.

Trina, CITIC in pact for priority in services

Trina Solar Co Ltd, the world's largest photovoltaic module supplier, says it has signed strategic cooperation agreements with CITIC Financial Leasing Co Ltd and the Changzhou branch of CITIC Bank. CITIC Financial Leasing Co Ltd will provide 5 billion yuan for TSL to update equipment and downstream construction. The deal enables TSL to improve its capital structure.

Beijing-Zhangjiakou rail project approved

The central government has approved plans for a 58.41-billion-yuan, 174-kilometer, Beijing-Zhangjiakou, Hebei province, high-speed rail project. It will be used during the 2022 Winter Olympics. To be constructed over four and a half years, it will ferry 60 million people annually.

(China Daily European Weekly 11/06/2015 page18)