IN BRIEF (Page 24)

Sanmen nuclear unit to go online this year

The world's first unit using Westinghouse Electric Company's AP1000 nuclear reactor design is expected to be online this year in China, with a second unit operational by June next year, nuclear officials said on April 6. Wang Jun, chief engineer of State Power Investment Corp, said if everything goes smoothly, the Sanmen One unit in Zhejiang province would be operating in 2016, while cold testing at Haiyang nuclear power plant in Shandong province would start in June, and it would be connected to the grid in February of next year.

Huatai looks to acquire US software company

Huatai Securities Co Ltd is seeking to acquire US asset management software maker AssetMark Inc for as much as $800 million, according to sources familiar with the matter, in the latest example of a Chinese company taking an interest in US businesses. A deal for AssetMark could be the biggest Chinese investment in the US financial services sector since Anbang Insurance Group's $1.6 billion agreement in November to acquire Fidelity & Guaranty Life.

Acquisition to support FESCO joint venture

The acquisition of headhunter Person Co will help joint venture FESCO Adecco's recruitment services and its development, said Wang Yi'e, chairman of Beijing Foreign Enterprise Service Group Co, known as FESCO Group. Wang spoke at a signing ceremony for the acquisition on April 5. FESCO Adecco is a joint venture between FESCO and Switzerland-headquartered Adecco Group to provide human resources services. Rolf Dorig, chairman of Adecco, said China is its fastest-growing market.

Ant Financial plans overseas expansion

Ant Financial, Alibaba's finance affiliate, announced on April 6 a plan to connect with more overseas service providers in order to help Chinese customers get better service when traveling abroad. The project, called the global merchants sharing platform, aims to attract 1 million overseas merchants to connect to Alipay, China's largest third-party payment service, owned by Ant Financial, in the next three years.

Rolls-Royce, CNNC to boost cooperation

British high-performance power systems provider Rolls-Royce signed a contract with China National Nuclear Corp on April 6 to further strengthen their strategic collaboration in civil nuclear power. The two companies have agreed to specific engineering and consultancy services to be provided by Rolls-Royce to CNNC, including training.

McDonald's seeks partners for expansion

McDonald's China is on the lookout for strategic investment partners in the Chinese mainland to help it open another 1,000 restaurants by 2020. The company has appointed multinational financial services corporation Morgan Stanley to identify potential investors, who are expected to hold "majority shares" in the new sites. The company's mainland subsidiary currently operates 2,200 restaurants, 35 percent of which are franchised. The mainland is the company's third-largest market after the United States and Japan.

Sinosteel to begin work on plant in Bolivia

Sinosteel is expected to break ground in August on a sheet metal plant in Santa Cruz in eastern Bolivia, Bolivian Mining and Metallurgy Minister Cesar Navarro said on April 4. Construction will begin pending the completion of legal paperwork and the approval of a line of credit by the Export-Import Bank of China, Navarro said. Sinosteel is expected to submit a feasibility study and the final design of the facility to Bolivia's Ministry of Planning so it can begin talks with Eximbank on the financing needs.

Apple opens new store in Fuzhou

Apple Inc has opened a new store in Fuzhou, capital of Fujian province, bringing the brand's total number of stores to 36 in China. Todd McKean, Apple's regional retail director, said the store will help customers experience the latest products, including the iPhone SE and iPad Pro. The store has hired 97 employees who speak Mandarin, Cantonese and English. The Fuzhou store is the second in Fujian. Another store was opened in Xiamen this year. Of Apple's 36 stores in China, four are in Hong Kong and 32 are on the mainland.

Subaru to recall 78 vehicles for defect

Subaru will recall 78 vehicles in China to fix problems that could pose safety risks, the top quality watchdog said. The recall, set to begin on April 22, affects Legacy vehicles manufactured between Sept 11 and Oct 20, 2015; Outback autos manufactured between April 16 and Oct 12, 2015, and Forester vehicles manufactured between June 30 and Oct 16, 2015, the General Administration of Quality Supervision, Inspection and Quarantine said. A faulty turbocharger intake manifold on the affected vehicles might crack and cause the engine to stall, according to a statement.

1,000 Australian firms send delegates to China

Representatives from more than 1,000 Australian businesses will be part of Australia's "largest-ever trade mission" to China in April, after the signing of the China-Australia Free Trade Agreement. Australia's Trade Minister Steven Ciobo said the trade mission - Australia Week in China - will "underscore the powerful effect of the ChAFTA", the new trade pact that was agreed upon in late 2015. The delegation, visiting on April 11 to 15, will travel to Beijing, Guangzhou, Shanghai, Hong Kong, Shenzhen, Xiamen, Shenyang and Hangzhou.

Yong Sheng buys top French lace producer

Chinese textile company Yong Sheng, a Hangzhou-based privately owned enterprise, has acquired French lace producer Desseilles Laces SAS, one of the oldest lace producers in the country, for 300,000 euros ($341,300). With the move, it will be the first time the company has a production base in Europe. The acquisition will enable Desseilles to survive, as it is now on the verge of bankruptcy. Currently, 70 percent of Desseilles' products are exported to Asia. After the deal, the French lace producer is expected to rapidly expand its market share in China and encounter more growth opportunities worldwide.

China to help build rural Cambodian grid

China National Heavy Machinery Corp has agreed a contract with Cambodia's state-owned Electricite du Cambodge to build rural power transmission lines covering 13 provinces. The contract was inked in Phnom Penh between CHMC's Chairman Lu Wenjun and EdC Director-General Keo Rattanak. According to a press release, about 85 percent of the nearly $100 million project will be financed through concessional loans from the Chinese government.

(China Daily European Weekly 04/08/2016 page24)