IN BRIEF (Page 24)

China urges an end to EC investigation

The European Commission should follow World Trade Organization rules in its anti-subsidy investigation into Chinese steel exports, a Ministry of Commerce official said. The commission started to investigate steel imports last week and imposed anti-dumping and countervailing duties on hot-rolled flat steel products originating from China. The official said this hurts the sustainable development of the international steel industry.

CGN won't go it alone on UK plants

China General Nuclear Power Corp on May 14 said it has no plans to build reactors at the Hinkley Point C site in Britain, denying reports it would be willing to take over from EDF should the French firm pull out. EDF has delayed its investment decision on the construction of two "third-generation" European Pressurized Reactors at Hinkley Point until September, amid escalating costs.

ICBC buys metals vault from Barclays

ICBC Standard Bank, a subsidiary of Industrial and Commercial Bank of China Ltd, has agreed to buy Barclays' precious metals vault storage business in London. Upon completion of the acquisition, ICBC, China's largest commercial lender by assets, would become the first Chinese bank to have a vault in London, which is one of the largest precious metals vaults in Europe, the bank said on May 16. The vault can store 2,000 metric tons of gold and other precious metals such as silver, platinum and palladium.

Pearl River Piano now calls tunes at Schimmel

Guangzhou Pearl River Piano Co Ltd completed the purchase of Germany's largest and most famous piano maker, Schimmel, on May 18. The Shenzhen Stock Exchange listed company now holds 90 percent of the shares in Schimmel-Verwaltungs GmbH, valued at 23.99 million euros ($27.1 million), it said in a statement. Li Jianning, Pearl River Piano's vice-chairman and general manager, said the purchase will ensure Schimmel can continue to be independent, and continue to manufacture some of the world's highest-quality pianos.

Aramco in LPG deal with Wanhua

Saudi Aramco has entered its first annual liquefied petroleum gas supply contract with a Chinese chemical producer, boosting its sales to the world's top LPG consuming nation as output of the fuel climbs at home. The deal with Wanhua Chemical Group Ltd for supply worth about $200 million starting in May underscores Aramco's goal to secure market share in Asia.

Syngenta says offer period extended

Swiss pesticides maker Syngenta said on May 17 that the offer period for ChemChina's takeover bid was extended because some regulatory approvals were still outstanding. "We don't have all the regulatory approvals yet," a Syngenta spokesman said, adding that the company expects the deal to close by year-end. Syngenta earlier said the first extension period of the public tender offer to buy Syngenta would commence on May 24 and end on July 18.

CMG to build logistics park in Belarus

China Merchants Group announced it will invest $500 million to build a trade and logistics park in the China-Belarus industrial park and establish a logistics passage from South China to Central Asia and Europe through the cargo trains from China to Europe. The China-Belarus industrial park is located 25 kilometers from Minsk, the capital of Belarus.

Huawei boosts ties with UK trade agency

Huawei Technologies Co Ltd on May 16 signed a three-year deal with UK Trade and Investment to enhance the two sides' cooperation on business development. UKTI is the British government department responsible for encouraging foreign investment. The agreement, signed at Huawei's UK and Ireland Partner Convention held in London, focuses on identifying the best UK technology partners for Huawei's global supply chain and supporting its investment and business development in the UK.

(China Daily European Weekly 05/20/2016 page24)