Biz Scene
MARKET
Premiums up
China Pacific Insurance (Group) Co, the nation's third largest insurer, reported 50.7 billion yuan of life insurance premiums last year.
Property insurance premiums amounted to 23.4 billion yuan, the Shanghai-based company said in a statement to the stock exchange yesterday.
Metals profit
Minmetals Development Co, a unit of China's biggest State-owned metals trader, said 2007 profit rose about 80 percent on lower taxes and a higher profit margin.
The company, which posted the profit gain in a statement to the Shanghai Stock Exchange, didn't give out specific figures. It reported a profit of 530.6 million yuan, or 0.64 yuan a share, in 2006.
Fixed lines shrink
China Telecom Corp, the nation's largest fixed-line telephone company, lost a record 1.48 million phone customers last month and posted its first full-year drop in users after wireless carriers slashed charges.
Subscribers fell for a fifth month in December to 220.3 million, the Beijing-based company said in a statement on its website yesterday.
China Mobile Ltd, the world's biggest wireless operator by users, separately reported a gain of 6.6 million subscribers last month.
BIZ MOVES
GM appointed
Qiao Shibo, vice-manager of China Resources (Holdings) Co, has been appointed general manager and Party secretary of 999 Group. Qiao is to replace former general manager Sun Xiaomin.
In December, the State-owned Assets Supervision and Administration Commission announced the State Council has decided to merge 999 Group into China Resources as its wholly owned subsidiary.
Haier strategy
Gao Yicheng (left), manager of the computer department of Haier Group, was recently promoted to group vice-president, with the aim to speed up the brand's globalization.
As the computer sector develops rapidly, it is becoming increasing important for Haier. Recently, Haier positioned its computer business as its pillar industry. This appointment shows its determination to take the computer segment to a higher level.
According to Gao Yicheng, Haier will use the Beijing Olympic Games to advance its footprint in the global market and enhance Haier Group's international reputation.
New chairman
Yunnan Copper Group Co may name Liu Caiming, deputy general manager of Aluminum Corp of China, as chairman, replacing Zou Shaolu, the China Securities Journal reported without citing any sources.
The move is expected to speed up restructuring of Yunnan Copper, which has been taken over by Aluminum Corp, the report said, not saying when the appointment will take place.
Yang Chao, chairman of Yunnan Tin Co, will be named general manager of Yunnan Copper, the report said.
GRAPEVINE
Beer shares
Beijing Yanjing Brewery Co may raise about 1.8 billion yuan selling additional shares, China Business News reported, citing unidentified sources.
The brewery will use the money to boost production, the report said, without saying how many shares may be sold or naming any potential buyers. Yanjing last year sold more than 4 million tons of beer with revenue exceeding 10 billion yuan, the report said.
The company may announce the share sale plan next week, it said.
Yanjing suspended trading of its shares in Shenzhen from Friday, saying it was holding talks on key issues with relevant parties.
Investors sought
Shenhua Group Corp is seeking strategic investors for two coal-chemical projects in the Inner Mongolia and Ningxia Hui autonomous regions, the South China Morning Post reported, citing a company official.
Shenhua Group is looking for investors with chemical expertise for the projects, which are estimated to cost about 16 billion yuan each, the newspaper said, citing company vice-president Zhang Yuzhou.
The company plans to keep the controlling stakes in the projects, the report said.
BIZ UNUSUAL
Rental business
As many companies prepare to hold annual parties to boost staff morale in the coming year, stage prop and costume rental businesses are roaring in Shanghai. Rental prices are 30 percent higher than usual, according to a rental shop owner.
"Costumes for some popular TV series like My Own Swordsman (Wu Lin Wai Zhuan in Chinese) and A Dream of Red Mansions are particularly coveted," said the shop owner.
Arty liquor
The Metro store in Nanjing is offering advanced bookings for a special Wuliangye liquor. A 1.5-kg bottle of this liquor is priced at a whopping 98,888 yuan.
The liquor maker justifies the high price saying the liquor is 50 years old and brewed from a vault built in the early Ming dynasty (1368-1644). The bottle is made of crystal and polished manually. The bottle also has a 24K gold key and lock, lending it an exquisite look.
The liquor could even be counted as a piece of art as only 100 bottles will be made every year.
Blind waiters
Fancy eating in the dark and being served by blind people? A restaurant chain in Changsha, Hunan province, has hired blind waiters. The waiters guide diners to their tables. To place orders, diners use the button near the seat.
"We recruited blind people to find them jobs. We will also donate the total proceeds on the White Cane Safety Day every year to the China Association for the Blind," said a restaurant staffer.
LOCAL
Road to growth
The Guizhou provincial government has promised that every township will be served by asphalt roads and every village will be well connected within five years, a move aimed at clearing the infrastructure bottlenecks for economic development.
Guizhou province, 90 percent of which is covered by hills and mountains, is scheduled to have 2,000 km of asphalt roads and 10,000 km of rural roads this year, meeting the requirement of social economic development.
Nuclear power
Nuclear energy will be given more priority to boost the economic development of Shandong province.
Electricity supply is regarded as the solid foundation of the eastern coast province, with an installed capacity of 58 million kilowatts.
But 99 percent of the electricity in Shandong is derived from coal, which is increasingly hampering power supply and the goals of energy conservation and pollution reduction.
(China Daily 01/22/2008 page15)
