Biz scene

MARKET

Profit up

CITIC Pacific Ltd, the Hong Kong-listed arm of China's biggest State-owned investment company, posted a 31 percent increase in 2007 profit, helped by higher earnings at its special steel unit.

Net income rose to HK$10.8 billion, or HK$4.90 a share, from HK$8.27 billion, or HK$3.77 a share, a year earlier, the company said in a statement yesterday.

Cement shares

China's Gansu Qilianshan Cement Co yesterday said it would place 50 million new shares with larger rival China National Building Material Co.

The move would help the firms' joint effort to consolidate the cement market in Northwest China, Gansu Qilianshan said in a statement.

It did not disclose the price of the share placement but the Securities Times put it at 9.86 yuan per share.

The placement is part of Qilianshan's plan to issue up to 150 million new shares - equivalent to nearly 20 percent of its enlarged share capital - to no more than 10 institutional investors.

BIZ MOVES

Polish Airlines GM

Jacek Tomaszewski has been appointed the new general manager for the China operations of Polish Airlines.

Tomaszewski joined Polish Airlines in 1976 and worked on several commercial posts in market research, forecasting and implementation of econometric models in the aviation industry.

Polish Airlines will launch its first direct flight from Warsaw to Beijing on March 30, linking the two nations by direct flight for the first time.

Auto JV president

Nissan Motor has announced the appointment of Kimiyasu Nakamura as president of Dongfeng Motor Co Ltd, its joint venture with Dongfeng Motor Corp, effective from April 1.

Kimiyasu Nakamura will replace Katsumi Nakamura, who will take a new executive position at Alliance partner, Renault.

Kimiyasu Nakamura is currently senior vice-president with responsibility for product development of Nissan passenger cars and light commercial vehicles.

BIZ UNUSUAL

Net gain

Li Shaoshuang, a fisherman in Zhejiang province, has netted a fish that may sell for over 1 million yuan.

Li caught the fish while working offshore near the Xiangshan harbor. The dark brown fish is 1.2 m long and weighs 15 kg, and is believed to be Bahaba flavolabiata (Chinese bahaba), which disappeared from the area at least 50 years ago. Because of its scarcity, the gas bladder of Chinese bahaba is said to be as expensive as gold.

LOCAL

Inner Mongolia grant

The government will allocate 18 million yuan to the Inner Mongolia autonomous region to improve education for farmers and herdsmen. This is a year-on-year increase of 10.8 million yuan for the fund.

The fund will support 24 counties and 1,200 villages to carry out new technical training. It will also help farmers and herdsmen to learn about production technologies, management and related policies and laws.

(China Daily 03/18/2008 page15)