Biz scene

MARKET

Profit soars

Hainan Airlines Co, China's fourth largest carrier, yesterday said its unaudited net profit for 2007 jumped at least 300 percent from 2006.

The airline posted a net profit of 181.6 million yuan in 2006.

China's airlines were buoyed last year by booming domestic demand for leisure and business travel, as well as a rising yuan. Air China posted a 19 percent rise in second-half profit on Monday.

Private placement

Huaxia Bank Co Ltd said yesterday it was issuing 11.56 billion yuan worth of new shares to three institutions in a private placement.

Germany's Deutsche Bank, Chinese steelmaker Shougang Group and power grid operator State Grid Corp will subscribe to the shares in the private placement, which is aimed at boosting the bank's core capital, Huaxia said.

The shares will be priced at 90 percent of the average price over the past 20 trading days.

The deal will be subject to shareholder and regulatory approvals.

BIZ MOVES

Nissan post

Hashimoto Yasuaki has been appointed the new general manager for Nissan (China) Investment Co Ltd (NCIC). Former general manager Kayashima Yukihisa has completed his term and will return to the company's headquarters in Japan.

Having worked as vice-president for NCIC's parent company Nissan Motor Co previously, Yasuaki will be in charge of the company's investments in China, including its luxury brand Infiniti.

CEO appointed

Huamei Capital Company Inc, a Sino-US joint venture in the financial service sector, has appointed Scott J. Nelson, former head of the Asian Clients Group for JPMorgan Securities, its first CEO.

Nelson, 51, has extensive experience in banking and finance in China and across Asia, and served JPMorgan for 27 years.

New GM

Aruba Networks, a global leader in wireless LANs and secure unified mobility solutions, has announced the appointment of Yang Hua as new China general manager.

Yang previously worked at Hewlett-Packard Co for 17 years and was its vice-president, China. He has 20 years of experience in market exploration and IT management.

China chairman

CLSA Asia-Pacific Markets, Asia's leading, independent, research-driven brokerage and investment group, has announced the appointment of Wu Changgen as chairman, China, and vice-chairman, Asia, for CLSA.

Wu will be responsible for CLSA's businesses in China, including investment banking, private equity and broking.

Wu joined Morgan Stanley in 1998 as managing director and head of investment banking for China with the mandate to develop Morgan Stanley's China-related banking franchise. He was promoted to chairman, China, and then vice-chairman, Asia-Pacific.

BIZ UNUSUAL

Labor shortage

Nanjing, capital of Jiangsu province, is facing an acute shortage of labor as the tea-picking season draws near.

"People used to queue up for the job earlier but few would take it this year," said an owner of a tea farm.

Tea farm owners headed to neighboring provinces looking for tea pickers and increased the daily wage to 45 yuan, 10 percent higher than last year. Some even provide free transportation and meals. Even that didn't work as most consider the job too labor-intensive.

Dumpling chain

He Yanping, 22, has started six chain stores selling zong zi, a pyramid-shaped dumpling made of glutinous rice wrapped in bamboo or reed leaves, in one year.

Eating zong zi on Dragon Boat Festival, which falls on May 5, is customary in China. But for people of Zhejiang province, zong zi has become a part of the daily staple.

He has developed more than 50 varieties of zong zi, with different fillings. She has also given each variety a name and decorates them with colorful threads.

Yogurt pig

Scientists from an animal breeding company in Tianjin have raised a kind of "yogurt pig" that are fed with lactobacillus, a component of yogurt. Lactobacillus can reduce diseases in pigs as well as make the meat healthier.

Milk strawberry

Strawberry is being raised with the help of milk in Harbin, Heilongjiang province, to improve its taste and weight. By this method, the average weight of a strawberry can reach 50 grams, roughly equivalent to that of an egg. The "milk strawberry" tastes much sweeter, say local farmers.

LOCAL

Safety training

The Shanghai government will start safety trainings for 500,000 migrant workers this year. Having been put on the government work agenda, the large-scale trainings are a bid to improve migrant workers' awareness of work safety.

Clean drive

About 1,000 Euro III buses will be introduced in Tianjin to improve the transport system and reduce emission before the Olympics.

The engines of 1,000 existing Euro II buses will be upgraded to meet the Euro III standards.

Since 2007, Tianjin municipality has introduced 1,648 environmentally friendly buses. With 1,000 new ones, green buses will amount to over 3,600 ahead of the Games.

Energy saving

The house energy-saving requirement in Shanghai will raise the saving target from 50 percent to 65 percent per sq m.

This requirement will apply to affordable and low-rent houses along with the reconstruction of old urban areas.

The relevant technical systems will be further improved in order to lay the foundation for its enforcement.

(China Daily 03/19/2008 page15)