Biz scene

BIZ MOVE

Bank appointment

Citi named Andrew Au, a 24-year veteran at the bank, chairman of Citibank (China) Co and chief executive of Citi China on Tuesday. Au replaces Richard Stanley, who left the bank in February to head DBS, Southeast Asia's largest bank.

Au was previously regional head of Citi's Global Commercial Bank, based in Hong Kong.

The University of Western Ontario graduate would report to Robert Morse, Asia-Pacific chief executive for the institutional client group, and Stephen Bird, Asia-Pacific chief executive of the consumer group, according to the company's statement.

MARKET

First-half increase

Shandong Airlines Co, which is partly owned by Air China Ltd, said yesterday it might post a first-half profit on a stronger yuan and cost-cuts.

The airline expects a first-half profit of as much as 20 million yuan, compared with a loss of 90 million yuan a year earlier.

Q1 performance

Huaxin Cement Co, the Chinese affiliate of Holcim Ltd, said first-quarter profit and sales rose 21 percent on increased production and demand.

Net income climbed to 28.5 million yuan, or 0.08 yuan a share, from 23.5 million yuan, or 0.07 yuan, a year earlier, the Huangshi, Hubei province-based company said in a statement to the Shanghai Stock Exchange yesterday. Sales increased to 1 billion yuan from 826.3 million yuan.

BIZ UNUSUAL

Penning profits

College students with a knack for writing can earn big bucks by writing online fiction.

Payment is determined by how prolific and popular the authors are.

For example, a story that gets 2 million hits could rake in 10,000 yuan per month for the writer.

Hot commodity

A special variety of pepper endemic to Yugan county, Jiangxi province, is selling for 360 yuan per kg - the same retail price as turtles in the county.

Sandy soils, a humid climate and copious sunshine have shaped the evolution of the unique species.

Local farmer Li Weiliang said: "To increase production, we try to plant these peppers in greenhouses in winter, but the conditions for best cultivating them only exist on a patch of land that is about 267 hectares in the county."

LOCAL

Cooperation agreement

Tianjin signed a friendship and cooperation agreement with the US city of Chicago to facilitate economic, educational and environmental exchanges.

The two cities have much in common and also have much room for complementation, Tianjin's vice-mayor Ren Xuefeng said.

Chicago has rich historical experience in making the transformation from a heavy industrial center to a modern service hub, and the city has done a good job of protecting the environment. It has a lot to share with Tianjin, chief representative of the Chicago China Office John C. Thomson said.

After signing the agreement, the two cities would begin specific cooperative projects in areas such as financing and trade, environmental protection and education, Thomson added.

Migrant workers' housing

Affordable housing in Sichuan province is now available to migrant workers who have paid social insurance for two consecutive years and hold a Sichuan residency permit.

The houses usually cost 10 to 15 percent less than commercial houses and offer less than 70 sq m of floor space.

Such housing is usually only provided to low-income local urbanites.

(China Daily 04/24/2008 page15)