Biz scene

BIZ MOVES

New CEO

3Com has appointed Robert Mao (above) as the new CEO, replacing Edgar Mastri, who is leaving the company.

To support the company's increasing emphasis on its growing and profitable China-based H3C operations, Mao will be based in China.

Mao worked as executive vice-president in 3Com between 2006 and 2007. Before 3Com, Mao worked for Nortel Networks, where he was president and CEO of the company's Greater China operations from 1997 to 2006. Before that, Mao was president of Greater China for Alcatel. Mao has also held senior managerial and technical positions at ITT in Asia and the United States.

Finance chief

Wuhan General, a leading manufacturer of industrial blowers and turbines, has appointed Liu Haiming as chief financial officer.

For the past 13 years, Liu has been working for PricewaterhouseCoopers (PWC), gaining wide experience in auditing and initial public offerings. Liu joined the firm in Vancouver in 1995 as an auditor. He became a training manager with PWC Shanghai in 2002. After that Liu served as a senior assurance manager in PWC Chongqing.

MARKET

Profit up

Agricultural Bank of China has said domestic operating profit rose 71 percent year-on-year in the first quarter to 14.1 billion yuan.

ABC ascribed the rise to intermediate service growth and an improved business structure. It didn't release overseas profit figures. Income from intermediate services was 5.97 billion yuan, up 53 percent.

The non-performing loan ratio fell 1.14 percentage points from 23.64 percent at the end of last year, with the total amount of non-performing loans dropping 7.3 billion yuan in the first quarter from the end of last year. That decline was 2.2 billion yuan more than the same period last year.

GRAPEVINE

Airport seeks funds

Kunming International Airport is seeking as much as $400 million from foreign investors including Goldman Sachs, Macquarie and Singapore's Changi Airport.

Yunnan Airport Group is developing an international airport in the southwestern city of Kunming following the State Council's approval for a construction plan of $3 billion. The plan would make the airport China's fourth largest behind Beijing, Shanghai and Guangzhou.

BIZ UNUSUAL

Aim low

Yang Xuelian, 68, has a monthly income of 800 yuan and shops at Tianyi supermarket every day as the goods are cheaper than elsewhere. "I save 0.2 yuan on each kilo of eggs," says Yang.

Yang Shusheng, an entrepreneur in Chongqing, launched Tianyi supermarket targeted especially at those with lower income. Prices of daily commodities at its stores are on average 20 percent lower than big supermarkets. All Tianyi outlets are located in residential areas.

LOCAL

Flower exports

Yunnan province exported 1,712 tons of cut flowers in the first quarter of 2008, up 19.5 percent year-on-year, a local Customs official said.

By value, exports rose 8.9 percent to $4.89 million. The province's cut flower exports accounted for about a fifth of the national total, according to the official. Yunnan is the largest fresh cut flower production base in China.

With its mild climate, Yunnan is a paradise for flora and fauna. Among its floral exports are roses, carnations, orchids and chrysanthemums.

Consumer goods sales

In the first quarter of 2008, the consumer goods segment of Guangzhou registered total retail sales of 74.572 million yuan, increasing by 16.1 percent over the same period of last year, according to the Guangzhou statistics bureau.

Accommodation, catering, wholesale and retail sectors grew rapidly in the first three months. Accommodation and catering sales reached 12.257 million yuan, increasing by 19.9 percent, while wholesale and retail sales reached 62.315 million yuan, increasing by 15.4 percent.

(China Daily 05/06/2008 page15)