Biz scene

MARKET

Coal gains

China National Coal Group, the country's second biggest producer of the fuel by sales, said profit rose by 62 percent in the first five months of this year as output and prices increased.

The coal producer's profit climbed to 4.1 billion yuan, it said in a statement, without indicating whether the profit is before or after tax.

Sales rose 43 percent to 31 billion yuan as coal production climbed 13 percent to 47.1 million metric tons.

GRAPEVINE

Ningbo project

Formosa Plastics Group aims to start building a $10 billion oil-refining and chemical project in Ningbo in 2010, the Economic Daily News reported, citing an unidentified provincial government official.

Formosa Plastics may complete an environmental impact assessment this year and win approval from the central government next year, the report said.

The company, based in Taiwan province, plans to have management control over the project, though the central government is inclined to having CNOOC Ltd lead the refining unit and China Petroleum & Chemical Corp the ethylene plant, the report said.

BIZ UNUSUAL

Color consulting

Luo Xiaoxiao, a fashion design graduate, has opened a color consulting studio in Shanghai.

Based on people's appearance, personality and interests, Luo not only advises them on the most suitable colors for their clothes and makeup but also for their homes.

Luo says choice of color is important as the right color can make people look, feel and work way better. Luo charges 300 yuan upwards for the consulting.

Haggle help

If bargaining makes you uncomfortable, go meet Zou Chengqin. A resident of Shenyang, Liaoning province, Zou has opened a company that helps its clients haggle - on things ranging from houses, cars, furniture to even clothes and cosmetics.

With extensive experience in marketing, he has saved his clients from several hundred yuan to over 10,000 yuan.

LOCAL

Tianjin housing plan

The Tianjin municipal government has worked out the housing construction layout for 2008 to 2012, aimed at controlling the amount of new houses between 1.2 million and 1.3 million.

About 70 percent of the new houses must be under 90 sq m while the area of low-rent houses should be no more than 50 sq m and affordable houses less than 60 sq m.

Tianjin will build 98 million sq m of various housings within five years, including about 30 million sq m of affordable houses and 250,000 sq m of low-rent houses.

Sewage plant

The second-stage restructuring of the Hedong sewage treatment plant in Urumqi, capital of the Xinjiang Uygur autonomous region, has started in a bid to increase the daily treatment capacity of wastewater by 200,000 tons to 400,000 tons.

With an investment of 2.4 million yuan, its sewage channel will be broadened by 1 m and deepened by 40 to 60 cm. An 85 m new channel will be constructed.

The project is expected to complete by the end of June.

Minimum wage

Shenzhen's minimum wage will overtake Shanghai and Guangzhou as it aims to become more attractive amid high inflation and labor shortages, the South China Morning Post reports, citing the city's labor and social security bureau.

The city's government plans to raise the minimum monthly wage by 17.6 percent to 1,000 yuan next month, exceeding Shanghai's minimum pay of 960 yuan and Guangzhou's 860 yuan.

Manufacturers, especially those making toys, shoes, watches and garments, said higher wages will add to spiraling production costs and shrinking profit margins.

BIZ MOVE

GE China head

General Electric has announced the appointment of Mark Norbom as CEO and president of Greater China, and vice-president of GE. Norbom joined GE in 1980 and has held several important positions both in the US and Asia.

Nani Beccalli, vice-president of GE, said Norbom's professional knowledge and skills will help GE expand its business in China.

(China Daily 06/05/2008 page15)