Biz scene

BIZ MOVES

New appointment

Barclays Capital has hired Peng Wensheng from the Hong Kong Monetary Authority as head of China research, in a move that the UK investment bank says completes its macroeconomic research team in Asia-Pacific.

Peng, who will have the title of director, will be responsible for the bank's coverage of macroeconomic research on the mainland and Hong Kong.

He will bring to Barclays Capital a wealth of experience in analyzing the Chinese macroeconomy and financial markets - further enhancing and differentiating the group's Asian macroeconomic research offering.

CREG director

China Recycling Energy Corp (CREG), a leading industrial waste-to-energy solution provider in China, has appointed Nicholas Shao of Carlyle Asia Growth Partners, as a member of the board of directors. The move brings the total number of CREG directors to four.

As the Shanghai-based regional head of Carlyle Asia, Shao brings experience and relationships in finance to CREG.

Zheng Hanqiao, chairman and president of CREG, says the appointment, along with Carlyle's investment in CREG in November 2007, is a vote of confidence by one of the world's most sophisticated institutional investors for the growth opportunities in the recycling energy market, as well as for the company itself.

MARKET

Uranium mining

China Guangdong Nuclear Power Group Co said it is in talks with BHP Billiton Ltd, the world's largest mining company, about exploring uranium deposits in China.

The Chinese group wants to work with foreign partners to develop uranium deposits to meet the nation's increasing demand for nuclear power, said Zhou Zhenxing, general manager of China Guangdong Nuclear Power's uranium resources unit.

Steel investment

China Oriental Group Co, a Chinese steel producer partly owned by ArcelorMittal, the world's biggest steelmaker, said it will invest 1.34 billion yuan to construct a coking plant.

The proposed plant will have a production capacity of 2.2 million metric tons, the Hong Kong-listed company said in a statement to the stock exchange.

Leyshon's gold mine

Leyshon Resources Ltd is planning on making an acquisition in China or East Asia within a year as bullion demand and prices soar.

The company, backed by the world's third-largest gold producer Newmont Mining Corp, may also sell shares in Hong Kong to fund purchases, said Paul Atherley, managing director of the Perth-based company.

Leyshon started building a $46 million gold and zinc mine in Heilongjiang province this week.

BIZ UNUSUAL

Micro shops

For those who don't have the cash to rent shop space, 20-year-old Xiao Wang has a solution - micro shops. In his 30 sq m store, there are several shelves subdivided into small chambers. People can pay about 400 yuan to rent any chamber and sell what they want. The items include toys, cosmetics, ornaments, shoes and even second-hand products.

Wang said some artists are selling their works through his shop as well.

Dogs have their day

Dogs and cats can now enjoy the luxuries that their masters have in Beijing.

A five-star hotel is providing 6-sq-m sound-proof rooms with ventilation facilities for pets, to ensure they, like their owners, enjoy a good nights sleep.

Staff at the hotel feed the animals specially-designed food to satisfy both their appetites and nutritional needs.

During the afternoon tea break, pets will have snacks in a tea room and other facilities include a SPA center, beauty salon, swimming pool, and football court.

The hotel charges 150 to 250 yuan a day for a pet.

GRAPEVINE

Audi assembly line

Volkswagen AG's joint venture in Northeast China plans to construct a 1 billion yuan Audi assembly line in the second half of next year, according to Reuters.

The new line will be able to produce 140,000 vehicles a year and will assemble Audi A4 and Q6 models.

The move will more than double Volkswagen's capacity in its venture with China FAW Group Corp.

Fund JV approved

Ping An Insurance (Group) Co of China Ltd has gained approval to set up a fund management joint venture with United Overseas Bank, Reuters reported yesterday.

The move came after Ping An failed early last year to buy control of domestic fund house Jutian. Morgan Stanley and its local partner China Fortune Securities won the regulator's nod to invest in and restructure the fund house last month.

The joint venture will be controlled by Ping An Securities, the brokerage arm of the group, and will be based in Shenzhen. And UOB, Singapore's second-biggest bank by assets will have the right to appoint key positions in the new firm, the report said.

LOCAL

Pollution falls

Two pollution indicators, chemical oxygen demand (COD) and SO2, saw a decline for the first time in Anhui province last year. Emission of COD was reduced by 35,700 tons last year, which represented a 1.03 percent year-on-year decrease. The province produced 451,000 tons of COD.

Its discharge of SO2 was reduced by 2.05 percent year on year, or 33,800 tons. Its total emission reached 572,000 tons.

The province has set this year's emission reduction targets and aims to cut COD emission by 2.5 percent and SO2 emission by 1 percent.

Fast dcor

Newly constructed low-rent houses in Guizhou province are required to have basic decoration after they are constructed so that residents can move in immediately after the houses are finished, according to the provincial construction department.

The requirement comes after previous investigation into the construction and quality of low-rent houses in the province. It has found that the construction quality of low-rent houses in some regions has been paid less attention.

The construction department also orders relevant departments to make more and detailed plans of infrastructure and public service facilities around the low-rent houses.

Energy campaign

An energy saving and emission reduction campaign has been launched in the Shaanxi province.

The campaign was introduced by the provincial environmental protection bureau, development and reform commission and other relevant organizations and companies, in an effort to raise energy saving awareness among local residents and continue practices and activities in individual families.

Volunteers advocated residents to start with small steps in their daily life by hand-washing clothes and recycling water.

(China Daily 06/13/2008 page15)