Business

IN BRIEF (Page 13)

(China Daily)
Updated: 2011-03-30 07:51
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MetLife merger gets approval

Sino-US MetLife Insurance Company Ltd and United MetLife Insurance Company Ltd announced on Tuesday that the China Insurance Regulatory Commission has approved the a merger between the companies.

MetLife is working with the State Administration for Industry and Commerce on business registration and other requirements related to the new entity.

Sino-US MetLife and United MetLife are 50-50 joint ventures between MetLife Inc and Shanghai Alliance Investment Ltd.

Sinopec unit to raise output

China Petroleum & Chemical Corp's refinery in southern Hainan province will increase oil processing by 3 percent in April compared with March after a refining unit completes scheduled maintenance, a company official said.

The plant will refine 720,000 metric tons of crude next month, or 175,900 barrels a day, compared with 700,000 metric tons in March, said the official, who declined to be identified.

The 8-million-ton-a-year refinery on the nation's southern Hainan Island will restart a hydrotreatment unit on April 15 that closed in early March, said the official.

Hutchison profits rise

Hutchison Whampoa Ltd reported that full-year profit rose 47 percent, after it boosted sales from mobile phone services, ports and cosmetics in Europe, the Americas and China.

Net income climbed to HK$20 billion ($2.6 billion) from HK$13.6 billion a year earlier, the Hong Kong-based company said in a statement on Tuesday.

Hutchison ended losses at its mobile phone division in Europe and Australia seven years after starting services to compete with Vodafone Group Plc and Telecom Italia SpA, as users downloaded more videos and Web pages using smartphones. The company also expanded its A.S. Watson beauty chain in China.

BIO to host biotech meet

The US-based Biotechnology Industry Organization (BIO) has announced it will host an international conference in Shanghai on Oct 12 and 13 to discuss business opportunities in China's emerging biotech sector.

It will be the first time that the conference has been held in China, and it is expected to attract more than 100 bio-technology and pharmaceutical companies from North America, Europe and Asia.

Septwolves to acquire Kenna

Fujian Septwolves Industry Inc, a Chinese menswear maker, will acquire a retailer for brands including Gianni Versace SPA and Canali SpA as demand for luxury goods grows in China. Septwolves' chairman Zhou Shaoxiong said the company will buy Kenna Fashion Hangzhou Co for 70 million yuan ($106 million). Kenna, based in Zhejiang province, operates four stores selling Versace products and 15 outlets that offer the Canali brand across China, Zhou said at a briefing in Beijing on Tuesday.

China Daily - Agencies

(China Daily 03/30/2011 page13)

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