IN BRIEF (Page 13)

Yuan rises on reference rate

The yuan advanced the most in almost two weeks as the central bank set a record reference rate, spurring speculation that policymakers favor currency gains to tame inflation as economic growth moderates.

The People's Bank of China set its daily reference rate 0.2 percent stronger at 6.3425 a dollar on Tuesday, the highest level since the peg ended in July 2005.

The nation must continue efforts to control food and housing prices to ease inflation and maintain economic development and social stability, Premier Wen Jiabao said on Oct 22.

Consumer prices rose 6.1 percent last month year-on-year, after gaining 6.2 percent in August, while the economy grew 9.1 percent in the third quarter, the slowest pace since 2009.

HSBC JV moves into Beijing

HSBC Life Insurance Co Ltd (HSBC Life), a 50-50 joint venture between HSBC Insurance (Asia) Ltd and Beijing-based The National Trust Ltd, launched insurance operations in Beijing on Monday.

"The expansion of our insurance business into Beijing will enable us to support the insurance needs of a wider customer base in order to grow our retail banking and wealth-management business in China," said Louisa Cheang, group general manager and head of retail banking and wealth management for HSBC in the Asia-Pacific. HSBC Life has been operating in Shanghai since August 2009.

China, Belgium sign pact

China's Chongqing municipality and Belgium's Antwerp Province will officially establish a friendship relationship on Wednesday to boost bilateral cooperation in logistics and railway construction.

Marc van Peel, chairman of the board of Antwerp Port Authority, said on Tuesday that the official opening of rail service between Antwerp and Chongqing earlier this year has further consolidated the position of Antwerp as a transportation hub between China and Europe.

Chongqing's focus on sustainable economic development will bring expanded cooperation in the low-carbon and environmental protection areas.

Novartis to add staff in China

Novartis AG, Europe's second-biggest pharmaceutical company, plans to eliminate 2,000 jobs in Switzerland and the United States and add employees in China and India to offset the effect of drug price reductions.

The cuts, equivalent to about 1 percent of the Novartis workforce, will be implemented over three to five years and yield annual savings of more than $200 million, the Switzerland-based company said in a statement on Tuesday.

Novartis plans to close a plant in Nyon, Switzerland, which makes over-the-counter drugs and chemical sites in Basel, and Torre in Italy.

The company will take a fourth-quarter restructuring charge of approximately $300 million.

China Daily - Agencies

(China Daily 10/26/2011 page13)