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Gucci owner buys majority stake in Chinese jeweler
PPR SA, the French owner of Gucci, has acquired a majority stake in Chinese jeweler Qeelin for an undisclosed price to bolster growth in its largest market for high-end goods. Qeelin, whose jewelry sells for HK$20,000 ($2,600) to HK$300,000, has 14 boutiques and is offered in stores such as Colette in Paris and Restir in Tokyo, Paris-based PPR said. The transaction will probably close in January, the company said. More than half of Qeelin's clients are from the Chinese mainland, PPR said.
Bank card consumerconfidence rises in Nov
Chinese consumers using bank cards were more confident about spending in November than a month earlier, with the economy showing signs of improving, according to the Bankcard Consumer Confidence Index released on Monday. The index, compiled by the Xinhua News Agency and China UnionPay, a national bank card association, rose 0.17 points to 86.63 in November from October. A higher reading in the index signals improvement in residents' consumer confidence.
Karachi Stock Exchange looks for China investment
The Karachi Stock Exchange is looking for Chinese investment, its chairman said in Shanghai. "We are considering privatizing 40 percent of the KSE, and are looking for strategic investors," Chairman Muneer Kamal said after meeting top executives of the Shanghai Stock Exchange last week. They discussed possibilities for closer cooperation, including strategic investments and cross listings.
Drinks industry output increases 7 fold in 12 years
The total output of China's drinks industry has grown about seven fold over the past 12 years, according to the China Industrial Information Issuing Center of the National Bureau of Statistics. Last year, the output of the industry reached 1,200 million tons, up 20.7 percent year-on-year. In the first nine months of the year, sales of bottled water accounted for 25.65 percent of the market share. Carbonated drinks accounted for 21.91 percent, tea drinks for 16.36 percent, herbal tea for 7.21 percent and juice for 22.24 percent.
China welcomes approval of CNOOC's takeover bid
The Ministry of Commerce on Monday welcomed Canada's decision to approve the China National Offshore Oil Corporation's $15.1-billion bid to buy Nexen Inc, a deal that will be China's biggest overseas acquisition ever once completed. "We welcome the decision made by the Canadian government, and we hope the acquisition will go smoothly and bring benefits to both sides," said Foreign Ministry spokesman Hong Lei.
Retail sales to surpass 20 trillion yuan in 2012
China's retail sales are expected to pass 20 trillion yuan ($3.21 trillion) in 2012, and will exceed 30 trillion yuan in 2015 given an annual growth rate of 15 percent, said Zhang Zhigang, head of the China General Chamber of Commerce. The first 11 months of the year saw China's retail sales up 14.2 percent from a year earlier to 18.68 trillion yuan, according to data released by the National Bureau of Statistics on Sunday.
Resource Vanguard expands high-end supermarkets
China Resource Vanguard Co Ltd said on Monday that it will further expand its high-end supermarkets. "By the end of 2016, China Resource Vanguard will open 50 Ole stores and 30 BLT shops," the retail giant said. The company currently has 20 Ole shops and 10 BLT stores in the country. It opened its first Ole store in China in 2010. "The market for high-end retail is mature. Ole shops usually start to make a profit after a year and a half," said Dai Hong, general manager of Ole's business.
Crude imports at 6-month high as oil refining jumps
China's net crude imports rose to the highest level in 6 months in November as the nation processed more than 10 million barrels a day of oil for the first time. China bought 23.25 million metric tons of crude more than it exported last month, according to figures from the General Administration of Customs on Monday. That is the equivalent of 5.68 million barrels a day, up 3 percent from a year earlier and the most since May. The country processed a record 41.61 million tons of crude in November, equivalent to 10.2 million barrels a day, government figures showed on Monday.
Fixed-asset investment to grow 22 percent in 2013
Investment growth will maintain a relatively rapid pace next year, according to a report by the State Information Center. Fixed-asset investment in 2013 is likely to grow 22 percent year-on-year, while the growth in the real estate sector will be about 15 percent, the government think-tank was quoted by the China Securities Journal as saying. A change in government and a rise in construction projects will create an accommodative environment for investment growth.
November iron ore imports highest since January 2011
China's November iron ore imports rose 17 percent from the previous month to their highest in almost two years, according to customs data issued on Monday, as mills stocked up on raw material for steelmaking due to higher profit margins. Imports were 65.78 million metric tons in November, their highest since January 2011. Total imports in the first 11 months of the year were 672.9 million tons, up 8 percent compared to the same period a year ago.
Copper prices advance on factory output and imports
Copper advanced to its highest level in 7 weeks as industrial metals gained after data showed China bought more metal than a month ago and industrial production accelerated to the fastest pace in 8 months. Metal for March delivery rose 0.9 percent to close at 57,980 yuan ($9,301) a ton on the Shanghai Futures Exchange. Industrial production in China, the largest user, gained 10.1 percent in November from a year ago, the National Bureau of Statistics said.
Passenger-vehicle sales near two-year high
Chinese monthly passenger-vehicle sales rose to the highest number in almost two years, beating analysts' estimates, as consumer confidence improved with the economy, and dealerships increased discounts to reduce stockpiles. Wholesale deliveries, including multi-purpose and sport utility vehicles, rose by 8.75 percent to 1.46 million vehicles last month, the China Association of Automobile Manufacturers said on Monday. Buyers are stepping up auto purchases as dealerships increase discounts to reduce stock at the end of the year, according to industry researcher IHS Automotive.
China Machinery 'seeks $500m in Hong Kong IPO'
China Machinery Engineering Corp, the State-owned contractor with projects in countries including Nigeria, Serbia and Cote d'Ivoire, is seeking as much as $500 million in an initial public offering in Hong Kong, two sources with knowledge of the matter said. The Beijing-based unit of China National Machinery Industry Corp will offer about 718 million shares at HK$4.10 (3.30 yuan) to HK$5.40 apiece, said the sources, who asked not to be identified because the information is private.
Soybean imports reboundas falling prices lure buyers
China, the world's biggest buyer of soybeans, boosted imports by 3.2 percent in November as prices, which dropped from a record, spurred purchases. Shipments were 4.16 million metric tons, up from 4.03 million tons in October and compared with 5.7 million tons in November 2011, customs data showed on Monday. Imports in the first 11 months rose 11.4 percent to 52.5 million tons, the data showed. Soybeans in Chicago surged to a record in September after the worst US drought in half a century parched fields in the biggest exporter of soybeans last year.
China Daily - Agencies
(China Daily 12/11/2012 page14)