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China Southern Airlines forms regional alliance
China Southern Airlines Co is among four carriers from the mainland and Taiwan to form a regional alliance to challenge Cathay Pacific Airways Ltd as warmer cross-Straits ties spur demand for direct flights. Frequent travelers of any alliance member can redeem miles for tickets and enjoy rewards such as free use of business lounges from any of the four carriers, according to a joint statement by the airlines. The grouping also includes China Eastern Airlines Corp, Taiwan-based China Airlines Ltd and Xiamen Airlines Co.
Loans from HK to Qianhai could hit 50 billion yuan
The quota of allowable yuan loans flowing from Hong Kong to Qianhai could reach up to 50 billion yuan, Caijing magazine reported, citing an anonymous source. Qianhai is a financial pilot zone near Hong Kong. On Dec 27, the central government formally allowed companies in the area to borrow yuan from Hong Kong lenders, as it tries to further open up its capital account and promote the use of the national currency around the world. The first batch of pilot loans will range from 30 to 40 billion yuan, despite an upper limit of 50 billion yuan, it reported.
ArcelorMittal deal fuels iron-ore stock rally
The $1.1-billion purchase of a stake in ArcelorMittal's Canadian iron-ore unit by China Steel Corp and Posco increased interest in Canada's ability to meet Asian demand for the steelmaking raw material. Champion Iron Ore Mines Ltd, Alderon Iron Ore Corp and Labrador Iron Mines Holdings Ltd surged on Wednesday in Toronto after Taiwan's China Steel and South Korea's Posco led a group that agreed to buy 15 percent of ArcelorMittal Mines Canada Inc. The deal, the second-biggest in the Canadian iron-ore industry, gives the Asian steelmakers' group access to deposits generating about 40 percent of the country's production of the commodity, Luxembourg-based ArcelorMittal said on its website.
Daqing Oilfield produces 40 million tons for 10th year
PetroChina Daqing Oilfield produced 40 million tons of crude oil in 2012, the China National Petroleum Corp said. This is the 10th consecutive year for the country's largest oil field to yield more than 40 million tons of crude oil, according to the CNPC, the parent of publicly-listed PetroChina. Previously, the oilfield had seen annual output exceed 50 million tons, but output shrank due to harder operations in oil exploitation, according to the CNPC, the country's largest oil producer and supplier.
Shanghai airports handle more passengers, cargo
Passenger and cargo throughput at Shanghai's airports hit record highs in 2012. According to The Shanghai Airport Authority, combined passenger throughput at Pudong and Hongqiao airports rose 5.56 percent year-on-year to 78.70 million last year, nearly triple that of a decade ago. Meanwhile, cargo throughput increased to 3.38 million metric tons, also triple the volume in 2003. The passenger throughput is expected to reach 100 million, and cargo throughput to 5.50 million tons, by 2015.
Industrial Bank gets OK to issue more shares
China's securities watchdog has allowed Industrial Bank Co Ltd to issue a maximum of 1.92 billion additional A shares to specific investors. The China Securities Regulatory Commission gave the approval on Monday, according to a filing with Shanghai Stock Exchange. The bank planned to raise about 24 billion yuan ($3.81 billion) through issuing shares to five investors, including the People's Insurance Company (Group) of China, PICC Property and Casualty Co Ltd and PICC Life Insurance Co Ltd, it said in a previous report.
Futures market turnover rises 24% to $27.4 trillion
Turnover on China's futures market reached 171 trillion yuan ($27.4 trillion) in 2012, an increase of 24.4 percent from a year earlier, and more than 1.45 billion transactions took place, up 37.6 percent from the previous year, according to latest data from China Futures Association. In December, turnover jumped 81.6 percent year-on-year to 19.1 trillion yuan, an 11.06 percent rise on the previous month, the data showed.
China Daily - Agencies
(China Daily 01/04/2013 page14)