- Language Tips
Ping An falls on report of acquisition loan halt
Ping An Insurance (Group) Co fell by the most in more than five months in Hong Kong trading after a media report that China Development Bank Corp halted loans for Charoen Pokphand Group Co's purchase of a stake in the insurer. Ping An tumbled 4 percent, the most since July 23, to HK$68.15 ($10.81) at the close of trading. The lender called off its HK$44 billion loans in December after learning about the existence of undisclosed Chinese investors behind the purchase, Caixin Online reported on Tuesday, citing an unnamed person.
African oil flows shifting to Asia as US imports drop
Oil shipped to China from West Africa will rise again in 2013, hastening a shift in trade flows to Asia from the Atlantic region as United States crude imports fall further, according to Arctic Securities ASA. China will boost imports of West African crude by 18 percent in 2013, above last year's 16 percent gain, according to the Oslo-based investment bank. That will offset a predicted drop in US seaborne imports, lifting global ton-mile demand for oil tankers by an estimated 3.4 percent even as the amount of crude carried at sea remains stable and the fleet expands, Arctic said.
Barrick Gold ends talks with China firm to sell African unit
Barrick Gold Corp, the biggest producer of the precious metal, said it has ended talks with China National Gold Group Corp regarding the sale of its African unit. "We are approaching this in a prudent and disciplined manner and will only proceed with opportunities that generate acceptable value," said Barrick's Chief Executive Officer Jamie Sokalsky. "African Barrick Gold's assets hold significant potential, and we will continue to look for ways to best realize that value for our shareholders." Sokalsky, who replaced Aaron Regent in June, is reviewing his company's assets in an effort to improve returns and cash flow as costs soar.
Economists optimistic about China's 2013 outlook
China's economic growth in 2013 will stabilize and outperform that of 2012 and the country should accelerate economic reforms, a group of renowned economists said on Monday. The economy will grow at 8 to 8.5 percent this year, faster than in 2012 and with inflation under control, Justin Yifu Lin, former vice-president and chief economist of the World Bank, said during a forum on China's economic outlook jointly held by the National Committee on US-China Relations and the China Center for Economic Research. Lin said investment would continue to be a strong driving force for the Chinese economy.
Chinese auto sales accelerate in New Zealand market
Most Chinese automakers in New Zealand's new car market saw sales accelerate last year, with sales growth well above average. Great Wall Motors Co Ltd and Chery Automobile Co Ltd continued to add sales, although they still ranked well below market leaders Toyota Motor Corp, Ford Motor Co, GM Holden Ltd and Nissan Motor Co, while Zhejiang Geely Holding Group saw its New Zealand sales plunge in 2012, according to figures released by the Motor Industry Association on Tuesday. Great Wall saw the biggest gains of Chinese manufacturers, building on its growing strength in commercial vehicles, where it ranked ninth, doubling total sales.
Chinese microcredit firms lend 600b yuan in 2012
Chinese microcredit companies reported 600 billion yuan ($96.31 billion) in outstanding loans by the end of last year, up 52 percent year-on-year, Liu Kegu, director of the China Microfinance Institution Association, said on Tuesday. The lending growth rate for this year will be about 37 percentage points higher than that of corresponding bank lending in yuan. New lending in 2012 was equivalent to the amount lent by a medium-sized bank, Liu said at the association's annual meeting.
Apple CEO makes 2nd visit to China in less than 10 months
Apple Inc's Chief Executive Officer Tim Cook paid a visit to China on Tuesday and met Miao Wei, head of the Ministry of Industry and Information Technology. They talked about the development of China's information technology industry, global mobile communications and Apple's business in China, according to a statement posted on the ministry's website. This is Cook's second visit to China in less than 10 months. In March last year, the Apple chief pledged "greater investment" in the world's largest market for computers and mobile phones.
Outsourcing sector to grow 40 percent annually
The value of China's outsourcing sector will grow about 40 percent annually during the 12th Five-Year Plan (2011-15) period to $85 billion by the end of 2015, according to the Ministry of Commerce and the National Development and Reform Commission. The two bodies recently issued guidelines for China's outsourcing sector, the first specialized guidelines for the sector, according to an announcement on the ministry's website.
China Daily - Agencies
(China Daily 01/09/2013 page14)