IN BRIEF

Sinopec invests in Fujian plant

Sinopec Group, the Fujian provincial government, and a business consortium from Taiwan have signed a framework agreement to build a $4.5 billion petrochemical complex in Zhangzhou, Fujian.

The facility is designed to have a crude refining capacity of 16 million tons a year and ethylene production capacity of 1.2 million tons a year, industry officials said.

They did not specify how big of a stake each side will hold.

ENN to add $5b in US projects

ENN Energy Holdings Ltd, a privately owned clean-energy distributor in China, plans to invest $5 billion in energy projects in the United States in the next 10 years, said Wang Yusuo, president of ENN, on Tuesday.

He said the US market will be more attractive to investors if the country's investment policies are less protectionist.

"ENN's energy projects will create about 10,000 jobs for the US in the next 10 years," Wang said.

Taobao signs IPR agreement

In order to protect Internet intellectual property rights (IPR), Chinese online shopping giant Taobao.com signed a Memorandum of Understanding with the International Publishers Copyright Protection Coalition in Beijing on Wednesday.

Tang Zhaozhi, deputy director of the Copyright Bureau of the State Intellectual Property Office, said the bureau encourages associations and companies to cooperate in regard to IPR protection.

Banks to increase hiring

Chinese banks are predicted to increase recruitment through the rest of this year and accelerate expansion in second- and third-tier cities, said a report from Shanghai-based Robert Walters Talent Consulting Ltd Co.

Banks may seek to recruit more experienced employees to improve customer relations. In big cities, such as Beijing, Shanghai, and Shenzhen, seasonal temporary hiring may increase in the coming months, the report said on Wednesday.

Outsourcer looks overseas

Bleum Inc, a China-based IT outsourcer specializing in financial, retail and software industries, said it will leverage its experience in China to expand overseas and possibly list on the US stock market in the near future.

The Shanghai-headquartered company has enjoyed a 50 to 100 percent annual growth rate and is planning to invest in Southeast Asia and East Europe, said Chief Executive Officer Eric Rongley.

Baoshan eyes dollar financing

Baoshan Iron & Steel Co, China's biggest publicly traded steelmaker, has secured 20 billion yuan ($3.14 billion) in low-interest financing by selling convertible bonds and medium-term bills, General Manager Ma Guoqiang told investors on Wednesday.

The company has also been increasing dollar financing as the yuan continues to strengthen, Ma said.

China Daily - Agencies