What's news
Governments and policies
Draft earthquake-related insurance act at year-end
The draft Insurance Act covering earthquakes and natural catastrophes is expected at year-end, two years earlier than planned. According to Dai Shuren, a deputy director of the China Insurance Regulatory Commission, it is apt to focus on earthquakes as they cause heavy losses, and could provide a practical start to the new system.
China Angels Mentorship Program launched in Beijing
China Angels Mentorship Program was launched on Monday in Beijing as part of "Mass Entrepreneurship and Innovation Activity Week". CAMP is a virtual incubation program mainly hosted by the Administrative Committee of Zhongguancun Haidian Science Park, Ontario Centres of Excellence and China Canada Angels Alliance, promoting cooperation, culture and communication between startups with a global vision.
Ministerial meet sets tone for property registration revamp
An inter-ministerial meeting has discussed the draft of provisional regulations for property registration, and the progress of registration around regions. This marks the preliminary preparation for introduction of the policy, according to the Ministry of Land and Resources' website. To facilitate property registration, local governments are required to clarify responsibilities and share registration information. For this purpose, an online information platform is being tested.
Companies and markets
Harbin Electric leads race for $1.8b Dubai power project
The Dubai Electricity and Water Authority said a consortium led by Harbin Electric International Co Ltd and Saudi Electricity is the preferred bidder for Phase 1 of the $1.8-billion Hassyan clean coal power plant. According to one analyst, this is the first time that a Chinese company has won a contract for a power project in the UAE. The bid marks China's entry into West Asia's high-end electricity market.
Renrenle to shut 8 hypermarts as part of strategic revamp
Renrenle Commercial Group Co said its Jan-Sept profit may shrink by up to 150 million yuan ($23.60 million), necessitating closure of eight loss-making hypermarkets, in addition to the 18 already shut. This will help the company to centralize its resources and accelerate strategic transformation for a turnaround from the adverse impact of e-commerce, higher operating expenses and fierce competition.
Saudi chemicals company plans many joint ventures
Saudi Basic Industries Corp, the world's second-biggest chemicals manufacturer, plans more than three joint venture projects in China, according to Yousef Al Benyan, its acting chief executive officer. "There are good prospects (in China), and hopefully we will be able to announce them in the first quarter of 2016." He said he discussed the ventures during a visit to China last week.
Springs Capital hires scouts for overseas investments
Springs Capital, a Chinese fund manager with about $5 billion in assets, has hired a four-member team to find international investments for companies and wealthy individuals in China. The team from Hermes Investment Management will be part of a new unit in Singapore, said a person with knowledge of the matter, who asked not to be identified as it awaits a local regulatory license.
Steel company extends bond repayment deadline to Nov 20
Sinosteel Co, a State-owned steel trader, is giving investors another month to decide if they want to sell back a bond, after authorities were said to have stepped in to help the company. Sinosteel said it is extending an option for investors to offload its 2 billion yuan ($314.4 million) of 2017 notes back to the company to Nov 20 from Tuesday, according to a company statement posted on Chinabond's website on Friday.
Swaps near seven-week low on bets for pro-growth policies
China's one-year interest-rate swaps traded near the lowest level since August on speculation policymakers will continue efforts to boost growth after the economy expanded at the slowest pace since 2009. Gross domestic product rose 6.9 percent in the three months through September from a year earlier, data showed on Monday.
Wind industry expects near record turbine installations
China, the world's biggest wind market by capacity, is expected to continue adding new turbines at close to record levels next year as the nation leans on renewable energy to help cut greenhouse gases. The world's most-populous nation may add about 23 gigawatts of wind power in 2016, adding to a record 25 gigawatts expected this year, according to Zhao Feng, director of wind energy at FTI Consulting Inc, a global consulting company.
Around the world
Baby food helps Danone beat third-quarter sales estimates
Danone, the world's biggest yogurt maker, reported third-quarter sales that beat analysts' estimates as Chinese consumers ordered more foreign-made infant formula. Revenue gained 4.6 percent on a like-for-like basis, the Paris-based company said in a statement on Monday. Analysts had expected growth of 4.3 percent, according to the median of 17 estimates. Total sales reached 5.64 billion euros ($6.4 billion).
Sydney housing market cools as buyers decline at auctions
Sydney's surging housing market may be cooling with the proportion of home auctions that successfully found a buyer last week falling to the lowest level in 10 months. Sydney's auction clearance rate, a gauge of housing demand in Australia's largest city, fell to 66.6 percent for the week ending Sunday. That was the lowest level since December 2014 and well below a peak of just over 90 percent in April, according to property researcher CoreLogic Inc.
Tokyo Electric Power considers return to Japan bond market
Tokyo Electric Power Co, known as Tepco, is considering returning to the bond market next September amid an increase in profits at the nation's largest utility following the worst nuclear power disaster in decades. Tepco plans to raise a total of 330 billion yen ($2.8 billion) in the fiscal year starting April 2016, the Nikkei newspaper reported on Monday. The company has hired five sales managers including SMBC Nikko Securities Inc, according to the report.
