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Travel

Business travel gets lift as more firms go global

The Global Business Travel Association is predicting that China will exceed the United States to become the world's largest business travel market by 2016.

The US-based organization said Chinese companies will generate $262 billion worth of business travel this year, a 15.9 percent rise on last year.

The association also predicts that the annual growth in travel expenses by Chinese companies will grow another 18 percent in 2015, within its business travel index outlook for China, released on Nov 1.

Trade

Soybean imports may see sharp growth

Monthly soybean imports by China are expected to surge 38 percent in November as buyers spurred by improving crushing margins race to secure cheap supplies from a massive US harvest, industry analysts said on Nov 5. Higher purchases by the world's top soybean importer should support benchmark oilseed prices that fell last month to the lowest since early 2010 as US farmers advance a record harvest. Prices have already plunged 23 percent this year. China's soy imports are expected to rise to 5.81 million metric tons in November and to 6.8 million tons in December, higher than 4.2 million tons estimated for October, said the China National Grain and Oils Information Center.

Economy

US downplays criticism about its role in Africa

The United States and China each have a role to play in the economic development of Africa, US Treasury Secretary Jacob Lew said, downplaying a suggestion that the US is losing the race to invest in the continent. "There is potential in the development of the African economy for many other countries," Lew said on Oct 30 at the University of Pretoria's Gordon Institute of Business Science in Johannesburg when asked why American investments have lagged behind those from China. "It's not a question of should we be here, or should China be here, we both should be here." China's investments in sub-Saharan Africa have grown 40-fold since 2003, based on data from the United Nations. Lew traveled recently to Egypt, Tanzania and South Africa to talk with officials about US-led efforts to boost growth.

Investment

Qatar investment arm plans $10 billion drive

Qatar's sovereign wealth fund and Chinese investment conglomerate CITIC Group have set up a $10 billion fund that will scout out deals in China as the Gulf state's investment arm looks to further expand its presence in Asia, the Qatar Investment Authority said on Nov 4.

The QIA, with $170 billion in assets under management, and the state-owned CITIC Group will hold equal stakes of 50 percent in the fund, according to QIA officials.

Ahmad Al-Sayed, chief executive of the fund, said the QIA is looking to invest $15 billion to $20 billion in Asia over the next five years. It also plans to expand its offices in Beijing and New Delhi and will open a new office in New York.

Finance

ICBC to clear all yuan trades in Qatar

Industrial and Commercial Bank of China Ltd's Doha branch has been appointed the clearing bank for yuan transactions in Qatar, China's central bank said on Nov 4. As part of its drive to promote the global use of the yuan, the People's Bank of China said on Nov 3 it had signed a 35 billion yuan ($5.7 billion) currency swap deal with its Qatar counterpart. The two parties also signed a memorandum to set up a yuan clearing system in Doha. The central bank said on Nov 4 that ICBC will clear all yuan trades in Qatar. Over the past two years, China has appointed clearing banks for cities and regions including Taiwan, Singapore, London, Frankfurt, Paris, Luxembourg and Seoul.

Company

Huawei to train Namibian ICT workers

China's telecommunication giant Huawei Technologies Co Ltd kicked off a training program for information and telecommunications workers in Namibia on Nov 4.

The program, which will see 20 Namibian ICT workers receiving a two-week training session at Huawei's head office in Shenzhen, Guangdong province, is the first-ever training course designed for Namibians.

The 20 trainees from the southwestern African country were chosen by different ministries of the Namibian government. Their focus of study in China will include ICT, network management and cybersecurity.

Yin Xianyu, managing director of Huawei Namibia, said Huawei entered the Namibian market in 2005, and is now serving 2 million Namibians with voice communication, high-speed Internet and digital television programs.

Property

SouFun: Home prices may fall further

China property prices could fall by as much as 10 percent this year and the slump may extend into the next year, according to the founder of the country's biggest real estate information website.

Vincent Mo, founder and chairman of SouFun Holdings Ltd, said Chinese property prices are "seeing an adjustment after the rapid increase in the past two years" but added they "should stabilize by the middle of next year".

China's new-home prices fell in all but one city monitored by the government last month from August, the most since January 2011 when the way the data are compiled changed, as an easing of property curbs failed to stem a market downturn amid tight credit.

Technology

Kingsoft says it's ready to challenge tech giants

Kingsoft, a Chinese software firm and currently the nation's largest provider of office software, is seeking to break the long held global monopoly of tech giants such as Microsoft and Google. The company is banking on the rise of mobile Internet and is developing office apps that can be used on smartphones, said Bo Kan, vice-president of Kingsoft Office Software. Its flagship WPS Office Suite for wireless terminals, which is free to use, has currently drawn more than 300 million users, with 120 million from overseas market. New users are growing by 20 million a month, data from the company shows. It said that its office software generated 290 million yuan ($47.14 million) of business revenue last year. The company's office products, which appear in 45 languages, have been used by users in more than 50 countries and regions.

Xiaomi cracks list of top 3 smartphone makers

Xiaomi Corp became the world's third-largest smartphone vendor after outselling rivals in its home market of China with its inexpensive devices packed with high-end features.

Xiaomi had a 5.6 percent share of the global market in the third quarter, the first time it cracked the world's top three, according to a statement from Strategy Analytics. South Korea-based Samsung Electronics Co remained the largest, followed by Apple Inc.

Samsung to halt steep slide in phone sales

Samsung Electronics Co Ltd will shift its focus to the mid- and low-end smartphone market in China, in a bid to prevent a further slump in its sales, the Korea Economic Daily said. The world's largest smartphone maker has seen its third-quarter net profit fall nearly 50 percent, resulting from its Chinese competitors' rapidly growing share in the smartphone market. According to industry analyst firm Canalys, Chinese smartphone maker Xiaomi has overtaken Samsung to become the top smartphone seller in the nation during the second quarter of this year.

China Daily - Agencies

(China Daily Africa Weekly 11/07/2014 page18)