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Consumers losing taste for instant noodles

Chinese instant noodle retailers are struggling amid rising public concerns that instant noodles are junk food and have no nutritional value. In the third quarter of last year, sales volume of instant noodles declined 9.1 percent from the previous year and revenues fell 4.4 percent, according to global market research firm Nielsen.

Three-quarters of interviewees in a Nielsen survey said they were willing to pay a higher price healthy food, including natural foods without artificial flavoring and foods that are not genetically modified.

From 2000 to 2010, about 90 percent of instant noodle companies shut down their businesses in China, according to the Chinese Institute of Food Science and Technology.

New chipset may propel StarTimes in Africa

Chinese pay TV operator StarTimes said on March 23 that it has deployed a Conax-certified, Set-Top Box chipset solution from ALi Corp to further expand into African markets.

StarTimes, with branches in 26 African countries and operations in 14 countries, has accumulated nearly 5 million subscribers across Africa and ranks among the top three digital TV operators in the continent.

StarTimes chairman Pang Xinxing said the collaboration with global leading partners, ALi and Conax, helps them deliver solutions that will create an expansion of digital TV in Africa.

StarTimes is also a DTV system integrator, technology provider, as well as media content producer.

Policy stresses less coal, more renewables

The National Energy Administration vowed on March 25 to continue scaling back the coal industry and encourage the use of renewable energy. China will continue to eliminate excess production capacity in the coal industry and curb its expansion, as the country targets a switch to greener energy sources, according to a circular issued by the NEA. It vowed to "spare no effort" to reduce air pollution and improve environmental protection through the efficient use of coal and cutting emissions. Coal consumption accounts for about 66 percent of China's primary energy consumption, 35 percentage points higher than the world average, according to the NEA.

Nickel imports hit seven-month high

China's imports of refined nickel climbed to their highest mark since July as dwindling supply of raw ore is making the world's biggest producer and consumer more reliant on shipments from overseas smelters. Inbound shipments of the refined metal and alloys rose 33 percent in February from the same period last year to 10,472 metric tons, according to data from the General Administration of Customs released on March 23. Imports of nickel ore fell 74 percent from the previous year to about 949,000 tons, the lowest since May 2009. Ore imports from the Philippines, which account for 95 percent of China's supply, dropped as monsoon rains hindered mine production and transport.

Caterpillar 'confident' in China's growth model

Heavy equipment producer Caterpillar Inc has expressed confidence in its business in China and said it will maintain its strategy in the market. Chairman Douglas Oberhelman said that China's expected growth rate of 7 percent is still sound compared with the economies of Europe and the United States. Over time, he said, the quality of GDP will be "better and more sustainable". US-based Caterpillar has 29 factories in China as well as research and development centers and an independent distribution system.

Solar power firm opens retail stores across China

Hanergy Thin Film Power Group Ltd, the solar power equipment producer controlled by billionaire Li Hejun, has opened 60 retail stores and "user experience centers" across the nation to boost services, sales and brand recognition. The stores are located in Chengdu, Shanghai, Guangzhou, Shenyang and Xi'an. Hanergy plans to have 300 user centers in China by the end of the year and 1,500 worldwide by 2017.

Construction Bank to issue offshore shares

China Construction Bank Co Ltd has sent proposal requests for an offshore Tier 2 bond, sources said. Details on the currency and maturity have yet to be decided, but the offering is expected to hit the market next month. CCB also recently received an approval to sell up to 20 billion yuan ($3.25 billion) in offshore-preferred shares, which are Tier 1 capital, and up to 60 billion yuan in onshore-preferred shares. Both types of capital are counted in a bank's capital adequacy ratio, a measure of financial strength and stability.

Search engine Sogou plans $3b IPO in the US

Sogou Inc, the Chinese search engine controlled by Sohu.com Inc, is planning an initial public offering in the United States at a valuation of more than $3 billion, people with knowledge of the matter said. The Beijing-based company, whose name means "Search Dog" in Chinese, could sell shares as early as the second half of this year. Spinning off China's third-largest search site would provide a boost to majority owner Sohu, the Internet portal operator whose shares have lost more than half their value since an April 2011 peak.

Retail banks need better strategies: consultancy

Retail banking will grow rapidly in China over the next five years, but banks must clearly define their strategies and offer solutions for customers' daily financial needs, Boston Consulting Group said in a report. Revenues for the country's retail banking sector will hit 3.5 trillion yuan ($566 billion) by 2020, accounting for more than 40 percent of the Chinese banking industry, it predicted. Its new growth engines are likely to be loans to small and medium-sized enterprises, consumer financing and wealth management.

Huawei plans big product push in US

Huawei Technologies Co Ltd is planning a marketing campaign to win over United States consumers, rolling out new mobile phones and wearable devices.

The Chinese smartphone maker, which produces more than $40 billion in annual revenue from a wide range of telecom gear and products, is preparing to debut several of its smartphones and wearable devices in the US this year, including its youth-oriented Honor smartphone, Huawei officials said.

The company's marketing campaign in the US will comprise traditional advertising, online promotion and sports team sponsorships, said Huawei's US spokesman Bill Plummer.

1,600 airports to be built in 15 years, plan reveals

The Civil Aviation Administration of China has mapped out its latest airports plan, revealing a target of building 1,600 new airports for general use in the next 15 years. The plan says there will be more than 2,000 airports for general use in China by 2030. Provinces including Zhejiang, Jiangsu and Fujian and Chongqing municipality have also proposed, and in some cases already launched, their own plans to construct airports.

Sinopec profits tumble after slump in crude prices

China Petroleum and Chemical Corp, or Sinopec, Asia's biggest oil refiner, saw its net profit plunge by 30 percent last year due to the continuing slump in global crude oil prices since June, the company said.

Sinopec also issued a profit warning for the first quarter of this year and said the negative impact will continue as margins took a hit from the high-cost crude purchased.

Profit declines are expected to hit a number of energy giants in China. According to data provided by the Ministry of Finance, state-owned enterprises posted 255.66 billion yuan ($41.25 billion) in profit for the first two months, down 21.5 percent over the same period last year.

China Daily-Agencies

(China Daily Africa Weekly 03/27/2015 page18)