IN BRIEF (Page 18)

Kenya launches first homegrown laptop

Kenya on June 12 rolled out its maiden Taifa Laptop, conceived and designed by Jomo Kenyatta University of Agriculture and Technology.

The computing device, conceptualized in December 2014, becomes the first locally conceived and designed computer to retail in Kenya.

The laptop, of which 4,000 units have been assembled, sells for $520.

"Taifa Laptop attests to the versatility of Kenyan innovations and affirms the country's capacity to harness the vast knowledge in ICT and manufacturing to develop highly competitive products in the global market," JKUAT vice-chancellor Mabel Imbuga said during the launch in Nairobi.

She said the laptop is a product of collaborative research involving progressive stakeholders, including the Kenyan government, which shares a vision of making the country a robust economy in the region and Africa as well as a home to technological innovation.

The laptop was built in partnership with Chinese software outsourcing and offshore software development company Inspur, which assembled the devices.

China in European investment fund talks

Brussels and Beijing are discussing the possibility of Chinese involvement in the European Commission's 315 billion euro ($354.8 billion) investment plan for 2015-17, a senior EC official said on June 15.

"The commission has been contacted by stakeholders from outside Europe, but no concrete figures or proposals have been presented," the official, who did not want to be identified, said.

Ahead of an EU summit in Brussels on June 29, Reuters reported on Monday it had seen a draft communique stating, "China will pledge multibillion-dollar investment in Europe's new infrastructure fund".

Chinese Foreign Ministry spokesman, Lu Kang, said on June 15 that China "is undertaking studies", but did not elaborate.

Investors stage protests over missing $1.2b

Chinese investors who sank about $1.2 billion into companies in Switzerland that did not have trading licenses have staged protests in Geneva to demand their money back.

The Swiss financial watchdog and legal experts say they face tremendous difficulties in securing the return of their investments.

According to Bloomberg, about 29,000 investors became involved in the alleged scam, and the suspects are still at large.

Reform cuts car insurance premiums

About 80 percent of vehicle owners in China are paying lower premiums, after a market-driven reform for commercial car insurance was launched in six provinces and cities, the China Insurance Regulatory Commission said on June 15.

The reform, which removed the fixed premium and allowed insurers to independently set their own fees, could be expanded nationwide next year.

Party removes ex-CNPC official

Liao Yongyuan, a former general manager of state-run China National Petroleum Corp and vice-chairman of its listed unit, PetroChina Co, has been expelled from the Communist Party after an investigation found he was involved in bribery.

Liao took and offered bribes to arrange promotions for others or seek promotion for himself, the Central Commission for Discipline Inspection said on June 15.

Crude oil output to increase

Energy output in China is expected to grow this year, while energy consumption will drop, according to a report on June 15.

Domestic crude oil output is expected to grow by 0.4 percent to reach 217 million metric tons in 2015, while refined oil output will reach 294 million tons, and natural gas output 134.4 billion cubic meters, the report by a research center with the Chinese Academy of Social Sciences said.

Consumption of refined oil is expected to grow by 2.1 percent to reach 277 million tons this year, 1 percent lower than the production growth.

Thomas Cook, Fosun agree JV deal

British travel agent Thomas Cook said on June 15 it had agreed to a joint venture with Fosun International Ltd to develop domestic, inbound and outbound tourism activities for the Chinese market under Thomas Cook brands. Fosun will own 51 percent of the venture.

57 new pledges for C919 airplane

Commercial Aircraft Corp of China has received 57 new commitments for its C919, bringing the number of pledges for the nation's first large passenger jet to 500.

Ping An International Leasing signed a letter of intent for 50 of the 168-seater aircraft, the state-owned aircraft maker said on June 15.

The Shanghai company has also signed purchase agreements for seven C919s and seven ARJ21-700 jets with Puren Airlines, a German carrier owned by China's Puren Group.

Didi Kuaidi seeks funds to counter Uber

Didi Kuaidi, the taxi app backed by Alibaba and Tencent, is seeking to raise funds that take the company's value up to between $12 billion and $15 billion, sources closes to the matter said.

Xiaoju Kuaizhi Inc, the holding company, is raising at least $1.5 billion to fend off Uber Technologies Inc in China. The funding is coming from new and old investors, with the valuation doubling since the competing Didi and Kuaidi apps combined in February, sources said.

Pan-Asian currency unit set up

The Agricultural Bank of China on Saturday opened its Pan-Asian currency division in Kunming, Yunnan province.

The unit, focusing on the Association of Southeast Asian Nations, will provide real-time quotes on exchange rates of non-major currencies and create new channels for boosting Chinese currency's cross-border settlement.

Zhubajie to get cash injection

Online crowdsourcing platform Zhubajie received a cash injection of 2.6 billion yuan ($425 million) on June 15, the largest of its kind in China's service industry and the largest Internet-related investment in western China. Zhubajie will now be worth more than 10 billion yuan.

285 companies take part in QFII

China has allowed four more overseas companies to move money into the country's capital account in May, as it accelerates full convertibility of the yuan under the Qualified Foreign Institutional Investors program.

The new names include Brunei Investment Agency, bringing the number to 285, according to the China Securities Regulatory Commission on June 11.

Pilot tax policies extended

The State Council has extended pilot tax policies introduced at Beijing's Zhongguancun Science Park to other innovation zones, including the Hefei-Wuhu-Bengbu Innovative Pilot Zone in Anhui province and Mianyang Technology City in Sichuan province, the Ministry of Finance said on June 11.

The policies will include a series of tax breaks for technology companies setting up in the zones.

(China Daily Africa Weekly 06/19/2015 page18)