IN BRIEF (Page 18)

Lenovo set to hike prices

The yuan's depreciation is forcing local electronics makers to lift their product prices to offset the rising costs of imported components, according to a report on the technology website Digitimes, citing upstream suppliers.

Lenovo Group Ltd, the world's biggest personal computer maker, could even raise the prices of some products sold in China later this month, said Digitimes. Acer Corp and Asustek Computer Inc too are likely to lift their prices early September.

The companies refused to comment on the report on Aug 26.

The yuan's central parity rate against the US dollar dropped by 1.86 percent on Aug 11 and by a further 1.6 percent the following day, the steepest falls since 2005.

Qingdao firm expands Namibian airport

Namibian President Hage Geingob has officially opened a new terminal and runway built by Chinese company Qingdao Construction Co at the country's second-largest airport.

The project at Ondangwa Airport, which cost 84 million Namibian dollars ($6.3 million), "exemplifies our intent as a nation to build world-class infrastructure", Geingob said at the opening ceremony on Aug 21. "I have no doubt this terminal will fulfill the expectations we have from it and make us all feel very proud."

Last week, the president officially opened the northwestern Ruacana-Omakange road, which was built by China Machinery Engineering Corp and funded by EXIM Bank of China to the tune of 420 million Namibian dollars.

ZTE helps fit Togo solar lamps

Engineers from Chinese company ZTE Corp are half way through a project to help Togolese workers install 13,000 solar-powered street lamps nationwide.

"The project is part of Togo's strategy to enhance renewable energy use and reduce public lighting bills," Abiyou Tcharabalo, director of energy at the Ministry of Energy and Mining, says. "Public lighting bills are increasing higher to the point that local communities no more meet their liabilities."

ZTE, which is working with local contractors, "will train local people in maintenance and adjustment to assure the sustainability of the project."

Farmers may use property as collateral

A pilot program is being launched to allow farmers to use their land and property as collateral for loans, the State Council said on Aug 24. Its announcement said the move was aimed at deepening financial reform and stepping up financial support to the farming community. Until now farmers have struggled to obtain loans to expand or invest in the latest rural improvements.

Crackdown on illegal banking operations

The Ministry of Public Security said it has launched a nationwide crackdown on illegal banks, which will run until the end of November. The action will pay close attention particularly to the upstream activities of illegal banking operations and focus on financial securities, corruption and terrorism-related activities, said Meng Qingfeng, vice-minister of public security.

Jin Liqun chosen as new president of AIIB

The Asian Infrastructure Investment Bank has appointed Jin Liqun, a former Chinese deputy finance minister, as its president. The AIIB, which is led by China, was created in June.

Lottery sales drop 0.4% in first 7 months

China's lottery sales fell 0.4 percent to 214.7 billion yuan ($33.6 billion) in the first seven months of the year, official data showed on Aug 24. July figures dropped 27.3 percent year-on-year to 27 billion yuan, the Ministry of Finance said. During the overall period, welfare lottery sales increased by 2.1 percent to 118.4 billion yuan, while the sports lottery dropped 3.4 percent to 96.3 billion yuan.

More small businesses offered tax breaks

The State Council has extended tax breaks to more small businesses in recognition of their role in generating jobs and growth, officials said. From Oct 1 to the end of 2017, companies with annual taxable income under 300,000 yuan ($46,900) will have their corporate tax halved, according to a statement released after a meeting chaired by Premier Li Keqiang.

Tax breaks are also being extended to companies with monthly revenue under 30,000 yuan, which will be exempted from value-added tax and business tax until the end of 2017.

CNNC to bid for stake in Slovak firm

Slovak Economy Minister Vazil Hudak said that China National Nuclear Corp is expected to bid for a stake in the country's electricity producer Slovenske Elektrarne, owned by Enel, the Italian manufacturer and distributor of electricity and gas. CNNC is expected to place a binding bid by the end of August, said Hudak.

Ping An profit up 62% in first half

Ping An Insurance (Group) Co, China's second-largest insurer, said profit jumped 62 percent in the first half of this year as a stock-market rally boosted investment returns. Net income rose to 34.6 billion yuan ($5.42 billion) in the period from 21.4 billion yuan a year earlier, the Shenzhen-based company said in a statement.

Chinese tourists buy watches in Europe

Swiss watch exports slid in July, but more of the timepieces were bought in Europe by Chinese tourists who avoided South Korea following its recent MERS outbreak. Exports fell 9.3 percent to 1.9 billion Swiss francs ($2 billion), according to figures from the Federation of the Swiss Watch Industry.

Corn imports surge as prices fall

China's corn imports rose for a fourth month in July to the highest level in at least a decade as a slump in the United States' prices made purchases from overseas more attractive. Inbound shipments climbed to 1.1 million metric tons in July from 872,928 tons in June, data from the General Administration of Customs showed.

China Resources to refocus after loss

China Resources Enterprise Ltd will switch focus to growing its beer venture with SABMiller Plc after posting a first-half loss due to a goodwill impairment on its discontinued retail venture. The company will book an underlying loss of HK$4.41 billion ($569 million), compared with a HK$668 million profit a year earlier, it said in a statement.

Manufacturing PMI falls further

A private gauge of Chinese manufacturing unexpectedly fell to the lowest level in more than six years, suggesting the world's second-largest economy will need further policy support to stem a deepening slowdown. The preliminary Purchasing Managers Index from Caixin Media and Markit Economics was at 47.1 for August.

(China Daily Africa Weekly 08/28/2015 page18)