IN BRIEF (Page 18)

LeTV Sports gets EPL rights for Hong Kong

LeTV Sports, the sports arm of China's biggest online video company LeTV Holdings Co Ltd, has snapped up the Hong Kong rights to the English Premier League soccer games for the next three years starting 2016, as part of its efforts to bring in new technology and securing a number of exclusive television properties.

Though LeTV did not disclose the exact terms of the agreement at a news conference in Hong Kong on Sept 22, industry sources said it could be as high as $400 million-plus for the three years, more than double what the current rights holder PCCW's Now TV paid for a similar three-year deal.

Investment fair unites nations

With the backing of the National Development and Reform Commission, the 7th China Overseas Investment Fair will be held in Beijing from Oct 22 to 23.

About 80 countries have confirmed they will take part, organizers say, of which 10 will hold promotional seminars and outline their investment and environmental and policies.

More than 1,000 major state-owned enterprises and Chinese private use the fair, held annually, as a channel for networking with foreign investment agencies.

Think tank predicts 6.9% GDP expansion

The nation's 2015 GDP growth is expected to be 6.9 percent, according to a report released by a state-run think tank on Sept 21. Economic growth is likely to slow as institutional barriers such as a rigid household registration system and lack of human capital drag down GDP.

China is starting to rely more on infrastructure development and consumption from urbanization than manufacturing-based industrialization, according to a bluebook on China's GDP growth released by the Chinese Academy of Social Sciences.

Farm equipment provides Zoomlion growth

A leading Chinese construction equipment company is switching its focus to the farming industry by rolling out tractors instead of cement mixers as the property sector slows.

Zoomlion Heavy Industry Science and Technology Development Co is expanding its overseas presence and targeting Southeast Asian and Central Asian countries such as Cambodia, Vietnam, Pakistan and Kazakhstan.

Benchmark corn purchase prices cut

China has reduced the price it pays for corn for its state reserves amid surging output in the world's second-biggest producer. The government has set the 2015-16 benchmark corn purchase price at 2,000 yuan ($314) a metric ton, the State Administration of Grain said in a statement on Sept 18. That is about 10 percent lower than a year earlier, according to the China National Grain & Oils Information Center.

Hailing apps may have to register vehicles

The government is considering regulations that would force ride-booking apps such as Uber and Didi Kuaidi to use commercially registered cars and drivers, and would allow city governments to limit permits for those services, according to sources familiar with the plan.

The proposed rules may be released as early as this month for public consultation, said the sources, who asked not to be identified because the proceedings are private. The transportation ministry did not immediately respond to a phone call and faxed request for comment. Huang Xue, a spokeswoman for Uber, said the company does not comment on speculation.

Hutchison considers public listing for O2

Billionaire Li Ka-shing's CK Hutchison Holdings Ltd is considering taking O2 public after completing its acquisition of the United Kingdom-based wireless carrier. Canning Fok, co-managing director, told the Financial Times that the company discussed an initial public offering of the combined business with external investors, though he didn't provide details such as the timeline or the deal size. Hans Leung, a Hong Kong-based spokesman for CK Hutchison, confirmed Fok's comments but declined to elaborate.

ANZ cuts iron ore outlook as need wanes

Steel consumption in China has peaked and economic growth is cooling, according to Australia & New Zealand Banking Group Ltd, which reduced price forecasts for iron ore and coal for next year and 2017. Iron ore may average about $52 a metric ton next year, 5.3 percent lower than previously forecast, and $54 in 2017, a reduction of 10.5 percent, Head of Commodity Research Mark Pervan said in a report on Sept 21.

China accounts for about half of global steel production, and slower economic growth and a shift by policymakers toward consumption-led expansion dragged iron ore prices to the lowest level in at least six years in July.

Air China starts airing live TV programs

Passengers on Chinese flights can now watch live TV programs on a new, domestically developed satellite TV system, the country's flag carrier Air China said on Sept 20. After successful testing, the system has passed technical standards. The system enabled passengers on a flight from Beijing to the southern coastal resort city of Sanya on Sept 3 to view a live broadcast of the V-Day parade marking the 70th anniversary of the end of World War II, the first live broadcast during a domestic flight.

Nation sells 20-year bonds at lowest yield

China sold 20-year government bonds at the lowest yield in nine years as the central bank loosened monetary policy and improved the supply of cash to boost a slowing economy. The Ministry of Finance sold 26 billion yuan ($4.1 billion) of the debt at 3.74 percent in a twice-a-year auction on Sept 21. The coupon rate offered was the lowest since June 2006, according to Bloomberg.

Tencent fixes flaws in WeChat downloads

Tencent Holdings Ltd fixed a flaw in its WeChat instant messaging application that exposed some of the service's 600 million users to malicious software when downloading the program from Apple Inc, according to a post on its website. The malware, named XcodeGhost, secretly collects information on devices and uploads the data to servers without users knowing, according to cybersecurity company Palo Alto Networks Inc. Apps were infected after software developers used compromised versions of Apple's developer tool kit, the researcher said in a report posted on its website.

HSBC to boost hiring with 4,000 jobs in China

HSBC Holdings Plc plans to add 4,000 staff in China's Pearl River Delta region over the next three to four years to grab retail banking and wealth management business. Asia-Pacific Chief Executive Officer Peter Wong outlined the plans in an interview with the Hong Kong Economic Times, published on Sept 21. The lender confirmed the report.

That would amount to a 30 percent increase from 13,000 employees in the Pearl River Delta and contrast with the bank's three-year plan to cut global headcount by some 50,000 and reduce annual costs by up to $5 billion.

(China Daily Africa Weekly 09/25/2015 page18)