What's news [China Daily: Hong Kong Edition]
(China Daily: Hong Kong Edition Via Acquire Media NewsEdge) Liu Guiping named VP of China Investment Corp
China Investment Corp, the nation's $575 billion sovereign wealth fund, said it has appointed a career banker as its new executive vice-president. Liu Guiping will be one of five executive vice-presidents, the fund said on its website. Liu formerly oversaw the retail banking business at Agricultural Bank of China Ltd.
Cofco unit to stop sugar sales through marketing body
The Australian unit of Chinese agribusiness Cofco Corp will stop selling sugar through an industry-owned marketing body from 2017. The move by Tully Sugar Ltd comes after Wilmar International Ltd and MSF Sugar Ltd announced they would terminate agreements with industry-owned marketing body Queensland Sugar Ltd.
Sinopec to open sales unit to private investment
Sinopec Group, China's largest oil and gas refiner, said it plans to introduce private capital to its sales subsidiary, Sinopec Marketing Co Ltd, on Monday. Sinopec Marketing had total assets worth 341.76 billion yuan ($55.16 billion) by the end of April 30, according to its financial statement. Sinopec Group will sell no more than 30 percent of its sales unit to private investors.
Ministry drafting five-year plans for industrial sectors
The Ministry of Industry and Information Technology is drafting industry plans for the 2016-2020 period and the 2021-2025 period, the National Business Daily reported on Monday. But as the country's industrial sectors are in different phases of development, plans won't always be drafted in five-year periods, according to the report.
Insurers 'will be encouraged to invest' in senior housing
Regulators are considering measures to encourage insurance companies to invest in housing for the elderly, the Shanghai Securities News reported on Monday. Insurers in China are building housing projects for retirees and experimenting with reverse mortgages. But insurers complain that a lack of extra support policies has made it difficult for them to implement their visions.
Midea stake in washing machine firm gets approval
Home appliance retailer Midea Group Co Ltd's plan to acquire a 20 percent stake in Wuxi Little Swan Co Ltd, one of the top washing machine manufacturers in the nation, was approved by the China Securities Regulatory Commission, media reports said on Sunday night. Midea Group plans to buy Little Swan's A shares at 10.45 yuan each ($1.67) and B shares at HK$10.05 ($1.30).
Xinhua unit to expand into cloud computing, mobile
Xinhuanet Co, a unit of the official Xinhua News Agency, will use proceeds from an IPO in Shanghai to expand in cloud computing and the mobile Internet, according to a preliminary prospectus. The company will sell 51.9 million shares representing 25 percent of the shares outstanding, Xinhuanet said in the filing. Proceeds from the planned sale will be used to fund five projects with a combined investment of 1.5 billion yuan ($239 million), according to the prospectus.
Zoomlion cuts executive pay amid downturn in industry
The second-largest construction equipment manufacturer in the country is cutting pay for its senior executives amid an industry downturn, according to China Business News. Zhen Chunxin, chairman of Zoomlion Heavy Industry Science & Technology Development Co Ltd, the construction equipment maker, announced during its shareholders' meeting that 22 top executives will see their wages cut by half for the first time, effective Tuesday.
FTAs with Switzerland, Iceland effective on Tuesday
China's free trade agreements with Switzerland and Iceland will formally take effect on Tuesday, the Ministry of Commerce said on its website. The FTA with Iceland marks China's first free trade pact with a European country, while the pact with Switzerland marks China's first with a world's top 20 economy.
Social security fund allowed to extend certain trust loans
The nation's social security fund has been allowed to extend trust loans to certain companies, a move that expands the fund's investment portfolios, according to measures published on the fund manager's website. The new rules are likely to unleash as much as 500 billion yuan ($79.7 billion) worth of funds for investment, the China Securities Journal reported on Monday.
Yuan sees biggest monthly increase since April 2013
The yuan achieved its biggest monthly gain since April 2013 amid optimism the world's second-largest economy is improving and as the government moves to bolster the currency's global use. It rose 0.21 percent on Monday to close at 6.2050 per dollar after touching 6.1998 earlier, which was the strongest since April 10.
Qilu Bank says developer defaults on 41m yuan in debt
Qilu Bank Co, a lender in Shandong province, said a local government-backed developer defaulted on loans and interest payments worth about 41 million yuan ($6.6 million). Qilu Bank classified the loans owed by Comprehensive Development Corp of Urban Construction in Jinan city's Licheng district as substandard, it said in its 2013 annual report. The lender aims to recover the debt by litigation, it said on its website on April 28.
(China Daily 07/01/2014 page14)
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