Total, CNOOC Uganda deal awaits agreement

Total SA, along with partners Tullow Oil Plc and China National Offshore Oil Corp, have yet to reach an agreement with Uganda on a billion-dollar oilfield development in the Lake Albert Basin. "It's not completely finalized," Yves-Louis Darricarrere, Total's head of exploration and production, said in Oslo. The sticking point between the oil companies and Ugandan authorities remains the potential size of a refinery that would be developed to process crude from Uganda, he said.

Disney to show Iron Man 3in China from May 3

Walt Disney Co has won approval to release Iron Man 3 in China on May 3, offering a separate version aimed at enhancing the film's appeal in the world's second-largest movie market. The movie, produced by Disney's Marvel unit and Beijing-based DMG Entertainment, opens the same day in the US. The separate version will highlight Chinese actors and include additional China footage, according to the company.

China now world's biggestsource of tourists: Academy

China has overtaken Germany and the US to become the world's biggest source of tourists after the number of outbound trips taken by its citizens increased 18.4 percent last year. Outbound travel from China rose to 83.2 million trips last year, Ma Yiliang, a researcher at the Beijing-based China Tourism Academy, said on Thursday. The number has increased more than eight-fold from 2000, according to Xinhua News Agency, which earlier reported the figures.

Record China sales help drive Hyundai Motor profit

Hyundai Motor Co, South Korea's largest carmaker, has reported first quarter profit that exceeded analysts' estimates, driven by record sales in China. Its shares rose the most in a year. Net income fell 15 percent to 2.09 trillion won ($1.9 billion), compared with 2.45 trillion won a year earlier, the Seoul-based company said in a statement on Thursday. Profit beat the 1.99 trillion won average of 18 analysts' estimates compiled by Bloomberg for 28 days, while sales increased 6 percent.

Baosteel to start work onnew branch in Zhanjiang

Baoshan Iron & Steel, China's largest listed steelmaker, will start construction of its new branch in Zhanjiang, Guangdong province, after cutting the budget, Shanghai-based China Business News reported on Thursday. Investment in the project has been cut to 41.5 billion yuan ($6.65 billion) from 69.68 billion yuan, the report said. The project was approved by the National Development and Reform Commission in May.

Export-Import Bank takeshalf stake in Avic Leasing

The Export-Import Bank of China has bought a 50 percent stake in Avic Leasing Co Ltd from Avic Capital Co Ltd. A report released on Thursday by Avic Capital said its parent, Aviation Industry Corporation of China, agreed to an all-share deal with Export-Import Bank. Aviation Industry, which operates aviation and ship leasing businesses, will continue to manage Avic Leasing, which has registered capital of 2 billion yuan ($320 million). Avic Capital owns 54.8 percent of Avic Leasing. The deal is still to be approved by regulators, but is expected to be completed this year.

Lenovo eyes challenge to Apple and Samsung

Lenovo Group, the world's second-largest personal computer manufacturer by market share, is eyeing a challenge to Apple and Samsung ahead of predicted dramatic sales growth. The Beijing-based company plans to sell 100 million Lenovo-branded computers in the 2013 financial year, which started on April 1. "Lenovo's major competitors are no longer traditional PC makers such as Hewlett-Packard Co," said Yang Yuanqing, chairman and CEO of Lenovo. "We see Apple and Samsung as our biggest competitors as the company is actively entering the smartphone and tablet market."

Insurance payout after Ya'an quake may reach $23m

China's insurance companies are expected to pay 142 million yuan ($23 million) in compensation to the Ya'an region in Sichuan province following Saturday's earthquake, the China Insurance Regulatory Commission said. Insurance firms have already paid 13.73 million yuan in reported cases. The number of reported appeals was 895, the commission said.

Clariant hopes to double Chinese sales and engineers

International chemical company Clariant AG plans to double its sales in China within several years. According to Per Sjoberg, regional head of Clariant Greater China, the Swiss firm's sales reached 606 million Swiss francs ($640 million) last year, more than doubling those of 2005. "We have realized the target we set. We are on our way to continue doubling our sales in China in the coming years. Everything is on the right track," he said.

$101.8b surplus in capital, financial account

China registered a $101.8 billion surplus in its capital and financial account in the first quarter as major economies continue monetary easing, according to data from the State Administration of Foreign Exchange on April 25. The figure has surged by $81.8 billion from last quarter's $20 billion, suggesting accelerated capital inflows to the world's second-largest economy. Last year, China posted a deficit of $16.8 billion in the account.It reported a current account surplus of $55.2 billion from January to March, up from the previous quarter's $45.1 billion, the foreign exchange regulator said in a statement published on its website.

China Daily -Agencies

(China Daily 04/26/2013 page14)