Shanghai to host steel expo for firms, investors

The eighth Shanghai International Stainless Steel Exposition will be held from Sept 4 to 6 in Shanghai. It is expected to boost the industry by setting up an information exchange platform for companies and investors. The expo is run by the China Iron and Steel Association, the Metallurgical Council of China Council for the Promotion of International Trade and the Metallurgical Center for International Exchange and Cooperation. China's stainless steel industry has developed rapidly over the past 10 years. Its annual output amounted to 16 million metric tons in 2012 and consumption was close to 12.88 million tons. The country has become an important stainless steel producer and market in the world.

Tencent: No plan to list WeChat in Singapore

Tencent Holdings Ltd denied on Tuesday it was planning a spin-off of WeChat through a separate listing on the Singapore stock exchange, in response to media reports saying that the Chinese Internet giant had set up an office in Singapore to deal with WeChat's listing in the city. A spokesman from the Singapore exchange declined to comment on the report, only saying that the exchange, as an Asian gateway, is an ideal IPO platform for regional and international firms.

BMW's China partner sees profit rise 52% in H1

Bayerische Motoren Werke AG's Chinese partner reported first-half profit surged 52 percent on demand for new models including its 5-series sedan in the world's largest auto market. Net income at Brilliance China Automotive Holdings Ltd rose to 2.03 billion yuan ($332 million) from 1.33 billion yuan, the company said on Tuesday. Sales fell 8.5 percent to 2.57 billion yuan. BMW has said China will probably overtake the US as its top market this year as the brand enters more communities and wins buyers with its 3- and 5-series sedans. The automaker, which trails Volkswagen AG's Audi in China, has grown faster than its competitor for at least four straight years since 2009.

Diesel output up in July as exports in decline

China's refiners produced the most diesel in four months even as they face fewer opportunities to export the fuel because of government curbs. Production rose to 14.5 million metric tons in July, up 3.9 percent from the previous month, according to data from the National Bureau of Statistics in Beijing on Tuesday. That's equivalent to 3.52 million barrels a day and is the highest volume since March. China, the world's second-largest oil user, may stockpile more diesel as refiners are barred from increasing overseas sales. China National Petroleum Corp and China Petroleum & Chemical Corp last month were granted a combined 210,000 tons of diesel-export quotas for the third quarter, less than the monthly average of 250,000 to 300,000 tons for the first quarter, according to ICIS-C1 Energy, a Shanghai-based energy consultant.

Li & Fung profit down on weaker US retail

Li & Fung Ltd, the world's largest supplier of clothes and toys to retailers, reported first-half profit that missed analyst estimates amid sluggish demand from US retail customers. Net income fell 16 percent to $96 million for the six months ending June 30 a year earlier, excluding a writeback in the year earlier period, the Hong Kong-based company said on Tuesday. That compares with an average estimate of $106.3 million from three analysts compiled by Bloomberg. Li & Fung, whose customers include US retailers Wal-Mart Stores Inc, Target Corp, and Kohl's Corp, reported a drop in net income last year, the first decline in four years as an increase in payroll taxes, higher fuel costs and federal spending cuts hurt US shoppers' confidence.

Ford Focus top-selling product in China, world

Ford Motor Co said its Focus compact remained the top-selling car worldwide in the first quarter after sales more than doubled in China. The automaker, citing data from researcher RL Polk & Co, said global Focus registrations rose 18 percent in the first three months of the year to 288,724. In China, Focus sales rose 153 percent to 104,065, making it the No 1 market for the small car, overtaking the US. Ford produces the Focus in nine factories worldwide and sold 1.02 million last year. Ford said sales of the the Focus overtook Toyota Motor Corp's Corolla compact last year, a claim the Japanese automaker disputed. Toyota, which includes Corolla derivatives such as the Matrix in its count, has insisted its model remains the world's top-selling vehicle.

Suning to launch open e-commerce platform

Suning Commerce Group Co Ltd, a leading home appliance retailer, is expected to launch a platform in September to boost the company's e-commerce business, a company executive said on Monday. Sun Weimin, vice-chairman of Suning, said during the annual China Internet Conference in Beijing, that the company will make a "big move" in September to launch its open platform to allow third-party vendors to sell on Suning's online marketplace. Sun said that Suning has integrated its online and offline businesses in June to boost the company's e-commerce.

China Daily - Agencies

(China Daily USA 08/14/2013 page15)