Liability law for vehicles to take effect in Oct

Legal safeguards for Chinese vehicle owners will take effect on Oct 1, sources at an industrial forum said on Tuesday. The much-anticipated regulations covering liability for repairs, replacements and refunds of private automotives, the first of their kind in the nation, was released by the General Administration of Quality Supervision, Inspection and Quarantine early this year. The regulation explicitly stipulates the maintenance period and lists specific situations under which vehicles may be replaced and returned. China has become the world's largest auto producer, with output and sales both exceeding 19 million units in 2012.

Profit picture improves for SOEs in July

State-owned enterprises saw profits generally improve in July, the Ministry of Finance said, but central government-owned SOEs saw profit growth slow. The 113 SOEs directly under the State-owned Assets Supervision and Administration Commission of the State Council posted net profit of 945.8 billion yuan ($154.4 billion) in the first seven months of this year, up 14.9 percent from a year earlier, according to the ministry. In the January to July period, locally owned SOEs generated profit of 349.7 billion yuan, down 8.2 percent. Total revenue for SOEs grew 10.6 percent to 25.6 trillion yuan from January to July, slightly lower than the 10.7 percent year-on-year growth in the first half of the year.

US investigates BMC Medical over patent

The United States International Trade Commission on Tuesday said it would begin a patent-infringement investigation into sleep aid devices and other equipment produced by a Chinese medical device company and its two US-based subsidiaries. The probe comes in response to a complaint by ResMed Corp of San Diego, California. The US company accused BMC Medical Co, which is based in Beijing, of importing respiratory devices into the US that infringe on ResMed's patents. Within 45 days after beginning the investigation, the USITC will set a target date for the completion of the investigation.

Sinopec Engineering sees profits, revenue up in H1

Sinopec Engineering Group Co Ltd said first-half profits rose 10.8 percent to 2.21 billion yuan ($361 million). Revenue reached 19.65 billion yuan, up 16.3 percent. The value of new contracts totaled 45 billion yuan, nearly 2.5 times that for the same period in 2012. Earnings per share hit 0.66 yuan, and an interim dividend of 0.134 yuan per share was proposed. Revenue from engineering, consulting and licensing operations surged 34.9 percent year-on-year. The majority of revenue, more than 80 percent, came from projects on the Chinese mainland with the remainder from projects in Kazakhstan, Saudi Arabia and Singapore.

S. F. Express gets first outside investment

S. F. Express (Group) Co Ltd, one of China's largest express delivery companies, has signed an investment agreement with Oriza Holdings, China Merchants Group and CITIC Capital, NetEase.com reported on Tuesday. The three will jointly acquire less than 25 percent of S. F. Express for an undisclosed sum. The transaction marks the first time S. F. has attracted outside investment. Wang Lishun, vice-president of S. F. Express, told the Chinese news portal that the investment will strengthen Shun Feng's information systems and aviation hubs.

China Daily -Agencies

(China Daily USA 08/21/2013 page14)