Updated: 2013-09-24 06:40
NDRC raises National IV, V standard fuel prices
China will raise prices for higher quality fuels starting from year-end, the National Development and Reform Commission said on Monday, a move aimed at encouraging oil firms to boost production of cleaner fuels to tackle air pollution. Prices for automotive diesel and gasoline that meet the national IV fuel standards will be raised by 290 yuan ($47.38)and 370 yuan per metric ton respectively, the NDRC said in a statement. Prices for diesel and gasoline that meet the National V standards will be raised by 170 yuan and 160 yuan a metric ton respectively.
Cost of hedging against China Mobile decline
Options traders pushed the cost of hedging against declines in shares of China Mobile Ltd to an almost two-year high, concerned that an expected agreement to sell Apple Inc's iPhones may hurt profit. Puts protecting against a 10 percent drop in the world's biggest phone company by users cost 2.17 points more than calls betting on a 10 percent gain, according to data on three-month options compiled by Bloomberg News. The shares gained 17 percent from a low on June 20 through last week and were within 4 percent of a January high. Apple, which unveiled its iPhone 5c and 5s models on Sept 10, is close to agreeing on a distribution deal with China Mobile, a person with knowledge of the matter said this month.
Modern Land weighs issue of US-dollar bonds as costs fall
Modern Land China Co and National Development Bank Plc, both junk-rated issuers, are considering US-dollar bond sales after borrowing costs fell near a two-month low. It will meet investors soon, according to people familiar with the matter. Average yields on non-investment-grade securities from issuers in Asia fell to 7.6 percent on Sept 19, the lowest since July 29, according to JPMorgan Chase & Co. Asia's speculative-grade borrowers are returning to the dollar market after no deals last month. Wuzhou International Holdings Ltd, a Chinese developer, recently sold $100 million of 13.75-percent bonds.
Shenyang hosts base for general aviation services
The Faku general aviation base in Shenyang, capital of Liaoning province, has become China's first low-altitude airspace aviation service station, according to the government of Faku county. Shenyang is known as the cradle of China's aviation industry. The Faku general aviation base, with an area of 68 square kilometers, is the core of the industry in the city. By 2020, the base is to become a new center for commuter flights, general aviation and emergency rescues.
Shanghai bourse to evaluate corporate disclosure
Company information disclosure will be evaluated by the Shanghai Stock Exchange, according to a circular posted on its official website on Monday. The circular said that the exchange will evaluate information in certain categories, including authenticity, accuracy, completeness, promptness and fairness. The exchange will release its opinion as a regulator for refinancing applications, mergers and acquisitions, the circular said. The China Securities Regulatory Commission penalized companies that broke regulations concerning information disclosure in early 2013. In March, Yao Gang, deputy head of the CSRC, said that securities regulators will focus on information disclosure when reforming the issuance review system.
Chengdu opens direct passenger flight to London
China's third direct air route with London opened on Monday, with a British Airways Boeing 777 landing at the Shuangliu International Airport in southwest China's Chengdu. The airline will operate the flight on Mondays, Wednesdays and Fridays. Chengdu, capital of Sichuan province, becomes the third city after Beijing and Shanghai in the Chinese mainland to have direct flights to London. The flight will save six to eight hours in transit time for passengers from China's vast middle and western regions, who used to fly via Beijing, Shanghai or Hong Kong.
Transport Ministry holds oil spill drill off south coast
China held its first national oil spill drill near the southern coast on Monday to test how prepared the country is in the event of a severe marine pollution incident. The drill, organized by the Ministry of Transport, simulated a scene involving a collision between a tanker with 20,000 metric tons of crude oil and an empty cargo ship. The simulated collision resulted in an oil spill, fire and injuries to personnel. The drill used 38 vessels, two airplanes, one ambulance and more than 300 rescuers. As most of China's oil imports, which account for more than half of the nation's oil consumption, are shipped by water, the country's ocean coast is prone to the risks of spills that would threaten the marine environment.
Road signs put up to point to future FTZ in Shanghai
Signs directing traffic to the China (Shanghai) Pilot Free Trade Zone have been put up in the Pudong New Area in East Shanghai, indicating that the zone has been given its official English name. The official Sina Weibo account of the information office of the Pudong New Area Government wrote on Sunday that traffic signs with the English name have been put up at intersections on major thoroughfares such as Yanggao Road and Longdong Avenue. The FTZ will offer tariff concessions for goods and services traded to signatory countries and regions.
JD.com, Baidu get approval to start small loan services
JD.com, one of China's leading e-commerce platforms, and Baidu Inc, China's leading search engine, have obtained approval from regulators to provide small loan services in Shanghai, the National Business Daily reported on Monday. They will operate from facilities in Jiading district, the report said, citing Shanghai financial services authorities. JD.com and Baidu submitted applications to set up the businesses in Shanghai in 2012, according to publication. Both companies revised their proposals several times as Shanghai authorities revised policies for small loan services offered through the Internet, Shanghai finance authorities said.
Advent International takes stake in coffee firm's parent
Advent International announced on Monday that it has partnered with CDIB Capital, the overseas investment arm of the Taipei-based China Development Financial, to acquire a significant equity position in International Coffee & Tea LLC. International Coffee owns and operates The Coffee Bean & Tea Leaf, the oldest and largest privately held specialty premium coffee and tea retailer in the United States. Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family, which is the largest existing shareholder of The Coffee Bean. It is remaining as a substantial shareholder. The transaction was completed on Sept 12. Financial terms of the agreement were not disclosed.
Liaoning exports expand 7.2% during Jan-Aug period
Liaoning province's exports totaled $41.25 billion in the first eight months of 2013, up 7.2 percent year-on-year, according to the customs office in Shenyang. The province's total trade reached $73.04 billion in the first eight months, up 4.4 percent year-on-year. Twelve of the 14 cities in Liaoning saw their exports grow. Dalian ranked first with $23.7 billion in exports, up 2 percent. Shenyang exported $4.14 billion in goods, with annual growth of 5.1 percent.
China Dialy - Agencies
A "Mona Lisa Smile" made from more than 100,000 chocolate balls was shown at a shopping mall in Shanghai on Sunday. The display is 10 meters high and 6 meters wide. Provided to China Daily
(China Daily USA 09/24/2013 page14)