What's news
Govts & policies
Nation committed to trade system
China is committed to safeguarding a multilateral trade system, since the system gave enormous benefits to the least developed countries, Chinese Vice-Minister of Commerce Wang Shouwen said on Monday. Speaking at the opening ceremony of the fifth China Round Table on World Trade Organization Accession, Wang said the world is faced with anti-globalization sentiment, populism and growing protectionist forces. He added that in the context of sluggish global trade growth and inward-looking trade policies by some major players, WTO members should firmly stick to multilateralism and uphold the primacy of the WTO in trade liberalization.
Belt and Road website launched
The official website of the Belt and Road Initiative (www.yidaiyilu.gov.cn) was launched on Tuesday, offering information on investment policies and enterprises involved in the initiative, among other topics. The website, called the "Belt and Road Portal," also has an English version and is operated by the State Information Center. The website aims to offer information in other languages such as Russian, French, Arabic and Spanish within this year, according to a statement on the website. The initiative, proposed by China in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road trade routes.
Companies & markets
UCF backs deal for Hong Kong Life
China UCF Group Co, the conglomerate led by businessman Zhang Zhenxin, is backing the acquisition of Hong Kong Life Insurance Ltd in a deal valuing the insurer at HK$7.1 billion ($914 million). Hong Kong Life's owners, including Chong Hing Bank Ltd and Oversea-Chinese Banking Corp, agreed to sell their holdings to an investment firm called First Origin International Ltd, according to a filing late on Monday. It did not disclose the buyer's ultimate shareholders. UCF Group is the owner of First Origin, a spokeswoman for Hong Kong Life said by phone to Bloomberg on Tuesday.
Huawei introduces P10 to Poland
Chinese top smartphone and telecom equipment maker Huawei introduced its latest smartphone version of the P10 to the Polish market on Monday. The introduction of the product is accompanied with a Perfect Portrait campaign, which will start on April 1. The Huawei P10 is its first handset to be equipped with a front camera, developed in collaboration with Leica Co. The main characteristics of Huawei's P10 is a special feature enabling professional-quality portraits, hence the name of the accompanying campaign.
New air route links Chongqing and US
A direct flight opened on Tuesday between Southwest China's Chongqing municipality and Los Angeles, the Chongqing Municipal Commission of Transport announced on Tuesday. The flight, operated by Hainan Airlines, will depart Chongqing at 9:25 pm every Tuesday and Saturday. The return flight will depart Los Angeles around midnight (local time) every Wednesday and Sunday. The flight is the first direct air route from Chongqing to the United States and is expected to boost bilateral economic and cultural exchanges.
Chevron $1b sale of oil stakes stalls
Chevron Corp's sale of its stakes in Chinese offshore oil fields operated by State-owned CNOOC Ltd has stalled, people with knowledge of the matter said. Bids that Chevron received for its interests in three fields in China's Bohai Bay didn't meet its expectations, according to the people. Chevron had aimed to sell the assets for as much as $1 billion, the people said, asking not to be identified discussing private information. The US oil and gas explorer is considering keeping the Bohai Bay holdings for now, the people said. The assets had drawn interest from Chinese suitors including AAG Energy Holdings Ltd, Brightoil Petroleum Holdings Ltd and Shanghai-traded Meidu Energy Corp, according to the people.
Around the world
SoftBank invests $300m in WeWork
SoftBank Group Corp invested $300 million in WeWork Cos, a person familiar with the matter said, an influx of cash that values the New York-based coworking giant at more than $17 billion. The investment from SoftBank is the first in what will probably be a much larger stake, said the person, who asked not to be identified. The additional cash is expected to come from the $100 billion Vision Fund. With the new money, WeWork's valuation increases to about $18 billion, according to an estimate by private stock market provider Equidate.
Hyundai shares up on recast hopes
Hyundai Motor Co shares gained the most in over five- and-a-half years on Tuesday on speculation that its parent group, controlled by Chairman Chung Mong-koo, will reorganize its ownership structure. Hyundai Motor Group may join Samsung Group and possibly other family-owned conglomerates to adopt a holding company structure, as politicians call for reform following a graft scandal involving former president Park Geunhye, analysts said.
Unemployment rate declines in Slovakia
The unemployment rate in Slovakia decreased to 8.39 percent in February, Slovak Labour, Social Affairs and the Family Centre General Director Marian Valentovic announced at a press conference on Monday. "The unemployment is down by 0.25 percentage points month-on-month and by 1.70 percentage points year-on-year. The number of jobseekers immediately able to start work was 228,665 in February," said Valentovic. Nevertheless, the labor offices reported 40,809 job vacancies in late February, up by 2,446 compared with January.
Chevron calls end to LNG work in Oz
Chevron Corp has signaled the end of major new liquefied natural gas projects in Western Australia. The company is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments, as it focuses on boosting returns from $88 billion of investment. The climate for developing large greenfield LNG projects has shifted to smaller developments given a slump in the price of oil to under $50 a barrel, according to Nigel Hearne, a managing director with the company's Australia unit.
PPG said to be circling Akzo
PPG Industries Inc is preparing a renewed takeover bid for Akzo Nobel NV, according to people familiar with the matter, taking a second run at Europe's largest coatings company after a previous offer was rejected. Exact details of the new proposal could not be learned immediately. Akzo rebuffed PPG's unsolicited 20.9 billion euro ($22.4 billion) takeover bid on March 9, saying the offer��worth 83 euros a share at the end of February��substantially undervalued the company.
BMW plans models to ace out Merc
BMW AG plans the biggest rollout of new and revamped models in its history as the luxury-car maker fights back after losing the sales crown to Mercedes-Benz. Over the next two years, the Munich-based manufacturer will unveil 40 variants, including the new X2 compact sport utility vehicle and full-sized X7 SUV. Chief Executive Officer Harald Krueger is seeking to revitalize growth after profitability fell to a six-year low in 2016 and sales slipped behind Mercedes for the first time in more than a decade.
Toronto home prices may rise
Toronto's housing market is likely to stay strong for the rest of the year, with home prices jumping as much as 25 percent, amid hints that speculators are fueling demand and posing a potential risk to the economy, TD Economics Chief Economist Beata Caranci said. A "strong Toronto home-price forecast is not a vote of confidence in market fundamentals", Caranci wrote on Monday in a note to clients. Residential prices in Canada's largest metropolitan region are forecast to increase by 20 to 25 percent this year, up from a previous estimate of 10 to 15 percent, according to the report by TD Economics, part of Toronto-Dominion Bank.
Kenya's 2016 trade deficit down 15%
A drop in the value of imports amid a rise in exports helped push down Kenya's trade deficit by 15 percent in 2016, new economic data showed on Monday. The East African nation's trade deficit declined to $8.3 billion from $9.8 billion in 2015 on account of the lower import bill. According to Kenya National Bureau of Statistics data, imports fell 9.4 percent to $13.4 billion from $15.5 billion, mainly due to low oil prices in 2016.
Porsche back in black in 2016
Porsche Automobil Holding SE returned to profit as its billionaire owner family is in talks to buy out Ferdinand Piech following a clash between the former Volkswagen AG patriarch and his relatives. Profit after tax was 1.37 billion euros ($1.48 billion) in 2016 after a 308 million-euro loss a year earlier triggered by VW's diesel-emissions scandal, the investment vehicle that holds the Porsche and Piech families' controlling stake in Volkswagen said on Tuesday.
Fingerprint cancels revenue proposal
Fingerprint Cards AB, the Swedish maker of biometric ID sensors, said revenue is set to fall more than 50 percent in the first quarter as device manufacturers cut back on orders amid a stubborn inventory backlog. The shares fell as much as 42 percent as Fingerprint Cards withdrew a proposal to pay its first-ever dividend to shareholders, and said it can no longer give any guidance for 2017, according to a statement on Tuesday.
Agencies - Xinhua
(China Daily USA 03/22/2017 page14)
