Technology

Nokia sets up innovation center

Cell phone maker Nokia Corp set up an Experience and Innovation Center in Beijing on Sept 18 to help 30 Chinese startups become listed companies in three to five years.

The Finnish company said that it would create a platform for mobile Internet startups in China. The center will provide various developers and entrepreneurs with advice and solutions to encourage them to grow their businesses.

The center will select 3,000 entrepreneurial ideas, help set up 300 technology startups and aid 30 of these companies to obtain a listing on major stock markets across the world in the next three to five years, said Lin Qizhong, vice-president of Nokia (China) Investment Co Ltd.

Honeywell sees bigger role for China

Honeywell International Inc is expecting more exports from its Chinese division as it benefits from more Chinese clients establishing themselves overseas, an executive with the US technology and manufacturing leader said.

"Our exports from China have been growing 5 to 10 percent annually in the last two or three years for total industrial business, which was already higher than the historical figure," said Chris Dartnell, vice-president and general manager of strategic geographies at Honeywell Process Solutions. "The growth figure will continue to increase because of more big projects in the pipeline."

Honeywell had been enjoying an average overall revenue growth of 21 percent over the past five years, Dartnell said.

The Fortune 100 company has been providing tailored products and services for some of China's industrial giants such as China Shenhua Energy Co Ltd, PetroChina Co Ltd and Sinopec Group, which are also the major carriers of China's "going-out" strategy.

Lenovo buys US firm to boost software

Lenovo Group Ltd, the world's second-largest PC maker by market share, has made its first foray into software development after buying the US-based cloud-computing company Stoneware Inc for an undisclosed amount. Stoneware has millions of users in education and the US public sector.

This year Lenovo squeezed into the top five PC sellers in the US market, but it is still seeking business opportunities to increase its share.

The Chinese company launched a new strategy this year called "PC Plus", which means that on top of its PC business it plans to focus on other product lines such as mobile Internet and cloud computing, which allows users to access data remotely or control different devices via a single computer.

Aviation

GEnx engines to be tested for flaws

US airlines using General Electric Co GEnx jet engines will be required to inspect their planes for signs of the type of flaws that led to a July explosion, the Federal Aviation Administration said.

Atlas Air Worldwide Holdings Inc, the only carrier flying the Boeing Co jets that use those engines, found nothing wrong on one of its 747-8 freighters and was inspecting its other aircraft, the FAA said in an e-mailed statement. A formal directive is being prepared, the FAA said.

The FAA plan heightened the scrutiny on the GEnx after a Boeing 787 Dreamliner spewed hot metal engine parts during a July 28 test in Charleston, South Carolina. There have now been three instances of damage to GEnx engines, which are used only on Boeing's two newest planes, the 787 and the 747-8 jumbo jets.

Retail

Unilever to build new production base

Consumer-goods giant Unilever announced that it will launch a green production base in Meishan, Sichuan province, further expanding its presence in the world's second-largest economy.

According to the agreement, the production base will have an area of about 27 hectares, and Unilever will invest about 300 million yuan ($47.38 million, 36.39 million euros) in a first phase of detergent production, expecting an annual production capacity of 200,000 metric tons.

At the project's signing ceremony in Beijing, Unilever chief executive Paul Polman said the company remains optimistic about the prospects of the Chinese market and sees huge investment potential.

Nestle sees 20% growth in China

Nestle SA, the world's largest food company, said its China sales will probably grow about 20 percent this year because of rising wages and government efforts to boost local consumption.

The slowing growth of Asia's biggest economy hasn't affected the local operations of the Vevey, Switzerland-based company, which has seen expansion in most of its businesses, including dairy products and coffee, Roland Decorvet, its chairman in China, said. Nestle's China sales increased by more than 20 percent last year and will grow by at least 10 percent in 2013, he said.

"There are a lot of initiatives done by the government to promote the local economy, domestic economy and local consumption," said Decorvet, who was attending the World Economic Forum in Tianjin. "Wage inflation means more purchasing power."

Alliance Boots buys stake in Nanjing

Alliance Boots, the owner of Europe's largest pharmacy chain, said on Sept 16 it will buy a 12 percent stake in China's Nanjing Pharmaceutical Co Ltd for about 56 million pounds ($91 million, 6.79 million euros). The deal will make Alliance Boots the second-largest shareholder in Nanjing Pharmaceutical, with board and operational management representation.

Nanjing Pharmaceutical, which is listed on the Shanghai Stock Exchange, is the fifth-largest pharmaceutical wholesaler in China with sales of about 2 billion pounds in 2011.

The company has distribution centers in 12 cities across eight provinces and one autonomous region. Its largest shareholder is Nanjing Pharmaceutical Group Ltd.

Alliance Boots first entered the mainland pharmaceutical distribution market in 2008 through a joint venture with Guangzhou Pharmaceuticals Corp.

Finance

Greece looks to China for investors

Greece's state-asset sales-fund chairman said the country was looking in China for investors with a long-term horizon as the government ramps up the pace of asset sales.

The next step in the program is the sale and leaseback of 28 state-owned buildings, Chairman Takis Athanasopoulos said in Athens at a Sep 18 conference on Greek-Chinese business cooperation.

Greece wants to attract significant capital for investments, he said.

China Daily-Agencies

(China Daily 09/21/2012 page14)