Retail

Estee Lauder plans more than skin deep

The cosmetics maker Estee Lauder plans to enter more cities and introduce a new brand in China in the hope that shoppers will spend on beauty products even as the economy weakens.

The New York-based company expects to roll out the new Osiao skin-care line in the Chinese mainland in less than two years and will enter more second and third-tier cities, said Fabrice Weber, president of its Asia-Pacific operations, in an interview in Hong Kong on Nov 6.

Suning starts takingiPhone 5 orders

Suning Appliance Co, China biggest electronics retailer, has told consumers they can pre-order Apple Inc's iPhone 5 at its Beijing stores starting from Nov 5, according to a report in Beijing Times newspaper.

Consumers can pre-order the devices with their identity cards at Suning stores without paying a deposit, with the iPhone 5 set to go on sale on the Chinese mainland in early December.

Hygiene products maker looks to China

Svenska Cellulosa Aktiebolaget (SCA), the Swedish manufacturer of hygiene products, has expressed confidence in the fast-growing market for products aimed at China's aging population, following its acquisition of an Asian hygiene products company earlier this year.

"In recent years the Chinese government has paid much more attention to its growing number of elderly people. We will increase our focus on this emerging market that has great potential, and become highly involved in its development," said Stephan Dyckerhoff, president of SCA's hygiene operations in northern Asia.

Auto

BMW profit beats estimates in China

Bayerische Motoren Werke AG, the world's biggest maker of luxury cars, reported a 14 percent gain in third-quarter profit as demand for the new 3-Series sedan offset a market downturn in Europe.

Earnings before interest and taxes rose to 2 billion euros ($2.56 billion) from 1.76 billion euros a year earlier, the Munich-based company said in a statement on Nov 11.

The figure beat the 1.74 billion euro average of 11 analysts' estimates compiled by Bloomberg. Sales climbed 14 percent to 18.8 billion euros.

Investment

Nestle's Wyeth bid not yet complete

Nestle SA, the world's largest food company by revenue, said on Nov 5 that acquiring Wyeth still needs to meet other conditions after media reported the deal has been approved by the Chinese government.

In April, Nestle announced it would buy the US drug maker Pfizer's infant nutrition business for $11.85 billion (9.24 billion euros).

"The acquisition is still subject to other closing conditions. We therefore do not make any further comment at this stage," said He Tong, public relations director of Nestle China.

Date set for ruling on CNOOC's Nexen bid

Canada will decide on CNOOC Ltd's bid for Nexen Inc by Dec 10 and won't extend its review of the deal a third time, the country's ambassador to China said on Nov 5.

The government has taken a long time to review the acquisition because its size is "unprecedented" for Canada, said Ambassador Guy Saint-Jacques at a Canada-China energy conference in Beijing.

Canada extended its review of CNOOC Ltd's $15.1 billion takeover of Nexen Inc for a second time on Nov 2.

Economy

Canton Fair sees drop in participants

The 112th session of the Canton Fair, China's largest trade fair, saw a decline in participants and turnover. Statistics from the organizer show that, as of Nov 3, 188,145 overseas participants from 211 countries and regions attended the fair, said spokesman Liu Jianjun.

The figure is 10.26 percent lower than for the previous session, in the spring, and 10.5 percent lower than the corresponding period last year, he said.

Trade

UK 'welcomes' Chinese capital

The British Ambassador to China told an audience in Beijing on Nov 2 that his government continues to welcome investment from China.

Sebastian Wood told the FT Chinese Annual Forum 2012 that the United Kingdom wants to lift its economy out of the global financial crisis by seeking investment-driven growth, rather than one led by domestic consumption.

The comments came just 24 hours after it was revealed that China Investment Corp, the sovereign wealth fund, had increased its investment in the infrastructure of the UK by spending 450 million pounds ($726 million; 562 million euros) on a 10 percent stake in the company that owns London Heathrow Airport, the country's largest airport.

China takes EU solar dispute to WTO

China said on Nov 5 that it has made a complaint to the World Trade Organization against photovoltaic subsidies in the European Union, the latest move in the row between the two economies over solar products.

The case began when the Ministry of Commerce requested consultation with the EU and its member states concerning photovoltaic subsidies granted by Italy and Greece.

The two countries issued decrees in 2011 and 2012 that offered additional subsidies of 10 percent on electricity generated by photovoltaic installations if the main components in the installations were produced within the EU or the European Economic Area - which comprises of the EU, plus Iceland, Norway and Liechtenstein.

China revises futures trading regulations

The State Council on Nov 5 announced revisions to the Administrative Regulations on Futures Trading, which include clauses to allow overseas institutions to enter the market. "Qualified overseas institutions can conduct futures trading of certain products in futures exchanges," the revised regulations state, adding that concrete measures will be taken by futures management authorities under the State Council.

The council said in a statement this clause left room for overseas investors to directly take part in futures trading of crude oil, which the government is planning to roll out.

China Daily-Agencies

(China Daily 11/09/2012 page14)