ZTE will work with Intel on the new Intel Atom Processor platform. Provided to China Daily

Technology

ZTE, Intel team up on smartphones deal

ZTE has signed an agreement with Intel Corp to focus on the new Intel Atom Processor Z2580 platform, Sina.com reported. ZTE is currently working with Intel to develop unique smartphones based on the Intel Atom Z2580 processor.

Finance

Finance center rumor scotched

The Chinese government is currently not intending to engage in the real estate industry in Spain, the Global Times quoted the Chinese embassy in Spain as saying. Spanish media recently reported that Chinese investors plan to spend 18 billion euros ($23.5 billion) to establish a large-scale financial center in Madrid in an investment project supported by the Chinese government.

BOC matches bond issue in Australia

Bank of China Ltd sold A$600 million ($614 million; 470 million euros) of three-year notes, matching its biggest-ever sale denominated in the Australian currency, according to Bloomberg. The bank's Sydney branch priced the floating-rate notes to yield 98 basis points more than the bank bill swap rate after initially marketing them at a 100 basis-point spread, according to a statement from the Commonwealth Bank of Australia, the joint sale manager.

Energy

Chinese mining conglomerates emerge

A record wave of consolidation in China's mining industry is creating bigger companies that will have the muscle to compete with the likes of BHP Billiton Ltd for overseas acquisitions, according to Deloitte & Touche LLP. Even after Chinese domestic mining mergers reached $19.6 billion last year, double the tally for 2011, the government wants to see more. Easier access to capital and less Chinese competition for assets may make companies including China Minmetals Corp and Aluminum Corp of China more robust overseas buyers, the report said.

Investment

Growth policies boosting shipping

China's infrastructure and housing plans will increase demand for ships hauling dry-bulk raw materials, according to Arctic Securities ASA. The Oslo-based investment bank is likely to raise its estimates for demand growth because of announcements at the National People's Congress, analyst Erik Nikolai Stavseth said on March 5. China will build 100 port berths, 80,000 kilometers of highways and 5,200 km of railroads in 2013, the National Development and Reform Commission said.

Auto

GM sales increase 7.9% in 2 months

General Motors' sales in China rose during the first two months of the year, extending the US carmaker's lead over Toyota in the world's biggest auto market as demand for Japanese brands shrank. Combined sales in the country for January and February climbed 7.9 percent to 525,835 vehicles, Detroit-based GM said on March 5. In the past week, Japan's Toyota, Nissan and Honda have reported declines in January-to-February deliveries in China. GM said it is gaining market share in both of the world's two biggest automobile markets.

SOE targets foreign automakers

China should order foreign automakers to contribute more to develop domestic brands and limit those whose sole aim is to earn higher sales figures in the country, according to China FAW Group Corp. The government should also strictly enforce current rules against foreign automakers having more than two domestic partners to maintain market order, said Li Weidou, who heads FAW's export and import business.

Porsche taps China's consultancy market

Porsche Consulting GmbH, a subsidiary of Porsche AG, opened a branch in Shanghai on Feb 28 in a bid to tap into China's consultancy market. New challenges, including rising costs, growing difficulties to attract and retain qualified talent and the ever-changing consumer market are making it harder for companies to stay profitable, the company said. Porsche Consulting Ltd in Shanghai will focus on helping companies develop high growth strategies.

Trade

China evaluate WTO anti-dumping report

China will seriously evaluate a World Trade Organization report concerning its anti-dumping duties on European Union X-ray security-inspection equipment, and reserves the right to appeal, the Ministry of Commerce said in a statement on its website on Feb 27. "To the extent China has acted inconsistently with certain provisions of the anti-dumping agreement, we conclude that it has nullified or impaired benefits accruing to the European Union under that agreement," the WTO said in the 133-page report issued on . "We recommend China bring its measures into conformity with its obligations under that agreement."

Chinese feed mills buy more US corn

Feed mills in China, the world's second-biggest corn consumer, are likely to order more US grain because of concerns that domestic supply won't meet demand before the fall harvest, according to Yigu Information Consulting Ltd. Snow and rain in northern China have increased moisture in farmers' unsold grain, making it more vulnerable to mold and less suitable as animal feed, said Feng Lichen, general manager of Yigu, which runs China's biggest corn information portal. Some mills are securing shipments from the US, the biggest exporter, for deliveries later this year using newly issued import permits from the government, as the cost of US corn has dropped, he said.

China Daily-Agencies

(China Daily 03/08/2013 page14)