IN BRIEF (Page 18)

Technology

Lenovo moves up the smartphone rankings

Lenovo Group Ltd, the world's largest personal computer manufacturer, has recently acquired a new title.

The company successfully made a foray into the global smartphone market and became the third-largest smartphone maker in the third quarter of the year, according to a Gartner Inc report.

Lenovo surpassed South Korea-based LG Electronics Inc to become the world's third-biggest smartphone vendor in the quarter ending on Sept 30, according to research firm Gartner. This is the best position for Lenovo since the company started focusing on the smartphone business in 2009.

The Beijing-based Lenovo shipped 12.9 million smartphones - representing a 5.1 percent share of the global market - in the third quarter, Gartner said in a mobile phone industry report. Lenovo's quarterly smartphone sales rose 84.5 percent year-on-year.

Auto

Volkswagen announces preventive gearbox call

Volkswagen Group China and its joint ventures announced a voluntary recall of 640,309 vehicles, to replace the oil in some seven-speed double-clutch gearboxes in China. The recall is effective from Nov 25. In some cars, using synthetic oil inside the gearbox may cause electrical malfunctions in the power supply, which could lead to transmission problems. Volkswagen will replace synthetic oil with mineral oil in affected vehicles as a preventative countermeasure at no cost to consumers in China or in other affected markets.

Daimler to sign deal with Beijing Automotive

Daimler AG will sign a final agreement to buy a 12 percent stake in Beijing Automotive Group Co's passenger car unit, securing a stake in the Chinese automaker ahead of a planned initial public offering. The automaker, based in Stuttgart, Germany, will sign the deal at the Beijing local government offices, Beijing Automotive Chairman Xu Heyi said on Nov 18. Hendrik Sackmann, a Daimler spokesman, said "we're progressing well" and that the automaker will provide details when the contracts are signed.

Company

Siemens ends its fiscal year on an upbeat note

German engineering and electronics giant Siemens reported strong growth in its orders in China during financial year 2013, which ended on Sept 30. The German conglomerate said its order intake totaled 6.61 billion euros ($8.87 billion), increasing 9.8 percent year-on-year. Revenue in China reached 6.14 billion euros, roughly the same as 2012, contributing 8 percent to the company's global total.

The total workforce of Siemens' continuing operations grew to nearly 32,000 as the company further expanded in the China market.

Retail

Carrefour to open more self-owned properties

French chain store operator Carrefour SA will broaden its expansion into China, opening more stores in self-owned properties, according to Thierry Garnier, president and CEO of Carrefour China. Garnier was quoted by China Business News as saying that the chain has continued confidence in the Chinese market, where it plans to open more than 20 new stores a year.

The business format of Carrefour will remain the hypermarket, which has been adopted by the company since it entered China in 1995. Of the 228 Carrefour stores in China, most are rented properties.

Dairy

Yili looks for Italy to improve its milk

Chinese dairy company Inner Mongolia Yili Industrial Group Co has formed a "strategic partnership" with Italian peer Sterilgarda Alimenti SpA, allowing Yili to upgrade its technology and improve the quality of its liquid milk.

Yili announced the agreement in a filing to the Shanghai Stock Exchange. It did not give further details.

Song Liang, a dairy industry analyst, said that collaboration with top global dairy producers will boost Yili's product quality and technology levels, as well as expand its dairy resources.

Meiji to mass-produce milk for China

Japanese confectioner and dairy products maker Meiji Co will sell locally produced pasteurized milk and yogurt in China from December 2013, following its recent baby formula pullback from the Chinese market.

It will be the first time that a foreign dairy company will mass-produce pasteurized milk and yogurt for the Chinese market.

According to China Business News, the company will purchase milk from a farm in Hebei province and process it in Suzhou, Jiangsu province. Meiji does not plan to establish a dairy farm in China.

Meiji-branded pasteurized milk and yogurt will cost more than similar domestic products.

Resources

NDRC cuts retail ceiling prices of gasoline

China cut its retail ceiling prices for gasoline by 160 yuan ($26.3) a metric ton and that of diesel by 155 yuan a ton from Nov 15, the National Development and Reform Commission said.

The cut represented less than 2 percent for gasoline and diesel. Since March this year, China has adjusted fuel prices every 10 working days instead of the previous window of 22 days to bring them more in line with global prices.

Aviation

BOC Aviation prices its offshore yuan bond

Asia's largest airplane-leasing company, BOC Aviation Pte Ltd, has priced its first offshore yuan-denominated bond, and the coupon on the five-year unsecured notes of 1 billion yuan ($164 million) is 4.5 percent per annum, the company announced. The transaction was jointly arranged by BOC International, HSBC and Standard Chartered Bank, said the leasing company, a 100 percent subsidiary of Bank of China. The unsecured notes will be listed on SGX-ST and will be rated A- by Fitch Ratings and BBB- by Standard & Poor's Ratings Services. The notes were due to close on Nov 20, subject to customary closing conditions.

Banking

Malaysian central bank opens office in Beijing

Bank Negara Malaysia, Malaysia's central bank, opened a representative office in Beijing on Nov 18 to further expand financial and economic ties with China.

The Beijing office is Bank Negara Malaysia's first presence in Asia, following its opening of offices in London and New York.

"This is a reflection of the growing importance of China in the global economy and the international financial system, and the very significant and longstanding financial and economic ties between Malaysia and China," said Zeti Akhtar Aziz, governor of Bank Negara Malaysia.

Economy

Private sector expands role in new industries

The overall size of China's strategic emerging industries significantly expanded in the past two years, said China's strategic emerging industry development report 2014.

At the same time, private business accounted for more than 70 percent of the seven strategic sectors of emerging industries.

The broad footprint of private businesses improved the driving force for the development of the sectors, including energy saving and environment protection, new energy and biotechnology.

China Daily Agencies

( China Daily Africa Weekly 11/22/2013 page18)