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Auto

JAC electric vehicles head across Pacific

Jianghuai Automobile Co, one of China's 10 largest automakers, will deliver 100 electric vehicles to a leading electric carmaker in the United States on Sept 3.

The vehicles, part of the 2,000 units purchased by the US-based GreenTech Automotive Corp, will be delivered from Hefei, where JAC is located, while the other 1,900 will be shipped from there in the near future.

In 2012, GreenTech inked an agreement with JAC to bring 2,000 battery-powered electric vehicles to the US market. After more than one and a half years of research and development, the Chinese automaker formally reached an agreement with its partner in August to export the vehicles to the US.

Toyota sales bounce back after falls

Toyota Motor Corp and its two Chinese joint ventures sold about 78,500 vehicles in China last month, up 8.9 percent from a year earlier, the Japanese carmaker said. That followed a 1.1 percent year-on-year fall in July and a 7.6 percent fall in June. In the first eight months this year, Japan's biggest carmaker by sales volume sold about 619,200 vehicles in China, up 9.7 percent from a year earlier. Toyota, which said it aims to sell more than 1.1 million vehicles in China this year, operates the China FAW Group Corp and Guangzhou Automobile Group joint ventures in the country.

Investment

Nigeria woos Chinese investors

Nigeria said on Sept 1 that Chinese investors are welcome as its electricity transmission expansion program is now open for foreign investment in the form of public-private partnership.

Alhaji Mohammed Wakil, power minister of Nigeria, made the remarks at a meeting with leading stakeholders and investors from the Chinese power industry in the capital city of Abuja.

"I urge you all to participate in the planned power transmission project in Nigeria. The government of Nigeria is working out the participation of private sector in the transmission sub-sector under a public-private partnership," he said.

Wakil described the opportunities in the power transmission and renewable energy sector as "very attractive and sustainable."

Finance

New head of Shenzhenexchange named

Wu Lijun, assistant chairman of China Securities Regulatory Commission, will step down and assume the position of Party secretary and president of the Shenzhen Stock Exchange, the commission said. Chen Dongzheng, current Party secretary and president of the Shenzhen Stock Exchange, is stepping down for reasons of age, the commission said. Xiao Gang, the commission chairman, said the more shows the Party and the State Council are paying attention to building the capital market and that as market reform deepens, the stock exchange will take on heavier responsibilities.

Entertainment

Macao gambling revenue falls 6.1%

Gambling revenue in the world's biggest gaming center of Macao fell 6.1 percent last month from the corresponding period a year ago, according to government data. It was the third straight monthly decline this year as a stepped-up campaign against corruption and falling housing prices in China sapped demand from high-rolling VIP customers.

Gambling revenue from Macao's 35 casinos fell to 28.9 billion patacas ($3.6 billion) from 30.7 billion patacas a year earlier, the Macao government said.

Aviation

China Eastern profit dives in first half

China Eastern Airlines, one of the country's leading carriers, posted a net profit drop of almost 98 percent in the first half of the year compared with the corresponding period last year. With net profit of 14 million yuan ($2.28 million), the company had revenue of 42.6 billion yuan in the first six months, a statement to the Shanghai Stock Exchange said. The revenue was a 2.68 percent increase year-on-year, the airline said. It attributed the performance to "geopolitical instability, fewer high-end business travelers and more convenient high-speed railway services".

Heavy industry

Sharp decline in Sany revenue

Construction gear maker Sany Heavy Industry posted a net profit drop of 48.3 percent in the first half of 2014 year-on-year. With a net profit of 1.37 billion yuan ($223 million), the company had revenue of 19.7 billion yuan in the first six months, it told the Shanghai Stock Exchange. Revenue fell 10.7 percent on the corresponding period last year, Sany said.

Agriculture

M&As driven by demand for food products

The transformation of China's agriculture has attracted a great deal of attention in the mergers and acquisition market and capital markets, consultancy Deloitte said in a report. Driven by sharply increasing demand for food products worldwide, China's farming sector has had many new entrants, including financial investors who previously had no connections or experience with the industry, said the report, "Tide of Change: A whole industry chain approach to modern agriculture."

Cotton prices to reach lowest level in 5 years

Cotton prices are set to fall to their lowest level in five years as demand has slowed in China, the world's biggest consumer, and India heads for a record crop, India's biggest denim maker, Arvind Ltd, said. Prices are poised to retreat to a range of about $1.20 to $1.30 a pound by December, said Sanjay Lalbhai, chairman of the company. The harvest in India, the world's second-largest grower, may jump to a record 40 million bales of 170 kilograms each in the 12 months starting Oct 1, up from 37 million bales this year. Futures slumped 21 percent in New York, making it one of the worst performers on the Bloomberg Commodity Index of 22 raw materials, as global stockpiles increase to a record high.

Energy

Carbon trading allowed in cities and provinces

China, the world's biggest emitter of greenhouse gases, plans to start a national market for carbon trading by 2016 as it seeks to balance pollution reduction with economic growth. In preparation for the event, China has selected seven cities and provinces, including Shanghai, Beijing and Guangdong, to set regional caps and institute pilot programs for trading rights. The initiative aims to cut the intensity of emissions by as much as 45 percent before 2020 from 2005 levels. The exchange in the southern city of Shenzhen, near Hong Kong, will allow foreigners to trade carbon permits.

Copper price falls on demand worries

Copper fell in London on signs that factory demand will slow in China, the world's largest consumer of the industrial metal. The Purchasing Managers Index from the China Federation of Logistics and Purchasing fell to 51.1 for August from 51.7 in July. Economists surveyed by Bloomberg had projected 51.2. China's copper output rose to a six-month high in July, and Goldman Sachs Group Inc forecasts more smelting capacity in the second half, curbing imports of the refined metal. Prices have fallen 5.7 percent this year.

China Daily-Agencies

( China Daily Africa Weekly 09/05/2014 page18)