IN BRIEF (Page 24)

Iberia to launch Shanghai services

Iberia, the Spanish carrier, has said it plans to launch direct flights between Shanghai and Madrid next winter. In a statement, the company said it has entered negotiations with Chinese authorities to request the necessary permits and will use A330-200s, its most modern aircraft, on the route.

Infiniti head quits for e-car venture

Daniel Kirchert, the China head of luxury carmaker Infiniti, has resigned to join a startup electric car venture backed by Tencent Holdings Ltd, Foxconn Technology Group and China Harmony New Energy Auto Holding Ltd, sources said on Jan 26.

China gaining ground in business influence

China and Germany are becoming strategic sources of new investment capital after the United States and the United Kingdom, according to the 2015 Global Trends in Investor Relations report, released on Jan 26 by BNY Mellon. China moved up from fifth to third, and Germany from seventh to fourth, displacing Singapore and Japan, respectively. The report is based on a survey of 550 respondents in 54 countries and regions.

Wanda to develop $10b park in India

Dalian Wanda Group Co has agreed to invest up to $10 billion to build an industrial park in the northern Indian state of Haryana. The company signed the deal in Beijing on Jan 22.

S. Korean cosmetic exports to China double

Exports of South Korean cosmetics and beauty products to China doubled in 2015 to a record $1.08 billion, the Korea International Trade Association said. South Korea's annual exports of this type of brand have enjoyed double-digit growth since 2010.

German Enterprise Center opens in Qingdao

A German Enterprise Center, the first of its kind in China, officially opened in the eastern city of Qingdao on Jan 21. With an investment of 670 million yuan ($101.8 million; 93.8 million euros) and covering 75,000 square meters, the center at the city's Sino-German Ecopark will serve as a platform for small and medium-sized German companies looking to do business in China.

Enel to get $1b credit line from Bank of China

Enel, Italy's biggest utility company, will get a credit line of up to $1 billion from Bank of China Ltd to fund projects involving Chinese companies as contractors or suppliers. A nonbinding agreement has been signed with the China Export and Credit Insurance Corp, which will back the financing with credit insurance, Enel said on Jan 20.

LeEco smartphones enter Indian market

LeEco, a Beijing technology company, has entered the Indian market with a recruitment drive and a new regional manager. The smartphone and TV maker said it is building a 1,000-employee product development center in Bangalore. The company has appointed Atul Jain, a former Samsung executive, to head its operations.

Yingli Green Energy in talks with bondholders

Yingli Green Energy Holding Co, the Chinese solar panel maker that failed to make a complete debt payment in 2015, is in discussions with bondholders of 1.4 billion yuan ($212 million; 196 million euros) of notes due in May on how to make a repayment. The company plans to sell assets, including some of its solar power plants, and will accelerate the pace at which it sees cash inflows from panel sales and a return on investments.

Zoomlion offers $3.2b for US crane maker

China's Zoomlion Heavy Industry Science and Technology Co confirmed on Jan 27 an unsolicited takeover bid for Terex Corp, the US crane and construction machinery maker. The deal would be vital to Zoomlion's transformation and the implementation of the company's global strategy, and it would help increase its revenue and profits, the company said. According to Terex, Zoomlion has offered $30 a share for the company, valuing it at $3.2 billion.

McDonald's bets big on digital growth

Global fast-food chain McDonald's unveiled the first of its Experience of the Future restaurants on the Chinese mainland on Jan 27 in Beijing's Wangfujing shopping district. The outlet will cater to the core dining needs of customers and offer digital, personalized and customized experiences. A similar outlet will open in Shenzhen this year. The company said it is setting up 250 new outlets mostly in lower-tier cities and stepping up the pace of its digital expansion in China.

Scope of FTA with Chile to expand

China and Chile are in talks to expand their 10-year-old free trade agreement to boost trade in agricultural products and develop logistics and financial services, Chilean officials said on Jan 27. Carlos Furche, Chilean minister of agriculture, said both sides are keen to accelerate talks in areas including air transportation, e-commerce, services, customs procedures and rules of origin, as well as add grapes, pork and wool to the trade list of agricultural products.

Apple's profit up but sales flatten in China

Apple Inc posted another record quarterly revenue on Jan 27. Net income for the fourth quarter was just 2 percent higher than the same period in 2014 at $18.4 billion, while year-on-year revenue growth was more or less flat, Apple said. The company's growth in China also slowed amid a weakening economy. Its revenue in the country rose 14 percent during the three-month period compared with 20 percent a year earlier.

(China Daily Africa Weekly 01/29/2016 page24)