IN BRIEF (Page 24)

Pengxin links with ARC on land bid

Australian investment company Australian Rural Capital has announced to the stock exchange it is partnering with Shanghai Pengxin Group to buy S. Kidman & Co, Australia's largest private landholder with properties covering 101,000 square kilometers in Western Australia, South Australia, the Northern Territory and Queensland. Pengxin was forced to rework its initial bid - thought to be around $370 million - after Federal Treasurer Scott Morrison said last year it was not in the national interest for him to approve a sale to a sole foreign buyer. Along with pairing up with ARC, it was reported Pengxin has removed Anna Creek Station from its purchase offer.

China hits back at US over ZTE restrictions

China hit back at the United States on March 8 over its decision to impose restrictions on telecom equipment maker ZTE Corp for allegedly selling products to Iran in violation of sanctions. Calling the restrictions "not a correct way" to handle economic disputes, Foreign Minister Wang Yi said the approach "only hurts others without necessarily benefiting oneself". The US Commerce Department on March 7 banned US suppliers from selling components to Guangdong-based ZTE. It claimed the company "illicitly exported" controlled items to Iran and that its suppliers in the US will need to apply for a permit before selling more products to ZTE.

HSBC wins credit card approval

HSBC Holdings Plc has won approval to launch a credit card business in China's $1 trillion market. The approval came as HSBC ended a card venture with Bank of Communications Co, the bank's Asia-Pacific head Peter Wong said, paving the way for the British company to join Citigroup Inc and Bank of East Asia Ltd as the only foreign credit-card issuers on the Chinese mainland.

Gree to buy e-car firm with battery maker ties

Gree Electric Appliances Inc, the Chinese home appliances maker, is planning to branch into new-energy vehicles by acquiring a local electric-car producer. Gree is planning to issue new shares to buy Zhuhai Yinlong New Energy Co, the controlling shareholder in the Nasdaq-listed Altair Nanotechnologies Inc, a Nevada-based lithium battery company, the company said on March 6.

Iron ore soars after govt pledge

Iron ore in Asia soared after Chinese policymakers signaled their willingness to buttress growth, with prices rallying even as the authorities reiterated pledges to cut excess industrial capacity, including in steel. Miners' shares rocketed, with Australia's Fortescue Metals Group up 24 percent. Futures surged to their daily limit of 407 yuan ($62.40; 56.80 euros) a metric ton on the Dalian Commodity Exchange, the highest in almost six months, while in Singapore, the SGX AsiaClear contract jumped as much as 19 percent to $58.95 a ton. In Sydney trading, Fortescue's shares rallied while Rio Tinto Group and BHP Billiton Ltd also climbed.

HNA, Accor mulling $2b Carlson Rezidor takeover

HNA Group, China's fourth-largest airline group, and Accor SA, Europe's biggest hotel operator, are believed to be among potential bidders for Carlson Rezidor Hotel Group, which owns the Radisson and Park Plaza brands. A sale could be worth about $2 billion, and a deal could be done as soon as the middle of the year. No final decisions have been made about the sale, and Carlson is also considering other options for the assets.

( China Daily Africa Weekly 03/11/2016 page24)