IN BRIEF (Page 24)

Entrepreneurs gather in Hainan for Boao Forum

The annual conference of the Boao Forum for Asia opened in Boao, Hainan province, on March 22. The four-day forum - themed "Asia's new future: New dynamics and new vision" - will consist of 83 sessions, 51 forums, 14 roundtables and 12 entrepreneur discussions, covering issues such as macroeconomics, politics, innovation, Internet Plus, social welfare, culture, sports, religion and civilization. The forum also offers an opportunity to better understand China's pursuit of supply-side reform.

CCB expands US asset-manager ties

China Construction Bank Corp is adding pension capabilities to its partnership with Principal Financial Group Inc, helping the US insurer to expand into China's pension market. The pair, which created CCB Principal Asset Management in 2005, agreed to set up product-development and market-exploration platforms, Principal said on March 21. CCB received Chinese government approval last year to start a pension company.

Swiss watch exports fall for eighth month

Swiss watch exports fell for an eighth consecutive month as shipments to Hong Kong extended a one-year rut caused by rich mainlanders traveling to cheaper locations to buy expensive timepieces. Shipments slid 7.9 percent to 1.65 billion Swiss francs ($1.7 billion; 1.51 billion euros) in February, adjusted for working days, according to data from Switzerland's customs office. Exports dropped 3.3 percent last year, the first annual decline since 2009.

CNOOC, Shell to double Nanhai ethylene capacity

China's largest offshore oil producer, CNOOC, has reached an agreement with partner Royal Dutch Shell Plc to expand the existing ethylene cracker in their joint venture. It comes amid rapid growth in ethylene demand in the world's second-largest economy. The pair set up the joint venture CNOOC-Shell Petrochemicals Co Ltd in 2000 and now operate a $4.1 billion petrochemical complex in Guangdong province. The agreement is expected to increase its ethylene capacity by more than 1 million metric tons a year.

GM to focus on SUVs and MPVs for growth

General Motors is eyeing SUVs and MPVs to fuel its growth in China as it expects car sales in the country to remain low for years, the automaker said on March 21. GM and its partners plan to unveil 60 new and refreshed models by 2020, including 13 this year, and 40 percent of them will fall into the SUV and MPV segments, said GM China President Matt Tsien in Beijing. The company expects growth in China's overall car sales to average between 3 and 5 percent in the next five years, basically the same level as the 4.7 percent year-on-year growth last year.

COSCO, Vale sign shipping deal

China COSCO Shipping Corp Ltd and Brazilian miner Vale SA have signed an agreement on iron ore shipping, marking the latest cooperation between the two companies. COSCO's subsidiary, China Ore Shipping, will ship about 16 million metric tons of iron ore for Vale annually for the next 27 years. By amalgamating COSCO and China Shipping, the new conglomerate has the world's largest total shipping capacity and the fourth-biggest container fleet.

StanChart banking on China's future

Standard Chartered Plc has realigned its business to gain from the continued opening of China's trade and capital markets, the lender's chief executive has said, shrugging off concern over China's slower growth and currency volatility. Bill Winters said China's ongoing reform to open its capital account to global investors and the increasing global use of the yuan give full play to the strength of the emerging market-focused lender.

Internet giants in race to driverless future

Baidu Inc and LeEco Holdings Co Ltd are squaring up at the start of what could become a classic race to develop the world's first commercial self-driving vehicle. Just hours after LeEco, formerly LeTV Holdings Co Ltd, unveiled details of its car-making strategy, a Baidu executive said on March 17 it is set to test-drive the company's first driverless vehicle in the United States. Beijing-based LeEco was the first to touch the throttle when it announced it was partnering with six Chinese automakers, including BAIC Motor, BYD Co and Dongfeng Motor, to develop an in-car operating system.

Automaker eyes Russia, Iran

GAC Motor, a division of Guangzhou Automobile Group Co, which is listed in Hong Kong and Shanghai, plans to build car-assembling facilities overseas to meet the increased demand for Chinese homegrown vehicles. "We're conducting research on the sites of the overseas factories in Russia and Iran, to prepare for booming demand for Chinese vehicles," said Wu Song, general manager of GAC Motor. Overseas sales of its Trumpchi brand grew 38 percent year-on-year in 2015.

Midea to buy Toshiba white goods division

Chinese home appliances manufacturer Midea Group Co Ltd said on March 17 it is buying Japanese electronic giant Toshiba Corp's white goods business. Japan's Nikkei reported the sale will be worth more than $1 billion. The deal will be finalized by the end of this month, with the companies negotiating details, Midea said on March 17.

UBS opens Shanghai branch

UBS (China) Ltd, the Swiss company's locally incorporated and wholly foreign-owned bank, has announced the opening of its Shanghai branch, which will focus on wealth preservation and succession planning services. The branch is in Xintiandi, a community of high net worth individuals and ultrahigh net worth individuals. Amy Lo, head of UBS wealth management for China, said there is more focus now on family needs.

Hilton plans for 200 new hotels

Hilton Worldwide Holdings Inc, the world's biggest hospitality company by number of rooms, has said it will add more hotels in China than anywhere else in Asia as domestic and international visitors boost demand. Hilton will open 206 hotels in China, more than three-fourths of the 266 it's planning for the Asia-Pacific region, Martin Rinck, its Asia-Pacific president, said.

(China Daily Africa Weekly 03/25/2016 page24)