IN BRIEF (Page 24)

Tesla to open more car outlets in China

US electric automaker Tesla Motors Inc plans to open at least 10 new stores this year in China, its second-largest market after the United States, with a growth rate of more than 300 percent, a senior official at Tesla said on May 4. "We are very confident about our future in China. The development of our business is sustainable," said Zhu Xiaotong, president of Tesla China. Zhu said the last couple of years have seen a significant change in public perceptions toward electric cars in China.

Apple loses exclusive use to iPhone trademark

Apple Inc has lost exclusivity on the use of the "iPhone" trademark in China and has to share it with a Beijing-based leather products maker. The Beijing Municipal High People's Court has ruled in favor of Xintong Tiandi Technology (Beijing) Ltd, which has sold a number of leather products such as smartphone cases and handbags under the name "IPHONE" since 2007. In 2002, Apple applied for the "iPhone" trademark for its electronic goods in China, but it wasn't actually granted until 2013.

China fines Hitachi, CRRC subsidiary

The Ministry of Commerce has fined Japan's Hitachi Ltd and a unit of domestic trainmaker CRRC Corp 150,000 yuan ($23,100; 20,100 euros) each for failing to declare a joint venture set up more than three years ago. Hitachi and Beijing CNR agreed in March 2013 to set up a rail traffic signal joint venture and obtained a business license a year later but failed to declare the tie-up to the authorities, the Ministry of Commerce's anti-monopoly bureau said on May 4. Beijing CNR was a unit of China CNR, which merged with rival trainmaker CSR Corp to create CRRC last year.

Kuang-Chi invests in Eyesight Technologies

Shenzhen-based technology group Kuang-Chi sees a bit of the future in EyeSight Technologies, making it willing to invest $20 million in the Israeli company. EyeSight, which makes software that allows a fingertip to control the TV, fits into Kuang-Chi's strategy of investing in ideas that enable people to explore space and humans' links with machines, and act as universal connectors, Liu Ruopeng, chairman of Kuang-Chi, said. Part of the investment will be used to fund joint initiatives in China.

Foreign trade support stressed by official

Vice-Minister of Commerce Qian Keming has urged more support for development of China's foreign trade to realize steady and positive development this year. Local authorities should enhance their leadership, introduce supportive measures, optimize the business environment, encourage innovation and promote the sharing of experience to get trade growth back on track, Qian said on May 2 in Guangzhou, the site of the Canton Fair.

Consortium plans new Kidman bid

A China-led consortium seeking to buy Australia's S. Kidman & Co withdrew its A$371 million ($277 million; 241 million euros) bid for the country's largest private land-holding company and is planning to make another, a partner in the purchase attempt said on May 3. Australia recently rejected the bid for the cattle company by the group headed by Hunan Dakang Pasture Farming Co Ltd, saying the sale is not in its national interest. Dakang's partners in the attempt were Shanghai CRED Real Estate Stock Co Ltd and local company Australian Rural Capital Ltd.

Uber, Alipay team up on overseas rides

Uber Technologies Inc said it has signed up with online payment provider Alipay to allow Chinese travelers to request and pay for their international rides in yuan using the Alipay app in the more than 400 cities where the ride-hailing service operates. Alipay is the online payment platform of Ant Financial Services Group, an affiliate of China's biggest e-commerce company, Alibaba Group Holding Ltd.

Pengxin buys control of Brazil soybean firm

A unit of China's Shanghai Pengxin Group Co bought a controlling stake in Brazilian soybean trader and biodiesel maker Fiagril Ltd for $286 million, said a person with direct knowledge of the matter. The deal would be the first major Chinese acquisition of an agricultural company in Brazil.

Shipyard set to deliver largest LEG vessel

The world's largest liquefied ethylene gas carrier under construction at Shanghai's Jiangnan Shipyard (Group) Co Ltd was named Navigator Aurora on May 3 ahead of its delivery this month to London-based Navigator Gas, a major operator of liquefied gas carriers. The 180-meter ship with a capacity of 37,500 cubic meters will be used to carry ethylene from a refinery in Pennsylvania to the south of Sweden, according to Tommy Hjalmas, director of new builds and special projects at Navigator Gas.

Purefine aims to tap baby formula demand

Purefine Nature, a fast-growing Australian family brand, announced it will launch its formula milk products in the Chinese market to cater to the demand for foreign products. The first product would be on sale, both in supermarkets and China's largest e-commerce retailer Tmall, in July, and is expected to be available in 50 cities by the end of this year. "We don't want to just sell baby formula here, but also redefine the home market in China, which is now fragmented," said Ken Smith, chairman of Purefine Nature.

Australian dairy firm eyes Chinese market

Bega Cheese Ltd plans to generate as much as half its revenue from overseas by 2020 as the Australian dairy company expands a range of products with vitamin-maker Blackmores Ltd. The 117-year-old cheesemaker started selling infant formula this year through a joint venture with Blackmores as demand for the dried-milk powder surged in China. Bega Chairman Barry Irvin said the two firms aim to follow up with nutritional powders for the elderly as well as people with diabetes, and then push into developing markets across Asia.

Free trade agreement delivering benefits

The free trade agreement signed by Australia and China late last year is delivering for Australian businesses, the nation's minister for trade and investment said on May 2. Steven Ciobo said the government's decision to sign the historic China-Australia FTA had helped boost exports to China. Among the best-performing items were wine, beef, seafood and vegetables.

HNA unit to buy Carlson Hotels

A unit of China's HNA Group Co has agreed to buy closely held Carlson Hotels Inc, gaining brands including Radisson and Park Plaza as the global lodging industry consolidates. HNA Tourism Group Co will acquire Carlson and its 51.3 percent stake in Rezidor Hotel Group AB, Carlson's Brussels-based master licensee for Europe, the Middle East and Africa, and may begin a takeover offer for all of Rezidor, the companies said on April 27. Financial terms weren't disclosed. Carlson's hotel group could fetch about $2 billion in a sale, people with knowledge of the matter said in March.

( China Daily Africa Weekly 05/06/2016 page24)