IN BRIEF (Page 24)

AB Foods to sell China sugar business

Associated British Foods Plc, the British food-to-retail conglomerate, plans to sell its Chinese sugar business for as much as $1 billion, according to a source familiar with the matter. The process is in the early stages and there's no timetable for completion. AB Foods, meanwhile, is seeking to double down on its African sugar business Illovo, where it's looking to buy the stake it doesn't currently own for 5.6 billion rand ($371 million; 325 million euros). The owner of Kingsmill bread and discount clothing retailer Primark last year sold two underperforming sugar factories in China, where it has operated since 1995.

FDI up as funds flow to high-tech sectors

Foreign direct investment in China rose 4.8 percent year-on-year to 286.78 billion yuan ($44.1 billion; 38.6 billion euros) between January and April, led by a robust flow to high-tech service and manufacturing sectors, particularly in western regions. The high-tech service sector gained 32.53 billion yuan, a 108.6 percent surge. Fast-growth businesses such as information technology, development of digitalization products, and scientific research and development jumped 195, 199 and 41 percent respectively.

Steel exports surge on weak local demand

A surge in China's prices failed to stem steel exports in the first four months of the year, signaling that demand remains weak. Futures in Shanghai slumped by the exchange limit on May 9. Shipments climbed to 36.9 million metric tons in the four months to April, up 7.6 percent year-on-year, according to data from the General Administration of Customs. Mills boosted exports even as prices of steel reinforcement bar in Shanghai advanced by more than 50 percent at one point this year to the highest since September 2014.

China to open rubber anti-dumping review

The Ministry of Commerce was said it will start an anti-dumping review on chloroprene rubber imported from Japan, the United States and the European Union. The review, which will last until May 9, 2017, is aimed at investigating whether the dumping would continue to harm the country's chloroprene rubber industry if anti-dumping duties end, according to a statement on the ministry's website.

Bank of China to expand US business

Bank of China Ltd may further expand its business presence in the United States by hiring more people and setting up new subbranches. Xu Chen, US branch manager of Bank of China, said the bank will hire 100 new employees for its US businesses this year, most of whom would be in the West Coast. Also, Bank of China may set up a new subbranch in Houston because many Chinese petroleum companies operate businesses there.

Otis plans tallest elevator test tower

Elevator giant Otis is to build the world's tallest aboveground test tower in Shanghai, as it works to keep pace with China's burgeoning appetite for skyscraper construction. At a projected height of around 270 meters, the tower's innovative design will use a flexible configuration that can easily be adapted to accommodate new components and systems as they evolve, said Otis President Philippe Delpech.

(China Daily Africa Weekly 05/13/2016 page24)