IN BRIEF (Page 24)

Train maker looking for European partners

Train maker China Railway Rolling Stock Corp has vowed to cooperate with major manufacturers in Europe to explore new markets in the region. "We're new in exploring overseas opportunities, although we're growing very fast and are willing to cooperate with giant firms in Britain, France and Germany," Cao Gangcai, the group's spokesman, said on Sept 21 at the Berlin rail industry fair, where the company was showcasing the "concept transcontinental train" as well as smart trains and railway control systems.

Energy-use trading trials announced

Energy-use rights in China are to be measured and traded in standard coal by the metric ton, the National Development and Reform Commission has said. Zhejiang, Fujian, Henan and Sichuan provinces will pilot the system in 2017 and major power-consuming companies will be involved, it said.

Metals firm declared bankrupt by court

Guangxi Nonferrous Metals Group Co Ltd, an unlisted government-run company, has been declared bankrupt by a court in southern China. The company, which defaulted on a bond in February and missed a payment in April, had failed to propose a court-ordered reorganization plan within a six-month window, the court ruled, according to a statement released online on Sept 19.

Guangdong CO2 auction is oversubscribed

The auction for emissions permits for the September to November quarter in Guangdong province, the first of the 2016 trading year, was oversubscribed, the China Emissions Exchange said on Sept 21. An auction for 500,000 permits offered from government reserves attracted 858,117 bids from 13 companies. The permits were sold at 9.88 yuan ($1.48; 1.32 euros) a metric ton each, the exchange said. The auction price is 66 percent of the price for permits traded in the secondary market, priced at 15 yuan on Sept 21.

Michelin expands aircraft tire business

French tire giant Michelin said on Sept 20 it was establishing a new company, the Michelin (Shanghai) Aircraft Tire Trading Co Ltd, to expand its aircraft tire business in China. Michelin said the launch was aimed at improving service levels and product availability for aviation customers in China, including Air China, China Eastern and China Southern.

$1.5b credit support for small enterprises

Ant Financial Services Group, the financial arm of e-commerce giant Alibaba Group Holding Ltd, has promised 10 billion yuan ($1.5 billion; 1.3 billion euros) in credit to support small and micro businesses in Anhui province. Companies can apply for loans through its online bank service, MYBank.

Microsoft eyes potential in rising cloud market

Microsoft Corp will increase investment in China's cloud computing market, with the scale of its cloud platform Microsoft Azure growing at least tenfold in the next few years, Scott Guthrie, executive vice-president in charge of cloud services, said on Sept 21. The company launched more than 10 new services and functions including image recognition on Microsoft Azure by teaming up with 21Vianet Group Inc, a Beijing data infrastructure provider.

Marriott-Starwood wins antitrust approval

China's antitrust regulator has approved Marriott International Inc's purchase of Starwood Hotels & Resorts Worldwide Inc, paving the way for the creation of the world's largest hotel group. The hoteliers announced on Sept 20 that the merger has been given the green light by the Ministry of Commerce. It was the only review pending after the companies secured pre-merger approvals from more than 40 countries, including the United States and Canada as well as the European Union.

Toyota recalls vehicles over airbag fault

Toyota is recalling 142,592 imported vehicles across the Chinese mainland due to defective airbags, the quality watchdog said on Sept 20. The recall affects Lexus IS vehicles made between Jan 26, 2006, and Dec 27, 2011; Lexus ES sedans made between Dec 12, 2005, and Dec 28, 2011; and Lexus GX460 SUVs made between Dec 1, 2010, and Dec 28, 2011.

Taobao is nation's 'most valuable' brand

Taobao, the online marketplace, has surpassed Tencent to become China's most valuable brand, according to a report released by Hurun Research Institute on Sept 20. Taobao's brand is valued at 230 billion yuan ($34.4 billion; 30.8 billion euros), followed by China Mobile at 227 billion yuan and Baidu Inc at 218 billion yuan. Tencent, which ranked No 1 last year, was fifth with 210 billion yuan as its instant messaging app WeChat was counted independently.

Firms defy Middle East competition

Despite growing competition in the Middle East weighing on profit margins, Chinese solar technology producers say they are confident of securing more market share in the region. At the opening of the three-day annual Intersolar Middle East exhibition in Dubai on Sept 19, dozens of Chinese companies showcased their latest innovations. "Last year saw a price war, so we're exhibiting for the first time in order to reach out to new clients," said Anne Zheng, sales manager for Zhejiang Longchi Technology.

LeEco raises $1b to bankroll electric car

LeEco, the Chinese internet major, said on Sept 20 it has raised $1.08 billion to bankroll the development of its electric sports car, a step toward the company's ambitious goal of producing cars that are more advanced than those from Tesla Motors Inc. The Beijing company said it had completed the initial fundraising round for its so-called Le Supercar, an internet-savvy e-vehicle, with investments from companies including Legend Holdings Corp, Yingda Capital Management Co and China Minsheng Trust.

( China Daily Africa Weekly 09/23/2016 page24)