What's news (China Daily)
Governments and policies
Experts confident on China growth prospects
The economy will continue to grow at rates above global averages in China in the near future, despite market fears sparked this week by the yuan’s dip and economic policy adjustments. Argentine asset management and consulting firm Delphos Investment published a special report Friday which basically dismissed the “panic over domestic recession” in China as “exaggerated”. “We understand that the engine of the Chinese economy is changing to domestic consumption, with implications for its growth rate,” Delphos said.
Foreign service trade deficit rises in July
The nation saw a bigger deficit in foreign service trade in July compared with the previous month, data from the State Administration of Foreign Exchange showed on Monday. Service trade deficit was 107.6 billion yuan ($16.8 billion) in July, increasing from 90.9 billion yuan in June, according to SAFE. Last month, income from trade in services stood at 116.9 billion yuan, while expenditure in service trade was 224.5 billion yuan, the data revealed.
Companies and markets
QFII quota increases to $76.7 billion in August
The outstanding amount of China’s dollar-denominated Qualified Foreign Institutional Investor program inched up to $76.7 billion as of Friday, from $76.6 billion at the end of July, the country’s currency regulator said on Monday. The QFII scheme was created by China to allow foreigners to invest in Chinese capital markets.
BOC Aviation set to buy more single-aisle planes
BOC Aviation Pte, Asia’s biggest aircraft lessor, may buy more single-aisle planes as economic growth spurs travel demand. The company, owned by Bank of China Ltd, is deciding between Airbus Group SE’s A320neo and Boeing Co’s 737Max, Managing Director Robert Martin said in Singapore. The order won’t be large and there is no timeline for the purchase, he said on Monday.
Yantai CIMC to export jack-up platform in Sept
A Chinese firm will export a domestically developed gas compression jack-up platform to Mexico in early September. With a daily gas compression capacity of 200 million cubic feet, the “Agosto 12” gas rig will go to the Cantarrel oilfield in the Gulf of Mexico, where it will be operated by a consortium of Mexican enterprises, said its developer Yantai CIMC Raffles Offshore Ltd on Sunday.
Hongqiao sees price rebound in aluminum
China Hongqiao Group Ltd, the nation’s biggest aluminum maker, said it expects prices to rebound in the second half of September as government support for the economy bolsters the market for metals. The forecast follows Friday’s earnings, which saw Hongqiao’s first-half profit rise 33 percent on the year as it expanded output and benefited from falling raw-material costs. The company may post another strong performance in the second half of 2015 if aluminum prices remain around 12,000 yuan ($1,881) a metric ton, CEO Zhang Bo said on Monday in Hong Kong.
Around the world
Bayer plans final-stage tests for heart drug
Bayer AG will conduct final-stage tests on an experimental drug to treat chronic heart failure and diabetic kidney disease following successful mid-stage trials. The latest studies determined the right dosing levels for the medicine, called Finerenone, Leverkusen, Germany-based Bayer said in a statement on Monday. The company will now examine the drug’s efficacy and safety in almost 15,000 patients.
Italy’s Eni discovers huge gas field off Egypt
Italian energy giant Eni SpA has discovered a “supergiant” natural-gas field off the Mediterranean shores of Egypt, the company announced on Sunday. The field could hold up to 30 trillion cubic feet of lean gas, the company said. After its full development, it could satisfy Egypt’s natural-gas demand for decades.
Givaudan expands its reach with acquisition
Givaudan SA said on Monday that it has acquired Swiss cosmetics ingredient maker Induchem Holding AG to expand its fragrance sector business. Geneva-based Givaudan, which supplies flavors to food companies such as Nestle SA, Mondelez International Inc and Unilever NV declined to disclose financial terms of the deal, but said it would be financed from existing resources.
Bertelsmann expects revenue growth in 2015
German media giant Bertelsmann said Monday it expects sales and underlying earnings to increase in the whole of 2015 after a strong first half of the year. In the first six months, net profit jumped by 55 percent to 398 million euros ($446 million). Operating or underlying profit, as measured by earnings before interest, tax, depreciation and amortization, climbed by 4.4 percent to 1.063 billion euros and revenues rose by 2.5 percent to 8.04 billion euros.
Maersk Oil’s North Sea gas project gets nod
A. P. Moeller-Maersk A/S, said it has received approval to develop the $4.5 billion Culzean gas field, the largest new find in the United Kingdom’s North Sea for a decade, with the capacity to deliver around 5 percent of UK’s demand by 2021. Maersk Oil, the wholly owned oil and gas unit of the Danish shipping conglomerate, said the field would start producing in 2019 and keep going for at least 13 years, with a production plateau of around 60,000 barrels a day.
China Daily – Reuters – Bloomberg – Xinhua
(China Daily 09/01/2015 page14)