Jun 29 2010, no 156
29.06.2010, 20:10
Highlights from this issue:
TOP STORIES
- Sweden's MHM Scandinavia will supply wooden houses for Tianjin. "Our houses are the answer to a number of problems that the Chinese are facing in connection with the expansion of the urban areas," says Leif Simby, CEO of MHM Scandinavia, who has a realistic approach to copycatting in China, "China is so large that if someone starts to copy us, I say, what the heck, there is so much of China left for us." (Page 7)
- The Danish high-end furniture and design retailer Paustian opened its fourth shop in Shanghai, and its first outside of Scandinavia. "We have sold a lot in connection with Expo in Shanghai, we are now represented in both Danish and Luxembourgian pavilions, " says Paustian's head of communications Susanne Meyer. (Page 8)
- Amid the rising international pressure, China finally gave up the de facto peg to US dollar of its currency it had re-adopted since H2 2008.The de-peg has paved way for continued uphill of RMB exchange rates, but economists warn that any expectation of big rises in short-term would be unrealistic. (Page 3)
MANUFACTURING
- Sweden's Trelleborg Automotive adds R&D centre to Shanghai plant
- French Rhodia buys China's Feixiang Chemicals for USD 489m
- China axes export tax allowances, steel gets hit the hardest
FINANCE
- China abolishes USD/RMB peg, yuan up to new highs against USD
- China expands cross-border RMB trade settlement, aspires for global currency
- Shanghai shares fall to 14-month low on 29 June on slowdown fears
FOOD & AGRICULTURE
- CRE acquires local coffeehouse chain, to challenge Starbucks in Mainland
- Heinz acquires Foodstar, eyes China's huge flavouring market
PROPERTY & CONSTRUCTION
- MHM Scandinavia to supply wooden houses for Tianjin
- Caterpillar expands excavator capacity in China, buys out JV in Jiangsu
RETAIL & SERVICE
- Denmark's furniture retailer Paustian opens shop and showroom in Shanghai
- US KFC signs labour contract, promises wage hikes, may set example for others
- US Gap forays into China with four stores in 2010, to rival H&M and Bestseller
IT & MEDIA
- US Dolby opens R&E centre in Beijing for sound technology, its first in Asia
- China curbs 3rd-party payment, tightens governance of e-commerce
TRANSPORT & LOGISTICS
- US Visteon expands China JV in Changchun to make more auto air-con
- Shanghai's Jiading attracts two more European car parts makers
ENERGY & ENVIRONMENT
- Iceland's Geysir and Sinopec tie up for geothermal exploitation in China
- China calms down coal price to contain inflation, to be no 1 coal importer
ECONOMY & POLITICS
- China's Mainland and Taiwan sign landmark trade pact
- Shanghai and Guangdong economies keep steaming ahead, pushed by big events
KEY FIGURES
- GDP and GDP forecast for 2010-2011, industrial output, inflation, consumer price index, current account, currencies, foreign trade & investment, regional data, retail trade, money supply, net lending and auto sales.