Jun 1 2010, no 154
01.06.2010, 20:41
Highlights from this issue:
TOP STORIES
- As the first Nordic bank to join China's RMB payment system CNAPS, Swedish Svenska Handelsbanken can offer customers quicker, simpler payment services in RMB. "Our customers' payments are now always within our own system," explains the bank's Shanghai manager Johan Andrén. (Page 4)
- Norwegian Statoil's Peregrino oilfield offshore Brazil becomes another prey of eager overseas acquisitions by Chinese oil giants, as China's 4th largest oil company Sinochem will pay USD 3bn for a 40% stake in the oilfield. "Oilfield development is very costly," Kersti Tvedt Morstøl explains Statoil's decision to news2biz. (Page 14)
- The German electronics chain Media Markt cannot wait to dip into China, planning 10 stores in Shanghai by 2012 for by investing USD 200m. "By our experience, we can allocate more than 30 stores only in Shanghai," says Sven Jacobsen at Media -Saturn. (Page 9)
MANUFACTURING
- Swedish-Chinese electronics design company System Design House seeks business and engineers in China
- Roplan starts up in NIP in Ningbo, plans for growth
- China buys 13% more copper in January-April as demand keeps strong
- China's export of textiles and clothes rebound in Q1, but trends down month by month
FINANCE
- Swedish Handelsbanken first Nordic bank to link directly to RMB payment system
- East European fund manager East Capital goes to Shanghai to sell more China funds: news2biz talks to CEO and co-founder Karine Hirn
- Insurance premiums soar 47% in January-April after a hiccup in 2009
- Credit card defaults and NPL rate reach new highs, sector slowing
FOOD & AGRICULTURE
- PepsiCo digs deeper into China, investing USD 2.5bn
- Cotton prices surge to new highs in China due to supply shortage
PROPERTY & CONSTRUCTION
- Japanese Mitsui plans 1st project in China: a RMB 4.5bn community in Tianjin
- China mulls to revise property tax to dampen real estate speculation
RETAIL & SERVICE
- Media Markt to debut in Shanghai in October, open 10 stores by 2012 by investing USD 200m
- US online travel firm Expedia commits additional USD 50m, teams with China's budget hotels
IT & MEDIA
- Online shopping turnover tops RMB 100bn in Q1 for the first time, led by Taobao.com
- news2biz commentary: 12 suicides at Foxconn show the dark side of "the world's factory"
TRANSPORT & LOGISTICS
- Daimler and BYD in RMB 600m JV for electric cars, to use BYD batteries
- Shipbuilding orders revive, but profitability of Chinese shipyards still clouded
ENERGY & ENVIRONMENT
- Statoil sells stake in Brazil oilfield to Sinochem, partners with the Chinese
- PetroChina allocates USD 60bn for overseas acquisition in next decade
ECONOMY & POLITICS
- Manufacturing PMIs in May show economic expansion stabilising
- Economies in Taiwan and Hong Kong rebound strongly in Q1, reflecting influence of Mainland
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.