Profits of Chinese state firms up 8.2% – Xinhua | English.news.cn Total business revenues at SOEs rose 11 percent year on year to 41.93 trillion yuan, the ministry said in a statement on its website.
The ministry did not give any explanation for the lower profit growth rate, but said SOEs in sectors such as power generation, electronics, real estate development and auto production posted relatively fast profit growth, while those in non-ferrous metals, coal mining and chemicals reported declines in profits.
The statement said the monthly report did not include SOEs in the financial sector.
Overseas investing sees large jump |Economy |chinadaily.com.cn **Suspicions that the jump is down to getting money out of China** Outbound investment, calculated on the basis of deals closed, rose to $80.2 billion in the January-November period, exceeding the $77.2 billion for all of last year, the Ministry of Commerce said on Wednesday.
BTC China to stop taking yuan deposits |Companies |chinadaily.com.cn BTC China, the world’s largest Bitcoin operator by trading volume, said it will no longer accept new deposits in yuan, dealing another setback to the virtual currency.
The announcement on the operator’s Sina Weibo account came two weeks after China’s central bank said the country’s banks were barred from handling Bitcoin transactions.
Lack of loans constricts Chinese economy: Beige Book survey | South China Morning Post **Incredible** The number of firms getting new credit shrank for the seventh straight quarter while the proportion of loans going to debt rollovers jumped, meaning that most new bank lending went straight to repaying existing obligations rather than financing new economic activity.
Only 14 per cent of bankers questioned said 30 per cent or more their branch lending went to new customers in Q4, down from 18 per cent in Q3 and 40 per cent in Q2, meanwhile only 33 per cent of firms surveyed said they had applied for loans in the current quarter – down a hefty 13 points from Q3.
China’s private sector still in the shadow of the state | South China Morning Post **See profits statement above** The biggest components of the state sector are the banks, which account for almost half of the domestic stock market valuation, and about half of the total net profit of all the listed companies. Other big components in the stock market, or in the unlisted universe for that matter, are state-controlled big insurance companies, big oil corporations and telecommunications operators.
Chinese banks have an average return on equity (ROE) of about 20 per cent – twice the level of their global peers. Insurance companies do well in general, and telecoms operators enjoy exorbitant privileges. How can the state sector underperform the private sector in financial terms?
State buying may explain China’s gold import surge – FT.com The People’s Bank of China has not provided an update on its bullion reserves since 2009, when it reported a holding of 1,054 tonnes. But the suspicion among some analysts is that China’s central bank has purchased up to 300 tonnes of gold this year.
Global grocers must walk down the aisle with a Chinese mate | China Economic Review France’s Auchan has found a marriage made in heaven with Taiwan-based RT Mart. British retailer Tesco was swept off its feet by a Chinese suitor with government ties. Executives at Carrefour, another huge French grocer, have been rumored for some time to be signing up to every matchmaking service possible.
But as many a foreign businessman in China can attest to, finding a partner to live with happily here ever after is no easy task. Dating is an expensive and complicated game.
China takes lead as New Zealand export destination – Xinhua | English.news.cn **Check this map** China has overtaken Australia to become New Zealand’s top goods export destination on an annual basis for the first time, the New Zealand government statistics agency announced Thursday.
Two more CNPC and PetroChina officials questioned for graft｜WantChinaTimes.com Wen Qingshan, chief accountant of China National Petroleum Corporation (CNPC) and Wang Lihua, chief of the company’s oil trading subsidiary Chinaoil, have been held for questioning in an investigation of a corruption scandal which engulfed the state-owned company last week, according to the Chinese-language news portal NetEase and Shanghai’s China Business News.
Whether they are being investigated for graft or simply helping with the investigation remains unclear. Shares of Kunlun Energy, which Wen chairs, have not been traded on the stock exchange since Tuesday morning, with no reason given as to why this is so.
CNOOC Limited : Newly reliable Buzzard calms oil prices | 4-Traders **Suggestions that CNOOC is under-valued** One of the world’s most important oilfields, the North Sea’s Buzzard, long known in the industry for struggling output and continual breakdowns, has gone through a quick and surprising transformation.
Buzzard, which plays a leading part in setting global oil price benchmark Brent, has been pumping almost non-stop since August, less than a year since Chinese state company CNOOC bought its operator, Nexen.
Exclusive: Peugeot board approves outline Dongfeng deal – source | 4-Traders PSA Peugeot Citroen’s board has approved a plan for an alliance with Dongfeng in which the Chinese carmaker and the French state would buy large minority stakes at a 40 percent discount to Peugeot’s current share price, a source familiar with the matter said.
The board agreed to enter final negotiations on a 3.5 billion euro ($4.8 billion) share issue that would see France and Dongfeng Motor Group take matching 20 percent holdings, the source said on Wednesday, speaking on condition of anonymity.
China Auto Industry News | Dongfeng-Honda and Guangzhou-Honda Prepping Low Cost Hybrid For China | China Car Times – China Auto News **How many partners does Dongfeng Motor have?! Shows the desire of manufacturers to get into Chinese market** According to overseas and Chinese press reports Honda are working with their Chinese partner Dongfeng to develop a low cost hybrid model specifically for the Chinese market.
Imported hybrid models have failed to take off in the Chinese market, hence Honda’s decision to design fuel saving cars specifically for the Chinese market. Details on the new model are still exceptionally few but the model should launch in 2016.
APAC Fuels 4G Action | Light Reading **Big infrastructure investment** Nokia Solutions and Networks (NSN) has been detailing its engagement with China Telecom Corp. Ltd., which is rolling out a 4G network that comprises both TDD and FDD LTE access infrastructure. NSN is providing its Flexi Multiradio 10 Base Stations along with associated deployment services and the vendor’s NetAct OSS.
The supplier is one of at least five key infrastructure suppliers to China Telecom, but NSN’s share of the overall initial rollout is believed to be quite small — Huawei Technologies Co. Ltd., ZTE Corp., and Alcatel-Lucent are believed to have snagged the majority of the work. (See AlcaLu Gains LTE Traction in China and Alcatel-Lucent Makes 4G Gains in China.)
China Life Insurance Downgraded by UBS AG to Neutral (LFC) | WKRB News China Life Insurance (NYSE:LFC) was downgraded by investment analysts at UBS AG from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports.
Shares of China Life Insurance (NYSE:LFC) opened at 46.60 on Wednesday. China Life Insurance has a 1-year low of $33.88 and a 1-year high of $52.72. The stock’s 50-day moving average is $44. and its 200-day moving average is $39.51. The company has a market cap of $86.193 billion and a price-to-earnings ratio of 20.04.
Saab bets on electric cars and China for revival | Reuters Saab’s new owner, National Electric Vehicle Sweden (NEVS), is targeting its home market of China, where the government is promoting clean automotive technology with up to 100 billion yuan ($16 billion) in vehicle subsidies, R&D and infrastructure spending, according to research firm Frost & Sullivan.
How Do You Say Tesla with Chinese Characters? Nobody Knows – China Real Time Report – WSJ Tesla still hasn’t revealed its Chinese-character name for its car. That could partly be because Chinese businessman Zhan Baosheng already registered the transliteration of Tesla (特斯拉), which doesn’t have any obvious meaning or connotation. Tesla does use the characters on its Weibo account.
Delek, Ratio dispute Noble Energy oil estimates – Globes The Israeli partners of Noble Energy Inc. (NYSE: NBL) in the Leviathan field – Delek Group Ltd. (TASE: DLEKG) and Ratio Oil Exploration (1992) LP (TASE:RATI.L) have distanced themselves from the presentation given by Noble about the oil potential in Leviathan and Cyprus’s Block 12. Noble’s estimates provided to US analysts are not in line with Delek and Ratio’s reports to the Israel Securities Authority regarding oil and gas exploration.
Posted from Diigo.