China Business Briefs 28/12/13

ECONOMY

Top auditor pledges to keep watch on debt |Markets |chinadaily.com.cn **That’s HIS JOB!** Liu Jiayi, head of the National Audit Office, said that his office will track the potential risks of accumulated debt and how they are dissolved, while checking how new debt is used.

The office will also audit officials in “key regions, key departments, key agencies and key posts” at least once during their terms, and conduct checks of government spending on conferences, meetings and office buildings, he added.

China’s Audit Chief Pledges Checks of Government Debt, Spending – Bloomberg China’s national auditor has spearheaded central government efforts to increase scrutiny of local officials. That’s included checks on government agencies and state-owned companies to weed out corruption and a nationwide review of local government debt ordered by Premier Li Keqiang in July as concerns mounted that rising levels of borrowing by cities and provinces could derail the economy.

The audit office will be “a defender of national interests, a protector of public funds, a watchdog of those in power and a sharp sword to cut corruption,” Liu said.

ODI on track to outstrip FDI, official says |Economy |chinadaily.com.cn In a few years, China’s overseas investment may surpass the foreign direct investment it attracts, experts said.

In the January-November period, Chinese investors splashed out $80.24 billion in nonfinancial direct investment, up 28 percent from the same period last year.

During the same period, China’s actual use of foreign capital was $105.5 billion, up 5.48 percent, according to the ministry.

China’s 2013 industrial output growth likely 9.8% – MarketWatch **Lots of year-end data coming in** China’s industrial output is likely to show growth of 9.8% for 2013, the state-run Xinhua news agency reported Friday, citing Miao Wei, minister of industry and information technology.

Industrial output, which measures production at factories, workshops and mines, rose 10.0% in November year-on-year. In the first 11 months, it was up 9.7% over a year earlier, according to data released previously by the National Bureau of Statistics.

China’s industrial profit up 9.7 pct in November – BUSINESS – Globaltimes.cn Chinese industrial businesses saw profits rise 9.7 percent year on year in November, slowing from 15.1 percent in October, official data showed on Friday.

Total profits of industrial companies with annual revenues of more than 20 million yuan (3.3 million US dollars) reached 707 billion yuan in November, the National Bureau of Statistics (NBS) said in a statement.

China may miss 2013 foreign trade growth target – People’s Daily Online China’s foreign trade is likely to grow by more than 7 percent from the previous year to reach 4.14 trillion U.S. dollars in 2013, slightly lower than the official target of 8 percent.

China’s Tianjin Starts Carbon Trading at Half Guangdong’s Price – Bloomberg China’s northern municipality of Tianjin started carbon trading at prices less than half of what companies in the southern province of Guangdong are paying.

Five trades for 45,000 metric tons of carbon were done for as much as 28 yuan ($4.61) a ton on the Tianjin Climate Exchange, according to a statement on its website today. Permits on the China Emissions Exchange in Guangdong, the world’s largest after the European Union, sold last week for as much as 61 yuan, the highest in the nation.

China targets cement, batteries, metals in anti-pollution push | Reuters Beijing, facing growing public anger over smog, contaminated food and unclean water, has said it will tackle the environmental costs of more than three decades of unbridled growth.

It has promised to get tough with under-regulated industries such as cement, iron and steel and coal but the central government has traditionally struggled to impose its will on powerful industrial sectors and local governments.

Rising demand drives 721% hike in wheat imports last month[1]|chinadaily.com.cn **Sounds fishy. Fake imports is a way to get RMB out the country** Customs data show that China imported 970,000 tons of wheat from the US, France, Canada, Australia and Kazakhstan in November, a whopping 721 percent increase over the same month last year.

‘Virtual’ era opening up for telecom users, firms – Headlines, features, photo and videos from ecns.cn|china|news|chinanews|ecns|cns The Ministry of Industry and Information Technology officially issued the first group of licenses for mobile virtual network operators on Thursday, allowing private domestic companies to offer repackaged mobile services.

According to an announcement on MIIT’s website, 11 companies — including an Internet service subsidiary of Alibaba Group Holding Ltd, as well as e-commerce giant Beijing Jingdong Century Trading Co Ltd (JD) and mobile phone retail chain store D.Phone Group — received mobile virtual network operator licenses.

COMPANIES

Sinopec Boosts Loan Size by 40% to $3.5 Billion on Bank Demand – Bloomberg China Petrochemical Corp., whose Hong Kong-listed unit is Asia’s biggest refiner, increased the size of its five-year syndicated loan to $3.5 billion from $2.5 billion after a total of 17 banks joined, according to a statement from two of the arranging lenders.

The term facility attracted banks from Asia, North America, Europe, Australia and the Middle East and pays a margin of 1.23 percent, the statement from United Overseas Bank Ltd. and the Royal Bank of Scotland Group Plc said. Tiptop Energy Ltd. and Sinopec Century Bright Capital Investment Ltd. are the borrowing entities and the facility is guaranteed by Sinopec Group, as China Petrochemical is more commonly known.

The 2 Biggest Risks to Apple Winning With China Mobile (AAPL) So, what could go wrong? While I hope it’s clear that I firmly believe in this deal’s big ticket potential over the next several years, there are also several key issues for China Mobile and Apple that could keep the two companies from reaping the full benefits of one of tech’s most high-profile deals in recent memory.

Bank of China launches mobile payment app | MobilePaymentsToday.com Bank of China said the app integrates its various mobile payment products, including mobile banking-based payments. Customers can use the app to inquire about their electronic payment transaction records and set transaction limits.

Bank of China Limited : BOC’s Cash Management Business Wins International Awards | 4-Traders Lately, Bank of China won two awards, ‘Best Cash Management of China’ from Euromoney, the first bank that has received the award for two consecutive years, and ‘Best Treasury and Cash Management Bank in China’ from Global Finance.

An enormous ice castle worthy of China’s biggest bank – Quartz This ice castle—or, ice bank fortress—is perhaps the most spectacular entrant in the 30th annual International Ice and Snow Sculpture Festival in the northeastern Chinese city of Harbin. A sign hanging outside the sculpture suggests it’s intended to look like a branch of the Industrial and Commercial Bank of China, the nation’s biggest bank.

Stocks Landing in the Bearish Zone –  Industrial and Commercial Bank of China Limited (IDCBY) opened its shares at the price of $13.56 for the day. Its closing price was $13.43 after losing -0.37% for the day. The company traded with the total volume of 41,640.00 shares. The EPS of IDCBY stands at 2.34. Industrial and Commercial Bank of China Limited provides corporate and personal banking, treasury operations, investment banking, asset management, trust, financial leasing, insurance, and other financial services worldwide.

PetroChina: Changqing oilfield achieves 50MT of oil and gas production – Pennenergy PetroChina Company Limited announced that as of December 22, 2013, Changqing Oilfield achieved 23.58 million tons of crude oil and 33.278 billion cubic meters of natural gas production this year, representing oil and gas equivalent production exceeding 50 million tons. At the same time, Changqing Oilfield expects its 2013 operating revenue to reach RMB150 billion and profit to see a rapid year-on-year growth. The target for becoming “the Daqing of the West” has been hit on schedule in a high quality and high standard way.

Baidu Rebounds on Reading Site Acquisition as Ctrip Rises – Bloomberg Beijing-based Perfect World agreed to sell its Chinese online reading business to a unit of Baidu for 191.5 million yuan ($31.6 million), according to a statement it issued yesterday. Baidu has spent at least $2.5 billion on six acquisitions this year as it competes with Hangzhou, China-based Alibaba Group Holding Ltd. and Hong Kong-based Tencent Holdings Ltd. to maintain market share among Chinese Internet companies.

Posted from Diigo.

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