Umicore to build technology development center for automotive catalysts in China
May-31-2010 By : agxadmin
Umicore signed a memorandum of understanding (MOU) with the Suzhou Industrial Park (SIP) authorities on May 25 for the construction of a technology development center for automotive catalysts in Suzhou. The center will be built close to Umicore’s current automotive catalyst production facility in Suzhou. The technology development center marks a significant step in Umicore’s service offering for its Chinese customers. The signing ceremony took place in the presence of Kris Peeters, Minister President of Flanders and officials from the Suzhou Industrial Park and the city of Suzhou. The technology development center is due to be commissioned by mid 2012. The facility will mainly serve the system development and emission testing needs of the Chinese market and its customer base for a wide range of light duty vehicle drivetrains, including gasoline and diesel engines as well as alternative drivetrains such as hybrid electric vehicles.
Bill Staron, Umicore’s Executive Vice-President for Automotive Catalysts commented: “The new investment represents a significant milestone in the development of Umicore’s automotive catalyst business in China, complementing our local production. The Chinese car market is growing rapidly and this, coupled with the increasing stringent emission legislation, justified the investment in a dedicated applied technology center. This fits with our regional approach, whereby regions with specific legislation requirements supported by a sizable market have dedicated local production and technology development center facilities. Such facilities are already in place in Europe, North America, South America, Japan and Korea.” Umicore is a leading supplier of automotive catalysts in China and globally. Umicore first established an automotive catalyst production operation in China in 2005 and has since continued to increase the capacity and capabilities of the plant, the most recent expansion having been commissioned in 2008. Earlier this year an investment in further capacity expansion and capability enhancement was announced, which will be operational by mid 2010. Umicore serves the Chinese market with a broad spectrum of catalyst technologies for both light duty and heavy duty vehicles.
Hainan Airlines to build huge “Aerotropolis” in Beijing
By : agxadmin
Hainan Airlines (HNA) plans to invest CNY30 billion to build the Beijing International Aerotropolis (BIA) in Songzhuang, Tongzhou district. The 44-hectare project was launched last week and will spill over into Shunyi district and the city center upon completion. HNA Board Director Chen Feng said the BIA would become the commercial center of Tongzhou district, accommodating four major tenants: the offices of Hainan Airlines, financial service companies, e-commerce companies and entertainment companies. Hainan Airlines is the fourth-largest airline in China after Air China, China Eastern Airlines and China Southern Airlines. “The project will provide at least 80,000 jobs and contribute 30% of the area’s GDP, as well as 35% of government revenue, to Tongzhou,” Chen said. The project, part of Tongzhou’s ambitious 10-year development plan, will be completed by 2015. Tongzhou district is 16 km from Beijing Capital International Airport airport, and in 2009 had a population of 1.08 million and a GDP of CNY25 billion, the China Daily reports.
SAFE says no large hot money inflows detected
By : agxadmin
No large-scale “hot money” inflows have been uncovered since China started a crackdown on speculative capital in February, the State Administration of Foreign Exchange (SAFE) said. “But some banks have been found lacking in preventing the inflow of hot money and some may even be helping the irregular money flows,” it added. SAFE found 190 suspected non-compliant cases valued at USD7.35 billion through checking 3.47 million transactions involving over USD440 billion. According to the Shanghai Securities News, speculative capital inflows into China in the first three months amounted to USD21.3 billion, USD12.7 billion and USD37.3 billion respectively. The estimated sum for April is USD45.8 billion. SAFE also said it remained committed to the European market and denied a news report that it was reviewing its euro holdings. Europe has been and will continue to be one of the major markets for investing China’s foreign exchange reserves. China is a responsible and long-term investor of foreign exchange reserves and we always follow the principle of diversification, SAFE said, adding that it was confident that the euro zone would be able to overcome its difficulties and it supported the actions taken by the International Monetary Fund (IMF) and the European Union to stabilize financial markets.
Shenzhen Development Bank announces reshuffle
By : agxadmin
The Shenzhen Development Bank (SDB) has announced a major management reshuffle. Frank Newman, current Chairman and CEO, is resigning and will stay at the bank as a Senior Advisor until the end of this year. The bank will appoint Richard Jackson, previously President of Ping An Bank under Ping An Group, as President, replacing incumbent Xiao Suining, who will become Chairman of the Shenzhen lender. There is no “concrete plan” to merge Shenzhen Development Bank with Ping An Bank. The reshuffle also includes the resignations of three directors from Newbridge Capital. Newman, who joined SDB as the first foreigner to head a local commercial bank five years ago, was appointed by Newbridge. He inherited USD1.74 billion in bad loans and a management structure that allowed regional chiefs to extend credit with little oversight. Under his helm the bank’s bad loan ratio fell to 0.63% at the end of March from 11.4% at the start of 2005. Its capital adequacy ratio rose to 8.7% from 2.3% in the same period.
- Morgan Stanley has applied for permission to the China Securities Regulatory Commission (CSRC) to sell its 34% stake in investment bank China International Capital Corp (CICC). Private equity firms KKR and TPG are considered possible buyers of the stake. The sale will pave the way for Morgan Stanley to set up a new investment banking joint venture with China Fortune Securities after it exits CICC.
- The Chinese government ordered a review of investment agencies run by local governments as it is concerned about heavy debt at the agencies. Local authorities must “deal with the issue of debt repayment and financing for projects that already are under construction”, the central government said. Some media reports say local government investment agencies owe CNY6 trillion to state banks.
- Bank of China (BOC) wants to issue up to CNY40 billion in convertible bonds as soon as possible and complete its planned USD11 billion H-share issue by the end of this year, President Li Lihui said after the bank’s annual shareholders’ meeting. BOC also intends to subscribe to two-thirds of the CNY30 billion in treasury notes that the People’s Bank of China (PBOC) is going to issue.
- The European crisis as well as falling commodity prices mean China might only raise interest rates once this year, compared with an earlier prediction of as many as three times, said Pu Yonghao, Chief Asian Investment Strategist at UBS’s wealth management unit. UBS joins BNP Paribas and AMP Capital Investors in saying China may rein in tightening measures amid increasing concern European nations may default on debt.
U.S. companies worried about China’s opening-up policy
By : agxadmin
Concern among U.S. companies that China is backtracking on opening its economy are at a 10-year high, President and Chief Executive Thomas Donohue of the U.S. Chamber of Commerce said, adding that U.S. companies are increasingly worried about investing in China because of uncertainty over future industrial policy measures. He said the argument that China was a developing country and therefore entitled to certain policies that developed countries were not, did not always hold true, but he also said that China had been making great progress compared with many other countries.
- Supplement VII to the Mainland and Hong Kong Closer Economic Partnership Agreement (CEPA) was signed by John Tsang, Hong Kong’s Financial Secretary, and Chinese Vice Minister of Commerce Jiang Zengwei. The new supplement, which takes effect on January 1 next year, will give Hong Kong firms greater and easier access to the mainland market in medical services, technical testing, specialty design, distribution, banking, securities, construction and tourism.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world