Aug 12, 2015 Uncategorized Comments Off on What's news (China Daily)
Governments and policies
Social capital mooted in parking facilities
The National Development and Reform Commission issued guidelines on Tuesday that seek to encourage social capital in the construction of urban parking facilities. The nation’s top economic planner said intensive parking lots such as parking basements and parking buildings are being planned in several cities. Charging facilities for electric vehicles will also be installed in these units. The NDRC also called for more independent innovation in parking technology and equipment as well as establishment of a real time database on use of parking lots.
Policy bank’s foreign debt plan gets nod
Agricultural Development Bank of China, a State-owned policy lender, planning to issue foreign debt of 10 billion yuan ($1.58 billion) got the necessary approval from the National Development and Reform Commission, the nation’s top economic planner, on Tuesday. The plan is designed to support the construction of major water conservancy projects and agricultural projects including purchase and storage of cotton, food and oil.
Top economist backs national property tax
The planned rollout of property tax nationwide will have a positive effect on both the economy and the population, a senior economist said on Tuesday. Jia Kang, former director of the Research Institute for Fiscal Science under the Ministry of Finance, said that property tax will increase the cost of holding homes and prompt owners to sell or let out their extra properties, and thereby raise housing supply.
Companies and markets
Bohai Leasing may buy Avolon for $2.64 billion
Bohai Leasing Co Ltd is in exclusive talks to buy Irish aircraft leasing firm Avolon Holdings Ltd for $2.64 billion, after raising its offer to put it ahead of a rival bidder. The deal, which gives Avolon a total enterprise value of $7.6 billion, would give China-based Bohai 100 percent ownership of the world’s 11th-largest aircraft lessor.
More tourism facilities to bolster industry
The nation will build more tourism infrastructure, including cruise ports and recreational vehicle parks, and give employees more flexibility in arranging vacation time to boost consumption. Cruise ship tourism should be encouraged and 10 ports for cruise vessels will be built by 2020, according to a document released on Tuesday by the State Council, China’s cabinet. Great efforts should be made to improve tourism facilities, and 57,000 clean toilets at tourist attractions will be built or renovated within three years, it said.
Mitsubishi to expand workforce in Taiwan
Mitsubishi UFJ Financial Group Inc is seeking to expand its workforce in Taiwan as it pursues business from companies benefiting from increasing trade between the island and the Chinese mainland. “We need to be geographically close to our customers,” Tetsuo Tani, deputy head of planning for East Asia at Mitsubishi said.
Around the world
Co-op Bank escapes fine for past failings
The United Kingdom-based Co-operative Bank will not be fined for failings that helped push the bank to the brink of collapse before it was bailed out by bondholders, financial regulators said on Tuesday. Co-op Bank is trying to recover from its near-collapse in 2013.
Adecco profit jumps on European rebound
Adecco SA has reported a 22 percent increase in net profit during the three months to the end of June as the temporary-staffing group benefited from improved hiring in Europe, offsetting a slowdown in North America. Adecco said net profit for the three months rose to 177 million euros ($194 million) from 145 million euros a year ago.
Gap sales fall on restructuring costs
Gap Inc reported lower sales in July and provided disappointing earnings guidance for its second quarter, hurt by continuing weakness at its namesake stores, restructuring costs and the stronger dollar. For the four weeks ended Aug 1, Gap reported sales of $1.12 billion, down from $1.17 billion a year earlier.
Prudential fares well on Asia performance
Prudential Plc has seen profits rise after strong performances in Asia and the United Kingdom this year. In the first results presented by new chief executive Mike Wells, the UK insurer reported a 17 percent rise in operating profit to 1.88 billion pounds ($2.92 billion) for the first six months of 2015.
(China Daily 08/12/2015 page14)