GOVT AND POLICIES
Publications attract overseas publishers
Chinese publications have attracted much attention from overseas publishers during the Beijing International Book Fair, with many copyright deals already being signed. The Beijing International Book Fair is now in its 24th year. More than 2,500 exhibitors from 89 countries and regions are taking part in the fair, with overseas exhibitors accounting for 58 percent. Around 40,000 books from more than 300 major Chinese publishers are on display. At the fair last year and the year before, the number of copyright trade agreements signed between Chinese and foreign companies exceeded 4,000 each year. At this year's fair, Chinese publishers are continuing their efforts to market their books both in paper and digital form.
Agreement to speed up innovation center
The State-owned Assets Supervision and Administration Commission held a meeting with the municipal government of Shanghai on Monday, during which the two parties signed a strategic cooperation agreement aimed at accelerating the pace of building Shanghai into a globally influential science and technology innovation center. A number of State-owned enterprises have signed agreements with local administrative bodies and companies, but details of the agreement are not available.
COMPANIES AND MARKETS
CNNC signs MoU on nuclear energy
China National Nuclear Corp, one of the country's largest nuclear companies, signed a memorandum of understanding with Saudi Arabia last week to further explore and assess uranium and thorium resources in the country. The two countries also vowed to further continuously cooperate on nuclear energy projects following discussions between the two sides to support Saudi Arabia's nuclear energy program. Saudi Arabia has been trying to diversify its energy mix for years as oil resources are need-ed to generate revenue through exports. China and Saudi Arabia signed in 2012 a memorandum of understanding to cooperate on the civilian use of nuclear energy. CNNC said it's one step closer exporting its high-temperature gas cooled reactor projects to countries including Saudi Arabia and the United Arab Emirates, with its HTGR fuel assembly line entering mass production last month at China North Nuclear Fuel, headquartered in Baotou in northern China's Inner Mongolia autonomous region.
China Evergrande H1 core profit jumps
China Evergrande Group, the nation's No 3 property developer by sales, said its first-half core profit surged more than three-fold due to a substantial rise in average selling prices, while early redemption of bonds also aided earnings. Evergrande's core profit, which excludes revaluation gains, came in at 27.30 billion yuan ($4.12 billion) over the six months ended June, versus 7.8 billion yuan a year ago. Its net profit rose nine-fold to 18.83 billion yuan, while its revenue rose about 115 percent to 187.98 billion yuan. However, the developer booked a net loss on the disposal of available-for-sale financial assets of 7.02 billion yuan. Earlier this year, subsidiaries of Evergrande sold 1.55 billion A-shares in China Vanke at 18.80 yuan a share - lower than the average buying price - to state-owned Shenzhen Metro, ending a yearslong struggle for boardroom control at the larger peer Vanke.
China CITIC Bank H1 profit up
China CITIC Bank said its profit rose 1.74 percent year-on-year in the first half. Net profits hit 24.01 billion yuan ($3.64 billion) for the first six months. Sales revenue fell 2.08 percent to 76.58 billion yuan. Fee income increased 9.35 percent to 27.09 billion yuan. Asset value fell 4.72 percent from a year ago to 5.65 trillion yuan by the end of June. Outstanding bad loan increased 5.23 percent year-on-year while the nonperforming loan ratio declined 0.04 percentage points to 1.65 percent. Its capital adequacy ratio, a measure of a bank's capital, stood at 11.76 percent.
DRB-Hicom expected to get JV boost
DRB-Hicom, the parent company of Malaysian automaker Proton, will see a better earnings outlook following the completion of the joint venture between Proton and China's Zhejiang Geely, analysts said on Monday. DRB-Hicom announced in its first-quarter result last Friday that the group's net losses in the April to June quarter widened 0.2 percent year-on-year to 169.7 million ringgit ($39.8 million). The group, however, saw its revenue for the period improve 33.43 percent year-on-year to 3.34 billion ringgit. Losses from the group's automotive sector were reduced to 171.3 million ringgit, from 209.2 million ringgit. Its revenue also rose 19.3 percent year-on-year to 2.1 billion in the period, boosted by better sales during the Aidilfitri festive period.
CBS bails out Australian TV network
Embattled free-to-air broadcaster in Australia, Network Ten, has been bailed out by US media conglomerate CBS, it was announced on Monday. CBS agreed to purchase the Australian network, currently under administration, and has entered into a binding agreement that would see the US company purchase the entirety of its business and assets. In a statement obtained by Xinhua, the administrators of the struggling network, KordaMentha, said that CBS has agreed to ensure that there will be no disruption of service for the local broadcaster. "As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors," administrator Jarrod Villani said.
AROUND THE WORLD
Vietnam's FDI up 45% in 8 months
Vietnam attracted nearly $23.4 billion in foreign direct investment in the first eight months of 2017, up 45.1 percent against the same period last year, the country's foreign investment agency said on Monday. In the eight-month period, Vietnam's processing and manufacturing sector received the largest FDI, with roughly $11.7 billion, accounting for 50 percent of the total capital registered, tailed by electricity production and distribution with nearly $5.4 billion, and mining with $1.3 billion. As of June 20, capital disbursement reached $10.3 billion, up 5.1 percent year-on-year, said the agency under the Vietnamese Ministry of Planning and Investment.
FTA paves way for wine export boom
The signing of the China-Australia Free Trade Agreement has paved the way for the value of the Australia's wine exports to stand at $2.7 billion annually by 2020, the government has announced. The $40 million Export and Regional Wine Support Package, announced by Australian Agriculture Minister Barnaby Joyce and Assistant Agriculture Minister Anne Rushton on Monday, will focus on the Chinese and US markets with money to be made available for marketing in the two countries. The government has identified China as a particularly compelling opportunity for growth, forecasting a 15 to 17 percent rise in the value of wine exports to China by 2020.
Egypt signs oil deals with US companies
Egypt has signed three deals with two US companies on oil drilling in the Western Desert of the Arab country, the Egyptian Oil Ministry said in a statement on Saturday. The three deals signed with Apache and Merlon Oil Corporations are worth $80 million including the digging of 17 wells for oil exploration in Egypt's Western Desert, said the statement. "The strategy of the Ministry of Petroleum aims to attract further foreign investments in the field of oil and gas exploration to make use of the oil and gas potentials in several areas of the country," said Egyptian Minister of Petroleum Tarek al-Molla. Located in North Africa and enjoying massive oil and gas potential, Egypt attracted several international firms for oil exploration over the past years.
Germany maintains economic momentum
German growth held steady in the second quarter of 2017, data released by the Federal Statistical Office confirmed. The report was published shortly before the respected Ifo Institute for Economic Research's business sentiment index revealed that the country's firms remained very optimistic for their future earnings. The Federal Statistical Office in Wiesbaden reaffirmed an earlier forecast for gross domestic product growth of 0.6 percent in Q2 and corrected its earlier estimate for Q1 growth upward to 0.7 percent. Growth between April and June was driven by a jump in domestic spending by traditionally frugal Germans. Private households increased their consumption significantly by 0.8 percent, compared to a 0.6 percent rise in public consumption.
(China Daily08/29/2017 page14)
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