Other Briefings
OZ Minerals Sells Assets to China Minmetals for US$1.39 Billion
Jun. 12 – Melbourne-based OZ Minerals has approved the sale of its assets to China Minmetals Group for US$1.39 billion in an effort to cut debt and secure future operations. OZ Minerals will use the money from the sale to pay its AU$1.1 billion debt and fund expansion of the Prominent Hill mine located in […]
China Industry: Jun. 11
Jun. 11 – This is a regular series of relevant industry news from around China. Solar power Shi Lishan, vice director of the National Energy Administration’s Renewable Energy Department, said that the country will implement a tariff of RMB1.09 per kWh for solar power in a bid to make this type of renewable energy more […]
Beijing Eases Foreign Investment Rules for Chinese Companies
Jun. 11 – Beginning August 1, Chinese companies can now use their foreign exchange funds or buy from the state reserve to fund overseas ventures; easing rules for overseas investments. According to the State Administration of Foreign Exchange (SAFE), previously only large multinational companies were allowed to use their forex funds to lend to overseas […]
Yahoo to Open Global R&D Center in Beijing
BEIJING, Jun. 10 – American internet giant Yahoo has announced that it will open a global research and development center (R&D) in Beijing focusing on research on search, advertising, cloud computing, and other personal internet tools and technologies. The center will be the third of the company’s global R&D networks with the other two located […]
Around Asia: June 9
Jun. 9 – A weekly look at important regional news. India Protests Fake Chinese Drugs Labeled ‘Made in India’ New Delhi has lodged a protest to the Chinese mission in Nigeria and China’s foreign trade ministry because of a large seizure of fake anti-malarial generic pharmaceuticals labeled `Made in India’ were actually found to have […]
More Export Tax Rebates Announced
Jun. 9 – China’s Ministry of Finance has announced higher tax incentives covering more than 600 export items beginning this month. Sewing machines and air conditioners are qualified for the full tax rebate of 17 percent, and items like juice, furniture and toys will be raised to 15 percent. The export tax rebate scheme aims […]
Shenzhen Releases New Procedures for Working Permit Application
SHENZHEN, Jun. 9 – Last April 17, Shenzhen Social Security Bureau came out with simplified procedures for working permit applications for foreigners. The changes from the previous 2005 regulations are as follows: a.) the position of the foreigner shall fulfill the special needs of the company, and that there is currently no such candidate in […]
China Eastern, Shanghai Air to Merge
Jun. 8 – State-owned China Eastern Airlines and Shanghai Airlines are in talks to consolidate assets in a tentative merger deal. Although both carriers are now operating at a loss, the merger will give them control of more than half the market share in Shanghai. Shanghai Air is in a perilous situation as it in […]
