Technology

ZTE, Intel team up on smartphones deal

ZTE has signed an agreement with Intel Corp to focus on the new Intel Atom Processor Z2580 platform, Sina.com reported. ZTE is currently working with Intel to develop unique smartphones based on the Intel Atom Z2580 processor.

Finance

Finance center rumor scotched

The Chinese government is currently not intending to engage in the large-scale real estate industry in Spain, the Global Times quoted the Chinese embassy in Spain as saying. Spanish media recently reported that Chinese investors plan to spend 18 billion euros ($23.5 billion) to establish a large-scale financial center in Madrid in an investment project supported by the Chinese government.

BOC matches bond issue in Australia

Bank of China Ltd sold A$600 million ($614 million; 470 million euros) of three-year notes, matching its biggest-ever sale denominated in the Australian currency, according to Bloomberg. The bank's Sydney branch priced the floating-rate notes to yield 98 basis points more than the bank bill swap rate after initially marketing them at a 100 basis-point spread, said a statement from the Commonwealth Bank of Australia, the joint sale manager.

Investment

Growth policies boosting shipping

China's infrastructure and housing plans will increase demand for ships hauling dry-bulk raw materials, according to Arctic Securities ASA. The Oslo-based investment bank is likely to raise its estimates for demand growth because of announcements at the National People's Congress, analyst Erik Nikolai Stavseth said on March 5. China will build 100 port berths, 80,000 kilometers of highways and 5,200 km of railroads in 2013, the National Development and Reform Commission said.

Auto

GM sales increase 7.9% in 2 months

General Motors' sales in China rose during the first two months of the year, extending the US carmaker's lead over Toyota in the world's biggest auto market as demand for Japanese brands shrank. Combined sales in the country for January and February climbed 7.9 percent to 525,835 vehicles, Detroit-based GM said on March 5. In the past week, Japan's Toyota, Nissan and Honda have reported declines in January-to-February deliveries in China.

SOE targets foreign automakers

China should order foreign automakers to contribute more to develop domestic brands and limit those whose sole aim is to earn higher sales figures in the country, according to China FAW Group Corp. The government should also strictly enforce current rules against foreign automakers having more than two domestic partners to maintain market order, said Li Weidou, who heads FAW's export and import business.

Porsche taps China's consultancy market

Porsche Consulting GmbH, a subsidiary of Porsche AG, opened a branch in Shanghai on Feb 28 in a bid to tap into China's consultancy market. New challenges, including rising costs, growing difficulties to attract and retain qualified talent and the ever-changing consumer market are making it harder for companies to stay profitable, the company said. Porsche Consulting Ltd in Shanghai will focus on helping companies develop high growth strategies.

China Daily-Agencies

(China Daily 03/08/2013 page14)