What's news

Gome to close six stores and exit HK retail market

Gome Electrical Appliances Holding Ltd, one of China's leading electronics retailers, said on Sunday it will exit Hong Kong's retail market. The company said its six stores in Hong Kong will begin to shut down on Feb 1, affecting about 100 employees. The retail giant said in the statement that it will turn its retail business into a bulk trade business, to take advantage of Hong Kong's geographical and commercial strengths to expand its international procurement business.

Imports of Iranian crude rebound in December

China's imports of crude from Iran rebounded to the highest level in six months in December after the United States renewed an exemption from penalties on banks that process payments for the Persian Gulf nation's oil. China, the world's second-biggest crude consumer, bought 2.52 million metric tons of oil from Iran last month, according to figures released on Monday by the General Administration of Customs. That represents a 43 percent increase from November, when purchases slipped 9.3 percent. Shipments averaged 596,000 barrels a day, the most since June, and advanced 3.6 percent from December 2011, the data showed.

Diesel imports fall 55%, exports rise 5-fold

China's diesel imports dropped 55 percent from a year earlier to 109,625 metric tons in December, the General Administration of Customs said in a statement on Monday. Exports rose fivefold to 362,400 tons. Liquefied natural gas imports were at 1.83 million tons, up 21 percent, and coal imports, including lignite, rose 31 percent to 35.11 million tons, it said.

Bank predicts 8.5% China growth in 2013

Economic growth in China will be about 8.5 percent this year, with domestic demand being the driving force for expansion, a Bank of Communications report predicted. Demand from Europe and the United States will bottom out and boost Chinese trade. Exports will rise about 8.5 percent this year from 2012 and imports will climb 10 percent, the report released on Friday said. Domestic demand will continue to replace investment as the leading engine for economic growth.

Pork prices up by more than 10% in two months

The cost of pork rose more than 10 percent in the past two months, according to Xinhua News Agency's price system on national farm produce. All provinces, regions and municipalities saw rises, except Hainan, according to data collected between Nov 19 and Jan 19. Shandong led the way with an 18.2 percent rise in pork prices. Shanxi, Liaoning, Henan, Hubei and Shaanxi saw increases of more than 15 percent.

China-Myanmar pipelines to be completed in May

If all goes to plan, the China-Myanmar oil and natural gas pipelines, China's new strategic energy channels, are expected to be completed by May 30, according to the contractor. Construction has been stepped up on the pipelines' domestic and overseas sections. The pipelines could begin operating in early June, Gao Jianguo, the head of the project under the China National Petroleum Corp, told Xinhua over the weekend.

Aeon Group introduces MaxValu to China

Japanese retail and financial services giant Aeon Group has opened the first MaxValu branded premium food supermarket in Guangzhou, Guangdong province. The opening means all of Aeon's three retail brands - Jusco, MaxValu and Aeon Mall - have a presence in the Chinese market. The new MaxValu store in Guangzhou has a floor area of 2,500 square meters with more than 15,000 products on display. The company said the second store will open in Suzhou, Jiangsu province, in late-2013.

NDRC approves CNOOC's acquisition of Nexen

China's National Development and Reform Commission, the country's top economic planner, said on Friday that it approved CNOOC's acquisition of Canadian oil and gas company Nexen Inc in December. On Dec 7, the Canadian government approved CNOOC's planned acquisition of Nexen, a major step for the company toward completing the largest foreign acquisition by a Chinese company. The deal, which also involves Nexen's assets in the United States, the United Kingdom and other countries, is awaiting approval from those governments.

China Daily - Agencies

(China Daily 01/22/2013 page14)