What's news

Nikon cuts annual profit outlook on price drops

Nikon Corp said camera price declines that prompted it to cut its annual profit forecast will probably continue this quarter amid slowing demand in Europe and weaker than expected sales in China. "Tough competition for entry-level single-lens-reflex models has led to a large price decline since around mid-November," Junichi Itoh, chief financial officer of the Japanese manufacturer of cameras and chipmaking equipment, told reporters in Tokyo on Wednesday.

Gold imports from HK last year climb to record

Gold imports into the mainland from Hong Kong surged 94 percent to an all-time high last year as rising incomes in the world's second-largest economy underpinned increased demand and helped the metal to post a 12th annual gain. The mainland imported 834,502 kilograms, including scrap and coins, compared with around 431,215 kg in 2011, according to Bloomberg calculations based on data from Hong Kong's Census and Statistics Department. Imports in December rose to a monthly record of 114,405 kg, according to data from the department on Tuesday.

Hydro Tasmania plans remote power projects

Hydro Tasmania is considering developing Australian renewable energy projects outside the nation's island state as the company looks at expanding a partnership with a unit of China's Shenhua Group Corp. The Tasmanian state-owned energy company is assessing new wind farms and projects to supply power to remote areas that aren't connected to the main electricity grid, Chief Executive Officer Roy Adair said on Tuesday. Hobart-based Hydro Tasmania, which completed a deal on Tuesday to sell 75 percent of its Musselroe wind farm to Guohua Energy Investment Co, plans further projects.

Goldman Sachs's Cohn bullish after ICBC sale

Goldman Sachs Group Inc President Gary Cohn said he's "bullish" on China even after his firm last week sold a $1 billion stake in Industrial & Commercial Bank of China Ltd, the nation's largest bank. "You can absolutely still make money off Chinese banks," Cohn said, without naming specific banks. "We are very positive, optimistic, but cautious, about where China's going." Goldman Sachs's sale of the stake followed an almost 50 percent advance in ICBC stock from its 2012 low. Investing in local lenders in China has reaped bigger profits for foreign banks than operating their own franchises in the world's second-largest banking market.

Lumber extends rally as demand boosts imports

Lumber futures rose by the maximum allowed by the Chicago Mercantile Exchange, capping the biggest four-session rally since 2010, on mounting speculation that new construction in China is boosting demand for imported wood. Log prices in China surged to a record in the fourth quarter, sparking a 26 percent jump in imports from New Zealand and the United States during the last six months 2012, compared with the first half, Seattle-based Wood Resources International said on Tuesday. Even with futures up 44 percent from a year earlier, lumber may keep rising, said Paul Quinn, an analyst at RBC Capital Markets in Vancouver.

Rates raised for airlines running international flights

Domestic airlines will pay more from April 1 for using airports when they operate international flights and flights to Hong Kong and Macao. Two listed airport companies, Guangzhou Baiyun International Airport Co Ltd and Shanghai International Airport Co Ltd, said they have received a notice from the Civil Aviation Administration of China and the National Development and Reform Commission on adopting new rates for international flights, and flights to Hong Kong and Macao.

Local government criticized for excessive investment

A major State-owned bank has warned that some local governments might supercharge investment in the name of new urbanization. In its research report released on Tuesday, Agricultural Bank of China warned of the danger of supercharged investment as a new government takes office this year and new urbanization becomes a policy priority. "The leadership reshuffle at the local government level usually brings an impulse for investment. And the advance of new urbanization might lead some local governments to over-invest in the name of new urbanization," the report said.

US to launch review of hot-rolled steel duties

The US International Trade Commission voted on Monday to conduct five-year reviews of anti-dumping duty orders on hot-rolled steel products from China, India, Indonesia, Thailand and Ukraine. It also voted to review countervailing duty orders on hot-rolled steel products from India, Indonesia and Thailand. The commission will conduct full reviews to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to domestic companies.

Baosteel buys back 2.4% of shares for 1.97b yuan

Baoshan Iron and Steel Co Ltd, the nation's largest listed steel maker, has bought back 424,440,408 shares as of Monday, accounting for 2.4 percent of its total. The Shanghai-based firm paid 1.97 billion yuan ($312.94 million) for the shares. Each cost between 4.51 and 5 yuan, it said in a filing with the Shanghai Stock Exchange. Baosteel said in an earlier earnings forecast it expected to generate 191.5 billion yuan in revenue for 2012, down 14.08 percent year-on-year, but that its net profit might rise 39.98 percent year-on-year to 10.3 billion yuan.

China launches probe into imported cellulose pulp

The Ministry of Commerce on Wednesday launched an anti-dumping investigation into cellulose pulp imported from the United States, Canada and Brazil, according to a statement on its website. The investigation was launched following complaints in December from seven domestic companies. The product involved in the investigation is a bleached wood pulp produced chemically from pulpwood and used in the production of regenerated cellulose.

Anti-dumping duty on EU potato starch extended

China has on Wednesday extended the anti-dumping duty on potato starch from the European Union for another five years, the Ministry of Commerce said on its website. In February 2007, the ministry imposed anti-dumping duties ranging from 18 to 35 percent on EU potato starch, which is used in the food processing, medicine and petrochemical industries. The duty was revised to 12.6 to 56.7 percent in April 2011.

China Daily - Agencies

(China Daily 02/07/2013 page14)