Golden touch

Exhibition to boost clean energy usage

Latest technologies and breakthroughs for the clean and efficient use of coal are being showcased at the Fifth China International Coal Clean and Efficient Utilization Exhibition that commenced on Wednesday at Xi’an Qujiang International Conference and Exhibition Center in Shaanxi province. The event, organized by the China National Coal Association, which will end on Friday, has attracted 235 domestic and foreign enterprises, research institutes, and international organizations.

Shanghai reaps opening-up rewards

Shanghai has attracted 95,000 foreign-funded projects since the launch of reform and opening-up in China in 1978, with total foreign investment of $237.6 billion, official data showed on Tuesday. According to data released by the Shanghai Municipal Commission of Commerce, the top 100 foreignfunded companies in Shanghai had total revenue of nearly 2.94 trillion yuan ($423.5 billion) in 2017, up 18.8 percent over the previous year. Their exports and imports reached $169.9 billion last year, up 9.83 percent.

New postal link to boost freight trade

The China-Europe freight train has opened a regular postal service linking Zhengzhou, a transport hub in Central China’s Henan province, and Poland’s Malaszewicze. On Tuesday, a train carrying seven metric tons of parcels departed from Zhengzhou Putian Con-

Commercial banks’ asset quality stable

The asset quality of commercial lenders will remain stable, with the bad loan ratio staying below 1.9 percent, said a report released by the financial research center of Bank of Communications. Commercial banks will see less downward pressure on asset quality due to the rising pace of economic restructuring and an improving financing environment for private and small businesses, the report said. In addition, higher profitability will enable lenders to deal with bad loans more efficiently and reduce financial risks, it said.

Yuan strengthens against greenback

The central parity rate of the renminbi, or the yuan, strengthened by 169 basis points to 6.9449 against the US dollar on Wednesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Transsion achieves rare feat in Ethiopia

Transsion, a Chinese phone maker based in Shenzhen, Guangdong province, has achieved a rare distinction by exporting mobile phone products worth $100 million from its Ethiopian factories in the last two-and-a-half years. The achievement is seen as a major milestone in Ethiopia’s efforts to become the light manufacturing hub of Africa by 2025. Two of Transsion’s affordable and quality mobile brands, Tecno and Itel, are extremely popular in Ethiopia and other parts of Africa.

Croatian wind farm gets Chinese funds

A Chinese-invested wind farm project in Senj, a coastal town on the Adriatic coast in Croatia, officially started operations on Tuesday. The 156MW Senj wind farm project is being operated by Energija Projekt d.d., a company that was specially set up for the purpose in 2011. Norinco International Co Ltd, a Chinese engineering firm, acquired 76 percent of the Croatian company’s equity in 2017 for around 32 million euros ($36 million), while the total investment in the project could reach 179 million euros.

Didi starts services in Mexico City

Ride-hailing giant Didi Chuxing will launch transport services in Mexico’s capital on Wednesday, in a bid to further expand business in the country. Home to some 22 million people with internet access and a lack of reliable transportation, Mexico City and the metropolitan area presents an attractive market, said Pablo Mondragon, the company’s head of operations for Mexico City and nearby Toluca.

Salmon farmed in China to debut soon

China’s first batch of farmed salmon will hit the markets ahead of the Spring Festival, or Chinese Lunar New Year, in February, said the operator of “Shenlan 1”, the world’s largest fully-submersible fish cage. The fish farm, located 130 sea miles east of Rizhao city in eastern China’s Shandong province, takes advantage of a cold water mass in the Yellow Sea to cultivate the deep-sea fish species. The huge steel facility built by Wuchang Shipbuilding Industry Group Co Ltd, a subsidiary of China Shipbuilding Industry Corp, is 35 meters tall, which is roughly as tall as an 11-storey building. It measures 180 meters in width, allowing it to accommodate 300,000 salmon.

VisitBritain inks deal with Tencent

VisitBritain, Britain’s official tourism agency, said on Tues- day that it has inked a deal with Chinese internet giant Tencent to increase spending by Chinese tourists to a billion pounds a year. The agency said it has partnered with Tencent on a new 3D racing game that inspires more Chinese visitors to book trips to Britain.

US banking sector fares well in Q3

The US Federal Deposit Insurance Corporation said on Tuesday that the country’s banking industry posted strong financial results for the third quarter of 2018. Commercial banks and savings institutions insured by the FDIC reported aggregate net income of $62 billion in the third quarter of 2018, 29.3 percent higher than a year ago. The FDIC also said that more than 70 percent of the 5,477 FDIC-insured institutions reported year-over-year growth in quarterly earnings.

BASF to expand presence in nation

German chemicals giant BASF unveiled a new strategy on Tuesday, in which China will play a key role as the world’s largest chemicals market. China currently has a share of 40 percent in the global chemicals market, and BASF is planning to expand there. “By 2030, China’s share of the market will increase to nearly 50 percent and we want to participate in this growth,” Martin Brudermueller, chairman of the board of executive directors, told reporters.

British Columbia to take green strides

British Columbia’s premier said on Tuesday his government will introduce legislation next year that will require all new lightduty cars and trucks sold in the Canadian province by 2040 to be electric or zero-emission vehicles. Premier John Horgan said the government will phase in the sales targets, which apply only to new vehicles.

Porsche 9-month profits increase

Profits at Porsche SE have risen significantly during the first nine months of 2018, earnings figures published on Tuesday by the German automotive holding company showed. Porsche SE achieved total profits of 2.67 billion euros ($3.05 billion) between January and September, marking an increase of around 25 percent compared to the same period last year. The company noted that the development was “significantly influenced by” 2.74 billion euros in profits derived from its equity in Volkswagen AG.