GOLDEN FORTUNE

Workers sort kumquats at a trade market in Rong’an county, Guangxi Zhuang autonomous region, on Saturday. Rong’an is a major kumquat producer, with some 6,133 hectares under cultivation which delivers an annual harvest of about 87,000 metric tons. The fruit ends up in markets across the country, as well as those in Southeast Asia. points at the close and extending gains over the past month to 19 percent. The nation’s top oil and gas producer PetroChina onMonday said it recently put a compressor station into operation in Guigang, in southwest China’s Guangxi Zhuang autonomous region. As the first compressor station along the Chinese section of the Sino-Myanmar natural gas pipeline, the compressor station is also connected with a branch line of the secondWest-to-East natural gas pipeline. The daily handling capacity of the Sino-Myanmar natural gas pipeline would increase by 4 million cubic meters with the newcompressor station. CNOOC Ltd, the third-largest oil producer in China, said on Friday that the company is still exploiting the $2 billion oilfield in Kingfisher inUganda, although global oil prices have plunged recently. A company spokesman told theWall Street Journal that both the road construction to the oilfield and test work process is going on smoothly and its proven reserves are about 635 million barrels. CNOOC will work closely with other parties to develop the oilfield, it said. CNOOC, theUnited Kingdom-based Tullow Oil Plc and France’s Total SA jointly own the oilfield. It is expected that the highest daily crude output will be 40,000 barrels, when the oilfield opens in 2018. Volvo Car Corp said it will start selling vehicles online as it rolls out newmodels to compete with German luxury rivals such as BMW. The Swedish carmaker, controlled by China’s Geely, will gradually introduce web sales and spend more on digital advertising, it said as it outlined changes to its global marketing strategy onMonday. “The plan is to have all our car lines in all our markets offered digitally,” Volvo sales chief Alain Visser said in an interview. Fewmanufacturers have tried selling directly online. A notable exception is Tesla, whose electric car sales have cut out traditional dealers, leading to conflict and effective exclusion from parts of the United States. NewZealand’s central bank will this week add renminbi to its trade-weighted index to reflect changes in the country’s trading partners. The newTWI, a measure of the value of the NewZealand dollar relative to the currencies of the country’s major trading partners, would include 17 currencies, replacing the current five-currency TWI fromWednesday, said a statement from the Reserve Bank of NewZealand onMonday. The weights for each currency will be based on the two-way trade in goods and services between the foreign country and NewZealand. Data on trade in services, representing about 25 percent of NewZealand’s total trade, is to be included in the calculation of the weights for the first time. Revenue for Chinese express delivery businesses hit 182.07 billion yuan ($30 billion) in the first 11 months of 2014, up 41.6 percent year-on-year, data from the State Post Bureau showed onMonday. A total of 12.32 billion deliveries were made during the same period, up 51.8 percent year-on-year, the data showed. Due to promotions launched by major e-commerce giants such as Alibaba and JD.com, revenue of the sector hit 22.81 billion yuan in November, up 42.2 percent. The revenue marked a record high in terms of monthly income. Total deliveries in November came to 1.65 billion, up 51.4 percent. The China Banking Regulatory Commission, the country’s top banking regulator, onMonday released a circular on encouraging and guiding private capital’s participation in rural credit cooperatives’ equity reforms, which will further increase rural credit cooperatives’ openness to private capital. The circular eases policy requirements on private capital’s participation in rural credit cooperatives’ equity reforms, which is conducive for private capital’s entrance into rural financial service area. The newregulations also emphasize that private capital can enjoy the same treatment as other capital when participating in rural credit cooperatives’ equity reforms. Beijing-based BAICMotor Corp, the Chinese maker of Senova andWevan marques with Daimler AG as one of its shareholders, has raised $1.4 billion through an initial public offering on theHong Kong stock exchange, Reuters quoted people familiar with the matter as saying onMonday. The insiders said that BAIC had issued 1.2 billion shares at HK$8.9 ($1.15) per share with the offering price in the middle of the guide price. The company is expected to go public on Dec 19 inHong Kong. BAICMotor has subscribed capital of $786 million from 10 cornerstone investors, which accounts for 55 percent of its total issuance. China Aerospace InvestmentHoldings and Beijing Enterprises Group are among those main investors.