Business briefs..
Mind You own Business
Business briefs May 24th
Shanghai's basketball star, the giant 18-year-old Yao Ming (he plays for
the Shanghai Sharks) has signed a management agreement with Evergreen
Sports Incorporated in the United States. Yao is seven-feet- six-inches
tall and weighs 270 pounds. He's the first Chinese play who is
considered to have a chance to make it in the NBA.
NEW ZEALAND has joined Australia on the list of approved tourist
destinations for Chinese tourists. Chinese people will be able to visit
New Zealand on tourist visas from July. The tourism industry in New
Zealand, as in Australia, is eager to reap the benefits of hoardes of
Chinese tourists heading their way, but no one knows at this point what
sort of numbers to expect and how fast the market will grow. A New
Zealand visa office will open in Shanghai also in July. The other
countries with approved destination status are Singapore, Korea,
Thailand, the Philippines and Malaysia.
The China Daily said the Ministry of Justice plans to remove
geographical barriers from the operations of foreign law firms once
China gets into WTO. Currently, law firms can set up only one office in
one of 15 cities.
Top TV set producers in China have announced a one month production halt
to cut inventory and end a price war, the China Daily said.
General Motors plans to increase output of its Buick sedan in Shanghai
to 20 thousand from the original goal of 15 thousand. Price of the car
will be between 318,000 and 369,000 RMB.
France's Alcatel signed a US$12.3 million contract with the Shanghai
telecoms authorities to supply an automatic line testing and
administration (ALTA) solution.
Motorola has been selected to supply Shanghai Pudong International
Airport with a centralized controlling system to integrate
communications at the Pudong and Hongquiao
International airports.
The National People's Congress (NPC) will draft a law governing the
venture capital, the Securities Times newspaper reported.
The Shanghai Futures Exchange has opened. The new exchange is a merger
of the Shanghai Metal Exchange, the Shanghai Commodity Exchange and the
Shanghai Cereals and Oils Exchange. It is located in the Pudong
Financial District.
The Shanghai Securities News warned that said companies which didn't
fulfill their foreign investment promises would have the resulting tax
breaks withdrawn.
China Cargo Airlines, China's only all-cargo airline with a 70 percent
ownership stake by China Eastern Airlines Co, wants to add flights to
the United States under the bilateral aviation pact signed in April.
Most of the U.S. airlines on the routes are also planning to apply for
extra flights. Meanwhile, European airlines are also boosting cargo
flights into Shanghai.
Dragonair says its main routes including Hong Kong-Shanghai have a
year-round average load factor of about 80 per cent. Other routes have
been running with load factors of around 55-60 per cent.
Gateway, one of the major U.S. computer sellers, has announced plans to
open in Shanghai in September, focussing on direct sales.
A 71,000-dwt, double bottom, double hull oil tanker has been launched in
Shanghai, the largest of its kind ever built in the country. The tanker,
named "Emerald Sun", was built by Shanghai Hudong Shipbuilding Group for
a Singapore tanker company. The ship is 227 meters long and 32.26 meters
wide. Also, the China State Shipbuilding Corp (CSSC), the nation's
largest shipbuilding company, is being restructured into two large
corporate groups. The Shanghai Shipbuilding Industrial Corp will belong
to the China Shipbuilding Industrial Group Corp.
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