China and India developments
China and France
In Wuhan, a city of 10 million people along the Yangtze river, Chirac laid the foundation stone for a new Peugeot-Citroen factory, while urging French industry chiefs to further expand their "strategic alliance" with China.
The new Peugeot-Citroen factory, a 50-50 joint venture with China's Dongfeng, is expected to begin production in 2009 and will tap into China's voracious appetite for new cars with an eventual annual production capacity of 150,000 vehicles.
On Thursday, Chirac spent more than an hour meeting with Chinese President Hu Jintao in Beijing, after which the two nations announced that Airbus had secured an order for 150 A320 aircraft that could be worth about 10 billion dollars, based on the jet's current list price.
Airbus also agreed to set up an aircraft factory in the city of Tianjin, with both announcements seen as giving the European giant a much stronger foothold in the world's most lucrative aviation market.
A total of 13 new deals with French industry were signed Thursday in Beijing, including a 1.5-billion-dollar contract involving Alstom SA helping to build 500 Chinese freight locomotives.
Source: http://www.channelnewsasia.com/stories/afp_world_business/view/238145/1/.html
China Banks listed in HK
ICBC's share sale, the largest in history, was well received by the markets. China's top bank made a strong debut in Hong Kong Friday, closing 14.7 percent higher.
The flotation followed the overseas listings of Bank of China and China Construction Bank, and was the latest step in China's struggle to get its lenders up to global standards.
The government injected a total of 60 billion dollars into the three listed banks, brought in strategic investors from abroad and undertook shareholding reform in preparation for their flotations.
Source: http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/238175/1/.html
Reliance to open first stores of 'Indian Wal-Mart'
Posted: 30 October 2006 0633 hrs
Photos 1 of 1
A worker puts up a Reliance Industries' poster
HYDERABAD, India : Major company Reliance Industries said it would open a series of stores here this week with the aim of building an Indian version of Wal-Mart, the world's largest retail chain.
The 11 "neighbourhood" stores, to be called Reliance Fresh, will sell groceries and other goods from Friday as a pilot project to "understand customer needs," Reliance said.
"We are starting a pilot journey of listening to customers and learning from them," said Mukesh Ambani, chairman of Reliance Industries whose main business is petroleum refining.
Ambani has said he wants to make the company's new stores arm, Reliance Retail, a "Wal-Mart in India" and has set an annual sales target of 25 billion dollars by 2011.
Reliance, India's biggest company by market capitalization, plans to transform the retail landscape.
It will invest seven to eight billion dollars in setting up its stores arm that will cover 1,500 Indian cities and towns in the country of 1.1 billion people, said a senior Reliance official.
Source:
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/238303/1/.html
In Wuhan, a city of 10 million people along the Yangtze river, Chirac laid the foundation stone for a new Peugeot-Citroen factory, while urging French industry chiefs to further expand their "strategic alliance" with China.
The new Peugeot-Citroen factory, a 50-50 joint venture with China's Dongfeng, is expected to begin production in 2009 and will tap into China's voracious appetite for new cars with an eventual annual production capacity of 150,000 vehicles.
On Thursday, Chirac spent more than an hour meeting with Chinese President Hu Jintao in Beijing, after which the two nations announced that Airbus had secured an order for 150 A320 aircraft that could be worth about 10 billion dollars, based on the jet's current list price.
Airbus also agreed to set up an aircraft factory in the city of Tianjin, with both announcements seen as giving the European giant a much stronger foothold in the world's most lucrative aviation market.
A total of 13 new deals with French industry were signed Thursday in Beijing, including a 1.5-billion-dollar contract involving Alstom SA helping to build 500 Chinese freight locomotives.
Source: http://www.channelnewsasia.com/stories/afp_world_business/view/238145/1/.html
China Banks listed in HK
ICBC's share sale, the largest in history, was well received by the markets. China's top bank made a strong debut in Hong Kong Friday, closing 14.7 percent higher.
The flotation followed the overseas listings of Bank of China and China Construction Bank, and was the latest step in China's struggle to get its lenders up to global standards.
The government injected a total of 60 billion dollars into the three listed banks, brought in strategic investors from abroad and undertook shareholding reform in preparation for their flotations.
Source: http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/238175/1/.html
Reliance to open first stores of 'Indian Wal-Mart'
Posted: 30 October 2006 0633 hrs
Photos 1 of 1
A worker puts up a Reliance Industries' poster
HYDERABAD, India : Major company Reliance Industries said it would open a series of stores here this week with the aim of building an Indian version of Wal-Mart, the world's largest retail chain.
The 11 "neighbourhood" stores, to be called Reliance Fresh, will sell groceries and other goods from Friday as a pilot project to "understand customer needs," Reliance said.
"We are starting a pilot journey of listening to customers and learning from them," said Mukesh Ambani, chairman of Reliance Industries whose main business is petroleum refining.
Ambani has said he wants to make the company's new stores arm, Reliance Retail, a "Wal-Mart in India" and has set an annual sales target of 25 billion dollars by 2011.
Reliance, India's biggest company by market capitalization, plans to transform the retail landscape.
It will invest seven to eight billion dollars in setting up its stores arm that will cover 1,500 Indian cities and towns in the country of 1.1 billion people, said a senior Reliance official.
Source:
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/238303/1/.html
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