Bayer Soon Top Prescription Drugs Seller
German-based Bayer AG is set to overtake AstraZeneca as the biggest
seller of prescription drugs in China, Reuters reports. Arthur J.
Higgins, Head of Bayer Healthcare, revealed that revenues in China are
goring at more than 40 per cent per year. For 2008, Bayer expects
operating revenues from prescription drugs to reach USD500m in China.,
which would enable it to overtake AstraZeneca as the leading
prescription drug seller. Bayer also announced it will focus on
expanding sales for medical equipment, diabetes treatment, animal
health and over-the-counter drugs.
Deutsche Bank Sets Up Investment Banking
Deutsche Bank and Shanxi Securities agreed to set up an investment
banking joint venture, the South China Morning Post reports. The German
bank will hold a 33 per cent stake in the new company. It is the second
deal in the investment banking industry within a month after Credit Suisse
and Founder Securities announced their joint venture earlier in June.
The securities industry was closed for foreign investment for some
time. UBS and Goldman Sachs were both able to secure a brokerage
license before the temporary close down.
Fraport Eyes Kunming Airport Deal
The State-owned Assets Supervision and Administration Commission of
Yunnan province has reportedly signed an MOU with German airport
operator Fraport AG on strategic cooperation for the new Kunming
airport. Fraport - which also plans to invest into Xi'an airport - will
provide marketing and capital investment management expertise to the
new airport. The Civil Aviation Administration of China intends for the
new Kunming airport to become a major domestic hub airport, connecting
China to southeast and south Asia. It is targeted to become China's fourth-largest international airport.
Hilton Targets China & India Growth
Hilton Hotels plans to add 300 hotels to its current total of 47 in
Asia over the next decade, with India and China as the main markets for
development. Hilton believes that both India and China are "in their
absolute infancy" as hotel markets, and it wants to quickly expand the
coverage of its nine operating hotel brands. The U.S.-based hotelier
aims to open 75 hotels in India within five years, and 18 new hotels in
China in the next four years. In particular, it will target what it
sees as "massive potential" in China's budget-hotel category.
Ford Ramps Up China Sales Plans
Under a new agreement, Ford plans to sell more than 30,000 North
American-built vehicles in China, starting from 2009. The company will
also begin supplying transmission components and parts to its passenger
car joint venture, Changan Ford Mazda Automobile. The deal was signed
with Chinese government officials and senior Ford management in
Washington, D.C. Details of the vehicles to be exported from 2009 will
be announced later.
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