Huaxia Bank Restructure Aided by Large Tax Breaks
Beijing-based Huaxia Bank has announced that it will receive a tax break – equal to more than one-fifth of its profits for last year – to help it restructure its debts and reorganise the company ahead of a share sale. The government has agreed to forego RMB971m in pre-tax deductions for staff costs to help the bank, in which Deutsche Bank is a strategic investor, compete in China’s increasingly cut-throat banking industry. State media adds that the bank will also receive a similar exemption this year. Huaxia Bank’s reported net income for the first nine months of 2007 rose 29 per cent, to RMB1.6 bn.
Fast Retailing Aims for 200 China Stores in 5 Years
Asia's biggest clothing retailer, the Japanese based Fast Retailing
Co., plans to operate 200 Uniqlo stores in China and Hong Kong within
five years. Senior Vice-President Tiger Pan Ning said that about 80 per
cent of the stores will be located in mainland China. Uniqlo currently
has ten stores in China and five in Hong Kong. The casual clothing
chain is tapping China’s much-vaunted consumer sales growth potential
as sales slow in its home market, which still accounts for about 90
percent of total revenue. According to Pan, Fast Retailing's sales from
China will double every year to about RMB7 bn by 2012.
China To Take Wind Energy Seriously
China is looking at ways to harness the strong winds that blow through
its arid northern plains to help offset the nation's rising
carbon-dioxide emissions, state media reports. "With greater policy
support for wind energy, China could become one of the top three wind
energy markets in the world by 2020," says Li Junfeng, an alternative
energy expert. China currently ranks fifth in the world’s list of
wind-power users, after the United States, Germany, India and Spain,
but there is room for considerable growth given its vast terrain and
varied climates. China Daily reports that USD 23 bn of new wind
generators went online globally last year, lifting total capacity by a
quarter, to more than 74GW. By the end of 2007, China's installed wind
power capacity is projected to be 5GW.
Last update : Thursday, 08 November 2007
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