Toyota to Build New China Plant
Japan-based Toyota, the world's second-largest automaker, plans to set up a new plant in Jilin province. It is slated to invest USD469m in the new production facility in Changchun, the provincial capital. The plant's annual production capacity could reach 100,000 units, Nikkei Business News reports. Operations are expected to start in 2010. Toyota already assembles cars in Changchun and has seven other production facilities in China.
Insurers Face Unprecedented Snowfall Payouts
Insurance companies in China are expected to pay out RMB3.52 bn in
damage compensation due to the nation's most-severe winter weather
conditions for almost 50 years, state media reports. Most of the money
will be paid to individuals and companies in Hunan, Hubei, Guizhou,
Jiangxi and Anhui provinces and Guangxi Zhuang autonomous region -
which are the worst-hit areas. Energy companies will receive up to RMB1
bn, or about 28 per cent of the payments.
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