Archive for ‘completes’

25/02/2020

Tesco completes China exit with 275 million pound stake sale

LONDON (Reuters) – Britain’s biggest retailer Tesco (TSCO.L) has completed its exit from China with the 275 million pound sale of its joint venture stake to state-run partner China Resources Holdings (CRH).

Having struggled to crack the Chinese market, Tesco established the Gain Land venture with CRH in 2014, combining the British group’s 131 stores in China with its partner’s almost 3,000.

The disposal of its 20% stake allows Tesco to further simplify and focus the business on core operations, it said on Tuesday, adding that the proceeds will be used for general corporate purposes.

The deal is scheduled to complete on Feb. 28.

Shares in Tesco were up 0.7% at 0816 GMT, extending its gains over the last year to 12.4%.

“This extra 275 million pounds of ‘forgotten value’ should be accretive to most street valuations,” said Bernstein analyst Bruno Monteyne.

After costly exits from Japan and the United States and the sale of its South Korean business, Tesco signalled in December a further retreat from its once lofty global ambitions by starting a review of its operations in Thailand and Malaysia – its last remaining wholly owned businesses in Asia.

A sale of its operations in Thailand and Malaysia would mean Tesco’s only remaining overseas operations, apart from Ireland, would be its central European division, comprising stores in the Czech Republic, Hungary, Poland and Slovakia.

The Asian exit could be one of the last acts of Tesco CEO Dave Lewis, who will be succeeded by Ken Murphy in October.

Bernstein’s Monteyne expects Tesco to start a 1 billion pound share buyback programme in its 2020-21 financial year.

“With this transaction and the possible sale of Thailand and Malaysia, Tesco’s biggest short-term concern could be how to efficiently return cash to shareholders,” he said.

Source: Reuters

25/09/2019

China Focus: China completes world’s longest cross-sea road-rail bridge

CHINA-FUJIAN-CROSS-SEA ROAD-RAIL BRIDGE-COMPLETION (CN)

Aerial photo taken on Sept. 21, 2019 shows a steel girder being lifted by a crane at the construction site of the Pingtan Strait Road-rail Bridge in southeast China’s Fujian Province. China on Wednesday completed the main structure of the world’s longest cross-sea road-rail bridge in Fujian. The last steel girder, weighing 473 tonnes, was bolted on the Pingtan Strait Road-rail Bridge, another mega project in China, on Wednesday morning. With a staggering span of 16.34 km, the bridge connects Pingtan Island and four nearby islets to the mainland of Fujian Province. (Xinhua/Lin Shanchuan)

FUZHOU, Sept. 25 (Xinhua) — China on Wednesday completed the main structure of the world’s longest cross-sea road-rail bridge in its southeastern province of Fujian.

The last steel truss girder, weighing 473 tonnes, was bolted on the Pingtan Strait Road-rail Bridge, another mega project in China, on Wednesday morning.

Hundreds of bridge builders clad in orange overalls, as well as government officials, hailed the completion on the bridge deck, with several rounds of fireworks being set off to celebrate the moment.

With a staggering span of 16.34 km, the bridge connects Pingtan Island and four nearby islets to the mainland of Fujian Province.

The bridge, which is expected to open to traffic next year, can help shorten travel time from two hours to half an hour between Fuzhou, capital city of Fujian Province and Pingtan, a pilot zone set up to facilitate trade and cultural exchanges across the Taiwan Strait.

“Of all the bridges being built across the world, this is no doubt the most challenging,” said Wang Donghui, chief engineer of the project, adding that it is China’s first and the world’s longest cross-sea road-rail bridge.

The project has attracted worldwide attention from the start of construction in 2013 as it spans an area off the coast of southeast China long seen as a “no-go zone” for bridge-building.

The region has strong gales and high waves for most of the year and is known as one of the world’s three most perilous seas along with Bermuda and the Cape of Good Hope.

Workers had to battle the notoriously strong winds, choppy waters and rugged seabed in the region to drill 1,895 piles into the ocean.

MORE THAN MEGA PROJECT

The road-rail bridge has a six-lane highway on the top and a high-speed railway at the bottom, which is designed to support bullet trains traveling as fast as 200 km per hour. It is a part of the 88-km Fuzhou-Pingtan railway.

In the past, Pingtan was a backwater island of humble fisheries. It did not even have a bridge connecting it to the mainland until 2010 when the Strait Bridge began operating for cars only.

In 2010, China established the Pingtan Comprehensive Pilot Zone to facilitate cross-Strait exchange and cooperation, ramping up its efforts to improve the island’s infrastructure.

Today, skyscrapers are popping up all along the shoreline, with the glow of construction work filling the night sky. Meanwhile, thousands of Taiwan residents swarm into the booming island to live and start businesses.

The island has accommodated more than 1,000 shops and companies set up by Taiwan residents, according to government statistics.

Chen Chien-hsiang, a 29-year-old man who moved from Taiwan to Pingtan two years ago, believes that the new bridge will help attract more businesses to the island and further boost its economic development.

“The new bridge means more than a mere mega project,” Chen said. “It also promises a brighter future for people from Taiwan who chose to live and work here.”

INFRASTRUCTURE MANIAC

Huang Zhiwei, 22, found himself making history by lifting the last piece of the bridge girder from a ship about 80 meters below the bridge deck, an undertaking that he had never expected when he joined the project a year ago as an intern.

His parents, unhappy about their son’s career choice, felt relieved after several video chats during which their son showed them his working and living conditions at the construction site.

“With so many advanced technologies and safety measures, I am convinced that we will accomplish the mission, and I am very proud of my contribution,” said the young operator.

More than 1.24 million tonnes of steel have been used for the bridge, enough to build 190 Eiffel Towers, and 2.97 million cubic meters of cement, nine times the amount of cement used to build the Burj Khalifa towers in Dubai, the world’s tallest skyscraper.

“We could not possibly have realized the construction 15 years ago for lack of advanced construction technologies and equipment such as the drilling machine and ship cranes we have developed today,” said Xiao Shibo, an engineer of the China Railway Major Bridge Engineering Group Co., Ltd. The bridge has made history in many aspects, Xiao added.

China is dubbed as an “infrastructure maniac” for countless dazzling megaprojects, with the Chinese builders breaking their own world records.

China is home to the world’s highest bridge, longest cross-sea bridge and 90 out of the 100 highest bridges built this century.

From 2015 to 2020, China’s transportation investment is expected to exceed 15 trillion yuan (2.1 trillion U.S. dollars), with a substantial portion reserved for bridge construction.

Source: Xinhua

05/06/2019

China completes first offshore rocket launch

CHINA-QINGDAO-ROCKET-LAUNCH (CN)

A Long March-11 solid propellant carrier rocket is launched from a mobile launch platform in the Yellow Sea off east China’s Shangdong Province, June 5, 2019. China successfully launched a rocket from a mobile launch platform in the Yellow Sea off Shandong Province on Wednesday, sending two technology experiment satellites and five commercial satellites into space. A Long March-11 solid propellant carrier rocket blasted off at 12:06 p.m. from the mobile platform. It is China’s first space launch from a sea-based platform and the 306th mission of the Long March carrier rocket series. (Xinhua/Zhu Zheng)

QINGDAO, June 5 (Xinhua) — China successfully launched a rocket from a mobile launch platform in the Yellow Sea off Shandong Province on Wednesday, sending two technology experiment satellites and five commercial satellites into space.

A Long March-11 solid propellant carrier rocket blasted off at 12:06 p.m. from the mobile platform. It is China’s first space launch from a sea-based platform and the 306th mission of the Long March carrier rocket series.

The rocket is also named “CZ-11 WEY” under an agreement between the China Academy of Launch Vehicle Technology, China Space Foundation and a Chinese automobile producer.

Launching a carrier rocket from an ocean-based platform has many advantages over a land launch.

The closer to the equator a rocket launch can get, the greater the speed boost it will receive. It reduces the amount of energy required to get into space and means that less fuel is required.

The launch site is flexible and falling rocket remains pose less danger. Using civilian ships to launch rockets at sea would lower launch costs and give it a commercial edge.

The seaborne launch technology will meet the growing launch demand of low inclination satellites and help China provide launch services for countries participating in the Belt and Road Initiative, according to experts.

The two satellites, developed by China Academy of Space Technology, are expected to step up all-weather monitoring of ocean wind fields and improve typhoon monitoring and accuracy of the weather forecast in China.

Among the five commercial satellites, the two satellites, developed by China Electronics Technology Group Corporation, are China’s first small satellite system based on Ka-band.

The Long March-11, developed by China Academy of Launch Vehicle Technology, is the only rocket using solid propellants among China’s new generation carrier rockets. It is mainly used to carry small satellites and can take multiple satellites into orbit at the same time.

Source: Xinhua

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