Posts tagged ‘China Securities Journal’

28/10/2014

China trainmakers CSR, CNR in talks to merge – state media | Reuters

China’s top trainmakers, China CNR and CSR Corp, are in merger talks to create a giant able to compete globally with the likes of Siemens and Bombardier, state media reported on Tuesday.

A handrail hangs in one of the 45 new train wagons that were bought from China's CNR, in a Buenos Aires' subway station February 14, 2013. REUTERS/Enrique Marcarian

China built the world’s longest high-speed train network in less than a decade and has expressed its desire to export its technology. The two state-owned firms however have fiercely competed against each other while trying to sell trains abroad.

The official China Securities Journal, citing unidentified sources, said the firms had set up working groups to discuss the integration, and that investment bank China International Capital Corp had been appointed to oversee the reorganisation.

“The heads of CNR and CSR are in agreement on the companies’ integration,” the newspaper quoted an industry source as saying.

“As the State Council is in charge of this, it can be done at great speed and at the moment the biggest concern is related to their projects and personnel changes.”

CNR and CSR halted trading on Monday and subsequently issued statements saying they would resolve “major issues” as soon as possible. Trading would resume within five working days, they added.

The companies did not respond to requests for comment on the Journal report.

Last month, CNR and CSR dismissed a report by financial news magazine Caixin that the government was looking to merge the firms to create a giant that can better compete with foreign rivals such as Germany’s Siemens and Canada’s Bombardier.

A merged CNR-CSR would have combined annual revenue of about 200 billion yuan (20.28 billion pounds) based on 2013 company data, compared with Siemens’ 75.9 billion euros ($96.5 billion) revenue last year and Bombadier’s $18.2 billion (11.28 billion pounds).

Zhuzhou CSR Times Electric, a CSR subsidiary, also suspended trading. CNR is due to report third-quarter results on Wednesday, while CSR is scheduled to report on Friday, according to the Shanghai Stock Exchange.

via China trainmakers CSR, CNR in talks to merge – state media | Reuters.

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07/08/2014

China suspends work at hundreds of factories after deadly blast | Reuters

China has suspended work at more than 200 factories in an eastern province for safety checks as part of a nationwide review following an explosion at an auto parts plant that killed 75 people, government officials and state media said.

Family members cry at a caring centre for relatives of victims of a factory explosion, in Kunshan, Jiangsu province August 3, 2014.REUTERS/Stringer

Officials have been ordered to shut all aluminium and magnesium factories – and others that generate metal dust – for safety violations, the Jiangsu provincial government said in a statement late on Wednesday. Some 214 factories in Suzhou and 54 factories in Kunshan have been shut and will not reopen until they obtain government approval.

It was not immediately clear how long that would take.

Provinces such as Shaanxi, Tianjin and Sichuan, as well as the Guangxi special administrative region, have also stepped up safety checks. The crackdown comes after a blast at Kunshan Zhongrong Metal Products Co Ltd on Saturday, China’s worst industrial accident in a year.

State media has reported that investigators’ preliminary findings show that Kunshan Zhongrong bears the main responsibility for the blast in Jiangsu, which also injured 185 people when a flame was lit in a dust-filled room.

An hour’s drive from Shanghai, Kunshan Zhongrong polishes wheel hubs for automakers including General Motors Co.

“The suspended factories were found to suffer the same safety risk of dust pollution,” the official Xinhua news agency said on Wednesday, citing the government in Suzhou, which includes the satellite city Kunshan.

Xinhua did not give further details on the factories or what they produced. Jiangsu and Zhejiang provinces are known for their alloy wheel makers, with Jiangsu home to four of China’s top 10 exporters, according to the Automobile Association.

Many alloy wheel makers in Jiangsu have poor safety practices, the official China Securities Journal said.

Earlier this week, President Xi Jinping demanded a full inquiry into what happened at Kunshan Zhongrong and that those responsible be punished. China’s State Council Work Safety Commission ordered nationwide inspections and a safety campaign targeting factories that process aluminium, magnesium, coal, wood, paper, tobacco, cotton and plastic, Xinhua said.

Xinhua also said authorities would draw up comprehensive regulations for dust control at factories.

Police took at least two Kunshan Zhongrong representatives into custody earlier this week, Xinhua reported.

via China suspends work at hundreds of factories after deadly blast | Reuters.

18/02/2014

* China to spend $330 billion to fight water pollution -paper | Reuters

China has a fifth of the world’s population but just 7 percent of its water resources, and the situation is especially precarious in its parched north, where some regions have less water per capita than the Middle East.

A man walks by a pipe discharging waste water into the Yangtze River from a paper mill in Anqing, Anhui province, December 4, 2013. REUTERS/William Hong

The plan is still being finalized but the budget has been set, exceeding the 1.7 trillion yuan ($277 billion) China plans to spend battling its more-publicized air pollution crisis, the China Securities Journal reported, citing the Ministry of Environmental Protection.

It will aim to improve the quality of China’s water by 30 to 50 percent, the paper said, through investments in technologies such as waste water treatment, recycling and membrane technology.

The paper did not say how the funds would be raised, when the plan would take effect, or what timeframe was visualized, however.

Groundwater resources are heavily polluted, threatening access to drinking water, Environment Minister Zhai Qing told a news conference in the capital, Beijing, last week.

According to government data, a 2012 survey of 5,000 groundwater check points found 57.3 percent of samples to be heavily polluted.

China emits around 24 million tons of COD, or chemical oxygen demand, a measure of organic matter in waste water, and 2.45 million tons of ammonia nitrogen, into its water each year, Zhai said.

Over the next five years, China has previously estimated it will need to spend a total of 60 billion yuan to set up sludge treatment facilities, and a further 10 billion yuan for annual operation, the environment ministry says.

China is short on water to begin with but its water problems are made worse by its reliance on coal – which uses massive amounts of water to suppress dust and clean the fuel before it is burnt – to generate nearly 70 percent of its electricity while self-sufficiency in food remains a key political priority.

via China to spend $330 billion to fight water pollution -paper | Reuters.

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