Posts tagged ‘general electric co’

28/02/2013

* China nears approval of $16 billion domestic jet-engine plan

Xinhua: “China’s cabinet may soon approve an aircraft engine development program that will require investment of at least 100 billion yuan ($16 billion), state-run Xinhua news agency quoted unidentified industry sources as saying.

A woman walks past the Aviation Industry Corporation of China (AVIC) headquarters building in Beijing October 30, 2012. REUTERS/Jason Lee

China is determined to reduce its dependency on foreign companies like Boeing Co (BA.N), EADS-owned Airbus (EAD.PA), General Electric Co (GE.N) and Rolls Royce Plc (RR.L) for the country’s soaring demand for planes and engines.

So far the domestic aerospace industry has failed to build a reliable, high-performance jet engine to end its dependence on Russian and Western makers for equipping its military and commercial aircraft.

Xinhua on Thursday quoted an unidentified professor at the Beijing University of Aeronautics and Astronautics (BUAA) with knowledge of the project as saying the investment would be used mainly for research on technology, designs and materials related to aircraft engine manufacturing.

The project was going through approval procedures in the State Council and may be approved shortly, the professor was quoted as saying.

Participants in the project include Shenyang Liming Aero-Engine Group Corp, AVIC Xi’an Aero-Engine (Group) Ltd (600893.SS) and research institutes including the BUAA, Xinhua reported.

Aviation Industry Corporation of China (AVIC), the country’s dominant military and commercial aviation contractor, had lobbied the government to back a multi-billion dollar plan to build a high-performance jet engine.”

via China nears approval of $16 billion domestic jet-engine plan: Xinhua | Reuters.

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03/05/2012

* Frustrated With China, General Electric Turns Its Eye to Australia

WSJ: “For General Electric Co., Australia is the new China.

The original version of General Electric's cir...

The original version of General Electric’s circular logo and trademark. The trademark application was filed on July 24, 1899, and registered on September 18, 1900 (Photo credit: Wikipedia)

The continent of 22 million people is set to generate more revenue for the industrial conglomerate this year than will the Middle Kingdom, with 1.3 billion. The shift stems in part from Chief Executive Jeff Immelts shuffling of the company’s business lines to emphasize energy. But it also reflects a significant rethinking of China’s value for GE, which, after years of missed targets and slow growth in the country, has turned its attention to resource-rich locations that have friendlier rules for investing and fewer national champions as rivals.

GE isn’t giving up on China, where its annual sales have hovered at around $5 billion for much of the past half-decade. But the company is betting that the price of energy and minerals will remain strong—and that GE will have an easier time breaking into other markets to sell compressors, locomotives and power generators in countries that produce oil, gas and iron ore. The new approach elevates Canada, Peru, Mongolia and Australia into the circle of growth prospects once dominated by Brazil, Russia, India and China.”

via Frustrated With China, General Electric Turns Its Eye to Australia – WSJ.com.

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