Govt and policies

Green industry body inaugurated

A green manufacturing alliance was inaugurated over the weekend to better support China's green and sustainable development, according to the Ministry of Industry and Information Technology. Led by the ministry, members of the Green Manufacturing Association of China are from China's leading scientific research institutions and manufacturing enterprises, covering industries such as iron and steel, building materials, energy, textiles and finance. More than 400 representatives from multinational enterprises, international institutions and foreign embassies attended the inauguration ceremony. "China should eliminate backward production capacity with high energy consumption and high pollution and stick to the path of sustainable development," said Xin Guobin, vice-minister of industry and information technology. According to the ministry, the alliance will serve as a platform for China's green manufacturing businesses to cooperate with financial institutions and multinational enterprises.

More lock-up shares eligible

Lock-up shares worth about 47.84 billion yuan ($7 billion) will become eligible for trading on the Shanghai and Shenzhen stock exchanges this week. The amount is 42.09 percent more than last week, according to Zhejiang-based Hithink RoyalFlush Information Network, a financial information provider. Lock-up shares from 34 listed companies will become tradable from July 24 to 28. Electric carmaker BYD Co Ltd is set to unlock shares worth 12.73 billion yuan on Tuesday, the largest from a single company next week. Under China's market rules, major shareholders must wait one to two years before they are permitted to sell their shares.

Land for residential leasing is sold

The two parcels of land in Shanghai allocated for the city's residential leasing scheme were sold to two State-owned companies on Monday. The parcels are expected to provide at least 1,897 units of homes for rent, signaling the city's first step in its ambition of providing about 700,000 apartments specialized for leasing during the 13th Five-Year Plan (2016-20) period.

Companies and markets

Yuan strengthens against US dollar

The central parity rate of the renminbi, or the yuan, strengthened 5 basis points to 6.7410 against the US dollar on Monday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Ford delays recall of Lincoln MKX

Ford (China) has postponed its planned recall of Lincoln MKX vehicles for three months due to delays in the delivery of repair components, according to China's top quality watchdog. The recall, involving 316 imported cars made from June 11, 2014 to July 31, 2014, will start on Sept 30, three months later than the initial planned date. Due to defects in the pre-tensioning system, the seat belts may not function properly in accidents, which is a safety risk, according to Ford. The company urged owners of the vehicles to contact dealers as soon as the recall starts to have the component replaced. Earlier official data showed global and Chinese automakers recalled 4.49 million defective vehicles in the first five months of this year, compared with 11.34 million during the whole of 2016.

Houston to build massive factory

Houston petrochemical company LyondellBasell said it will move forward with its most expensive project ever near the Houston Ship Channel that would become the largest factory of its kind in the world. According to local media reports, the $2.4 billion plant would create some 2,500 construction jobs and 160 permanent positions, representing a continuation of the petrochemical boom along the US coast. The Houston area today boasts one of the world's greatest concentrations of petrochemical plants. Even the industry's expansion has slowed as projects have been completed, but it continues to attract investment from some of the world's biggest companies. Houston is the most populous city in the state of Texas and the fourth-most populous city in the United States.

Around the world

Bank report puts NSW right on top

The latest report card on the state of Australian state economies was released on Monday, with New South Wales holding on to the first place, while Victoria charged back to second spot. The July report compiled by Australia's largest bank, the Commonwealth Bank of Australia, looks at eight key economic metrics to determine the performance of each state and territory, including economic growth, retail spending, unemployment, and population growth. In the latest iteration, NSW managed to hold onto its top spot, with the report stating that it was the "best performing economy," with rankings at the top, or near to, for all the assessed indicators. This was good news for the NSW government, and its Treasurer Dominic Perrottet said on Monday that NSW is benefitting from its "massive once-in-a-generation" major infrastructure works underway in the state.

Irish debt agency to procure custodian

The Irish government has appointed the country's debt agency NTMA to procure a custodian for the Apple state aid fund. In a statement, Finance Minister Paschal Donohoe said that given the NTMA's existing functions and expertise, the agency has been appointed to run the procurement processes. In Ireland, the NTMA is responsible for borrowing on behalf of the government and managing the national debt. He said the government "is fully committed to ensuring that recovery of the Apple state aid takes place without delay", adding that the government "has committed significant resources to ensuring this is achieved, notwithstanding the appeal lodged in 2016".

Ethiopian initiative creates 1.7m jobs

Ethiopia has created over 1.7 million job opportunities through the government's job creation initiative during the just completed 2016/2017 Ethiopian fiscal year, according to the Ethiopian Urban Job Creation and Food Security Council. The council said that the East African country, which had an initial plan to benefit 2.1 million citizens through the initiative, was able to create opportunities for 1.7 million people who reside in federal cities across the country. The council had been implementing a platform to register job-seekers across the country, in which 1.7 million people were registered and employed through various sectors during the reported Ethiopian fiscal year. Ethiopia's manufacturing sector, followed by the construction industry, was said to be at the forefront in creating job opportunities for the burgeoning working class Ethiopians during the stated period.

China Daily - Agencies