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AsiaLynx Top Stories – 2/1/2010

AsiaLynx Top Stories 01.02.2010 Comments Off

Nathan Road, Hong Kong (photo: Randal Rayborn)

HK retail sales value grows 16%: The city’s total retail sales value for December has been provisionally estimated to be 29.4 billion HK dollars, up 16 percent on the same month last year, the Census and Statistics Department of Hong Kong said Monday. After netting out the effect of price changes over the same period, the volume of total retail sales grew 11.3 percent. The sales volume of jewelry, watches and clocks, and valuable gifts increased the most, by 30.4 percent, followed by motor vehicles and parts at 29.8 percent. (Via Business – People’s Daily Online.)

Kodak Enhances Its Manufacturing Facilities In China: Kodak is opening a second production line for its Xiamen printing plate manufacturing facility to enhance the company’s manufacturing capacity for offset products. The manufacturing line in the southern Chinese city will produce CTP plates for sale in Asia and support the development of current and new products. (Via China Sourcing News.)

HSBC Report: Men Key To Luxury Spending In China Today; Women Tomorrow: In the new book ‘Luxury China: Market Opportunities and Potential’ (Jing Daily review), Chevalier and Lu note that the Chinese luxury business is still very much dominated by middle-aged men, most of whom splash out on high-priced luxury goods with the intention of giving them as gifts. However, as the authors point out, over time we can expect to see a gradual shift in power from male to female consumers. (Via Jing Daily.)

Parcel south of Bund sets realty records: A 57,000-square-meter plot sitting south of the historic stretch of the Bund finally fetched 9.22 billion yuan (US$1.35 billion) yesterday and became the most expensive parcel in Shanghai by both total and average price. Privately owned Shanghai Zendai Property Ltd emerged as the winner of the plot after beating three domestic rivals. The plot, with a starting price of 9 billion yuan, was sold for an average price of 34,148 yuan per square meter, also the highest on the Chinese mainland so far. An entity consisting of China Enterprise, China Pacific Life Insurance and Taikang Life Insurance; Shanghai New Huangpu (Group) Co Ltd; and another entity led by Shanghai Forte Land and Shanghai Fosun were the three other participants in yesterday’s competition. The site is in an area of the Bund that the city wants to turn into a center dominated by financial institutions – part of a city master plan to turn Shanghai into a global financial center by 2020.(Via Shanghai Daily: Business.)

Asia-Pacific biggest air travel market: The Asia-Pacific region has overtaken North America as the world’s largest air travel market. The International Air Transport Association said 647 million passengers flew in the region last year, compared with 638 million in North America. Within Asia, China has eclipsed Japan over the past decade as the largest domestic market. And IATA says the Asia-Pacific market will continue to grow rapidly. (Via RTHK On Internet – Finance News.)

Tags: Airlines, Asia business, Asia news, Bund, China, Hong Kong, Kodak, luxury, real estate, retail, Shanghai, Xiamen
AsiaLynx Top Stories – 1/23/2010

AsiaLynx Top Stories 23.01.2010 Comments Off

The MGM Grand Macau opened its doors in 2007

MGM Grand Macau To Relaunch Brand With Mainland Visitors In Mind: According to analysts, the MGM Grand Macau has fallen behind its Macau rivals as a result of failing to meet the expectations — or suit the tastes — of Chinese patrons, something MGM Grand Paradise Ltd. President Grant Bowie told the paper he plans to address by transforming the MGM Grand Macau into “a Chinese brand.” (Via Jing Daily :.)

China’s self-developed supertanker completed in south China port: China’s largest self-developed supertanker has been completed in south China’s Guangdong Province and was expected to set sail in late January. The 333-meter-long and 60-meter-wide oil tanker, named Xinpuyang, was designed and built by the Guangzhou Longxue Shipbuilding Co., Ltd. and the Marine Design and Research Institute of China. The tanker was handed over to the buyer, China Shipping (Group) Company, in Nansha Port in Guangzhou, capital of Guangdong on Friday. (Via China – People’s Daily Online.)

Pollution chokes Hong Kong: Hong Kong is famous for its skyline, but that view is often hidden behind a thick blanket of smog. Air pollution reached dangerous levels one in every eight days in 2009. (Via Hong Kong News latest RSS headlines – Hong Kong Herald.com.)

Survey shows Chinese women unwilling to marry Japanese ‘old men’: A survey conducted by a multinational matchmaking company in Tokyo, Japan shows that expectations of Chinese women on Japanese men have improved. The first requirement of Chinese women for their partners is ‘young’, flowed by conditions such as ‘personality and character’, ‘appearance’ and ‘income’, according to the survey. The result broke the traditional impression of matching old men and young women. The majority of respondents felt that the reason why Japanese men chose to marry Chinese women is that the majority of women around them are too young and they can not find a suitable Japanese wife. (People’s Daily) (Via News On Japan.)

Tiger Airways makes a loud roar on debut: IT WAS a roaring debut for Tiger Airways on its first day on the Singapore Exchange (SGX) as it confounded skeptics and delighted investors who had bought the IPO stock despite widespread cynicism over its valuation and growth model. (Via Business Times Online – All The Headlines.)

Tags: Airlines, Asia business, Asia news, China, Guangzhou, Japan, Macau, marriage, MGM Grand, Shipping, Singapore, Tiger Airways
AsiaLynx Top Stories – 1/11/2010

AsiaLynx Top Stories 11.01.2010 Comments Off

Port of Singapore

Singapore hit by container slump: One of the world’s busiest ports, Singapore, told that in the year 2009 it handled 13.5 percent less container traffic from the last year as the global downturn squeezed world trade. Late Thursday, the Maritime and Port Authority of Singapore said in a statement that previous year the city-state held 25.9 million standard six-metre (20-foot) container units, losing from 29.9 million in 2008. The port authority said that the total cargo tonnage decreased by 8.6% to 469.6 million tones. (Via TopNews Singapore.)

Google Seeks Deal With Chinese Writers: Google sought to calm anger in China over its book-scanning project, saying it aims for a new agreement with Chinese writers for the rights to publish books in its digital library. (Via WSJ.com: What’s News Asia.)

China’s economic growth to hit 9% this year: Deutsche Bank: China’s economic growth would hit 9 percent in 2010 with exports making bigger contribution to it, a senior economist said here Monday. Ma Jun, Deutsche Bank Greater China chief economist, said at an investment forum that exports would play a bigger role in boosting China’s economic expansion in 2010. ‘Investment’s contribution to China’s economic growth is expected to drop from 80 percent in 2009 to 50 percent this year, and domestic consumption will likely remain stable,’ he said…” (Via Business – People’s Daily Online.)

Japan Airlines expected to axe 15,000 jobs: Reports say Japan Airlines is set to cut more than 15,000 jobs. It’s also expected to reject billion-dollar offers from Delta and American Airlines, as it files for bankruptcy and embarks on a government-led turnaround. Under a rehabilitation plan now being hammered out, JAL will slash staff numbers over the next three years. The plan would include a fresh investment of 300 billion yen. (Via RTHK On Internet – Finance News.)

Japan’s Deputy Prime Minister Kan to test waters for consumption tax hike after fiscal review: Deputy Prime Minister Naoto Kan, appointed last week to also serve as finance minister, indicated Sunday that he may put a consumption tax hike on the table in fiscal 2011.
‘I would like to spend this year thoroughly reviewing fiscal conditions,’ Kan said while making the rounds on Sunday TV talk shows. ‘Based on the results of the review, I would like to discuss necessary steps, whether that means (raising) the consumption tax or (introducing) a green tax. (Via The Japan Times: News & Business.)

Tags: Airlines, American Airlines, Asia business, Asia news, China, consumption tax, Deutsche Bank, Google, Japan, Japan Airlines, port, Singapore, writers
AsiaLynx Top Stories – 1/7/2010

AsiaLynx Top Stories 07.01.2010 Comments Off

South Korea’s Incheon airport strives to keep top position: INCHEON: Incheon International Airport in South Korea is rated the world’s best, according to a survey by British-based Skytrax. The 9-year-old facility has been voted number one by nearly 9 million passengers at 190 airports. (Via Channel NewsAsia Business News.)

China’s commerce minister stresses yuan stability, concerned about U.S. dollar value: China’s Commerce Minister Chen Deming said here Thursday the stability of the Chinese currency contributes to the recovery of the world economy while voicing concerns over the strength of the U.S. dollar. ‘The Chinese government has stated on many occasions it will keep the exchange rate of the yuan, or Renminbi, basically stable,’ said Chen during a visit to the Turkish capital Ankara, adding ‘We feel that is an important support and contribution for the world economy… (Via Business – People’s Daily Online.)

China’s Steel Industry Is a Big Problem for Both Climate and Trade: The United States is set to slap penalty duties on imported Chinese steel pipes, heightening trade tensions between the two powers. This is the largest countervailing duty case filed against China, based on the value of trade. The US International Trade Commission (ITC) said it had made a ‘final’ decision that the ‘subsidized’ pipes adversely impacted the domestic steel industry, paving the way for the Commerce Department to impose countervailing duties of up to nearly 16 percent on the pipe. The ITC will forward in writing a formal determination to the Commerce Department in the first week after the New Year’s holiday. The ITC ruling comes amid rising trade tensions between the United States and China. In September, the United States announced it would place duties on Chinese-made tires to protect the local US industry, sparking the first major trade dispute under Barack Obama’s presidency. (Via ChinaStakes.)

Kempinski To Double Number Of Hotels In China By 2013: Polish luxury hoteliers the Kempinski Hotel Group, which currently manages 11 hotels in China, in cities like Beijing, Chengdu, and Xi’an, has announced that the company plans to more than double the number of hotels under its management within the next three years. Of these 12 new hotels, the first should be Kempinski Xiamen, which recently held its topping-out ceremony and is expected to open early next year. According to the China Economic Review, Kempinski’s expansion plan is part of its broader strategy to account for 20% of the hotel group’s total turnover and profits by 2013, over the current 15%. In addition to its expansion plan, 4Hoteliers says that the Kempinski Group is planning to open a ‘China-Only’ five-star hotel brand, Nuo. (Via Jing Daily :.)

Japan to allow more flights from China, Russia at Hokkaido airport: Japan decided Friday to ease security restrictions in March on the number of flights to and from China, Hong Kong and Russia at a Hokkaido airport to boost the number of tourists to the northernmost island prefecture. The Land, Infrastructure, Transport and Tourism Ministry and the Defense Ministry agreed to extend hours to accommodate flights to and from the countries at Hokkaido’s New Chitose Airport, which is adjacent to the Air Self-Defense Force’s Chitose Base, according to government officials. (Via Kyodo News (Business).)

Tags: Airlines, Asia business, Asia news, China, dollar, Hokkaido, hotels, Incheon, Japan, Kempinski, Seoul, South Korea, steel
AsiaLynx Top Stories – 1/5/2010

AsiaLynx Top Stories 05.01.2010 Comments Off

Beijing airport getting mostly back to normal following snow: Beijing Capital International Airport reported 231 delayed and 40 canceled outbound flights as of 2 p.m. Tuesday after record heavy snow paralyzed the airport earlier in the week. Services were mostly back to normal with the three runways all open Tuesday thanks to more than 300 workers who worked for 60 hours to clear the snow and ice, said a spokesman for the airport management department. The airport authorities attributed the disruption mainly to bad weather in airports outside Beijing… (Via Business – People’s Daily Online.)

China Becomes Top Exporter: China took over the mantle of the world’s top merchandise exporter from Germany in 2009, aided by a global economic crisis that has taken a greater toll on other trading powers. (Via WSJ.com: What’s News Asia.)

Taiwan’s Xiabu Xiabu Opens 100th Restaurant On The Mainland: Xiabu Xiabu, a Taiwan-invested hotpot restaurant chain, has opened its 100th restaurant in Daxing, Beijing. Following registration in Beijing in 1998, Xiabu Xiabu opened its first restaurant in Beijing’s Xidan in March 1999. As the first bar-style small hot pot restaurant in Beijing, the company has developed steadily during the last ten years. (Via ChinaRetailNews.com.)

U.S. eclipsed by China in 2009 auto sales: New car sales in the United States plunged more than 20 percent in 2009 to a 27-year low of 10.43 million units, less than the 12.23 million units sold in China during January-November, making the country the world’s largest car market for the first time, data released by a U.S. research firm showed Tuesday. The result marked a historic turning point in the world automobile industry, which had been led by the Big Three Detroit companies since Ford Motor Co. began mass production in 1913 introducing the world’s first belt conveyor system. (Via Kyodo News (Business).)

Singapore PM: No return to pre-crisis growth: Singapore’s Prime Minister Lee Hsien Loong said that the city-state requires a long time to achieve the pre-crisis growth levels of 7 to 10 per cent as the recent economic slowdown has adversely impacted almost all key economic parameters. PM Lee, addressing a bursary award ceremony at Townsville Primary School, said that economy has been, however, showing the signs of resilience as demand in all spheres is slowly picking up due to stimulus measures taken by the government. (Via TopNews Singapore.)

Tags: Airlines, Asia business, Asia news, automobile, Beijing, China, Ford, Singapore, Taiwan, Xiabu Xiabu
Chinese airlines’ spirits soar with maiden Boeing 787 flight

China 23.12.2009 Comments Off

A Boeing 787 Dreamliner flies over onlookers during its maiden test flight in Washington on Tuesday. (Agencies)

By Xin Dingding (China Daily) – Chinese airlines breathed a collective sigh of relief this week after Boeing completed the long-delayed first test flight of its new 787 Dreamliner.

The three-hour maiden flight on Tuesday of the light and fuel-efficient airplane was cut short from the planned five because of bad weather.

Boeing said on Tuesday it hopes to deliver its first 787 – to Japan’s All Nippon Airways – during the fourth quarter next year.

Boeing China yesterday declined to say when it hopes to deliver aircraft ordered by Chinese customers. A source with China Southern, the largest domestic airline by fleet size, said it expects to receive 10 starting in 2011.

“We plan to use the 787 jet to gradually replace part of our Boeing 777 jets on international flights to Europe, America and Australia,” the source, who declined to be named, told China Daily.

State broadcaster CCTV said industry insiders believe the 787 will become one of the main models in China.

The aircraft, which has been described as “game-changing”, went no higher than 4,572 m, at a maximum speed of about 333 km per hour, during its test flight but it was hailed as “a milestone” for aviation.

The United States aerospace giant hopes the Dreamliner will revolutionize the airline industry worldwide.

The medium-sized, twin-aisle 787 is being marketed as the world’s first passenger airplane made largely from lightweight composite materials, such as carbon fiber. Other passenger jets are made mainly from aluminum and titanium.

Because it is so light, the plane will use 20 percent less fuel than comparable aircraft and produce fewer emissions, Boeing said.

David Wang, president of Boeing China, said the 787 is also “a milestone in Boeing’s partnership with China’s aviation industry” because three Chinese companies – from Chengdu, Harbin and Shenyang – are producing its rudder, wing-to-body fairing and vertical fin leading edge.

Among the three, Chengdu Aircraft Corp is Boeing’s sole supplier of the 787′s rudder.

“This signifies that China’s aviation industry is no longer a contract manufacturer, but has entered strategic cooperation (with Boeing) in the development of an advanced passenger jet,” Boeing China said in a news release. – read more at ChinaDaily.com…

Tags: 787, Airlines, Boeing, China, China Southern, Dreamliner
China Airlines chairman says company may post 2010 profit

Taiwan 17.12.2009 Comments Off

Taipei-based China Airlines Boeing 747-400

TAIPEI, Taiwan (The China Post) — China Airlines, Taiwan’s largest carrier, said it may post a profit in 2010 as the global economy rebounds.

“We may have a chance to be profitable next year as the economic recovery boosts demand for our cargo and passenger services,” Chairman Philip Wei told reporters in Taoyuan, where Taiwan’s biggest airport is located. The company celebrated its 50th anniversary yesterday.

China Airlines, based in Taipei, in October posted a third-quarter loss of NT$2.62 billion, narrower than the NT$5.88 billion deficit it reported a year earlier. Improving cross-strait ties have allowed the company to add more mainland flights, offsetting a global slump in passenger and air-cargo demand. Airlines worldwide may lose a total of US$11 billion this year, according to the International Air Transport Association.

China Airlines climbed 0.5 percent to close at NT$10.75 on the Taiwan Stock Exchange. The stock has lost 1.8 percent this year, compared with the 69 percent gain on the benchmark TAIEX index. – read more at The China Post…

Tags: Airlines, China Airlines, Taiwan
Australia’s Jetstar Airways expands to China

China 16.12.2009 Comments Off

Jetstar Airlines Airbus 320

By Winny Wang (Shanghai Daily) – AUSTRALIA’S budget carrier Jetstar Airways yesterday launched its first flight to the Chinese mainland linking Haikou, capital of Hainan Province, with Singapore.

All tickets on yesterday’s flight were sold out. The airline, a subsidiary of Australia’s Qantas Airways, will operate four flights weekly from Haikou to Singapore.

It will also launch three weekly flights from Singapore to Shantou in Guangdong Province, its second mainland route, in February next year,

“China is considered a major focus of Jetstar’s growth over the short to medium term, from Singapore in particular,” said Chong Phit Lian, chief executive officer of Jetstar Asia. “We recently announced plans to increase our fleet from Singapore by 46 percent over the next 12 months.” – read more at ShanghaiDaily.com…

Tags: Airlines, Australia, China, Haikou, Hainan, Jetstar, Singapore
Japanese, U.S. airlines welcome bilateral open skies accord

Japan 13.12.2009 1 Comment

Japan Airlines is a participant in the new open skies agreement.

(JapanToday.com) TOKYO – U.S. and Japanese airlines on Saturday welcomed a bilateral ‘‘open skies’’ accord reached by the two countries that will enhance their competitive edge in the global aviation industry.

Japan Airlines and All Nippon Airways made a pitch for improvement in their operations, with JAL President Haruka Nishimatsu saying in a statement, ‘‘We will aim for providing better services for customers through managing air routes efficiently and establishing a strong network.’‘

Japan’s biggest airline, currently restructuring itself under government supervision, has been in negotiations with Delta Air Lines and American Airlines separately for a possible capital and operation tie-up.

In the wake of the open skies accord, JAL appears to now be accelerating its efforts to choose a partner.

In a similar move, JAL’s rival ANA President Shinichiro Ito also released a comment, pledging, ‘‘We will take strategies that will improve the convenience of the users of our services such as increasing flights to American cities and selecting a U.S. partner as early as possible.’‘

Delta released a welcoming statement, saying the accord will provide ‘‘benefits for consumers, airline employees and investors,’’ and expressed hope that it will enable Delta and JAL ‘‘to engage in deeper and more effective cooperation, producing greater benefits for the carriers and their customers.’‘

American Airlines’ Senior Vice President Will Ris also praised the newly struck deal, saying in a statement, ‘‘This open skies agreement will effectively reset the playing field and enable new working relationships.’‘ – read more at JapanToday.com…

Tags: Airlines, American, Delta, JAL, Japan, United States
American Airlines, Delta continue tug-of-war over JAL

Japan 03.12.2009 Comments Off

Despite financial woes, Japan Airlines remains a desirable partner

American Airlines upped the ante in the tug-of-war over Japan Airlines, vowing Thursday to lead a $1.1 billion investment in the struggling carrier to prevent it from falling into the orbit of rival Delta.

American’s chief financial officer, Tom Horton, told reporters that the offer is “far superior” to the $1 billion rival proposal from Delta Air Lines and its SkyTeam partners.

He refused to describe the composition of the offer, or say how much of the money would come from American. But he said the proposal by American, its oneworld partners and private equity firm TPG Inc. is part of a larger restructuring plan to get JAL back on solid footing.

Horton and his team asserted that if JAL enhances its links with American, over a 10-year period it would gain additional revenues of some $700 million.

Delta, meanwhile, is trying to lure JAL away from its partnership with American.

Aviation consultant Mark Kiefer of CRA International in Boston said the battle is far from over.

“It does sound like it has the potential to drag on further,” Kiefer said. “There’s a lot at stake here, especially given the importance of the Japanese market and the Asian market to all of these carriers.”

Demand for air travel has been under intense pressure from the global economic slowdown, but U.S. carriers that compete internationally know it will be important to have a strong presence overseas when things rebound. Airlines can reap a premium for long-haul seats, particularly business and first class.

Japan Airlines has been teetering for years, hammered by surging fuel prices, global competition and an image problem caused by a series of safety lapses. It lost $1.5 billion in the first half ended September and has obtained approval for government loans in recent weeks to avoid grounding flights. The airline remains attractive as a partner because of its extensive routes in Japan and other important markets in Asia. – read more at JapanToday.com…

Tags: Airlines, American Airlines, Delta Airlines, JAL, Japan, Japan Airlines