In brief

Xiamen Airlines plans to join SkyTeam, which may help generate annual revenue of 30 billion yuan (3.4 billion euros) in the coming five years for the airline. Provided to China Daily

Aviation

Xiamen Airlines to join SkyTeam

Xiamen Airlines, a subsidiary of China Southern Airlines, is planning to join the Amsterdam-based global airlines alliance SkyTeam, according to a company manager.

Zhao Dong, Xiamen's deputy general manager, said the move indicates the airline's determination to gain a greater international presence in the coming years. "It is part of our efforts to further advance international ambitions. Membership will help us transform from a regional airline into a global player."

Joining SkyTeam will help generate expected annual revenue of 30 billion yuan (3.4 billion euros) in the coming five years for Xiamen.

Auto

Sun set to shine on Inalfa deal

Beijing Hainachuan Automotive Parts Co Ltd, a subsidiary of BAIC Group, said its acquisition of Inalfa Roof Systems will be completed next month after it passes anti-trust scrutiny by the Chinese government.

Hainachuan reached an agreement to buy 100 percent of the Netherlands company in April after beating out four other bidders, including Austria-headquartered assembly giant Magna Steyr.

Inalfa is one of the world's largest suppliers of systems and components used in sunroofs.

Hainachuan will pay about 190 million euros for the acquisition, said its president Guo Xinmin.

Michelin buys into Double Coin

French tire maker Michelin has become a strategic investor in Double Coin Holdings (Anhui) Warrior Tire Co Ltd.

According to a statement issued by Double Coin Holdings, the investment by Michelin Finance and Michelin China Invest Co Ltd will enlarge the company's capital by 667 million yuan (76.5 million euros), and account for a 40 percent stake in the joint venture. Double Coin will continue to remain the largest shareholder.

An industry analyst said the cooperation will help Michelin promote the multibrand strategy and enable access to the middle- and low-end tire markets.

Finance

Turbine maker Voith seeks club loan in China

Voith AG, a German producer of turbines and machines that make paper, has approached banks seeking a 1 billion yuan (115 million euros) onshore loan in China, according to a person with direct knowledge of the matter.

Domestic lenders will be approached to join the so-called club loan, which is being coordinated by a non-Chinese bank, the person said, asking not to be identified as the details are private.

Energy

Gamesa Corp to build two plants in China

Gamesa Corp Tecnologica SA, a leading Spanish wind turbine manufacturer, plans to invest 90 million euros by 2012 in China, the world's largest wind power country, said Jose Antonio Miranda, the newly appointed chairman of Gamesa China.

That figure includes investments in two new plants in Jilin province and the Inner Mongolia autonomous region this year.

China is planning to greatly expand its offshore wind power capacity to 5 gW by 2015, and wind turbine manufacturers are preparing to capture the demand.

Telecom

France Telecom close to Congo China deal

France Telecom is close to an agreement to purchase Congo China Telecom, the fourth-largest mobile operator in the Democratic Republic of Congo, according to two people with knowledge of the matter.

The deal could be announced as early as this week and may value the company, which is jointly owned by China's ZTE Corp and the Congolese government, at about 160 million euros including debt, one of the people said. Both declined to be identified because the talks are private.

Retail

Gome strengthens alliance with Electrolux

Gome Electrical Appliances Holding Ltd said it had secured a five-year strategic collaborative agreement with global household and appliances maker AB Electrolux.

Gome, the Chinese air conditioner distribution partner for Sweden-based Electrolux, said a three-year air conditioner procurement agreement had been concluded under which Electrolux will sell up to 3.1 million air conditioner units through Gome.

Gome also said it had secured a five-year distribution agreement with Electrolux to expand the product range to include kitchenware and other household electrical appliances.

Metals

Sapa opens technology center in Shanghai

Sweden's Sapa Group, one of the world's top three aluminum manufacturers, has opened its second global technology center in Jiading district of Shanghai.

"The new center aims to support our business in the Asia-Pacific area. It will better meet our customers' needs by providing technical support directly to Sapa's Asia customers," said Janne Strid, general manager of the Sapa global technology center.

Nickel imports are in high demand

Nickel import demand in China is "surging" because of a shortage of nickel pig iron, Macquarie Group Ltd said, citing unidentified sources.

Nickel pig iron, usually a cheaper alternative to refined nickel, is now more expensive, Macquarie said in a report. A trading company in China may be building nickel stockpiles to start a nickel exchange-traded fund, Macquarie said.

Trade

Surging imports squeeze trade surplus

China's trade surplus for August fell sharply from July to $17.75 billion (13 billion euros), the first monthly drop since February, as the nation's exports dipped and imports grew to a record high, official statistics showed.

The trade surplus last month was down from July's $31.5 billion, the highest in two-and-a-half years. While the slackened global demand is pinching China's export growth, demand from the world's second-largest economy is still strong.