Local companies crowd the human resources market in Yiwu, Zhejiang province, after the Spring Festival holiday. It is becoming increasingly difficult for employers to find capable workers, as more and more rural workers return to work in inland areas or start their own businesses in their hometowns. Lyu Bin / For China Daily

Chinese-German venture to make diesel engines

Guangxi Yuchai Machinery Co, a major diesel engine manufacturer based in Yulin, Guangxi Zhuang autonomous region, has entered a 50-50 joint venture with MTU Friedrichshafen GmbH, a German subsidiary of Rolls-Royce Power Systems, for the production of MTU diesel engines in China. The companies will each invest 75 million yuan ($11.5 million; 10.4 million euros) in the project. Production is expected to start in 2017 with an annual output of 1,500 MTU Series 400 diesel engines.

Jordanian airlines to open Guangzhou route

Royal Jordanian Airlines, flag carrier of Jordan, announced on Feb 21 it would inaugurate a regular route from Amman, capital of Jordan, to Guangzhou, Guangdong province, starting March 21. The carrier will run three flights weekly on the new route, and Guangzhou will be its second Chinese destination after Hong Kong. The new route will arrive at Guangzhou via Bangkok and use wide-body Boeing 787 or Airbus 330 aircraft.

Bank of East Asia surges by up to 10%

Bank of East Asia Ltd, the Hong Kong lender targeted by billionaire Paul Singer's Elliott Management Corp, jumped the most in six years after a major shareholder increased his stake in the company. The shares rose as much as 10 percent to the highest in six weeks. Chairman David Li bought 110,000 shares last week, raising his holding to 86.74 million shares, according to disclosure filings to the Hong Kong Stock Exchange.

Amazon opens no-limit e-book plan in China

After witnessing growing interest in paid content in China, Amazon Kindle unveiled a new subscription service on Feb 23 that offers all-you-can-read digital books for 12 yuan ($1.80; 1.70 euros) per month. The service, called Kindle Unlimited, gives Chinese subscribers access to more than 44,000 e-books. Subscribers can read the e-books on any Kindle or other device, including smartphones and tablets, with Amazon's Kindle app installed.

Delayed Taishan reactors on track

A project to build two French-designed pressurized nuclear reactors in the southeastern Chinese city of Taishan remains on track despite technical problems, the project's Chinese partner said on Feb 23. China General Nuclear Power Group entered a joint venture with France's EDF to build them in 2007, and the project was to be completed by 2013. But the reactors, designed by France's Areva, have been subject to delays in China, France and Finland amid safety concerns, said Zheng Dongshan, CGN's deputy-general manager.

Siemens opens innovation center

German engineering and electronics conglomerate Siemens AG opened its first innovation center for intelligent manufacturing in Qingdao, Shandong province, on Feb 19 to enhance innovation in robotics, modern logistics, big data, information security and smart city technologies. "The innovation center will bring advanced digitalization and automation technologies to China's intelligent manufacturing and create innovation platforms integrating both the virtual and real worlds with various partners in China," said Zhu Xiaoxun, head of Siemens corporate technology China.

Tie-up with CCTV to produce 'Octonauts'

Leading British media company Silvergate Media Ltd, producer of the popular animation series Octonauts, will collaborate with CCTV, China's state-owned national broadcaster, to produce and market the fifth season. Silvergate will also sell its licensed toys and consumer products in China. Silvergate will provide the script and music and produce content, while CCTV will work on animation. Jointly, they will broadcast the new season in China and elsewhere. The project entails a $10 million investment, with each partner contributing 50 percent.

Volvo expects record sales, higher profit

Chinese-owned carmaker Volvo Car Group has forecast record sales and higher profits this year after strong growth in Europe and the United States saw it treble operating earnings in 2015. The Swedish company, bought by Zhejiang Geely Holding Group Co from Ford Motor Co in 2010, said full-year operating earnings rose to 6.62 billion Swedish krona ($780 million; 709 million euros) from 2.13 billion krona the previous year. Volvo is banking on a 75 billion krona investment program in a string of new models and plants to secure it a firm foothold in a premium market dominated by German heavyweight brands such as Mercedes-Benz and BMW.

Yancoal subsidiary issues $950m bonds

Watagana Mining Co Proprietary Ltd, a new wholly owned subsidiary of Australian coal company Yancoal, is to issue $950 million of dual-tranche, nine-year secured bonds. The bonds are to be bought by a consortium of three financiers - Industrial Bank Co, BOCI and United NSW Energy Ltd - on or before April 30, subject to approval from Australian and Chinese authorities.

HNA buys electronics distributor in US

HNA Group, the fourth-largest airline group in China, announced on Feb 18 its purchase of Ingram Micro Inc, a US-based electronics distributor valued at around $6 billion. HNA is making the acquisition through its subsidiary, Tianjin Tianhai Investment Co Ltd, at a price of $38.9 per share in an all-cash transaction, which is a premium of nearly 39 percent over Ingram's average closing share price for the 30 trading days ended on Feb 16. The transaction is expected to close in the second half of 2016, according to their agreement, and Ingram will be the largest subsidiary of HNA in terms of revenue.

Aston Martin, LeEco to develop electric car

Aston Martin will set up a venture with Chinese consumer electronics group LeEco Holdings Co Ltd to jointly develop the British luxury car brand's first electric vehicle. Aston Martin and LeEco said they plan to develop an electric car based on the British automaker's Rapide S model before developing other potential electric vehicles, including for LeEco. Financial terms of the transaction were not disclosed.

(China Daily European Weekly 02/26/2016 page24)