Tesco to flood China with hypermarkets

  • Tesco to Flood China with Hypermarkets
    Tesco plans to quadruple revenue in China to about GBP4bn over the next five years by more than doubling its number of hypermarkets to more than 200.
  • Russia to Build Two More Nuclear Reactors in China
    Russia signed a contract to build two additional reactors in China’s Tianwan nuclear power plant as Chinese premier Wen Jiabao is in Russia for several days of energy talks.
  • Microsoft wins copyright payout from web cafe
    After almost a year in trial, Microsoft reached a settlement to close its landmark copyright infringement lawsuit against an internet cafe chain on the mainland.
  • German luxury carmakers to cut holidays to meet China demand
    The enthusiasm of Chinese customers is fueling sales for the luxury lines of Audi, Benz and BMW, which will all increase their production by shortening holidays in their home countries, including the Christmas holiday.
  • Volvo drives ahead in China
    Volvo Group is planning to invest more than USD100m in the expansion of products for emerging markets, most of it going to China.
  • Citigroup to double China staff
    Citigroup Inc plans to double personnel in China to 10,000 over three years to better support Japanese companies moving into the country.
1/6
    Tesco to flood China with hypermarkets

     
    Tesco, the world's No 3 retailer, plans to quadruple revenue in China to about GBP4bn (USD6.37bn) over the next five years by more than doubling its number of hypermarkets to more than 200, which would be similar in size to Tesco's operation of its largest "Extra" stores in its main British market. Tesco runs 82 hypermarkets and four "Lifespace" shopping malls stretching along eastern China. It confirmed plans to invest about GBP2bn (USD3.2bn) in "Lifespace" malls, which are mainly aimed at second and third tier cities, over five years, with development partners providing a further GBP3bn to GBP4bn.
     
     
     
    Russia to build two more nuclear reactors in China

     
    Russia signed a contract to build two additional reactors in China’s Tianwan nuclear power plant as Chinese premier Wen Jiabao is in Russia for several days of energy talks. Prime Minister Vladimir Putin, who together with Wen oversaw the signing of the contract by Russia’s Atomstroyexport nuclear reactor builder, has tasked officials with boosting Russia’s share of the global nuclear market to 25% from the current 16%. Wen and Putin are also expected to tackle pricing disputes in gas cooperation and attend a 13-nation summit that aims to save the tiger and double the big cat’s population by 2022.
     
     
     
    Microsoft wins copyright payout from web cafe

     
    After almost a year in trial, Microsoft reached a settlement to close its landmark copyright infringement lawsuit against an internet cafe chain on the mainland. Tonecan Network Communication, the biggest internet cafe operator in Dongguan city in Guangdong province, agreed to pay the software giant an undisclosed amount as compensation and committed to using genuine Microsoft software and taking appropriate measures to protect its software assets.
     
     
     
    German luxury carmakers to cut holidays to meet China demand

     
    The enthusiasm of Chinese customers is fueling sales for the luxury lines of Audi, Benz and BMW, which will all increase their production by shortening holidays in their home countries, including the Christmas holiday. Benz and BMW have fulfilled their sales targets in China for the whole year in the first three quarters. BMW has sold more than 120,000 units and Benz sales have exceeded 100,000 units with a staggering growth of 129%. Audi has reported 170,000 units, very close to the year's goal of 200,000 units.
     
     
     
    Volvo drives ahead in China

     
    Swedish construction equipment provider Volvo Group is planning to invest more than USD100m in the expansion of products for emerging markets, most of it going to China, said Olof Persson, president and chief executive of Volvo Construction Equipment. The company will set up a USD30m Volvo Technology Centre in Jinan, Shandong province, and invest USD50m into expanding its JV production facilities in Linyi, Shandong province, by the end of 2012.
     
     
     
    Citigroup to double China staff

     
    Citigroup Inc plans to double personnel in China to 10,000 over three years to better support Japanese companies moving into the country, the business daily Nikkei reported. The company plans to tap demand among firms including Toyota Motor Corp, Sony Corp and Toshiba Corp, by assisting their expansion into overseas markets, Stephen Bird, chief executive, Citi Asia Pacific, told the Nikkei.
     
     
     
     
    Attributed by Shanghai Business Review