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GDF Suez inks 2.9bn euro Asia investment deal
by Staff Writers
Paris (AFP) Aug 10, 2011

GDF Suez, China's ICBC sign finance agreement
Paris (AFP) Aug 10, 2011 - French energy group GDF Suez and China's giant ICBC bank said Thursday they had signed a non-exclusive finance cooperation agreement aimed at funding global projects, with a focus on Asia-Pacific.

The deal will span the GDF Suez group's businesses, including gas, power, water, waste and energy and efficiency services, the company said in a statement Thursday.

Industrial and Commercial Bank of China and other Chinese banks have been aggressively expanding abroad to serve Chinese companies that are increasingly active globally.

GDF Suez signed a 2.9 billion euros investment deal with Chinese sovereign wealth fund CIC Wednesday to help boost expansion in Asia-Pacific and China.

"We are very pleased to enter into this agreement with ICBC as a second major step of our new partnership with CIC," said executive vice president Gerard Lamarche.

"This cooperation will strongly support strategically and financially GDF Suez group's development throughout Asia Pacific and China."

French energy group GDF Suez announced Wednesday an alliance with Chinese sovereign wealth fund CIC, which will invest 2.9 billion euros to help the company boost expansion in Asia-Pacific and China.

GDF Suez confirmed the deal as it reported a 7.9 percent rise in sales to 45.68 billion euros in the first-half of the year and an 8.2 percent increase in operating profit to 8.9 billion.

A 23 percent drop in net profits was attributed to strong earnings in 2010 based on exceptional elements.

The deal will see China Investment Corporation invest 2.3 billion euros in exchange for a 30-percent stake in the French company's exploration and production arm.

CIC will also take a 10-percent stake in a liquefaction plant in Trinidad and Tobago for 600 million euros, GDF Suez said in a statement.

The energy giant said it was in "advanced talks" with CIC to complete the cooperation agreement which although centred on Asia-Pacific will extend across "multiple businesses and regions."

"This partnership ... will allow us to step up our development in Asia and China, regions which present the strongest rate of development and the greatest energy need in the coming years," GDF Suez chairman and chief executive Gerard Mestrallet said during a telephone conference.

The head of the group, which employs 11,000 in Asia-Pacific, said the agreement would "also allow us to establish partnerships with other Chinese businesses."

China, which mainly relies on coal energy, is beginning to turn towards gas and GDF Suez, whose production is currently anchored in the North Sea and the Maghreb, has major projects in the Asia-Pacific and Australia and in Indonesia in particular.

CIC was established in 2007 to invest some of China's huge foreign exchange reserves on the global financial markets.

Announcing its first-half results on Wednesday, GDF Suez said it would meet its annual operating profit (EBITDA) target of between 17 and 17.5 billion euros, excluding the effects of bad weather at the start of the year.

"The unfavorable weather impact on the Groups domestic markets at the end of June was estimated at 465 million euros", the company said.

The company also warned that any rate freeze in France would adversely affect revenue for the rest of the year.

The CGT labour union condemned the alliance on Tuesday as the "carving up" of the historic Gaz de France company.

Despite a commitment "to preserve an integrated group," the union said, "the carving up of a historic business to finance the international development of GDF Suez is continuing."




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New China Life to raise $4 bln in Hong Kong, Shanghai
Hong Kong (AFP) Aug 11, 2011 - New China Life Insurance may raise as much as $4 billion in a dual Hong Kong-Shanghai listing, despite turmoil on global stock markets that has seen some firms shelve their flotation plans.

China's third-largest insurer has filed a formal application with Hong Kong's bourse to launch the share sale with plans to list in both cities in October, Dow Jones Newswires reported, citing unnamed sources.

The company could not be reached Thursday to comment on the report.

The insurer's proposed flotation comes as stock markets around the world take a pounding with Asian markets mostly lower Thursday amid renewed fears over US and eurozone debt.

Europe's fiscal woes reignited Wednesday when rumours circulated that France was in danger of seeing its top-notch credit downgraded, following last week's historic cut to the United States' rating.

The market meltdown has sparked fears that Hong Kong's IPO market, the world's biggest last year, may see delays in some $19 billion worth of share sales from a dozen companies planning to list on the city's exchange.

Some firms have already decided to delay or cancel their listings citing turmoil in global markets, or seen their share sales fall flat.

Beijing Jingneng Clean Energy, a unit of the Beijing municipal government, has postponed its $630 million Hong Kong share sale, while Italian luxury goods maker Prada made a lacklustre debut in the financial hub in June after raising a lower-than-expected $2.14 billion.

Australian miner Resourcehouse also shelved an IPO originally slated to raise as much as $3.6 billion, citing weak market conditions.

Still, China's top hypermarket operator Sun Art Retail group soared 47 percent on its Hong Kong trading debut last month, after raising $1.06 billion from its initial public offering.

Beijing-based New China Life had 93 billion yuan ($14.5 billion) in premium income last year. The firm has over 1,400 outlets China and 24 million customers, according to its website.





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TRADE WARS
China's surplus leaps as July exports hit new high
Beijing (AFP) Aug 10, 2011
China's politically sensitive trade surplus expanded to $31.48 billion in July as exports rose by a fifth to hit a new record high, the customs agency said Wednesday. The trade surplus - a major point of tension for China's key trade partners, the United States and Europe - was well in excess of June's $22.27 billion. Analysts said the figures, which also outstripped a Dow Jones foreca ... read more


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