Coal shortage strains power network
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China's business press carried the following stories on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Coal shortage strains power network--Economic Information Daily
Winter temperatures have caused several provinces, including Hubei, Hunan, Jiangxi and Anhui, to have problems generating electricity. Insufficient coal supplies have prompted fears of an electricity shortage.
According to data from the Ministry of Railway, the country's 349 power plants that distribute power have 27 million tons of coal, which is expected to run out in fewer than 12 days.
China challenges South Korea in shipbuilding—China News Agency
Gong Hanming, director of China's top shipbuilding company, Jiangnan Shipyard Group, said China will replace South Korea as the world's largest shipbuilder in 2015.
China's shipbuilding industry remains unscathed from the financial crisis and continues to grow rapidly. According to a British consultant firm's report, new orders for China's shipbuilding industry outnumbered South Korea's at the end of September. But China is lagging technically behind South Korea by five to eight years.
Gong said his company has a steady flow of orders through 2012.
Polycrystalline silicon makers face overcapacity—China Business News
The spot market price per kilogram of polycrystalline silicon used for semiconductors dropped from US$475 to US$55, according to a report from China International Capital Corporation. There was no indication of price stabilization.
The report warned that domestic polycrystalline silicon plants will face overcapacity and lower prices next year. To maintain financially viable, they will have to raise price, cut production or divest assets.
BBVA raises stake in China CITIC –China Business News
BBVA, Spain's second-largest bank, spent another 1 billion euros (US$1.5 billion) to lift its holdings in China CITIC Bank (601998.SH) to 15 percent, CITIC announced today. This is the second time BBVA has increased its stake since becoming CITIC's strategic investor in 2006.
Following the stake increase, BBVA's chief operation officer was nominated for CITIC's non-executive director.
BBVA paid HK$6.45 (US$0.83) per share for the stake, the bank announced earlier this month. It previously had a 10.07 percent stake in CITIC.
