Datang, EDF in venture for power station

    ELECTRICITE de France SA (EDF) said Friday it is launching a joint venture with China Datang Corp. to build a new generation of coal-fired power station at Fuzhou in southeastern China.

    The ultra-supercritical coal-fired power plant is designed to be more efficient than a standard plant and have a lower environmental impact. It will be the first time EDF operates such a plant, EDF said. The plant will have an output of 2,000 megawatts and is due to be commissioned in 2016. EDF, which will hold 49 percent of the joint venture, did not disclose the financial details of the agreement.

    Qatar to enter interbank bond market

    QATAR’S central bank will be allowed to enter China’s interbank bond market, according to a brief statement posted by the People’s Bank of China on its website Friday.

    The two central banks signed a deal Friday. The People’s Bank of China didn’t say when the agreement will come into effect. Access to the market will allow the Qatar Central Bank to purchase Chinese bonds for its foreign exchange reserves. China has been moving gradually to open its financial system to foreign investment.

    China Unicom’s net profit up 74%

    CHINA Unicom (Hong Kong) Ltd., the country’s second-biggest mobile carrier by subscribers, posted a 74 percent rise in its first-quarter net profit Friday, beating estimates, as an increase in data usage offset a slowdown in subscriber growth.

    The profit growth was the fastest since the third quarter of 2010. China Unicom said that net profit for the January-March quarter was 3.3 billion yuan (US$530.4 million). The figure is higher than the 1.9 billion yuan in the same year-ago period, according to calculations based on its first quarter results.

    Geely to consolidate branding, sales

    GEELY Automobile Holdings Ltd., whose parent company owns Swedish carmaker Volvo, announced Friday a plan to phase out its three brands and consolidate them under the Geely name as part of a restructuring effort to shore up sales and cut costs.

    Geely, controlled by Li Shufu, the Chinese billionaire who acquired Volvo in 2010 through Geely’s parent company, currently sells cars in China under the Emgrand, Gleagle and Englon brands through three different sales channels. Under the new structure, future products will be marketed under the Geely brand name, executives told a news conference Friday.