ICBC U.K. branch

    INDUSTRIAL and Commercial Bank of China (ICBC) London Branch officially declared its opening for business late Monday, marking the first branch of a Chinese bank from the Chinese mainland approved to be established in Britain since the founding of the People’s Republic of China.

    ICBC announced in September that it had already obtained the license for branch operations granted by the British regulatory authorities.

    Budget airline

    CHINA’S third low-cost carrier, 9 Air, launched its first flight Tuesday, with its cheapest ticket priced at 9 yuan (US$1.47).

    The inaugural flight took off at 1 p.m. from Guangzhou and landed in the western Guangdong city of Zhanjiang 70 minutes later. Guangzhou-based 9 Air was founded in February this year as a budget subsidiary of privately owned Juneyao Airlines. It is the third low-cost carrier to operate in China after Spring Airlines and China West Air.

    In the near term, 9 Air plans to operate domestic flights from Guangzhou. It aims to expand into East Asia and Southeast Asia.

    Jaguar recalls

    THE country’s top consumer quality watchdog said Tuesday that 2,877 Jaguar XJ cars must be recalled due to a brake problem.

    The recall, filed by the Jaguar Land Rover Automotive Trading (Shanghai) Co., starts Tuesday and affects vehicles manufactured between Feb. 6, 2012 and July 23, 2014, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) said in a statement.