Jin Jiang, AccorHotels still in relation talks

    ACCORHOTLES, Europe’s largest hotel group, and top Chinese shareholder Shanghai Jin Jiang International are talking about their relations but a satisfactory solution has yet to be found, Accor’s chief executive said yesterday.

    “We listen to each other. These discussions continue but we have not yet found the right solution to advance,” Sebastien Bazin told shareholders. Seeking to limit a push by Jin Jiang to increase its stake in the company, Accor started talks with Jin Jiang and other shareholders Eurazeo and Colony focused on board organization and shareholdings, a source said in June.

    BYD loses bulk of electric bus order

    BYD Co. said a Shenzhen bus operator canceled a major portion of a 1.8 billion yuan (US$270 million) order for electric buses after adjusting its traffic capacity.

    Shenzhen Western Bus Co. terminated an order for 2,228 electric buses, out of a total of 2,919 vehicles, after awarding the tender to a BYD unit, BYD said in a statement Tuesday. BYD, which counts Berkshire Hathaway Inc. as a shareholder, has been supplying electric commercial vehicles such as buses, forklifts and motorized road sweepers as competition intensifies in the passenger vehicle market.

    BRICS bank to issue yuan green bonds

    THE New Development Bank, established by the BRICS group of emerging nations, plans to sell 3 billion yuan (US$448.37 million) in yuan-denominated, green bonds in China’s interbank market.

    The green bonds will be issued Monday next week with a 5-year tenor and will be the first such issuance by a bank of its type under guidelines issued by China’s central bank in December. Bond proceeds will be used to finance green projects in BRICS countries. BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.

    Midea secures 60% of Germany’s Kuka

    CHINA’S appliance manufacturer Midea has secured nearly 60 percent of German industrial robotics maker Kuka, Shenzhen-listed Midea said in a statement yesterday.

    Holders of 46.3 percent of Kuka’s shares have accepted Midea’s offer and Midea has already owned 13 percent of Kuka. Midea offered 115 euros (US$127) per share for Kuka, one of the world’s largest industrial robotics makers, in June.