Asia

African Minerals has received notification from China’s Shandong Iron and Steel Group that the relevant approval has now been received regarding its proposed $1.5 billion investment in African Minerals’ Tonkolili iron ore project.

The approval came from the China National Development and Reform Committee (NDRC), and African Minerals is expecting the remaining government approvals to follow shortly. The closure date for the transaction has now been extended until the end of March 2012.

American “retail treat” brand Dairy Queen opened its 500th franchise in China this week, and plans another hundred before the end of this year.

The 500th DQ restaurant is located in the Hu Dong finance district in Shanghai, and is operated by Shanghai Shida Catering Management Company, which already has more than 350 Dairy Queen sites throughout southern and eastern China.

With a number of new subsea oil and gas mega-projects on the horizon in the Asia Pacific region, Technip is gearing up for growth. Hallvard Hasselknippe, COO of Technip’s Asia Pacific Subsea Division, talks to Gay Sutton about building people, assets and technology.

China Investment Corporation (CIC) has acquired an 8.68 per cent stake in Thames Water, the UK water and sewerage company.

The purchase is the Chinese sovereign wealth fund’s first in the UK, and comes after George Osborne's visit to China this week, where he urged China to invest in UK infrastructure projects.

The price CIC paid for the stake has not been disclosed.

CIC was set up in 2007 to make strategic investments using China’s £2 trillion of foreign exchange reserves.

Though market leadership is a critical element in L’Oréal India’s strategy, the firm also excels in sustainability and social responsibility.

Swiss food giant Nestlé has announced a RMB 2.5 billion investment in China’s milk district.

The mayor of Shuangcheng, Mao Chen, and Nestlé’s director of Production Technology for the Greater China Region, Zhan Yudong, have signed a memorandum of understanding to jointly develop modern dairy farming in the milk district.

The aim of the agreement is to ensure the district becomes China’s benchmark for best practice in dairy farming and management, Nestlé said.

French automotive components manufacturer Valeo has acquired 80 per cent of the China-based lighting specialist Ruby.

Chery Technology, a subsidiary of the Chinese automotive manufacturer Chery Automobile, will retain a 20 per cent stake in the company, to be renamed Wuhu Valeo Automotive Lighting Systems.

The new joint venture will design, manufacture and sell Valeo Lighting Systems products—predominantly for Chery Automobile in the Chinese market—and will be integrated within Valeo’s Visibility Systems Business Group.

Canadian business software company Intelex is to open its first overseas office in the United Kingdom.

The office will open in London in February 2012, and will serve as a beachhead for the company’s coming European and Eurasian expansion, as well as helping to serve existing clients in Europe, Asia and the Middle East.

Stephen Ross, Intelex’s vice president of sales and a 10-year veteran of the Intelex team, will relocate to London, England, to help launch the new office.

Steel making facilities in Singapore are among the most modern and ecologically sound to be found anywhere, as Alan Swaby learns.

There’s no doubt that Singapore punches well above its weight. Barely 40 kilometres at its widest, the island is so developed that buildings can only go skywards. And despite decades of development, work continues at a rapid rate, with the construction industry consuming over 1.25 million tons of reinforcing steelwork each year.