Business

First home-grown China airliner makes international debut in Singapore

Published

3 months ago

February 18, 2024

admin

First home-grown China airliner makes international debut in Singapore

China’s challenger to Airbus and Boeing’s passenger jets, the narrow-body C919 manufactured by the Commercial Aircraft Corporation of China (COMAC), has made its first trip outside Chinese territory, staging a fly-by at the Singapore Airshow on Sunday.

China has invested heavily in its attempt to break the hold of the dominant two Western planemakers on the global passenger market.

China has indicated a push this year to advance the C919 and COMAC’s footprint domestically and internationally. The plane is only certified within China and the first of now four C919s began flying with China Eastern Airlines last year.

With Airbus and Boeing struggling to ramp up production and meet demand for new planes, and Boeing struggling with a string of crises, the aviation industry is watching how COMAC positions itself as a viable alternative.

COMAC will invest tens of billions of yuan over the next three-five years to expand C919 production capacity, Chinese media reported a COMAC official saying in January.

China’s aviation authority said last month it would this year pursue European Union Aviation Safety Agency (EASA) validation for the C919, a process which began in 2018.

The C919 was one of two commercial planemakers flying their planes off Singapore’s coast alongside Airbus at a Sunday preview for Asia’s biggest air show. Boeing will not display a commercial aircraft this year.

COMAC has two passenger products: the ARJ21 regional jet and the larger C919 twin-engine narrow-body airliner with 158-192 seats, which competes with the established Airbus A320neo and Boeing 737 MAX 8 models.

The C919 made its first flight outside mainland China in December to Hong Kong. ARJ21s are in use by Indonesia’s TransNusa Air.

Many inside the industry caution that only four C919s are in service in China; the plane is only certified by Chinese regulators and the C919 relies international supply chains.

However, the aviation industry-wide supply crunch, which is testing an expected full return and then growth of civil capacity in Asia, is garnering COMAC more attention.

“We have also seen a growing trend where clients are including the C919 option in their fleet evaluation,” said Adam Cowburn of Alton Aviation Consultancy.

Two C919s were delivered in 2023. Aviation consultancy IBA forecasts 7-10 C919s could be delivered in 2024.

“With Airbus and Boeing narrowbodies in the A320neo and 737 MAX families sold out for most of this decade, the C919 has a strong opportunity to gain market share, particularly in its domestic market,” said Mike Yeomans of aviation consultancy IBA.

“The immediate challenges for COMAC are around production to meet local demand and certification to penetrate international markets,” Yeomans added.

Post Views: 55

Business

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

1 day ago

May 17, 2024

admin

Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

Post Views: 8

Business

Govt jacks up power price by Rs1.47 per unit

Published

1 day ago

May 17, 2024

admin

Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

Post Views: 16

Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

1 day ago

May 17, 2024

admin

Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

Post Views: 10