Business news and new business
The China International Business Inves-tigation Company Ltd. is now open in Hong Kong to serve overseas businesses working to enter China`s market. Services include investigative reports on business nature, history, background, management and court records, operations, financial status, import and export rights, investment and marketing analyses, sales and purchasing.
Cottbus, an eastern German town, has torn up a letter of intent with Westinghouse Electric Corp., after Westinghouse spent more than two years working with the city to develop plans for a (US)$150-million plant. This situation is fuel for the US` Clinton administration argument that Germany`s energy market is locked up. Cottbus dropped negotiations after local state government subsidies were offered for a coal-fired plant. The Westinghouse facility would have burned natural gas.
The Republic of Haiti has chosen Electricit? de France to provide long-term technical and management assistance for the Haitian electrical system. Electricit? d`Haiti, the country`s electric utility, has 130,000 customers in a country with a population of 7 million. Power is on only three to four hours per day. Electricit? de France is also involved in utility improvements in Argentina, Guinea, Ghana, Mali, Ivory Coast and South Africa. Electricit? de France has also linked with Edison, a Montedison subsidiary, for a direct investment in Italy as the country`s electricity market opens to competition. The partners are buying 74 percent of Ilva Servizi Energie, the electricity generation arm of the state-owned Ilva steel group, for (US)$231 million, according to London`s Financial Times.
The Bolivian Power Company Ltd. is seeking to sell its distribution assets. Donaldson, Lifkin, Jenrette has been appointed to find a buyer for the assets, with a book value of (US)$30 million, including the distribution systems serving La Paz and Oruro.
ABB has announced plans to invest (US)$1 billion in its Indian operations in the next seven to eight years, according to the Financial Times. This would double the firm`s investment in India. ABB plans to purchase shares, machinery, land and plants. ABB is also working to purchase Durgapur-based Associated Boilers and Bangalore-based New Government Electric Factory.
General Electric Co. (GE), United States, has announced plans to acquire full ownership in GE Power Controls, currently a 50/50 joint venture between GE and The General Electric Co. (GEC), United Kingdom. GE Power Controls serves as the European arm of GE`s Global Electrical Distribution and Control business, producing and marketing low-voltage electrical distribution and control products for the global marketplace, with revenues of (US)$500 million.
PG&E Enterprises and Bechtel Enterprises have established a new venture, International Generating Company Ltd. (InterGen), to develop, own and operate independent power projects outside the United States.