Companies
Norway’s fish industry gets Chinese boost
Workers checkon Ocean Farm 1 on Saturday, when it was delivered to its Norwegian owner. RAO RAO/XINHUA
China is delivering the world’s first batch of intelligent offshore ocean farming facilities to Norway, designed to enhance the efficiency and effectiveness of the country’s aquaculture industry, the equipment’s manufacturer and analysts said on Sunday.
China Shipbuilding Industry Corp, one of the country’s major State-owned shipbuilders by revenue, will create and export six offshore fish farms to its Norwegian client to help upgrade salmon farming there.
CSIC delivered the first such facility, Ocean Farm 1, to its Norwegian client, Kverva-based SalMar ASA, in Qingdao on Saturday. The second batch of orders for another five units was sealed in April, with a combined value of more than $300 million.
It is the world’s first offshore salmon farming equipment built on the same principle as semisubmersible installations used in the offshore oil and gas drilling sector, according to Hu Wenming, chairman of CSIC.
Unlike traditional fish farming facilities, the ocean farm embodies advanced technologies including automatic fishing, hydrological monitoring, deep-sea positioning and biological light adjustment systems.
Ocean Farm 1 comprises a slack-anchored, semisubmersible and rigid structure with a high degree of stability. It is intended for offshore installation in waters at 100 to 300 meters in depth. All fish-handling operations can be performed on board, without recourse to external service vessels or equipment.
With a 25-year lifespan, the facility can resist powerful typhoons and is able to cultivate 1.5 million fish a year. It requires only three to seven employees to operate and ensures a fish death rate of fewer than 2 percent. It has more than 20,000 sensors and over 100 monitors and control units.
“It is highly possible for more marine production companies from countries such as the United States, Canada, Denmark,…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
(more…)Companies
Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
(more…)Companies
Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
(more…)- China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
- Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
- China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
- U.S. national debt is its Achilles’ heel, but China sees it as an opportunity
- Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
- Vietnam’s Approach to China: A Balance of Cooperation and Struggle