China in $1.3bn Renault-Dongfeng auto joint venture. NO HUMAN RIGHTS NOISES??

The new venture plans to build 150,000 vehicles and engines a year.

China is the largest car market in the world and Renault is one of the few big car makers that does not yet have a facility there.

The 50-50 joint venture will be called Dongfeng Renault Automotive Co Ltd.

Dongfeng is state-owned and has existing partnerships with Honda and Nissan, amongst others.

Renault’s joint venture with the Chinese giant will see it enter a crowded marketplace filled with competitive local brands.

While car sales in Western countries have been waning, Chinese sales have been growing.

Official figures showed vehicle sales rising by 4.3% in 2012 to 19.3m.

Under Chinese trade laws, foreign carmakers looking to launch manufacturing operations in China must have a local partner.

Approval was granted for the new venture between Renault and Dongfeng by China’s National Development and Reform Commission. BBC.

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Zimbabwe warns foreign firms of January 2014 arrest – Mugabe really means business when he is not Asleep : -)

robert-mugabe-sleeps

The owners of foreign firms operating in certain sectors in Zimbabwe after 1 January 2014 will be arrested, a senior official has warned.

Economic Empowerment Secretary George Magosvongwe issued the warning in parliament, state media reports.

“Indigenisation” of the economy was one of President Robert Mugabe’s main campaign themes in the March election.

Farming, hairdressing and baking are among the sectors now reserved for “indigenous”, or black, Zimbabweans.

“1 January is a month to come and we are putting in place measures for enforcement in the event that they do not comply,” the state-owned Herald newspaper quotes Mr Magosvongwe as saying.

He said that Zimbabweans were being identified to take over businesses to prevent shortages of goods.

According to the Herald the “reserved sectors of the economy” include: Retail and wholesale business, hairdressers, beauty salons, bakers, employment agencies, agriculture, transport, estate agencies and advertising agencies.

It said that foreign-owned restaurants which did not serve local food would not be affected.

Owners of businesses without indigenisation compliance certificates face a fine or imprisonment if they are still operating, the Herald reports.

It says these certificates are only given to local people.

The BBC’s Brian Hungwe in Harare says that there has been growing concern in Zimbabwe over an influx of traders from Nigeria and China who sell all sorts of goods in local markets, undercutting local retailers.

Mr Mugabe says his policies are needed because under colonial rule, many economic sectors were reserved for white people.

His critics say that his seizure of most of the country’s white-owned land has ruined what used to be one of Africa’s most developed economies. listen.

bbc.