Lufthansa cancels over 1,000 flights due to ground staff walkout

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China In-Focus — Stocks rebound; Asian giant certifies new civil helicopter; Brazil may export corn to China

RIYADH: China stocks rebounded on Tuesday as real estate developers continued to rise on news that Beijing was planning to set up a fund to aid the troubled industry.

The CSI300 index rose 0.9 percent to 4,250.82 at the end of the morning session, while the Shanghai Composite Index gained 0.8 percent to 3,276.71.

The Hang Seng index added 1.5 percent to 20,868.29. The Hong Kong China Enterprises Index gained 1.5 percent to 7,182.28.

China certifies new civil helicopter jointly developed with Airbus

China has certified the use of a helicopter jointly developed by a state-run company and Airbus, state-controlled media reported on Tuesday.

The AC352, developed by Aviation Industry Corporation of China and Airbus, is the locally produced variant of the Airbus H175, which has been in service since 2015 outside China and is designed to perform search and rescue, emergency medical services and law enforcement missions.

A certification ceremony was held in Harbin on Tuesday, CCTV reported.

The companies, in 2014 signed a joint production agreement for 1,000 AC352s.

The helicopter is powered by the turboshaft WZ16 engine, developed by state-run engine-maker Aero Engine Corporation of China and Safran Helicopter Engines. It was the first helicopter engine certified by both Chinese and European authorities.

China is also in the process of certifying for use its C919 aircraft, the first homegrown narrowbody jet designed to challenge Airbus and Boeing. 

Brazil may export corn to China in the second half

Brazilian and Chinese officials are re-discussing a trade protocol so that Brazil can ship corn to China sooner than intended, Brazilian Agriculture Minister Marcos Montes said on Monday.

Montes said the successful revision of the protocol would allow Brazilian corn to be exported to China in the second half of the year as opposed to next year, as was agreed earlier with Beijing officials.

Montes said Brazil is harvesting a large second corn crop, adding the Chinese are keen to import the Brazilian product.

“It will be discussed in the coming days whether we will be able to export the current corn crop,” Montes said, adding discussions to revise the protocol had taken place earlier on Monday.

“They want it right away,” Montes said, referring to China’s appetite for Brazil’s production of the current season.


(With input from Reuters)


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