TOKYO, NNA - The following are the top stories from NNA Asia for Wednesday, Dec. 5.
China vehicle inventory alert index near 5-year high in Nov at 75.1
TOKYO, NNA - Sluggish vehicle sales in China are causing a sharp increase in inventories in distribution networks, with the benchmark index reaching the highest level in nearly five years.
The Vehicle Inventory Alert Index jumped to 75.1 in November, up 8.2 points from October and up 25.3 points from a year earlier, according to the China Automobile Dealers Association.
The index has been above the key level of 50, indicating inventory buildup, since January.
Japan’s Tsuyatomo to make fire-resistant materials in Myanmar with state firm
YANGON, NNA - Japanese car seat textile maker Tsuyatomo Co. will form a joint venture in the new year with a state-owned textile maker in Myanmar to produce fire-resistant materials for clothing and vehicles.
Tsuyatomo said the state firm under the Ministry of Industry will provide a factory with about 1,500 workers in Shwedaung, in the Bago Region, north of Yangon.
The unlisted Japanese manufacturer set up in 1950 and capitalized at 120 million yen ($1.1 million) did not disclose how much it will invest in the local unit.
Hong Kong’s CITIC Capital acquires Nippon Oil Pump
HONG KONG, NNA - The Hong Kong-based investment unit of Chinese conglomerate CITIC Group said Tuesday it has acquired 100 percent ownership of Japanese machinery maker Nippon Oil Pump Co. under Beijing’s Made in China 2025 program.
CITIC Capital Holdings Ltd. expects an increase in demand for the Japanese firm’s expertise in small-sized and energy efficient equipment. Chinese manufacturers are trying to produce higher-value and more sophisticated products in line with the national policy.