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LONDON, Aug. 2 (Xinhua) -- Chinese automaker Geely has completed the acquisition of Volvo Car Corporation from Ford in London.Geely Chairman Li Shufu and Lewis Booth, Ford's chief financial officer (CFO) attended a signing ceremony in London on Monday."This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars," said Li."The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital efforts of union representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Li."This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," he added.Geely named Stefan Jacoby, chief executive of Volkswagen Group of America, as president and chief executive officer of Volvo Cars.Jacoby said: "I am honored to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers, and above all our customers, can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation, even as it pursues new market opportunities."Jacoby will join the board of Volvo Cars, chaired by Geely chairman Li. The board comprises several new directors including Hans-Olov Olsson, former president and chief executive of Volvo Cars and former chief marketing officer of Ford, who will become vice chairman of the board.Hans-Oskarsson, deputy chief financial officer, will replace Stuart Rowley as the CFO of Volvo Cars. Rowley and former Volvo president and chief executive Stephen Odell are moving to leadership roles at Ford of Europe.Geely paid 1.3 billion U.S. dollars in cash plus a 200-million-dollar note, less than the price worth 1.8 billion dollars announced in March due to changes in pension obligations and working capital.Under the new ownership, Volvo Cars will keep its headquarters and manufacturing presence in Sweden and Belgium, and its board will have autonomy to execute its strategic plan. Volvo and Ford will maintain close relations in component supply.
BEIJING, Aug. 17 (Xinhua) -- Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev discussed disasters and bilateral relations during a telephone conversation Tuesday.Medvedev conveyed his heartfelt condolences to China over its worst mudslides in decades and the great loss of life and property, expressing belief the Chinese government and people would overcome all difficulties and prevail over the disaster.He hoped the people injured would make a quick recovery and the mudslides-hit area would rebuild soon, noting that Russia was willing to provide assistance and support for China.Hu said the Chinese government had reacted immediately to the disaster in Zhouqu County of China's Gansu Province and was fully focused on the rescue and relief operations.Safeguarding the safety of civilians was the Chinese government's top priority and it had tried its best to rescue the people stricken by the Aug. 8 mudslides, which have left 1,254 people killed and 490 others missing so far, he said.Currently, relocation of the people affected, rescue and treatment of the injured, epidemic prevention, and reconstruction of infrastructure were underway in an urgent but orderly manner, he said.Hu also expressed China's appreciation of the Russian government and people after President Medvedev and Prime Minister Vladimir Putin had been quick to send their condolences and offered help, respectively.China was also greatly concerned by Russia's deadly wildfires and identified with Russia over its great loss of life and property, said the Chinese president, adding that China had offered assistance.Under the staunch leadership of the Russian government, the Russian people did their best to fight the wildfire and effectively safeguarded the safety of its people and property, said Hu, who once again sent condolences to Russia on behalf of the Chinese government and people.
BELGRADE, July 14 (Xinhua) -- Top Chinese legislator Wu Bangguo on Wednesday met with Serbian President Boris Tadic, vowing to add new impetus to the traditional friendship between China and Serbia."I am here to help realize the consensus between the two heads of states, pushing forward our strategic partnership and traditional friendship," said Wu, chairman of the Standing Committee of the National People's Congress (NPC), who arrived here on Wednesday afternoon for a three-day visit.Wu is the first NPC Standing Committee chairman to visit Serbia over the past decade. China and Serbia have kept long-time friendship, and shared mutual support and respect. Last August President Tadic visited China and reached agreement with Chinese President Hu Jintao on establishing the strategic partnership, which opened a new page for the relationship.Wu Bangguo (L), chairman of the Standing Committee of China'a National People's Congress(NPC), shakes hands with Serbian President Boris Tadic, in Belgrade, capital of Serbia, July 14, 2010.Wu said Sino-Serbian relations are time-tested and have endured many changes in the international situation. He attributed this to the mutual support between the two countries on issues concerning the core interests of one another."This precious legacy should be cherished by both peoples, and will serve as a fundamental guarantee of the further development of Sino-Serbian ties," Wu said.
ISTANBUL, June 8 (Xinhua) -- China Tuesday called on Asian countries to increase trust and coordination in the post-financial- crisis era as part of efforts to work together for a secure and stable Asia.The statement was made by Chinese State Councilor Dai Bingguo at the 3rd Summit of the Conference on Interaction and Confidence Building Measures in Asia (CICA), which was held in Istanbul.To create a good regional environment, he said, it is important to make full use of the CICA and other regional mechanisms of multilateral exchanges and cooperation."This serves the interests and meets the common needs of all countries," said Dai, who came for the meeting as the special representative of Chinese President Hu Jintao.Addressing heads of state and senior officials from about 40 countries, Dai noted that international competition and cooperation will take place at higher levels and in broader areas.Asia, as part of the global village, faces unprecedented development opportunities and multiple options of regional cooperation, he said.At the same time, he said, it is also plagued by quite a number of hot-spot issues and security threats. Maintaining peace and stability, promoting economic development and improving people's well-being remain a long-standing and arduous task.Therefore, he said, "We should stay committed to the new security concept of mutual trust, mutual benefit, equality and coordination, which requires us to not only value our respective national security, but also accommodate the legitimate security concerns of other countries and respect each other's core interests.""We should commit ourselves to peaceful approaches to disputes and differences and joint response to all kinds of threats and challenges, including terrorism, separatism, extremism, drug trafficking and organized transnational crimes, so as to maintain long-term security and stability in the region," he said.The Chinese senior official also urged CICA member countries to work together for a developed and prosperous Asia, saying " Development is a fundamental issue that is essential to the welfare and security of the people in all Asian countries."Right now, he said, most countries in Asia are developing countries and two thirds of the world's poor are found in Asia. " It is therefore important that all Asian countries should adhere to the policy of mutually beneficial and win-win cooperation, strengthen coordination of macro economic policies and actively explore their unique advantages and potential."Dai said that Asian countries should work together for harmony and progress in Asia. "We should treat each other with sincerity, good-will and an open and inclusive mind, and we should allow different countries, nations, faiths and civilizations to live in harmony and move forward together through mutual learning."
HARARE, June 15 (Xinhua) -- Common Market for Eastern and Southern Africa (COMESA) Secretary-General Sindiso Ngwenya on Tuesday urged China to enter into joint ventures with Africa's largest regional trading and economic grouping to capitalize on the customs union that was launched last year.The Common Market for Eastern and Southern Africa, boasting 19 member states and a population of more than 450 million, is endowed with vast natural and human resources that make it a fertile investment destination, Ngwenya said."With a combined population of 456 million and a combined Gross Domestic Product of 450 billion U.S. dollars, this region is very rich in natural resources, rich in human resources and land for agriculture."This region will therefore become the region of first choice for investment and has the potential to feed the whole world," Ngwenya told Xinhua in an interview.He said China should take COMESA as its preferred investment destination and increase trade with Africa's largest trading and economic grouping.Ngwenya has previously urged more Chinese investment in the manufacturing sector so that Africa can move up the value chain and increase the incomes of its people while ensuring that less wealth is exported abroad.Trade between COMESA countries and China has also been growing by between 50 percent and 100 percent depending on the country, but on average by more than 50 percent annually and by the end of 2008 China-Africa trade was approaching the 100 billion U.S. dollars, according to Ngwenya.Ngwenya said the COMESA Customs Union presented immense opportunities for the Asian giant to deepen and consolidate economic cooperation with member states, most of whom it had strong bilateral, economic and political ties with. China has diplomatic relations with nearly all African countries.