Munich re gets nod for china business Munich Re, the world's largest reinsurer, has become the first foreign reinsurer to win mainland approval for reinsurance business in life and general sectors with the official launch of its branch office in Beijing last Friday. The latest move by Munich Re, which used to operate a representative office in China, also heralds a battle between domestic and foreign insurance players on the mainland for life and general markets. Coal miner's profit rises on more output Yanzhou Coal Mining reported a net profit of 858.51 million yuan (HK$797.55 million) for the nine months to September, representing an rise of 1.9 per cent compared with a year earlier. The growth was driven by a 12.3 per cent increase in raw coal production to 32.21 million tonnes during the period. This was partly offset by a 6.8 per cent drop in the price for exported coal to an average 180.56 yuan per tonne. Increase in traffic lifts road company Jiangsu Expressway recorded a net profit of 721 million yuan (HK$669.81 million) for the quarter to September, up 13.32 per cent compared with the same period a year earlier. That equated to earnings per share of 14.3 fen. Growth was driven by higher toll-road traffic in Jiangsu. Textile concern puts property into venture Jingwei Textile Machinery has injected a Beijing property valued at 335.42 million yuan (HK$311.6 million) as a capital investment to establish joint-venture Shanghai Jingwei Zhonglian Commercial Development. Jingwei owns 47.91 per cent of the venture, with the rest held by two independent Beijing companies. Nandasoft falls 31pc Jiangsu NandaSoft's net profit fell 31.8 per cent to 7.13 million yuan (HK$6.62 million) in the first nine months of this year, despite a 29.3 per cent growth in turnover. The Nanjing-based software developer said earnings per share plunged by the same margin.