BIZ

Burgeoning business faces questions about profitability, incoming regulation


Scan, unlock and ride – such is the simplicity of online bicycle-sharing services in China, which have grown more and more popular in major cities such as Beijing, Shanghai and Guangzhou. The companies allow almost anyone to ride a bicycle for rates of 1 yuan ($0.16) an hour or even less. With the help of investment from eager venture capital firms, these bike-sharing start-ups have put tens of millions of bikes onto city streets. However, their success has also drawn scrutiny, with many questioning if their business model is viable, especially with authorities expected to soon draft regulations for the business.


FigurativelySpeaking

Gold shipments from Hong Kong to the Chinese mainland in February, market news site fx168.com reported on Monday. During the same month, 2,046 kilograms of gold was shipped from the mainland to Hong Kong.
Source: Global Times | 2017/3/27 23:38:39

Hyundai suspends car plant amid stand-off

South Korea-based Hyundai Motor on Monday said it had suspended production at one of its Chinese factories for a week, raising concern that a diplomatic standoff may be hurting sales in the automaker’s top market.
Source: Reuters | 2017/3/27 23:38:39

Bankruptcy filing for Toshiba’s US Westinghouse ideal option: source

Toshiba Corp’s US nuclear unit could file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter.
Source: Reuters | 2017/3/27 23:38:39

CRRC wins LA metro contract

Chinese rail car manufacturer CRRC Corp will build 64 subway cars for the Los Angeles transit system as part of an order that could be worth as much as $647 million.
Source: Reuters | 2017/3/27 23:33:39

Meitu shares plunge after report

Shares of Meitu Inc plunged on Monday after the Chinese selfie app maker posted a loss for 2016, in its first earnings report since listing.
Source: Reuters | 2017/3/27 23:33:39

Service trade gap narrows

China’s foreign services trade deficit narrowed in February, while merchandise trade posted a rare deficit, the State Administration of Foreign Exchange (SAFE) said Monday.
Source: Global Times-Agencies | 2017/3/27 23:03:40

Cambodia, Shaanxi agreement

Cambodia and Northwest China’s Shaanxi Province on Monday signed a memorandum of understanding (MoU) on cooperation in trade and investment. The deal was signed at the end of the Cambodia-China’s Shaanxi Province Business Forum.
Source: Global Times-Agencies | 2017/3/27 23:03:40

Nation’s express delivery companies ‘need to get smart’

China’s logistics sector is urged to further embrace big data and cloud computing to get ready for the possible delivery of more than 100 billion parcels annually over the next five years, an industry report showed Monday.
Source: Global Times | 2017/3/27 23:03:40

Industrial profits jump 31.5% in first 2 months

China’s industrial profits rose 31.5 percent year-on-year in the January-February period, the fastest pace in nearly six years, the National Bureau of Statistics (NBS) said in a statement on Monday.
Source: Global Times-Agencies | 2017/3/27 23:03:40

Financial institutions pouring into Xinjiang

Domestic and foreign financial institutions have been pouring into Northwest China’s Xinjiang Uyghur Autonomous Region in recent months, looking for opportunities under China’s “One Belt, One Road” (B&R) initiative, local media reported on Monday.
Source: Global Times | 2017/3/27 23:03:39

Firms deny exporting sensitive items to Iran

Several Chinese companies which are on the US government sanction list for allegedly transferring sensitive items to Iran’s missile program denied the accusations on Monday, claiming that their exports to Iran were just “normal products” and that they may prepare documents to appeal to the US’ decision.
Source: Global Times | 2017/3/27 21:43:39

China's Huawei trains Indonesian ICT talents through SmartGen program

China's technology firm Huawei launched on Monday its ICT (Information, Telecommunication, Telecommunication) training program for students in 7 of Indonesia's top notch state campuses, aimed at boosting up competitiveness of Indonesian ICT talents.
Source: Xinhua | 2017/3/27 19:11:31

Russian energy minister estimates additional revenue of 26 bln USD

Russian budget in 2017 may receive additional revenue of 1.5 trillion rubles (about 26 billion US dollars), in case global oil prices stand at the range between 50 and 60 US dollars per barrel, the Russian Energy Minister told the RT TV.
Source: Xinhua | 2017/3/27 19:09:58