BIZ

SOEs seen inflating revenue


China’s top auditor said that 18 of 20 recently audited central State-owned enterprises (SOEs) have inflated their revenue by a total of 200.16 billion yuan ($29.3 billion) and profits by 20.3 billion yuan during recent years.


Imported aluminum products do not impair US national security: Chinese official

Imported aluminum products do not impair US national security or the American economy, a Chinese official said in Washington on Thursday.
Source: Xinhua | 2017/6/23 8:36:21

All US big banks well capitalized, Fed stress tests show

All major US banks passed stress tests by the Federal Reserve and have strong capital levels to withstand a severe recession, according to results of Fed's latest stress tests.
Source: Xinhua | 2017/6/23 8:32:39

Wanda Film market value drops $966m

The market value of Wanda Film Holding Co, a Shenzhen-listed arm of Dalian Wanda Group Co, shrank by about 6.6 billion yuan ($966 million) after its shares dropped by close to the 10 percent daily limit on Thursday.
Source: Global Times | 2017/6/22 23:33:40

Chinese firm denies involvement in Tesla’s reported plant in Shanghai

Shanghai Lingang Holdings Co said in a statement on late Thursday that it has never contacted Tesla Inc or showed willingness to cooperate with the US electric-car maker on building a plant in China, and there has been no agreement reached between the two companies.
Source: Global Times | 2017/6/22 23:28:40

Alibaba pushes cross-border e-commerce

Chinese e-commerce giant Alibaba Group Holding has stepped up efforts to promote cross-border trade, trying to attract more foreign products from the US and other countries to its online platforms to meet the demand of a rapidly growing middle class in China.
Source: Global Times | 2017/6/22 23:23:39

Figuratively Speaking

3t yuan Total online sales in China between December 2016 and May 2017, exceeding full-year sales in 2014.
Source: Global Times | 2017/6/22 23:18:40

WeTouch funds Australian research

Chinese technology company WeTouch has provided funding totaling A$70 million ($52.88 million) for over 20 programs of leading edge research in Australia, Xinhua News Agency reported on Thursday.
Source: Reuters-Global Times | 2017/6/22 23:18:40

Foxconn to continue Toshiba deal

Taiwan’s Foxconn will continue to pursue an acquisition of Toshiba Corp’s chip business, a day after the troubled conglomerate chose a rival suitor as the preferred bidder, the head of Foxconn’s Japanese unit Sharp Corp said.
Source: Reuters-Global Times | 2017/6/22 23:18:40

Mobike expands to Japan

Chinese bicycle-sharing startup Mobike has set up a subsidiary in Fukuoka city in northern Japan and plans to begin service later this year, the company said on Thursday.
Source: Reuters | 2017/6/22 23:18:40

Superbus test track to be removed

The 300-meter test drive track for the controversial Transit Elevated Bus (TEB) project, also known as Batie, will be removed by the end of June, a local official said on Wednesday.
Source: Global Times | 2017/6/22 23:18:40

Chinese developers and experts applaud Apple’s app-clearing move

Domestic app developers and experts said on Wednesday that Apple’s intensifying efforts to clean its mobile operating platform iOS by removing unqualified apps in China are laudable and won’t hurt its market share in the country in the long run.
Source: Global Times | 2017/6/22 23:18:39

Hong Kong encouraging growth of mobile payment sector

The entry of new e-payment tools in Hong Kong in recent years has brought challenges to conventional non-cash payment service providers, and local authorities have strengthened efforts to regulate the sector to facilitate adoption of mobile payments, a spokesperson for the Hong Kong Monetary Authority (HKMA) noted.
Source: Global Times | 2017/6/22 23:03:40

China-US 100-day action plan hits 10 initial goals

A total of 10 initial targets have been achieved so far under the China-US 100-day action plan in areas including agricultural products, investment, energy and financial services, Sun Jiwen, the spokesperson for the Ministry of Commerce (MOFCOM), told a briefing in Beijing on Thursday.
Source: Global Times | 2017/6/22 22:58:40