EconomyLoop
where regional business news becomes global to everyone

Card usage up during holiday

CHINA UnionPay, the country’s sole bank card network operator, said yesterday that transactions surged to a record high during the weeklong Spring Festival holiday as card holders went on a spending spree. The... read more

 Shanghai Daily1 hour ago

     
Chinese stocks rise after break

Chinese stocks surged yesterday, the first trading day after the weeklong Lunar New Year holiday. The Shanghai Composite Index rose 2.17 percent to close at 3,268.56 points, while the smaller Shenzhen... read more

 Shanghai Daily1 hour ago
Shanghai cuts red tape for approval

SHANGHAI plans to drastically shorten the time to scrutinize non-state investment projects from the current 105 working days to between 15 and 48 working days as it bids to improve the approval process. The... read more

 Shanghai Daily1 hour ago
Fosun buys Lanvin and pledges to revive fortunes

Chinese conglomerate Fosun snapped up the ailing French fashion label Lanvin yesterday and promised to revive its fortunes.... read more

 Shanghai Daily1 hour ago
Slowing growth in M2 to be the norm

China’s financial market should become more accustomed to a slowing M2 growth and pay more attention to how the central bank uses interest rates on open market operations, the Bank of Communications said... read more

 Shanghai Daily1 hour ago
US jobless claims drop to 45-year low

The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February, which should continue to underpin the economy.... read more

 Shanghai Daily1 hour ago
Walmart to try online home shopping

Bohemian or traditional?Walmart is launching a new online home shopping experience in the coming weeks that will let shoppers discover items based on their style.... read more

 Shanghai Daily1 hour ago
Saudi to draw Western-style entertainment

Saudi Arabia announced plans yesterday to spend billions on building new venues and flying in Western acts, in a total overhaul of its entertainment sector that would have been unthinkable not long ag... read more

 Shanghai Daily1 hour ago
Plug battle is on for electric car supremacy

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 Shanghai DailyYesterday
SK U-turn on virtual coin trade

A BETTER deal for South Korea’s cryptocurrency industry might be in the offing as the market regulator changes tack from its tough stance on the virtual coin trade, promising instead to help promote blockchain... read more

 Shanghai DailyYesterday
Imprisoned co-CEO of retail giant Lotte quits

ASIAN retail and chewing gum giant Lotte has accepted the resignation of its co-CEO after he was convicted of bribery and embezzlement in a wide-ranging corruption scandal that brought down South Korea’s... read more

 Shanghai DailyYesterday
Crisis-hit Venezuela puts faith in cryptocurrency

VENEZUELA formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The Caracas government put 38.4 million units of the... read more

 Shanghai DailyYesterday
4 maritime car transporters hit with fines

THE EU yesterday hit four maritime car transporters with a 395-million-euro (US$486 million) fine as well as slapping penalties on auto parts manufacturers including Germany’s Bosch and Continental. An... read more

 Shanghai DailyYesterday
Air France strike to hit foreign flights

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 Shanghai DailyYesterday
Broadcom cuts offer for Qualcomm

BROADCOM Corp yesterday fired its latest salvo against Qualcomm Inc by lowering its takeover offer to US$117 billion from US$121 billion, a day after the US chipmaker increased its own offer for NXP Semiconductors... read more

 Shanghai DailyYesterday
Cybercrime cost rises to US$600b globally

The annual cost of cybercrime has hit US$600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said yesterday. A... read more

 Shanghai DailyYesterday
Share curbs for insurance sector

Risk control will remain a priority in China’s insurance sector with planned measures like limiting the share ownership of single share owners, a top official from the China Insurance Regulatory Commission... read more

 Shanghai DailyYesterday
UK jobless rises to 4.4% over Brexit

Britain’s unemployment rate has risen for the first time in 16 months, official data showed yesterday, in a sign that Brexit uncertainty is feeding into the wider economy.... read more

 Shanghai DailyYesterday
Huawei and Vodafone in first 5G call

Chinese telecommunications giant Huawei and British multinational network provider Vodafone announced on Tuesday they had completed the first 5G call in the world.... read more

 Shanghai DailyYesterday
Soaring business is made from scrap too

China’s scrap steel exports soared last year as domestic demand was dampened, according to data from an industry association.... read more

 Shanghai DailyYesterday
Steel mills set to roar after curbs end

China’s steel producers are eager to unleash their mills’ capacity when this winter’s output curbs end next month.... read more

 Shanghai DailyYesterday
Both sales and tourism up over 10% for holiday

Shops and restaurants across China reported robust sales during the weeklong Chinese Lunar New Year holiday, data from the Ministry of Commerce showed yesterday. Sales in the retail and catering sectors... read more

 Shanghai DailyYesterday
State-owned enterprises 5-year boom

China’s state-owned enterprises administered by the central government saw surging assets in the past five years thanks to improved production and efficiency.... read more

 Shanghai Daily2 days ago
Steady growth on economy into 2018

CHINA’S manufacturing activity edged down in December, official data showed yesterday, but largely maintained momentum despite curbs on heavy industry aimed at taming the country’s chronic air pollution. The... read more

 Shanghai Daily8 days ago
Faster rise in R&D spending

China’s spending on research and development grew faster in 2017 as the country continued to push for innovation-driven development.... read more

 Shanghai Daily9 days ago
JPMorgan Chase to clear yuan

China’s central bank yesterday named JPMorgan Chase &... read more

 Shanghai Daily9 days ago
Strict eye on insurers’ overseas funding

China intends to scrutinize insurers’ overseas funding activities more stringently, according to a latest joint notice by the country’s insurance and foreign exchange regulators.... read more

 Shanghai Daily9 days ago
China building test site for unmanned ships

China has started building the world’s largest test site for unmanned ships — a technology with both civilian and military applications — off a port in the South China Sea, state media said yesterday.... read more

 Shanghai Daily9 days ago
MGM casino resort opens as license renewal looms

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 Shanghai Daily9 days ago
PBOC injects US$62.2b via MLF tool

CHINA’S central bank yesterday injected 393 billion yuan (US$62.2 billion) into the market via the medium-term lending facility to maintain liquidity. The People’s Bank of China, the central bank, said... read more

 Shanghai Daily9 days ago
Businesses tap opportunities of rising singles

While a rising number of single people worry their Chinese parents, the demographic shift has become a business opportunity for retailers and service providers.... read more

 Shanghai Daily9 days ago
Policies drawn for recycling of batteries

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 Shanghai Daily9 days ago
China’s ODI keeps double-digit growth in January

China’s non-financial outbound direct investment maintained double-digit growth in January, the third straight monthly increase, official data showed yesterday.... read more

 Shanghai Daily9 days ago
Career growth motivates job seekers

CHINESE mainland candidates value career progression as the key motivator when they decide whether to accept a new job, according to recruitment company Hays. Career progression was chosen by 62 percent... read more

 Shanghai Daily9 days ago
Cash deposits imposed on US chemical

China told importers of a US industrial chemical to start posting deposits yesterday in preparation for possible anti-dumping duties. A preliminary ruling by the Ministry of Commerce said styrene monomer... read more

 Shanghai Daily9 days ago
Shares extend rally to close higher

SHANGHAI stocks extended their rebound yesterday, boosted by gains in insurance and tourism shares. The Shanghai Composite Index rose by 0.98 percent to close at 3,184.96 points. Insurers such as China... read more

 Shanghai Daily9 days ago
Sales of pre-owned homes drop

SALES of pre-occupied homes fell moderately in Shanghai in January, hovering around 11,000 units for the eighth consecutive month. Some 11,800 pre-owned homes changed hands last month, down 2.6 percent... read more

 Shanghai Daily9 days ago
Shares rally after 5 days

SHANGHAI stocks rebounded yesterday after dropping for five straight trading days last week, helped by gains made by electronic component stocks and household appliance companies. The Shanghai Composite... read more

 Shanghai Daily10 days ago
Alibaba to pay US$870m for 15% of Easyhome

ALIBABA is to pay 5.5 billion yuan (US$870 million) to buy a 15 percent stake in Easyhome, a domestic home improvement chain. Alibaba will help digitalize Easyhome’s outlets and “improve customer experience,”... read more

 Shanghai Daily10 days ago
Honda set to recall 350,000 cars

HONDA Motor Co will recall roughly 350,000 vehicles in China to resolve a cold-climate engine issue and quell a barrage of customer complaints that has hit the automaker over the past month. The recall... read more

 Shanghai Daily10 days ago
Festive mood keeps home seekers on the sidelines

NEW home transactions fell below the 100,000-square-meter weekly threshold again as the prevalent festive mood across Shanghai kept more home seekers sitting on the sidelines, latest market data showed. The... read more

 Shanghai Daily10 days ago
Alibaba to offer Disney shows on video sites

Alibaba Digital Media and Entertainment Group has signed a multi-year content licensing agreement with a Walt Disney subsidiary to stream more than 1,000 episodes of Disney animated series on Chinese video... read more

 Shanghai Daily10 days ago
Banks see steady development

SHANGHAI’S banking industry continued to develop and recorded improved asset quality on the whole, during the past year, according to a latest statement from the local banking regulator. As of the end... read more

 Shanghai Daily10 days ago
Tighter scrutiny impacts shadow banking deeply

Tightened financial oversight in China is deepening its impact across the shadow banking sector, which will further reduce the sector’s contribution to total social financing flows in 2018, according... read more

 Shanghai Daily10 days ago
China’s banks post US$458b in record new loans in January

China’s banks extended a record 2.9 trillion yuan (US$458.3 billion) in new yuan loans in January, blowing past expectations and nearly five times the previous month as policymakers aim to sustain solid... read more

 Shanghai Daily10 days ago
Singapore’s Q4 GDP seen to slow

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 Shanghai Daily10 days ago
China to start yuan-based crude oil futures

China will launch crude oil futures on March 26, as the world’s second largest economy moves to gain pricing power over commodities.... read more

 Shanghai Daily10 days ago
New areas listed for ‘sensitive’ investment

CHINA’S state planner included news media and weapons development in its list of “sensitive” sectors for offshore investment yesterday, meaning any deals in those areas could face greater scrutiny. Development... read more

 Shanghai Daily10 days ago
Steel profits, prices rise on excess cut

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 Shanghai Daily10 days ago
66m jobs created over past 5 years

CHINA created over 66 million urban jobs over the past five years, official data showed. Over the five years, 90 percent of college graduates found jobs and more than 1.1 million redundant workers resulting... read more

 Shanghai Daily10 days ago