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| Disney raises bid for Fox’s assets ... read more
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| SPDB backs ‘Four Brands’ The Shanghai Pudong Development Bank said yesterday it planned to enhance the city’s “Four Brands” by supporting its financial system to transform the city into a global hub.... read more
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| WuXi Biologics expands WUXI Biologics, a Hong Kong-listed biopharmaceutical company, said yesterday that construction of a US$20 million integrated biologics conjugate R&D and manufacturing center has started in Wuxi in neighboring... read more
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| Bright for entertainment CHINA’S media and entertainment sector will see strong demand for paid content and membership of online video/audio streaming sites in the coming years and online gaming is also set to continue its rebound... read more
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| Slower expansion TOTAL assets managed by Chinese trust companies reported the first quarterly drop in two years as the government has placed increasing emphasis on financial risk prevention, data from the China Trustee... read more
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| China’s box office drives global sales CHINA’S total box office increased by 13.45 percent in 2017, making the Chinese film market an engine of the global box office, according to a report released on Tuesday. The Chinese Film Association... read more
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| GE loses spot on Dow after over a century in benchmark index GENERAL Electric Co has lost its spot in the Dow Jones Industrial Average after over a century in the blue chip stock index, a new blow to a company that once towered over the American business landscape... read more
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| Shares rebound after PBOC’s moves SHANGHAI stocks rebounded yesterday from Tuesday’s heavy losses after China’s central bank calmed the market and injected funds into the financial system. The Shanghai Composite Index ended 0.27 percent... read more
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| Electricity use powers 11% in May China’s electricity consumption, a key gauge of economic activity, rose 11.4 percent year on year to 553.4 billion kilowatt hours in May amid a resilient economy, official data showed yesterday.... read more
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| Central SOEs post high profits THE profits of China’s central state-owned enterprises in May hit a record high compared with the same period historically, official data showed yesterday. Combined profits stood at 155.19 billion yuan... read more
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| Housing stocks in major cities drop 8.2% HOUSING inventories in China’s major cities fell 8.2 percent year on year in May as sweeping destocking measures kicked in, latest industry data showed. Floor space of unsold new homes in 100 major Chinese... read more
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| Bithumb: US$35m in coins hacked SOUTH Korean cryptocurrency exchange Bithumb said 35 billion won (US$31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves... read more
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| Aussie telco to axe 8,000 jobs ... read more
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| Mercedes-Benz cultivates aging workforce TOO slow, inflexible, forgetful, always off sick. Those are some attitudes about older workers that carmaker Mercedes-Benz is trying to dispel as Germany grapples with the challenges of an aging society. The... read more
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| China to raise income tax threshold CHINA is considering raising the personal income tax threshold to 5,000 yuan (US$772) per month — 60,000 yuan a year — from the current 3,500 yuan, according to a draft amendment. The draft was submitted... read more
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| Xiaomi cuts valuation after pulling CDR issue CHINESE smartphone maker Xiaomi has lowered its likely valuation to between US$55 billion and US$70 billion following its decision to delay its mainland share offering until after its Hong Kong IPO, three... read more
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| Investors to see new negative list CHINA has completed the revision of a new negative list for market access of foreign investment and will make it public soon, China Securities Journal said yesterday. Curbs on energy, resources, infrastructure,... read more
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| Chinese banks post net forex purchase Chinese commercial banks continued to see a net foreign exchange purchase in May and cross-border capital flows remained basically stable, the country’s forex regulator said yesterday. Chinese lenders... read more
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| Firms to cooperate on forestalling risks Chinese and British companies anticipate more cooperation in insurance to forestall risks as both sides are set to deepen coordination in projects under the Belt and Road Initiative, speakers told a high-profile... read more
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| Share market falls amid China-US trade tensions SHANGHAI shares tumbled yesterday as investors became worried amid trade tensions between China and US. The Shanghai Composite Index fell below the 3,000-point threshold by losing 3.78 percent to end... read more
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| Popularity of installment payments rises Installment payments are helping to power China’s domestic consumption and sales of online lender LexinFintech Holdings Ltd’s installment finance platform Fenqile surged 220 percent during an e-commerce... read more
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| Offline stores turning alluring for online sites Chinese e-commerce firms are embracing offline channels after they posted a strong increase in the 618 sales campaign. JD’s on-demand delivery platform JD Daojia said gross merchandise volume added 4... read more
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| Singapore bank eyes Bay’s potential Singaporean bank OCBC views the Guangdong-HK-Macau Great Bay Area as a strategic platform for strong business growth in the future, and said it will ride on the wave of the region’s development. The... read more
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| VW suspends Audi chief and appoints interim replacement Volkswagen suspended Audi boss Rupert Stadler and announced an interim replacement yesterday, seeking to steady its most profitable business after German authorities arrested Stadler as part of an emissions... read more
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| Alibaba opens office in Malaysia ALIBABA Group’s new Malaysia office, also its first country office in Southeast Asia, started operation yesterday as the Chinese tech giant continues its overseas expansion in the region. Alibaba, having... read more
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| China tells world import stance to continue China has reassured the world that its stance on encouraging imports will not change, a major development strategy that will not only help domestic industrial upgrades but also stimulate global economic... read more
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| Yuan set to play bigger global role in future FOREIGN exchange reserve managers have become more optimistic about the yuan and predict bigger global influence of the Chinese currency in the coming years, a private survey showed. Surveyed institutions... read more
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| Google injects US$550m cash in JD.com GOOGLE said it will invest US$550 million in cash in e-commerce giant JD.com to build up its alliance in China’s booming e-commerce landscape. Google will get 27.1 million newly issued JD.com Class A... read more
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| Fall in crude oil output narrows in May China’s crude oil output shed 1.6 percent year on year in May to 15.97 million tons, narrowed from a 2.3-percent drop in April, data from the National Bureau of Statistics showed.... read more
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| Arrest of Audi chief linked to ‘dieselgate’ Audi chief executive Rupert Stadler was arrested yesterday in connection with parent company Volkswagen’s “dieselgate” emissions cheating scandal, with prosecutors saying they feared he might try to destroy... read more
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| Volvo eyes 25% of recycled plastics in new models At least 25 percent of the plastics used in new Volvo car models from 2025 will be from recycled materials, the Chinese-owned company said yesterday in an anti-pollution plan praised by the United Nat... read more
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| Huawei’s open letter slams Aussie flak Huawei is fighting back in Australia following reports that authorities could ban it from any involvement in building 5G mobile networks in the country.... read more
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| 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
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| American firms assess tariff impact COMPANIES and trade groups in the US have expressed concern over how the escalating trade spat between the world’s two biggest economies could affect operations. Beijing retaliated immediately to tariffs... read more
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| Physical indicators give glimpse of positive changes in economy While China’s May economic data suggested overall economic resilience, a glimpse into the physical indicators may provide more details of the changes taking place in the economic picture.... read more
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| Computer vision tech set to thrive VSLAM, a key computer vision technology featuring artificial intelligence, is set to see explosive growth this year as it will be increasingly used in VR/AR devices and home robotics, Shanghai Daily learned... read more
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| Room to cooperate on business CHINA and France have huge opportunities to cooperate on business and investment by tapping Chinese consumption upgrade and the Belt and Road Initiative, investors said yesterday. Bpifrance, the state-owned... read more
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| Alliance seeks to help Shanghai startups SHANGHAI’S first artificial intelligence and Internet plus service alliance was launched in Hongqiao yesterday to serve both local high-tech startups and residential communities. The alliance aims to... read more
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| Fast growth of FDI due to high-tech sectors China’s foreign direct investment rose in May from a year earlier and also from January to May, with capital channeled into high technology industries. FDI into the Chinese mainland grew 7.6 percent... read more
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| Asian nations key to future smart cities CHINA and other Asian countries will play a major role in shaping the smart cities of the future thanks to high adoption of smartphones and digital services, a recent study by the McKinsey Global Institute... read more
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| PBOC injects funds via reverse repos at flat rates CHINA’S central bank continued to inject liquidity into the financial system via open market operations, with rates flat despite an interest rate hike in the US. The People’s Bank of China pumped 150... read more
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| China’s new home sales increase faster New home sales in China rose more quickly in the first five months of this year, data released yesterday by the National Bureau of Statistics showed.... read more
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| Fed hikes rates in shift from previous policies The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the US central bank’s shift from policies used to battle the 2007-2009 financial... read more
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| China economy stable as reform sustains growth China’s economy enjoyed steady growth in May, largely due to solid industrial output and investment in the manufacturing sector.... read more
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| PBOC vows to support Shanghai’s development YI Gang, governor of the People’s Bank of China, yesterday said the central bank will support Shanghai as it opens up and reforms the financial sector. Speaking at the Lujiazui Forum, Yi said the central... read more
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| Global demand gives domestic firms a lift WHEN engineering graduate Chen Liang joined an elevator company nearly 30 years ago, “an elevator was worth almost two apartments in Xujiahui.” Today, people have to pay nearly 10 million yuan (US$1.56... read more
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| Female business leaders honored WOMEN can be half the sky in the business world and some foreign companies actually have more women leaders in their China office than their overseas offices, participants said during a forum hosted by... read more
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| Janssen pledges innovation, new models in Shanghai ECHOING Shanghai’s ambitious goal to become a global innovation center, Janssen Pharmaceuticals is pledging to leverage the city’s strong foothold in innovation and will continue to work closely with... read more
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| New rules to benefit NEV sector THE newly-implemented subsidy policy for new energy vehicles will aid the industry’s high-quality development. From Tuesday, vehicles with a driving range below 150km will not get subsidies, vehicles... read more
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| Automakers promote autonomous driving to tap enormous potential AUTOMOBILE manufacturers are going all out to promote autonomous driving technologies at the 2018 Asia Consumer Electronics Show (CES Asia) to ride on the huge potential of China’s self-driving market. Fifty-six... read more
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