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Shanghai Daily Business
Updated: 46 sec ago

Thailand sees opportunites from B&R

Thu, 12/14/2017 - 17:33
THAILAND expects trade and investment with China to increase under the Belt and Road Initiative as Bangkok unveiled incentives for foreign investment. “Thailand supports very much the Belt and Road Initiative which is meant to improve prosperity and benefit for people and countries,” Arthayudh Srisamoot, director general of the Department of International Economic Affairs, Ministry of Foreign Affairs, told Shanghai Daily. “Greater trade and investment will connect countries closer to each other and lift incomes of the people.”

PBOC increases rates for open market operations

Thu, 12/14/2017 - 17:33
THE interest rates for China’s open market operations rose by 5 basis points yesterday, following the interest rate hike by the US Federal Reserve on Wednesday. The operations included 30 billion yuan (US$4.54 billion) of seven-day reverse repos, with the interest rate up from 2.45 percent to 2.5 percent, and 20 billion yuan of 28-day reverse repos, with the rate up from 2.75 percent to 2.8 percent, the People’s Bank of China said on its website.

New home sales in China climb 9.9%

Thu, 12/14/2017 - 17:33
SALES of new homes in China maintained their single-digit growth in the first 11 months of this year while housing inventory continued to fall, data released yesterday by the National Bureau of Statistics showed. More than 9.57 trillion yuan (US$1.45 trillion) worth of new homes, excluding government-subsidized affordable housing, were sold between January and November, a year-over-year increase of 9.9 percent, the bureau said in a statement posted on its website. That compared to the 9.6 percent gain in the first 10 months and the 11.4 percent rise in the first three quarters.

Auto sales rise to slow next year

Thu, 12/14/2017 - 17:33
CHINA’S auto sales growth is set to slow to 3 percent next year, according to data from the China Association of Automobile Manufacturers. “Total sales are set to rise 3 percent to 29.8 million units in 2018. China’s passenger car sales are expected to add 3 percent to 25.5 million units and commercial vehicles will climb 2 percent to 4.3 million units next year, “ said Xu Haidong, a spokesman of CAAM during a conference.

Better 2018 for Chinese equities

Thu, 12/14/2017 - 17:33
CHINESE offshore stocks and A-shares are both expected to perform well in 2018, according to Robeco, an international asset manager. The company revised the profit forecast for A-share investors higher to 22.4 percent for 2017 and 15.1 percent for 2018.

Blue chips pressure key index

Thu, 12/14/2017 - 17:33
STOCKS fell yesterday with financial and heavyweight counters under pressure. The Shanghai Composite Index shed 0.32 percent to close at 3,292.44 points.

Disney buying large chunk of Murdoch’s 21st Century Fox

Thu, 12/14/2017 - 17:33
DISNEY is buying a large part of the Murdoch family’s 21st Century Fox for about US$52.4 billion in stock, including film and television studios and cable and international TV businesses, as it tries to meet competition from technology companies in the entertainment business. The deal gives Disney film businesses including Twentieth Century Fox, Fox Searchlight Pictures and Fox 2000, which together are the homes of Avatar, X-Men, Fantastic Four and Deadpool. On the television side, Disney will get Twentieth Century Fox Television, FX Productions and Fox21, with shows including “The Simpsons” and “Modern Family.”

Thailand sees opportunites from B&R

Thu, 12/14/2017 - 17:33
THAILAND expects trade and investment with China to increase under the Belt and Road Initiative as Bangkok unveiled incentives for foreign investment. “Thailand supports very much the Belt and Road Initiative which is meant to improve prosperity and benefit for people and countries,” Arthayudh Srisamoot, director general of the Department of International Economic Affairs, Ministry of Foreign Affairs, told Shanghai Daily. “Greater trade and investment will connect countries closer to each other and lift incomes of the people.”

PPDai and HK firm ink deal to cooperate

Thu, 12/14/2017 - 17:33
SHANGHAI-BASED PPDai, which issued an initial public offering in the US market last month, said yesterday it has signed a cooperation agreement with Hong Kong-based Sun Hung Kai on asset management and online finance. Both sides will form a joint team to seek opportunities in consumer finance and innovative finance services, said Zhang Jun, PPDai’s chief executive.

Industrial output slows, retail surges

Thu, 12/14/2017 - 17:25
THERE were mixed signals of economic growth in November as industrial output and investment continued to slow in China, while retail sales surged, indicating a steady outlook despite a softer fourth quarter. Industrial production, an important contributor to GDP, expanded 6.1 percent year on year in November, slowing from 6.2 percent growth in October due to tighter environmental rules, data from the National Bureau of Statistics showed yesterday.

Service, manufacturing lift November FDI

Thu, 12/14/2017 - 17:25
FOREIGN direct investment into the Chinese mainland surged 90.7 percent year on year to hit nearly 125 billion yuan (US$19 billion) in November, thanks to fast growth in new foreign-funded companies. The number of new foreign-funded companies surged 161.5 percent to 4,641 in November, according to data from the Ministry of Commerce.

Google taps into China talent pool with AI research center

Wed, 12/13/2017 - 17:29
GOOGLE announced yesterday that it will open a new artificial intelligence research center in Beijing, tapping China’s talent pool in the promising technology. Artificial intelligence, especially machine learning, has been an area of intense focus for American tech stalwarts Google, Microsoft and Facebook, and their Chinese competitors Alibaba, Tencent and Baidu as they bid to master what many consider the future of computing.

Ministers end WTO meet without single agreement

Wed, 12/13/2017 - 17:12
TRADE ministers are set to wrap up their biennial World Trade Organization meeting without having reached a single agreement yesterday, still reeling from criticism brought by the United States, once the WTO’s driving force. The ministers gathered in Buenos Aires were never expected to agree great reforms, with relatively minor and unrelated proposals on the table, including discussions on fishing subsidies and e-commerce.

Toyota eyes EVs for half of global sales

Wed, 12/13/2017 - 17:12
TOYOTA said yesterday it wanted half of its global sales to come from electric-powered vehicles by 2030, as the industry strives to meet toughening environmental regulations. Electric-powered vehicles now represent around 15 percent of the roughly 10 million units Toyota sells annually — mostly hybrids such as its best-selling Prius.

PE funds’ role in real economy

Wed, 12/13/2017 - 17:12
PRIVATE equity funds can play a role in innovating and developing the real economy and help create long-term capital, said the chairman of the Asset Management Association of China. Hong Lei pointed out that innovation and development needs a multi-level capital market to bring about long-term capital because a huge amount of equity capital is essential as innovative development has risks. A multi-level capital market therefore helps equity capital to form while PE funds have a vital part in promoting long-term capital.

Shares end above 3,300 level

Wed, 12/13/2017 - 17:12
SHANGHAI shares ended higher yesterday, helped by strong gains in consumer and airline counters. The Shanghai Composite Index ended 0.68 percent higher at 3,303.04 points.

SK bans dealing in Bitcoins

Wed, 12/13/2017 - 17:12
SOUTH Korea yesterday banned its financial institutions from dealing in virtual currencies such as Bitcoin, as the cryptocurrency soars in a bubble fueled by retail speculators, many of them from the country. The hyper-wired country has emerged as a hotbed for cryptocurrency trading, accounting for some 20 percent of global Bitcoin transactions — about 10 times its share of the world economy.

3,000 electric SUV cars for rent

Wed, 12/13/2017 - 17:12
SHANGHAI residents will be able to rent 3,000 electric SUV rental cars from yesterday, EVCard, one of the country’s biggest hourly car rental operators, said. The new Roewe ERX5 cars will benefit family users and those planning for cross city trips, said EVCard.

China to have world’s biggest GDP

Wed, 12/13/2017 - 17:00
CHINA is set to surpass the US as the world’s largest economy by 2028 with its economy growing above 5 percent over the next two decades, Bank of Communications said in a report yesterday. The bank’s baseline forecast sees China’s gross domestic product growing at 6.5 percent in the next three years, and the average annual growth rate will be at 5 percent between 2021 and 2035.

CBRC relaxes curbs for foreign banks

Wed, 12/13/2017 - 17:00
CHINA will relax requirements for foreign banks to take retail yuan deposits and allow them to do business in government bonds, the banking regulator said yesterday, in its latest move to open up the financial sector. For decades, China has carefully controlled the activities of foreign banks in a bid to protect domestic lenders, with foreign banks’ share in a fast-growing market falling to just 1.4 percent.

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