What's news [China Daily: US Edition]
(China Daily: US Edition Via Acquire Media NewsEdge) China Southern to offer Web access on domestic route
China Southern Airlines, China's largest airline by fleet size, announced on Tuesday that it will offer Internet access on some flights of the Beijing-Guangzhou route starting this month. Authorized by the Ministry of Industry and Information Technology, the Civil Aviation Administration of China gave the nod to China Southern Airlines to use satellite high-speed broadband to access the Internet on some flights on the route.
Wealth management product might default
A trust firm has warned that one of its high-yield investment products may have trouble making payments on time, Chinese media reported on Tuesday. China Credit Trust Co Ltd's "Credit Equals Gold #2" wealth management product, which raised 1.3 billion yuan ($209.6 million) from investors in 2011, may not be able to pay them when the product matures on July 25, the China Securities Journal reported, citing a statement by the company to investors.
Toyota's June sales in China down 7.6 percent from 2013
Toyota Motor Corp and its two Chinese joint ventures sold about 71,000 vehicles in China in June, down 7.6 percent from a year earlier, the Japanese automaker said on Tuesday. That followed a 2.7 percent year-on-year rise in May and a 12.4 percent increase in April. In the first six months of the year, Japan's biggest automaker sold about 465,900 vehicles, up 11.7 percent from a year earlier.
Brent crude prices increase to more than $112 a barrel
Brent futures held above $112 a barrel on Tuesday as investor attention shifted back to demand after China's factory growth rose to a six-month high, adding to signs that the economy of the world's second-biggest oil consumer is regaining strength. Brent crude rose 14 cents to $112.50 a barrel by 6:19 am in London, after closing down 94 cents at its lowest settlement since the rally spurred by the Iraqi crisis started on June 12.
Railway projects on fast track to tune of $53 billion
China will spend 327 billion yuan ($52.71 billion) on 14 railway projects, the China Securities Journal reported on Tuesday, as the country pushes ahead in transforming its transportation sector. The projects will total over 3,700 kilometers of track and will include the Ejin-Hami, Hangzhou-Huangshan and Beijing-Shenyang passenger lines, the report said, citing unidentified government officials. It did not give a timeframe for completion.
South African yellow corn growers ready imports
South Africa, the second-largest continent's biggest corn producer, is close to launching its first exports of the yellow variety of the grain to China, according to the biggest organization representing local farmers of the crop. Talks between the two countries' governments are in the final stages, Grain SA Chief Executive Officer Jannie de Villiers said in a June 25 interview. His association is liaising with South Africa's Agriculture Department. The government "is in full support of it," he said.
PBOC resumes sales of repurchase agreements
The central bank resumed selling repurchase agreements to drain funds from the financial system, driving a benchmark money-market rate to the highest level in more than three months. The People's Bank of China sold 20 billion yuan ($3.2 billion) of 28-day repos at 4 percent, according to a statement on its website. The PBOC refrained from absorbing funds in its weekly open-market operations held on June 26, the first time in four months.
Slew of banks planning IPOs in Shanghai, Shenzhen
Eleven Chinese banks are planning initial public offerings, their draft prospectuses showed, the first lenders to push ahead with listing plans since China Everbright Bank Co Ltd debuted in 2010. In the draft documents posted on the China Securities Regulatory Commission website on Monday, nine banks said they plan to list on the Shanghai Stock Exchange, while two are seeking to list on the smaller Shenzhen exchange.
Central bank head signals greater RMB convertability
The central bank will continue to push forward convertibility of RMB capital account and financial market reform to increase the ease with which foreign financial institutions can enter the Chinese market, according to the People's Bank of China on Monday. The announcement was made by Zhou Xiaochuan, head of the central bank, when he met Australian Treasurer Joe Hockey.
Alibaba chooses Aug 8 to launch New York offering
E-commerce giant Alibaba Group Holding Ltd has decided to make its debut on the New York Stock Exchange on Aug 8 in what has been heralded to be one of the world's largest initial public offerings, said a report from 21st Century Business Herald on Tuesday. In Alibaba's updated filing to the US Securities and Exchange Commission at the end of June, the Hangzhou-based e-commerce conglomerate said it has chosen to list its shares on the NYSE under the ticker name "BABA".
At 4 years old, Tianhe-1 still continues to impress
The nation's first supercomputer, which has more than 1 petaflops of processing power, is serving more than 500 clients around the world after being put into commercial use nearly four years ago, Xinhua News Agency reported on Tuesday, citing the owner of the computer. Tianhe-1, or Milky Way-1, is widely used in petroleum exploration, bio-medicine, animation and project design, said Luo Jun, deputy-director at the National Supercomputer Center in Tianjin.
SEA OF HANDS FOR FREE PHONES
A throng of people crowds around a stage on Sunday in Hangzhou, Zhejiang province, as a woman announces a giveaway of free mobile phones. Photo by Xu Kangping / For China Daily
(China Daily USA 07/02/2014 page15)
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