What's news [China Daily: US Edition]
(China Daily: US Edition Via Acquire Media NewsEdge) LeTV sets up joint venture to expand Internet business
LeTV.com, one of the biggest online video providers in China, has partnered with the Radio and Television Group of Chongqing and Chongqing Cable Network Co Ltd to jointly develop Internet TV business. According to a statement issued by LeTV.com on Wednesday, the Shenzhen-listed company has inked a strategic partnership agreement with the two TV-focused Chongqing companies to set up a subsidiary to develop Internet TV business. The Radio and Television Group of Chongqing said it will try its best to seek government support in order to gain an Internet TV license from the central government.
Yuan strengthens on anticipation of growth in PMI for July
The yuan rose to within 0.1 percent of a three-month high on Wednesday before a report on Thursday that is forecast to show China's manufacturing is expanding at the fastest pace since March last year. The preliminary Purchasing Managers Index will probably be 51 in July, up from 50.7 in June, according to the median estimate in a Bloomberg News survey before HSBC Holdings Plc and Markit Economics release the data.
Xinjiang SMEs get access to more financing channels
Seven small and medium-sized enterprises from the Xinjiang Uygur autonomous region were listed on the equity quotation system at Shanghai Equity Exchange on Tuesday. The listing provides Xinjiang enterprises with new direct financing channels, advanced technologies and management models, according to the Xinjiang SME Center. Sub-bases will be constructed starting from this year and over 100 small enterprises will be able to list shares with the help of the SME center.
Lenders may offer discounted mortgage rates, says survey
Lenders from China are likely to offer discounted mortgage rates to their clients in the second half of 2014 as demand in the country's housing market weakens, according to a Bloomberg News survey. Banks will resume preferential mortgage rates, according to 74 percent of analysts and economists in a survey conducted from July 14 to July 17. Fifty-six percent forecast lower minimum down payments, while 59 percent said they expected the central bank to ease its mortgage restrictions. A total of 29 economists and analysts responded to the survey.
Healthy growth in China, Vietnam border trade during H1
The total scale of border trade between Vietnam and China hit $2.61 billion in the first half of 2014, up 13 percent year-on-year, according to Vietnam's Border Trade Steering Committee. Statistics provided by the committee show that bilateral border trade maintained an uptrend with an average growth of 4 percent every month. During the six-month period, Vietnam enjoyed a surplus of $800 million in border trade, up 126 percent year-on-year, local Tien Phong (Pioneer) online newspaper quoted the committee as saying on Wednesday.
Hong Kong H-share index soars on renewed buying interest
An index of major China companies listed in Hong Kong on Wednesday surged to its highest close this year, as investors piled into financial and energy stocks seen as undervalued. The China Enterprises Index climbed 2 percent to close at its highest since Dec 27, while the benchmark Hang Seng Index was up 0.8 percent at 23,971.87 points, its highest since Dec 2. Daily bourse volume was the heaviest since April 11. Chinese property stocks were top percentage gainers on the Hang Seng for a second day, with China Resources Land jumping 7.5 percent and China Overseas Land & Investment up 4.4 percent.
Australia and China 'close to currency clearing deal'
Australia is close to signing a deal with China that would allow the establishment of an official clearing bank for the renminbi, a step toward the more open flow of money and investment into and out of the Asian giant. Reserve Bank of Australia Deputy Governor Philip Lowe said the central bank was working with the People's Bank of China on a memorandum of understanding that would allow a clearing bank to be chosen "over coming months".
Yellow metal loses luster as demand for bars wanes in H1
Gold demand fell 19 percent in China during the first six months of the year as investors bought fewer bars and coins, offsetting increased demand for jewelry, the China Gold Association said. Consumption in China, which passed India last year as the world's biggest user, slid to 569.5 metric tons, the Beijing - based association said in a statement on Wednesday. Demand for bars sank 62 percent, while gold use in jewelry rose 11 percent, according to the statement.
Electronics, IT sector dips in trade value, ministry figures show
Electronics and IT manufacturing posted a 6.9 percent decrease in export-import value during the first six months of 2014, to $604.5 billion, the Ministry of Industry and Information Technology said on Tuesday. The decrease was 2.2 percentage points smaller than in the first five months. Export value reached $357 billion, falling 5.9 percent year-on-year, and import value reached $247.5 billion, dropping by 8.2 percent year-on-year.
US panel approves anti-dumping probe against Chinese tires
The US International Trade Commission on Tuesday approved the anti-dumping and countervailing duty investigations against imports of certain passenger vehicle and light truck tires from China. As a result of the commission's affirmative determinations, the US Commerce Department will continue the probes and will make preliminary countervailing and anti-dumping duty determinations in August and November separately.
(China Daily USA 07/24/2014 page14)
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