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What's news [China Daily: Hong Kong Edition]
[September 30, 2014]

What's news [China Daily: Hong Kong Edition]


(China Daily: Hong Kong Edition Via Acquire Media NewsEdge) Agreement signed with virtual network operators China's three basic telecom operators signed an agreement on Thursday with six virtual network operators that covers the introduction of a dynamic price adjustment mechanism for the mobile telecom resale business. The pact, signed at the China Virtual Carrier Industry Conference, means that China Mobile Ltd, China Telecom Corp Ltd and China Unicom Ltd will adjust the wholesale prices of mobile telecom services they sell to VNOs whenever they adjust rates for their own mobile telecom services.



Mobile Internet security a growing business The annual value of the nation's mobile Internet security industry will exceed 10 billion yuan ($1.5 billion) within five years, said market watchers at the 2014 China Internet Security Conference on Wednesday. The surging popularity of mobile Internet services and frequent incidence of smartphone risks are boosting online fraud affecting smartphone users that will cause increasing economic losses, and that will lead to an expansion of the country's mobile Internet security market, said researchers from iResearch and Analysys International.

Equities close mixed amid optimism on reforms Chinese shares ended narrowly mixed on Thursday after coming off their highest levels this year on optimism about broad economic reforms and investment policies for the nuclear power sector. The Shanghai Composite Index climbed 0.1 percent to 2,345.1 points, its best close since March 2013. The CSI300 index of the leading Shanghai and Shenzhen A-share listings fell 0.2 percent.


Bank allows adjustments of mortgage policies Bank of China Ltd allowed branches to adjust mortgage policies in accordance with local market conditions on Thursday, becoming the first of the nation's biggest banks to publicly acknowledge an easing of rules governing home loans. Branches can adopt policies based on customer demand for home purchase and need to be more efficient at approving loans, the nation's No 4 lender said in a statement. Bank of China is committed to shouldering the "social responsibility" of supporting individual mortgages, the Beijing-based company said.

Tight financial conditions 'will cut steel demand' China's steel demand in the fourth quarter will be lower than in the third because of funding difficulties, said Zhang Hai, vice-president of Hebei Iron and Steel Corp, the country's biggest producer of the material. "Even if there is demand, buyers just don't have funds," Zhang told an industry conference. Apparent crude steel consumption in China, the world's top consumer and producer, has dropped 0.3 percent to 500 million metric tons in the first eight months of the year, Wang Xiaoqi, vice-chairman of the China Iron and Steel Association, said earlier.

Tianjin Faw lowers sales target due to weak economy Tianjin Faw Toyota Motor Co Ltd, the Chinese joint enterprise of Japan-based Toyota Motor Corp, said on Wednesday it has cut its sales target for 2014 by 6 percent. The automaker cut its annual sales target from 660,000 vehicles to 620,000, citing the sluggish economy and high inventories. Its sales in the first eight months grew only 5.4 percent to 342,900 units.

Joint-venture diesel plant starts production in Anhui A plant making MaxxForce brand diesel engines begun operations on Thursday in Hefei, capital of East China's Anhui province. The plant, Anhui Jianghuai Navistar Diesel Engine Co Ltd, is a 50-50 joint venture of Chicago-based truck and engine producer Navistar International Corp and Chinese automaker Anhui Jianghuai Automobile Co Ltd. The plant is the first phase of the joint venture, which will require total investment of 1.8 billion yuan ($293.32 million). It houses an administrative office, 120-member research and development center and a machining and assembly facility capable of producing 200,000 Euro IV- and Euro V-compliant engines a year.

Chip sector to get more government, private funding China is expected to inject 500 billion yuan ($81.3 billion) into its integrated circuit industry in the next several years. The funds will come from governments and private investors, and 120 billion yuan will be from the central government in the form of first-phase capital of the State industry investment fund, said Xu Xiaotian, executive vice-chairman of the China Semiconductor Industry Association, on Thursday. The fund, which is expected to be set up in October, will focus on developing the chip manufacturing industry and related industries, said Xu.

Samsung supplier denies report of child laborers Huizhou Haiger Technology Co Ltd, a Chinese supplier for Samsung Electronics, on Wednesday denied a China Labor Watch report in August that accused the company of using more than 10 child laborers. The company said a joint investigation conducted by Haiger and Samsung found no such child labor, but the company did receive about 200 students from vocational schools as interns, all of whom were older than 16 years old.

GSK says RBS chief to become new chairman GlaxoSmithKline Plc said on Thursday it had chosen Philip Hampton, who currently chairs Royal Bank of Scotland Plc, as its next chairman. Hampton will be taking the helm at Britain's biggest drugmaker at a testing time. GSK was hit last week by a record $489 million fine in China for bribing doctors and has warned on profits in 2014 due to weak sales of its core respiratory drugs. He will join the board in January, become deputy chairman on April 1 and chairman on Sept 1, 2015, or earlier if released from other commitments.

Saab to slash one-third of its workforce in Sweden Swedish auto producer Saab, which is trying to resolve serious financial difficulties by attracting new investors, said on Wednesday it was cutting 200 jobs, more than one-third of its workforce. National Electric Vehicle Sweden, the Chinese-owned company created to buy Saab in June 2012 after it filed for bankruptcy, said in a statement the decision was "due to lack of work".

China Daily - Agencies   Throwing cotton to the wind Farmers from Korla in the Xinjiang Uygur autonomous region unloading raw cotton at a local market on Wednesday. Du Bingxun / Xinhua (China Daily 09/26/2014 page14) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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