ECONOMY
Consumer Prices for November 2013 In November, the consumer price index (CPI) went up by 3.0 percent year-on-year. The prices grew by 3.0 percent in cities and 3.1 percent in rural areas. The food prices went up by 5.9 percent, while the non-food prices increased by 1.6 percent. The prices of consumer goods went up by 2.9 percent and the prices of services grew by 3.3 percent. On average from January to November, the overall consumer prices were up by 2.6 percent over the same period of the previous year.
China’s Hot Money Headache – China Real Time Report – WSJ China reported strong export numbers on Sunday, in part due to demand from Western nations ahead of the holiday season.
China inflation slows on lower food prices – FT.com When Chinese financial institutions unleashed a flood of credit earlier this year, there were concerns that the country would eventually face higher inflation. But the central bank began to act in June to withdraw excess cash from the financial system, and the subdued inflation readings are testament to its early action.
China Bank Funding Set to Ease With Certificate of Deposits – Bloomberg Chinese banks’ funding constraints are set to ease after policy makers authorized the sale of certificate of deposits in a move toward loosening control over interest rates in the world’s second-largest economy.
The prices for negotiable certificate of deposits, or NCDs, will be set by trading on the interbank market, with the Shanghai Interbank Offered Rate used as a reference rate, the People’s Bank of China said in a statement yesterday. Deposit-taking firms are permitted to sell NCDs of at least 50 million yuan ($8.2 million) to other financial institutions under rules that go into effect today.
PBOC Said to Be Talking to Major Banks about Deposit Insurance – The central bank has been consulting executives of major banks about creating a deposit insurance mechanism and may announce a draft plan early next year, a source close to the situation said.
The world’s most populous country already faces challenges from weather extremes, with 2,000 people dying on average each year since the 1990s in natural disasters that are set to get worse, China’s powerful economic planning agency said.
COMPANIES
Enlight shares rise due to ‘The Four 2’ – BUSINESS – Globaltimes.cn Beijing Enlight Media Co, one of China’s biggest private media and entertainment companies, saw its shares surge on Friday, which analysts attributed Sunday to positive market expectation for its Friday-released 3D Chinese hero film The Four 2.
Everbright Bank Said to Seek $2.8 Billion in Hong Kong Offering – Bloomberg The lending unit of state-controlled China Everbright Group is offering 5.06 billion new shares at HK$3.83 to HK$4.27 apiece, said the people, who asked not to be identified because the information is private. Shares of Beijing-based Everbright Bank have traded in Shanghai since 2010.
Tencent to Invest RMB10 billion in Financial Services including WeChat Payments, CEO Says The Chinese Internet giant has registered several companies on e-commerce and finance there with RMB1.6 billion (more than $200 million) in total registered capital, according to Mr. Ma. The businesses those companies will cover include WeChat Payments, online financial services, foreign currency exchange, etc.
UCWeb acquires third-party iOS app store PP Assistant UCWeb, the Chinese company best known for its mobile web browser, announced over the weekend that it has acquired Teiron Network, the Guangzhou-based company behind popular Chinese app store PP Assistant, for an undisclosed amount.
China Mobile to Accept iPhone Orders This Week – Digits – WSJ China Mobile Shanghai’s website, running the “4G is here!” slogan, invited potential customers to preorder the iPhone 5S and other smartphones from Samsung Electronics Co. and Sony Corp. that support the company’s new 4G mobile network.
Moody’s assigns P-1 rating to BOC’s Overseas Credit Certificate Programme Moody’s Investors Service has assigned a P-1 rating to the $10 billion Overseas Credit Certificate (OCC) Programme to be established by Bank of China Limited (BOC), Hong Kong Branch.
China’s Cinda says assets, profit rising ahead of IPO – Yahoo Finance China Cinda Asset Management Co Ltd, one of China’s four bad debt managers, set out a steady increase in assets and profits in a prospectus published on Monday for an initial public offering worth up to $2.5 billion.
Alibaba to Invest over HK$ 2.8 Billion in Haier Subsidiaries – Alibaba will also buy HK$ 1.32 billion worth convertible bonds from Hong Kong-listed Haier Electronics Group Co. that can be turned into to a 24.1 percent stake in Qingdao Haier Logistics.
Posted from Diigo.