Shanghai unveils SOE reforms – BUSINESS – Globaltimes.cn Shanghai released detailed reform guidelines Tuesday for its State-owned assets (SOAs) and State-owned enterprises (SOEs), in an effort to boost market vitality and increase management efficiency.
In the January-November period, FDI inflow hit $105.5 billion, up 5.48 percent year-on-year, the ministry said.
Investment so far this year from 10 Asian economies, including Japan and South Korea, increased 7.45 percent year-on-year to $91.41 billion.
China is promoting the international use of the “redback” in trade and investment in order to reduce reliance on U.S. dollar, and the introduction of commodities trading settled in yuan is likely to lead to yuan-denominated trade financing in the sector.
Bitcoin Tanks On Report That China’s Cracking Down Further On Use – Forbes China has sent the Bitcoin rollercoaster into dip mode. Its price dropped $200 overnight in response to news that China’s ban on real world use, announced earlier this month, is going to make it difficult to get money in and out of Bitcoin in the country. In a media grapevine that started with a report from Coindesk, Bloomberg reports that China Business News reports that Zhou Jinhuang, deputy director of payment clearance at the People’s Bank of China, told third party payment providers that they can no longer work with Bitcoin exchanges. That would put a huge bottleneck on getting one’s RMB into and out of the digital currency, rendering it useless there for most legitimate (and illegitimate uses).
Beijing’s anti-corruption drive hits China’s luxury market | South China Morning Post According to global consultancy Bain & Co, the luxury market on the mainland stands at 116 billion yuan (HK$147 million) this year, up just 2 per cent from a year ago.
The party’s efforts to curb wastage of public money and weed out corruption has had a large impact on “gifting luxury”, Bain says, adding that watches and menswear have taken the biggest hit.
Even China’s premier, Li Keqiang, has expressed doubts about China’s GDP results. In a 2007 discussion with the U.S. ambassador to China, which both thought was private, Mr. Li called GDP a “man-made and therefore unreliable” statistic.
The opinion was a step forward, but a baby step at best. It provided some clarity on how money will move – or not move – in and out of the zone. But it says little about liberalizing the yuan. Characteristically, the timeframe for real action is all but unclear.
Fueled by the US shale gas boom and the promise of a green economy in China’s 12th Five-Year Plan, natural gas “appears to be a most feasible and accessible option to aid in resolving China’s energy dilemma,” said Dr. Patrick Ho, deputy chair and secretary general of CEFC at the report’s launch.
The project, in the Lujiazui financial district, will add 220,000 square meters (2.4 million square feet) of office space, or more than 10 percent of the new supply forecast for the city in 2015, according to RET Property Consultancy Ltd. About 2 million square meters of grade-A offices will be added between 2014 and 2015, more than double the supply in the previous two years, according to broker Savills Plc.
For some cities, like Shiyan in Hubei province, the solution has been to level nearby mountains.
It didn’t help that the new rules were announced on a Sunday night, when banks were closed.
“Moreover, governments throughout the country are in great need of financial resources due to the acceleration of the urbanization drive. The risks are well under control,” said Lian.
Plan lays milestone for private banking – BUSINESS – Globaltimes.cn According to the reform blueprint published following the Third Plenary Session of the 18th Communist Party of China Central Committee, authorities will further open the country’s financial sector to investors; and under strengthened supervision, qualified private investors will be allowed to set up small- and medium-sized banks and other financial institutions. Since the release of the document, many private groups have expressed interest in entering the banking industry.
CNOOC Limited | CNOOC Limited – Qikou 18-1 Adjustment Project Starts Production Qikou 18-1 oil field is located in the west part of Bohai with an average water depth of 10 meters. In addition to fully utilize the existing producing facilities, this adjustment project has also built one plug-in processing facility and two production platforms. The commencement of this project will further improve the production and overall processing capability of the field and make the development of this field more effectively. The adjustment project is expected to hit its peak production in 2014.
Commercial 4G to start December 18 | Shanghai Daily China will start commercial 4G mobile communications services on December 18, bringing the most advanced telecommunications technology to the country’s more than 1 billion mobile users.
China Mobile, the country’s No. 1 mobile operator with over 700 million users, will start 4G services on that date with a new brand He, meaning harmonious in the Chinese language.
China Mobile plans to sell as many as 220 million smartphones next year, compared with 155 million this year, Chairman Xi Guohua said today in Guangzhou, according to remarks posted on the carrier’s official microblog account. The carrier has yet to reach agreement with Apple Inc. (AAPL) to offer the iPhone, the official China Daily newspaper reported today, citing Xi.
NWS will buy 8.8 percent of Beijing Capital International Airport Co. (694) for about HK$2.36 billion ($304 million), according to a Hong Kong stock exchange filing yesterday. The purchase of 383 million shares at HK$6.15 apiece will give the transportation unit of New World Development Co. (17) a 20.4 percent stake in the airport operator’s Hong Kong-listed H shares.
- Recharging mobile phone accounts for contacts, through WeChat Payment of course. A greeting e-card will be sent to the recipient after anyone does so.
- Reviving crashed planes in the first WeChat game, one of the hottest in the past summer in China. It’s a 6 yuan (less than $1) charge for three chances of revivals.
- WeShow, the short video app launched no more than three months ago, and QQ Creative Camera (not official translation) now are built in sitting in the bar under the input box. Tencent Mobile Manager, a mobile security and management app, is available in user settings for direct installation.
CEO Stock Crowded With Sellers – Forbes In trading on Tuesday, shares of CNOOC Ltd. (NYSE: CEO) entered into oversold territory, changing hands as low as $182.67 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
Huawei Needs Oversight From U.K. Spies, Government Says – WSJ.com The British government has concluded that oversight of Chinese firm Huawei Technologies Co.’s cybersecurity center in the U.K. should be enhanced following a review into its effectiveness, Prime Minister David Cameron said Tuesday.
PetroChina Set to Get LNG Spot Cargo From Nigeria at Jiangsu – Bloomberg PetroChina Co. (857), China’s biggest oil and gas producer, is set to receive a liquefied natural gas spot cargo from Nigeria today, ship-tracking data show.
The LNG Borno, with a capacity of 150,000 cubic meters, is sailing to the Rudong terminal in China’s Jiangsu province, according to ship transmissions captured by IHS Fairplay on Bloomberg. The vessel loaded the gas at Nigeria LNG Ltd.’s Bonny Island terminal and departed Nov. 24, the data show.
China Telecom Triumphs Grand Prix for Best Overall Investor Relations – Yahoo Finance China Telecom Corporation Limited (“China Telecom” or “the Company”; HKEx: 00728; NYSE: CHA) was voted, for the second year in a row, the coveted Grand Prix for Best Overall Investor Relations for Large-cap Companies at IR Magazine Awards – Greater China 2013 by investors, reaffirming the Company’s excellent corporate governance and strong commitment to a high standard of transparency. In addition, based on IR Magazine’s annual surveys of investors and analysts for its awards in the US, Canada, Europe, Greater China, South East Asia and Brazil, China Telecom was ranked No. 5 in The Global Top 50 and was the only Asian company among the top 10 companies.
China Mobile Coy on iPhone Launch Timetable – Digits – WSJ “We hope to offer iPhones on the company’s network soon,” Chief Executive Li Yue told The Wall Street Journal on the sidelines of the conference, when asked about when China Mobile’s more than 700 million customers can have access to the popular smartphones.
* Says it and parent plan to raise registered capital of China Life Property & Casualty Insurance to 15 billion yuan ($2.5 billion) from 8 billion yuan
* Says board has approved the plan
Eesti Energia’s power station in Jordan gets constructor and investor :: The Baltic Course | Baltic States news & analytics Attarat Power Company, which partly belongs to Eesti Energia via its parent company and develops the oil shale power station project in Jordan, concluded at the end of last week preliminary contracts with the builder and financers of the power station.
The construction and design procurement of the 540 megawatt oil shale power station was won by Guangdong Power Engineering Corporation (GPEC), which belongs to Chinese state-owned company China Energy Engineering Group.
Fashola: Racing Against Time As Lagos Moves To Become Transport Hub | Leadership Newspaper NG At each of the meetings with major Chinese institutions like the China Railway Construction Corporation Limited (CRCC), the Export-Import Bank of China and the Industrial and the Commercial Bank of China (ICBC), Fashola underscored the investment opportunities inherent in the highlighted areas of infrastructure and the role direct financing through such institutions could play in bringing identified projects to reality.
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