Latest Beijing News
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China money rates rebound on tax payments month-end
* Key 7-day money rate rises 18 bps to 4.21 pct * Dealers see continuing caution on lending By Chen Yixin and Adam Jourdan SHANGHAI, May 23 (Reuters) - China's key money rates rebounded on Thursday, shrugging off a net injection of funds from the People's Bank of China, as lenders remained cautious ahead of the month-end and scheduled corporate tax payments. The weighted average of the ...
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Philippines vows to defend territory against China
This undated handout photo released by the Philippine Government on May 23, 2013 shows an aerial view of BRP Sierra Madre, a 100-metre (328 foot) amphibious vessel built for the US in 1944 and acquired by the Filipino navy in 1976, grounded at Second Thomas Shoal in the Spratly Islands. The Philippines vowed Thursday to "defend what is ours" as part of a stand-off over a Chinese ...
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Asia stocks slide as China factory output slips
Recession in Europe, growth-robbing deflation in Japan and economic anemia in the U.S. have finally caught up with export-hooked China despite the government's attempts at bolstering consumption at ...
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China Manufacturing Contracts As New Orders Slump
health of the factory sector, fell to a seven-month low of 49.6 in May from 50.4 in April. Readings below 50 indicate contraction of the sector. Economists expected the index to remain unchanged from March's level. New orders decreased in May reversing April's gains, while the rate of decline in export orders slowed. Manufacturers shed jobs at a faster pace this month, the survey ...
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Grounded ship is PH’ last line of defense vs China
This undated handout photo released by the Philippine Government on May 23, 2013 shows an aerial view of BRP Sierra Madre, a 100-metre (328 foot) amphibious vessel built for the US in 1944 and acquired by the Filipino navy in 1976, grounded at Second Thomas Shoal in the Spratly Islands. A handful of marines living on a World War II-era ship that is grounded on a remote, tiny reef is the ...
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Chinas manufacturing slows to 7-month low HSBC
China's manufacturing activity fell into contraction for the first time since October, a preliminary survey from the HSBC showed.The HSBC Flash Manufacturing Purchasing Managers' Index (PMI) for May fell to 49.6 in May, dropping under the boom-bust line of 50 for the first time since October, according to figures released by HSBC on Thursday.Qu Hongbin, chief economist of the HSBC ...
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Trilateral cooperation among China India and Nepal urged
Nepal's three former prime ministers have called for a trilateral cooperation among Nepal, China and India in order to hasten economic development in the region. In exclusive interviews with Xinhua recently, the three former prime ministers, Dr. Baburam Bhattarai, Puspa Kamal Dahal " Prachanda" and Madhav Kumar Nepal, underscored the importance of trilateral cooperation among the ...
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Ship overturns in E China killing 6
Six people have been confirmed dead since a ship they were aboard overturned on Wednesday afternoon in East China's Zhejiang Province, local authorities said Thursday. The accident happened around 6:30 pm on a river near Siduzhuang village in Yinzhou District, Ningbo City, when all 18 people on the ship fell into the river, according to the local government. The other 12 people have been ...
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Outlook for China’s Economy Worsens
The unexpected contraction in China's factory activity in May has heightened the risk of a further slowdown in the second quarter, after the world's second largest economy grew at its slowest pace in three years over January to March, said economists. ...
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Slaying China’s zombies and righting the economy
Recent signs show that the Chinese economy, which has maintained double-digit growth for three decades, is slowing down. China recorded its last double-digit growth in 2010. But since then, the annual growth rate has fallen roughly 20 percent (from 10 to 8 percent per annum). The GDP data for the first quarter of 2013, if anything, have raised fresh worries. Instead of expanding at the expected ...
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Nikkei slumps 3.7 pct on weak China data 10-yr JGB prices turn higher
Reset TOKYO (May 23): Japan's Nikkei stock average tumbled 3.7 percent on Thursday, in a dramatic turnaround from a 5-1/2-year high hit in morning trade and was on track for its biggest daily drop in two years, as weak Chinese factory activity data rattled investors. The sharp turnover in the Japanese stock market prompted investors to seek safety in government bonds, with the ...
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Manila tells China vessels to clear off
(10 mins ago) Philippines vowed to ';defend what is ours’’ as part of a stand-off over a Chinese warship circling a South China Sea reef occupied by Filipino marines. This week Manila objected to the ';provocative and illegal presence'' of the warship near Second Thomas Shoal, but China brushed off the complaint. Philippine foreign affairs department spokesman ...
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China domestic demand softens in May raising risks to growth
(2 hrs 5 mins ago) Manufacturing activity in China contracted in May for the first time in seven months, HSBC said, in another sign of the weakness of recovery in the world's second-largest economy. The British bank's preliminary purchasing managers' index (PMI) fell to 49.6 this month from a final 50.4 in April, putting it below the 50 mark that indicates contraction. A reading ...
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Justice Carpio pessimistic on PH case vs China but…
MANILA, Philippines--The Philippines' only recourse in the territorial dispute with China is to appeal to world opinion even if the country has already taken the issue to an arbitral tribunal under the United Nations Convention on the Law of the Sea (Unclos), a senior Associate Justice of the Supreme Court said. Senior Associate Justice Antonio Carpio, speaking before the law graduates at ...
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Kerry confront China on human rights
"No nation has more opportunity to advance the cause of democracy, " said then-Sen. John Kerry at his recent confirmation hearing to become U.S. secretary of state. "And no nation is as committed to the cause of human rights as we are." This weekend, ...
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Hong Kong shares set for worst day in 7 weeks China bucks weakness
Thu May 23, 2013 1:07am EDT * HSI -1.6 pct, H-shares -1.8 pct, CSI300 +0.2 pct * HK losses accelerate after China flash PMI at 7-mth low * A-share eke midday gains on property strength * Sinopec Engineering dips below IPO price in HK debut By Clement Tan HONG KONG, May 23 (Reuters) - Hong Kong shares are headed for their worst daily loss in seven weeks on Thursday, sinking deeper into the red ...
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UPDATE 1-Brent weakens towards $102 on gloomy China data strong dollar
Thu May 23, 2013 12:47am EDT * Weak PMI casts doubt on China's recovery, oil demand * Dollar at 3-year high, QE3 uncertainties also weigh * Coming Up: Euro zone PMI; 0758 GMT (Adds quote, details) By Ramya Venugopal CHENNAI, India, May 23 (Reuters) - Brent crude futures slipped towards $102 a barrel on Thursday as fresh data from China cast doubt on the strength of recovery in the ...
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UPDATE 1-Chinas Lenovo buys and diversifies to outshine PC rivals
Thu May 23, 2013 12:45am EDT * Q4 net nearly doubles, fastest pace in seven quarters * Lenovo No.2 in China in smartphones and media tablets By Lee Chyen Yee and Umesh Desai HONG KONG, May 23 (Reuters) - Lenovo Group Ltd's bold acquisitions in its flagship PC business, a foray into mobile gadgets, and a relatively light debt load are setting it apart from PC rivals as industry shipments ...
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Senao expanding retail chain in eastern China
Senao International, a Taiwan-based IT and consumer electronics retail chain, plans to expand its retail network in eastern China from 40 stores currently to 100 by the end of 2013, and to 800-1,000 by the end of ...
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China Labor Day LCD TV sales surge by double-digit percentage says IHS
Sales of LCD TVs during China's Labor Day holiday rose 18% in 2013 compared to a year earlier, as consumers were lured by attractive promotional pricing and a government subsidy program, according to research firm ...
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China market B2C transaction value over CNY133 billion in 1Q13 says Analysys
In the China market, B2C (business to customer) online shopping operators generated a total sales transaction value of CNY133.12 billion (US$21.38 billion) during the first quarter of 2013, slipping 4% on quarter but growing 96.3% on year, according to China-based consulting company Analysys ...
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Rainstorms hit South China
Police rescue residents in Cuiwei village, Zhuhai, in South China's Guangdong province, on May 22, 2013. Primary and middle schools closed as the city received 318 millimeters of rainfall in 11 hours on Wednesday. Nanyangpu village was swamped with up to three meters of rain, and 1,200 trapped villagers were transferred. [Photo by Li ...
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Hackers Find China Is Land of Opportunity
Name a target anywhere in China, an official at a state-owned company boasted recently, and his crack staff will break into that person's computer, download the contents of the hard drive, record the keystrokes and monitor cellphone communications, too. Pitches like that, from a salesman for Nanjing Xhunter Software, were not uncommon at a crowded trade show this month that brought together ...
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10000 people suffer due to manganese tainted tap water in S China town
At least 10,000 people suffered a shortage of drinking water in a South China town on Wednesday following the detection of excessive manganese in the tap water. "The city government of Lufeng in Guangdong Province said the manganese level in the tap water in Da'an town was 1.2 mg per liter since Monday, 12 times the maximum amount allowed in drinking water," reports Xinhua.he ...
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Fifth GMIC Closes in Beijing Perfect Worlds Investment Philosophy Becomes an Eye Catcher
BEIJING, May 23, 2013 /PRNewswire/ -- The fifth Global Mobile Internet Conference ("GMIC") was recently held at the China National Convention Center. For years, the GGS Mobile Game Summit, a core part of GMIC, has provided a communication platform and created business opportunities for mobile gaming professionals worldwide, significantly promoting the match-up between game developers ...
Beijing Feature
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Massive Beijing Subway expansion plans
The Beijing Subway is one of the biggest, most efficient and most used subways in the world. It is constantly undergoing expansion and upgrades, and yet is unable to keep up with the growth of the capital city. With the recently announced plans for the expansion of the subway by over 60%, the city will certainly be hard-pushed to meet the massive task.
The Beijing Subway is one of the largest in the world. It carries over 5 million people every day, and hundreds of trains run on 228kms of track and service 147 stations. It is a feat of engineering, planning and coordination every single day. It is a network that Beijing commuters should be proud of, it represents the forward-thinking and development of the city. Read more
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