|Top 10 Daily Business China News Alerts 04/9/2015|
|by Tom McGregor||Thu, Apr 9, 2015, 08:22 pm|
1. China's auto market picks up in March, records 9.4 percent growth
BEIJING – An industry group says China's auto sales accelerated in March with strong demands for SUVs. The China Association of Automobile Manufacturers said Thursday that sales of passenger vehicles in world's largest auto market rose 9.4 percent to 1.87 million. That was up from February's 6.4 percent expansion.
2. Online firm Wowo raises $40m in IPO
Wowo Ltd, a Beijing-based e-commerce firm, had an initial public offering Wednesday on the Nasdaq Stock Market, raising $40 million in the first IPO from a Chinese company on a US exchange in 2015. Trading under the symbol "WOWO", shares opened Nasdaq trading at $11.06, hitting a high of $11.63 before closing at $10.29, up 2.9 percent.
1. Is China’s Investment Boom Sustainable?
Mike Burnick: The International Monetary Fund (IMF) released the latest update to its World Economic Outlook this week saying that worldwide growth potential may not live up to previous expectations. In today’s slow-growth world where deflation still has a death-grip on economies in Japan and much of Europe, this “news” should really come as no surprise. But what’s interesting is the consistent and growing gap between the emerging and developed world.
2. Tourism restarts between China and North Korea
CHANGCHUN, China, April 9 (UPI) -- Tourism between China and North Korea will restart for the first time in six months, according to Chinese tourism authorities in the northeastern province of Jilin. The announcement followed the lift of North Korea's Ebola-related travel ban that began in October but ended ahead of an international marathon in Pyongyang, to be held this Sunday.
3. Alarm bells for India? China plans to build rail link with Nepal through Mt Everest
BEIJING: China is planning to build a tunnel under Mount Everest, called Qomolangma in Tibetan, as part of its plan to extend its rail link to Nepal, the state run China Daily said on Thursday. "," railway expert Wang Mengshu told China Daily.
4. Roaring labour costs in China may push investors to India: Report
BEIJING: As Prime Minister Narendra Modi embarks on a maiden official visit to Europe which aimed at wooing foreign investments, China's official media today said "roaring labour costs" in stricter environmental regulations in the country may push investors to eye India. "In fact, the roaring labour costs and stricter environment regulations in China have pushed enthusiastic investors to look away and eye India as a more desirable destination, particularly those from small- and medium-sized businesses," state-run Global Times reported.
5. UnionPay International enables cross-border payments for China’s e-commerce firm
Cross-border e-commerce has just got easier with UnionPay International's partnership with China's wholesale online shopping store Dino Direct. According to a joint press release, the collaboration will enable customers to pay for purchases made from Dino Direct's business-to-consumer (B2C) platform, business-to-business (B2B) platform Osell, as well as related websites using their UnionPay cards.
6. Africa: China, South Africa Chart Direction for Stronger Legislative Ties
Beijing — Leaders of top Chinese legislature and South African National Assembly reached agreements on building stronger legislative ties on Tuesday. The agreements came out of the talks between Zhang Dejiang, chairman of the Standing Committee of the National People's Congress (NPC) and South Africa's National Assembly Speaker Baleka Mbete. They cover the two legislative bodies' role in seeking strong political relations, mutually beneficial trade and economic collaboration, solid people-to-people ties and close cooperation on international issues.
7. Shanghai Offers Bigger Discounted Mortgages to Spur Home-buying
The municipal government of Shanghai is raising the limit of the amount of money people can borrow from the city's public housing fund. Starting on Wednesday, first-time home buyers will be able to borrow up to a million yuan. The current ceiling is 600-thousand yuan.
8. PetroChina overtakes Exxon as biggest oil company
PetroChina Co passed Exxon Mobil Corp on Thursday as the biggest energy company by market value for the first time since 2010. Exxon's capitalization was $352.6 billion through Wednesday, compared with PetroChina's $352.8 billion on Thursday in Shanghai. The Chinese company's A shares have surged about 61 percent the past year, versus Exxon's 14 percent drop. PetroChina was larger by value most recently at the close of trading on June 25, 2010, data compiled by Bloomberg show.
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