Latest China news

  • China's Weibo to invest $142 mln in taxi-hailing apps - SEC filing
    China's Weibo to invest $142 mln in taxi-hailing apps - SEC filing 46 minutes ago

    HONG KONG (Reuters) - Chinese microblog Weibo Corp will invest $142 million in China's dominant taxi-hailing firms Didi Taxi and Kuaidi Taxi, a U.S. Securities and Exchange Commission filing showed. Weibo said in the filing on Tuesday that it had agreed to invest in the two Chinese companies in the latest round of financing through its Cayman Islands holding company Xiaoju Kuaizhi Inc, a move that will help lure in riders and fend off rivals like U.S. firm Uber Technologies Inc. (http://www.sec.gov/Archives/edgar/data/1595761/000110465915040727/a15-12727_16k. ... More »

  • China's Weibo to invest $142 million in taxi-hailing apps: SEC filing
    China's Weibo to invest $142 million in taxi-hailing apps: SEC filing 1 hour 34 minutes ago

    Chinese microblog Weibo Corp will invest $142 million in China's dominant taxi-hailing firms Didi Taxi and Kuaidi Taxi, a U.S. Securities and Exchange Commission filing showed. Weibo said in the filing on Tuesday that it had agreed to invest in the two Chinese companies in the latest round of financing through its Cayman Islands holding company Xiaoju Kuaizhi Inc, a move that will help lure in riders and fend off rivals like U.S. firm Uber Technologies Inc. Didi Taxi and Kuaidi Taxi, the two leading taxi apps in China, merged in February to create Didi Kuaidi -- the world's largest smartphone-based transport service which was valued at roughly $6 billion according to a person familiar with the deal. More »

  • China coal production falls in first 4 months of year
    China coal production falls in first 4 months of year 1 hour 39 minutes ago

    Coal production in China, the world's biggest coal-consuming nation, fell by 6 percent in the first four months of this year as the economy slows and the government makes a concerted push to reduce carbon ... More »

  • Xiaomi tests online European market with small accessories
    Xiaomi tests online European market with small accessories 2 hours 0 minutes ago

    (Reuters) - Xiaomi, China's largest smartphone maker, is testing the European market with its online store offering fitness bands, headphones and power banks in France, Germany and the UK. Xiaomi, whose products on Mi.com start at $10, said it does not plan to sell major items including smartphones and tablets in Europe and the United States yet, as "smartphones are a lot more complex to introduce to a new market." "It requires much more time to localize smartphones at the hardware level, and carry out certification processes," a Xiaomi spokesperson told Reuters on Wednesday. Xiaomi, which started an online store in the United States earlier this month, will announce the website's launch in Europe in the near future, the spokesperson said. More »

  • Alibaba-affiliated online bank get green light from China regulator 2 hours 14 minutes ago

    China's banking regulator has given a green light to MYbank, the online bank affiliated with Chinese e-commerce giant Alibaba Group Holding Ltd, to start operating. The bank, owned in part by Alibaba-linked Ant Financial, is expected to launch in June as China's internet companies increasingly encroach upon the turf of traditional banks. "MYbank is an important milestone for Ant Financial's development to provide financial services for small and micro enterprises and individuals," Yu Shengfa, head of MYbank, said in comments emailed to Reuters by Ant Financial. More »

  • China fines chemical company $12M for polluting, jails staff 2 hours 19 minutes ago

    BEIJING (AP) — A court in eastern China fined a manufacturer of weed killer 75 million yuan ($12 million) and imprisoned employees of the company and its contractors for discharging wastewater that severely polluted streams. More »

  • G7 finance chiefs meet with growth problem to fix 2 hours 50 minutes ago

    By Paul Carrel DRESDEN, Germany (Reuters) - Little more than a gentlemen's club in recent years, G7 finance ministers and central bankers have their work cut out this week to revive stuttering global growth and defuse tensions over China's claims to economic power. The United States is likely to use the talks, beginning late on Wednesday and running through to Friday, as an opportunity to press Europe to reach a funding-for-reforms deal with Greece, an official close to the discussions said. "The Americans are stressing the geopolitical risks and telling us we have to find a solution, that we cannot really put the euro area and Europe at risk because of Greece." Hosts Germany have given the meeting in Dresden the heading "Towards a Dynamic Global Economy", but they and officials from the United States, Japan, Canada, France, Italy and Britain must also grapple with the rise of a power not even present: China. More »

  • Philippine, Vietnamese troops play soccer and sing on disputed island 3 hours ago

    By Manuel Mogato MANILA (Reuters) - Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two Southeast Asian nations most at odds with Beijing over the contested waterway. Cooperation has blossomed between Hanoi and Manila since they shelved decades of enmity over their competing claims in the Spratly archipelago to try to counter China, whose creation of artificial islands in the region will allow it to project power deep into the maritime heart of Southeast Asia. Senior Philippine naval officials said soccer and volleyball games were being played on the Philippine-held island of Northeast Cay. More »

  • U.S., South Korea, Japan seek to raise pressure on North's nuclear prog …
    U.S., South Korea, Japan seek to raise pressure on North's nuclear prog … 3 hours ago

    The United States and two key Asian allies discussed how to increase pressure on North Korea to halt its nuclear programme and will urge China to help bring Pyongyang back to the negotiating table, officials said. The talks in Seoul follows a test of what the North said was a submarine-launched ballistic missile earlier this month, which if true, could mean progress in the reclusive state's military capabilities. "We held specific discussions on ways to deter North Korea's provocations and increase the effectiveness of sanctions," South Korea's chief nuclear negotiator Hwang Joon-kook told reporters after meeting envoys from the United States and Japan. More »

  • China touts success of crackdown in restive Muslim region 3 hours ago

    BEIJING (AP) — China said Wednesday that it has foiled 181 terror plots since it started a crackdown a year ago on Islamic separatists in the northwestern region of Xinjiang that was prompted by a surge of violence that reached as far as Beijing. More »

  • Deutsche Boerse confirms Chinese joint venture
    Deutsche Boerse confirms Chinese joint venture 3 hours ago

    Deutsche Boerse has agreed to set up a joint venture with Shanghai Stock Exchange and China Financial Future Exchange to develop and market Chinese shares and ETFs for investors outside mainland China, it said on Wednesday. The statement confirmed Reuters reports that the joint venture was set to be unveiled. Shanghai Stock Exchange and Deutsche Boerse will each own 40 percent and China Financial Futures Exchange the remaining 20 percent of the venture, to be named "China Europe International Exchange" and incorporated in Germany. More »

  • Japan, Philippines to deepen ties as China asserts sea claims
    Japan, Philippines to deepen ties as China asserts sea claims 3 hours ago

    By Kiyoshi Takenaka and Manuel Mogato TOKYO/MANILA (Reuters) - Japan and the Philippines are set to bolster security ties when President Benigno Aquino visits Tokyo next week, the latest move by Prime Minister Shinzo Abe to beef up cooperation with Southeast Asian nations facing China's growing naval ambitions. The two sides will likely agree to start talks on a framework for the transfer of defence equipment and technology and to discuss a possible pact on the status of Japanese military personnel visiting the Philippines to facilitate joint training and exercises, officials involved in the talks said. Aquino's June 2-5 trip to Japan follows Malaysian Prime Minister Najib Razak's visit this week, during which the two leaders agreed to upgrade ties to a strategic partnership and to cooperate in defence equipment. More »

  • Rising worker activism in 'world's workshop' challenges China
    Rising worker activism in 'world's workshop' challenges China 4 hours ago

    Workers of the Lide shoe factory go on strike for benefit payments at their facility in Panyu, south China's Guangdong province More »

  • China April industrial profits reverse six-month falling trend
    China April industrial profits reverse six-month falling trend 6 hours ago

    Chinese industrial sector profits posted their first annual rise since last September, in a sign that margin pressures may be easing at some for firms, particularly in the price sensitive energy sector. Industrial sector profits in April rose 2.6 percent from a year earlier, National Bureau of Statistics data showed on Wednesday, but were down 1.3 percent for the year to date, reflecting the extreme weakness of growth in the first quarter. With China's credit and money supply data in April missing expectations on the one hand, and some signs of a bottom in the real estate sector on the other, analysts have been watching closely for any signs of a turnaround in the industrial sector. More »

  • Blocked in China, Twitter still courts Chinese firms for ads
    Blocked in China, Twitter still courts Chinese firms for ads 6 hours ago

    By Sue-Lin Wong SHANGHAI (Reuters) - Despite being blocked in China, Twitter is courting Chinese companies to buy advertising space on its service used by more than 300 million people elsewhere in the world. "It's not a coincidence that we are here now," Peter Greenberger, director of sales for emerging markets at Twitter, told Reuters on Tuesday. "This seems to be a moment in time where Chinese corporations really feel the urge to be global and in fact, there's even a mandate from the government saying 'go global', which is exciting." The San Francisco-based company already works with Chinese smartphone maker Xiaomi, online shopping giant Alibaba Group , white goods producer Qingdao Haier and flag carrier Air China to target customers abroad. More »

  • Chinese biotech 3SBIO launches up to $712 million HK IPO: term sheet 8 hours ago

    (Reuters) - Biotech company 3SBIO, which delisted from the Nasdaq two years ago, on Wednesday launched an up to $712 million IPO in Hong Kong to fund acquisitions and recruit staff to help it grab a bigger piece of the booming Chinese drug market. The company, which produces drugs to treat bleeding disorders, hopes to benefit from greater liquidity by listing in Hong Kong alongside other firms which are targeting the Chinese biopharmaceutical market's double-digit growth. 3SBIO and shareholder CITIC Private Equity are offering 606.1 million shares at an indicative price range of HK$8.30 to HK$9.10 each, putting the total deal at up to HK$5.51 billion, the terms showed. More »

  • Police catch 175 looters in China's biggest artifact find 9 hours ago

    BEIJING (AP) — Chinese police have caught 175 looters who broke into a Neolithic archaeological site in what officials are calling the country's biggest recovery of stolen artifacts. More »

  • 12 detained after fire kills 38 at seniors' home in China
    12 detained after fire kills 38 at seniors' home in China 10 hours ago

    BEIJING (AP) — At least 12 people connected to the privately run home for the elderly in central China where 38 people died in a fire earlier this week have been taken into custody by the police, state media reported Wednesday. More »

  • In Europe and now Asia, a search for ‘common destiny’ 14 hours ago

    The European Union must be doing something right. Its oft-repeated slogan about a “common destiny” for its 500 million people has become the catchphrase for China in a campaign to bind its neighbors into a community. Just what kind of community China envisions is still not clear. More »

  • China to extend military reach, build lighthouses in disputed waters
    China to extend military reach, build lighthouses in disputed waters 14 hours ago

    By Megha Rajagopalan BEIJING (Reuters) - China outlined a strategy to boost its naval reach on Tuesday and announced plans for the construction of two lighthouses in disputed waters, developments likely to escalate tensions in a region already jittery about Beijing's maritime ambitions. In a policy document issued by the State Council, the Communist-ruled country's cabinet, China vowed to increase its "open seas protection", switching from air defence to both offence and defence, and criticised neighbours who take "provocative actions" on its reefs and islands. China has been taking an increasingly assertive posture over recent years in the disputed waters of the South China Sea, where it has engaged in extensive land reclamation in the Spratly archipelago. More »

  • Greenpeace calls for probe into DR Congo wood trade
    Greenpeace calls for probe into DR Congo wood trade 15 hours ago

    Greenpeace on Tuesday called on the United States, Europe and China to launch probes into companies selling lumber from the Democratic Republic of Congo where illegal logging is damaging the country's forests. More »

  • China's army plays down South China Sea island-building
    China's army plays down South China Sea island-building 17 hours ago

    BEIJING (AP) — China's military on Tuesday compared its controversial island-building in the South China Sea to ordinary construction such as road-building going on elsewhere in the country, trying to deflect criticism over an issue seen as inflaming tensions in the region. More »

  • Global smartphone growth cools on China sales: tracker
    Global smartphone growth cools on China sales: tracker 18 hours ago

    A slowdown in smartphone sales in China is cooling the global market for the devices, research firm IDC said Tuesday More »

  • China's yuan currency 'no longer undervalued': IMF
    China's yuan currency 'no longer undervalued': IMF 19 hours ago

    China's yuan currency is "no longer undervalued", the International Monetary Fund says More »

  • London Metal Exchange aims to boost liquidity, electronic trading
    London Metal Exchange aims to boost liquidity, electronic trading 19 hours ago

    By Eric Onstad LONDON (Reuters) - The London Metal Exchange (LME) took more steps on Tuesday to boost liquidity by making it easier for new members, including U.S. speculators, to have direct access to its electronic trading system. The LME's owner, Hong Kong Exchanges and Clearing Ltd , has been striving to increase LME volumes and profitability following its $2.2 billion (1.4 billion pounds)takeover in 2012. The LME, the world's biggest and oldest market for industrial metals, said in a statement it aimed to allow category 3 and 4 members to trade on its electronic platform LMEselect in addition to category 1 and 2 members. More »

  • Deadly Fire At Chinese Residential Home Kills 38 Pensioners
    Deadly Fire At Chinese Residential Home Kills 38 Pensioners 19 hours ago

    The tragic blaze at the privately-owned Kangleyuan Rest Home in Lushan County started in the early evening and destroyed a row of bungalows More »

  • Fire at China nursing home kills 38
    Fire at China nursing home kills 38 20 hours ago

    A fire at a nursing home in central China left at least 38 people dead, officials said Tuesday, with bodies burned beyond recognition and wheelchairs reduced to charred frames. More »

  • US stock indexes open lower as traders return from holiday
    US stock indexes open lower as traders return from holiday 21 hours ago

    U.S. and European stocks fell moderately Tuesday as concerns over Greece's debt crisis overshadowed some upbeat economic news out of China. A U.S. report showing soft demand for durable goods also weighed ... More »

  • Foxconn plans 10-12 new Indian facilities by 2020: chairman
    Foxconn plans 10-12 new Indian facilities by 2020: chairman 22 hours ago

    By Paul Carsten GUIYANG, China (Reuters) - Taiwan's Foxconn Technology, the world's largest contract electronics manufacturer, is aiming to develop 10-12 facilities in India, including factories and data centres, by 2020, Chairman Terry Gou said on Tuesday. "A lot of our customers, especially Chinese customers, need us to manufacture ... in India, to make phones, tablets, TVs, as soon as possible," Gou said in an interview on the outskirts of Guiyang in China's southern Guizhou province, where the company already operates a manufacturing plant and data centre. It follows smartphone company Xiaomi Inc, which in March announced plans to begin manufacturing in India. More »

  • Priceline boosts stake in Chinese travel site Ctrip.com 22 hours ago

    Priceline has bumped up its stake in the Chinese travel service provider Ctrip.com to 10.5 percent. The new $250 million investment follows a $500 million buy-in announced in August. Priceline also has ... More »

  • Malaysia refuses entry to teen leader of Hong Kong protests
    Malaysia refuses entry to teen leader of Hong Kong protests 22 hours ago

    HONG KONG (AP) — A teenage leader of Hong Kong's pro-democracy protests was turned away at the airport Tuesday when he tried to enter Malaysia, which said he has been blacklisted. More »

  • China plans blunt move into 'open seas,' warns foreign powers not to … 23 hours ago

    China outlined on Tuesday a strategy to expand the reach of its military, as it continues to press its territorial claims in the South China Sea. The Chinese navy will shift its focus to "open seas protection" rather than "offshore waters defense" alone, according to a policy document issued by the State Council, China’s government cabinet. The State Council criticized neighboring countries that take “proactive actions” on reefs and islands claimed by China. More »

  • IMF declares yuan no longer undervalued, urges reforms
    IMF declares yuan no longer undervalued, urges reforms 23 hours ago

    By Koh Gui Qing BEIJING (Reuters) - China's yuan currency is no longer undervalued after its recent gains, but the government should quicken reforms to get to having "a floating exchange rate", the International Monetary Fund said on Tuesday. "Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued," the IMF said. In a reference to how China still has a large trade surplus, despite a stronger yuan, the IMF said Beijing's "still-too-strong external position" highlights the need for other reforms. More »

  • China pressure suspected as Malaysia bars Hong Kong teen activist
    China pressure suspected as Malaysia bars Hong Kong teen activist 23 hours ago

    By Anuradha Raghu and Shan Kao KUALA LUMPUR/HONG KONG (Reuters) - Malaysia on Tuesday denied entry to a prominent teenage Hong Kong activist for a series of talks on democracy in China, raising concerns that Beijing may have put pressure on Kuala Lumpur. Joshua Wong, 18, was one of the leaders of last year's pro-democracy protests in Hong Kong that paralysed key roads in the city for 79 days and presented China's Communist Party leadership with one of its biggest political challenges in decades. Wong and other protest leaders were accused by China's state media at the time of trying to foment a "colour revolution" to undermine Beijing's rule. More »

  • Taiwan proposes plan to ease South China Sea tensions
    Taiwan proposes plan to ease South China Sea tensions 23 hours ago

    Taiwanese President Ma Ying-jeou proposed a plan Tuesday to ease tensions in a vast, resource-rich Asian ocean where China has chafed against its neighbors by using landfill to expand islets to solidify ... More »