BEIJING, Nov 13 (Reuters) – Nasdaq OMX Group <NDAQ.O> said
the number of Greater China companies that list on its exchange
could double in as little as two years, fueled by a growing
appetite for these shares from a wider range of U.S.
Three of the top 10 performing initial public share offerings
in the United States this year are Chinese firms and all listed
on Nasdaq, Robert McCooey, the head of global listings and a
senior vice president, told Reuters in an interview on Friday.
BEIJING, Oct 30 (Reuters) – China Unicom <0762.HK>, the
country’s No.2 mobile carrier, said profit declined from the
previous quarter, a weakening trend that could continue as
competition intensifies and expensive 3G networks are built.
Last week, rivals China Mobile <0941.HK>, the world’s No.1
mobile carrier, and China Telecom <0728.HK> also reported
disappointing earnings. [ID:nPEK75764]
BEIJING, Oct 20 (Reuters) – China Mobile <0941.HK>, the
world’s largest mobile carrier, faces little profit growth in
the coming quarters as costs to build a new 3G network weigh
and increasing competition push it towards lower value
Profits for China’s top three mobile carriers have been
under pressure since late last year when China Mobile and its
two main rivals, China Unicom <0762.HK> and China Telecom
<0728.HK>, embarked on a $58.5 billion plan to build new
networks capable of carrying more data and multimedia content.
BEIJING (Reuters) – China Unicom, the country’s No. 2 mobile carrier, will begin to sell Apple Inc’s iPhone in China for a retail price of 5,000 yuan ($732.50), as it leans on the phone to launch its 3G service.
The high price tag may force buyers of the popular handsets to sign up for subsidized packages carrying lower handset prices but also longer-term contract commitments, as competition heats up in China’s recently reformed telecoms sector.
Kai-Fu Lee, Google’s former China head, has officially launched his new firm, Innovation Works, an idea conceived while Lee was sick in a hospital and dogged by an investigation.Lee said the idea for his new company, a venture capital-like fund aimed at high-tech start-ups, and the $115 million to fund it have all come since June.”I was sick in the hospital and we were under that pornography investigation,” Lee told reporters, recalling the moment when the idea for his new company first came to him.”So I was just lying in bed thinking, ‘what should I do next?’”The former Microsoft executive leaves behind Google as it battles Baidu in the world’s largest Internetmarket by users and Beijing regulators who want to censor searches that lead to pornographic sites. Lee said his battles with regulators were not behind his unexpected exit from Google, but he conceded that business models focusing on information and media were not in his sights.”Media, in my mind, is not a big growth area,” he said.Executives from Google and other foreign Internet and media companies such as Yahoo have testified before angry U.S. lawmakers concerned about their role in helping Beijing authorities censure the Internet.”We are thinking about growth areas that are practical and those that coincidentally happen to be commercial and simpler to patent,” Lee said.Innovation Works is targetting start-ups focusing on the Internet, mobile Internet and cloud computing.The company has attracted venture capital from Foxconn Technology Group, Legend Group and WI Harper Group, New Oriental Education & Technology Group and Steve Chen, a cofounder ofYouTube, said Lee.
Foreign companies in China, which has the world’s biggest online community, have faced allegations of bowing to censorship rules in their hunt for market access. To be careful, they usually avoid questions on the subject altogether or deflect them with humour.”I don’t think I am the expert to comment on this,” Shirley Yu-Tsui, a vice president of strategy for IBM greater China, said at the Reuters China Investment Summit.“All I know is my children complain they can not get on Facebook,” she said.The subject is very serious, as companies such as Google and Yahoo have had their executives called to face angry congressional questioning in the United States to explain their business practices in China.”I don’t think they would come to IBM for that,” said Yu-Tsui when asked what IBM would do if asked to help monitor traffic on China’s Internet.China backed down only last month from a plan to pre-install the controversial “Green Dam” Internet filtering software on all personal computers sold in the country.Photo Caption: Shirley Yu-Tsui, a vice president of strategy for IBM greater China. REUTERS/Christina Hu
China’s banking system could take a cue from children andneighborhood social groups to strengthen lending rules andensure that credit flows to where it is needed most.The country’s banks lent a whopping record 7.37 trillion yuan($1.08 trillion) in the first half of the year, but regulatorsworry that a significant portion is not flowing into the realeconomy and smaller firms where funds are needed the most.”If you give children money without strings attached, theywon’t value it,” Yang Zaiping, the executive vice president ofthe China Banking Association, said at the Reuters China InvestmentSummit.Yang was making a point about firming up banks’ credit policyto ensure that borrowers understand the importance of maintainingtheir credit-worthiness.The executive said a traditional Chinese network of neighborsand old ladies that watched after neighborhood safety and otherlocal issues could be copied to help channel funds into small andmedium-sized companies, a long-standing problem in China.”Old ladies know a lot about the neighborhood,” he said.Yang said banks could lend to a group of small companies, andas long as all repaid their loans, then interest rates wouldremain low. But if only one borrower were to default, all would bepunished, putting more responsibility on all borrowers to ensureeach loan remains active.
The U.S. rejection of the $18.5 billion bid by China’s top offshore oil company, CNOOC Ltd, for Unocal in 2005 was not a move worthy of a world power such as the United States, asserts a Chinese academic with the government’s top economic planning agency.”If you are weak, then I can understand,” said Chen Dongqi, deputy director of the Academy ofMacro-Economic Research under the National Development and Reform Commission (NDRC).”The United States is a strong country. What is it afraid of?” he said at the Reuters China Investment Summit.“There is a problem there.” Chen was responding to a question about rising protectionism in China, and criticism that Beijing had blocked Coca-Cola Co from buying China’s Huiyuan Juice.Chen also said that blaming China for global climate change was also off the mark, as climate is affected by hundreds of years of human activity, not just a few decades.”China’s economy has been growing for only 30 years,” he said. “I don’t believe a few years of fast economic growth from one country is responsible for climate change.”Photo caption: Chen Dongqi, vice-head of the macro-economic institute under the National Development and Reform Commission (NDRC), speaks during the Reuters China Investment Summit in Beijing. REUTERS/Christina Hu