LONDON/SHANGHAI (Reuters) – The FBI has opened a criminal investigation into ZTE Corp’s sale of banned U.S. computer equipment to Iran, a website reported, as the Chinese telecoms gear maker warned its first half net profit could fall as much as 80 percent.
The federal investigations stem from a Reuters report in March that Shenzhen-based ZTE sold Iran’s largest telecoms firm a powerful surveillance system capable of monitoring landline, mobile and Internet communications, the Smoking Gun website reported.
SHANGHAI, July 12 (Reuters) – Apple Inc’s
next-generation iPhone has not even been released yet, but
opportunistic sellers on China’s largest e-commerce platform,
Taobao, are already accepting pre-orders, complete with mock-up
pictures and purported technical specifications.
The hotly anticipated iPhone 5 is widely expected to be
released sometime between August and October this year, although
Apple itself has been tight-lipped about it. Sources have said
the iPhone 5 would have a bigger screen than previous models,
while Taiwanese media reported the phone’s voice recognition
software, Siri, would have more powerful
SHANGHAI, July 6 (Reuters) – Shares of CITIC Heavy
Industries Co firmed on its Shanghai debut on
Friday, after the heavy machinery maker raised $500 million in
China’s biggest IPO so far this year, boosted by expectations of
pro-growth policies to support the economy.
CITIC Heavy shares opened at 4.69 yuan, compared with its
IPO price of 4.67 yuan, but pushed higher to be up 3 percent at
at 4.81 yuan by 0155 GMT.
SHANGHAI, July 4 (Reuters) – Apple Inc has more
retail stores in Pennsylvania than in all of China – where it
earns a fifth of its revenue – and a slow pace of expansion may
cost the firm more than just sales.
Apple’s six stores in Greater China are routinely packed,
and customers often wait in long lines for iPhone repairs.
Scalpers are known to camp out to be first in line for new
products, which they then re-sell for a tidy profit.
SHANGHAI (Reuters) – Apple Inc has paid $60 million to Proview Technology (Shenzhen) to end a dispute over the iPad trademark in China that saw the world’s most valuable technology company engaged in a protracted legal tussle with a near-bankrupt Chinese firm.
The lawsuit had hampered some sales and delayed the launch of the new iPad in China. Prior to the launch, Proview requested Chinese authorities in scores of Chinese cities to order re-sellers to take all iPads off their shelves.
SHANGHAI (Reuters) – Daisy Liu epitomizes China’s obsession with luxury brands: her shoes are Guiseppe Zanotti, her brooch Chanel, a floral Hermes scarf is stylishly knotted over one shoulder. She won’t, however, tote a monogrammed Louis Vuitton handbag ever again.
Wealthy shoppers like Liu are increasingly turning up their noses at labels they believe have been tainted by the common touch, seeking out understated, and exclusive, merchandise from the likes of Chanel or Hermes instead. That is becoming a big challenges for designers hoping to cash in on the world’s fastest growing luxury market.
SHANGHAI (Reuters) – Chinese fund managers boosted their suggested equity weightings in May to the highest level in six months, encouraged by signs that Beijing may ease policy further to bolster flagging economic growth, the latest monthly Reuters fund poll showed.
The average recommended stock weighting in the next three months rose to 83.9 percent from 79.8 percent, the poll which surveyed nine China-based fund managers this week showed.
SHANGHAI (Reuters) – China, long known for its reputation as being a copycat nation, is emerging as a favored place for entrepreneurs looking to start mobile and Internet application businesses, due to the size and dynamic nature of the domestic tech market.
What makes China so attractive, say entrepreneurs, is a mix of lower operating costs compared to Europe or the United States, a willingness to work at start-ups, and the opportunity to feel first-hand the rapidly changing tastes of Chinese app users, which are seen to be leading the rest of the world.
SHANGHAI (Reuters) – China’s Alibaba Group could command a Facebook-rivalling valuation of $100 billion when it comes to list its shares, possibly by 2015 – but its more immediate challenge is to hang on to top spot in the country’s $36 billion e-commerce market.
Founded and led by Internet entrepreneur Jack Ma, Alibaba faces increasingly tough competition in its e-commerce stronghold from well-funded rivals 360buy, which is backed by Digital Sky Technologies, Dangdang Inc and Amazon.com Inc. Tencent Holdings, China’s leading online games and social networking firm, has also said it will build up its e-commerce business by creating a separate unit.
SHANGHAI/NEW YORK (Reuters) – Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion (4.48 billion pounds), ending years of fractious talks over how to extract value from its most prized asset.
Yahoo also increased its stock buyback authorization by $5 billion to $5.5 billion as a result of the deal but said it might instead opt to distribute some of the proceeds through a dividend.