Friday, March 29

Tag: China

$3 Billion Out of $6.25 Billion – The Online Investment From Chinese Investors in India
News

$3 Billion Out of $6.25 Billion – The Online Investment From Chinese Investors in India

India has become an "action zone" for Chinese investors like e-commerce giant Alibaba as its market attracted second highest Chinese funding in IT products next to the US, state media reported today. Citing the fast growth of Indias e-commerce website Paytm which provides services to 130 million people in India, a write-up in state-run China Daily said, "India is not just another developing country - it is the worlds fastest-growing economy". "A huge internet population, rapid growth of mobile internet users, political stability, established institutions like judiciary, a thriving start-up ecosystem, renowned IT expertise and the promising market potential... all these factors have made India an attractive, almost irresistible proposition for Chinese investors," the report said. A...
Starbucks Names China CEO, Sees 5,000 Stores There by 2021
News

Starbucks Names China CEO, Sees 5,000 Stores There by 2021

Starbucks Corp on Wednesday named its first chief executive officer for China and said it plans to more than double its store count in that country to 5,000 by 2021. The world's biggest coffee chain promoted Belinda Wong to the title of CEO of Starbucks China. Wong, who had been president of that operation, will continue to report to John Culver, group president of Starbucks Global Retail. Among other things, Wong will oversee the opening of Starbucks' first international Roastery and Reserve Tasting Room in Shanghai in 2017. Starbucks opened the first of its sprawling roasteries in Seattle in 2014 to showcase super-premium coffee beans and brewing methods. It was a move by the company to assert itself as a player in an upscale niche being defined by newer cafe chains such as Blue...
China Made ATM Machines and Software Affected 6 Lakh SBI Debit Cards
News

China Made ATM Machines and Software Affected 6 Lakh SBI Debit Cards

India's largest public sector bank State Bank of India (SBI) and its subsidiary blocked 6.25 lakh customers debit cards after finding security breach in transactions at third-party ATM machines. The government led bank sent emails and SMS to customers, to alert them about blockage, and also asked them to re-apply for new cards at their respective branches. “About 0.25% of our cards have been blocked. We came to know that some of our customers have used SBI debit cards at Yes Bank ATM machines, the software of these ATM's were designed in Chinese company Hitachi payment services,” said SBI's security officer at the condition of no identity disclose. “In the past 3-4 days, we saw some unidentified and suspicious transactions at some ATMs and hence the cards were blocked immediately....
Automation Threatens 69% Jobs in India: World Bank
News

Automation Threatens 69% Jobs in India: World Bank

Automation threatens 69 per cent of the jobs in India, while 77 per cent in China, according to a World Bank research which has said that technology could fundamentally disrupt the pattern of traditional economic path in developing countries. “As we continue to encourage more investment in infrastructure to promote growth, we also have to think about the kinds of infrastructure that countries will need in the economy of the future. We all know that technology has and will continue to fundamentally reshape the world,” World Bank president Jim Kim said. “But the traditional economic path from increasing productivity of agriculture to light manufacturing and then to full-scale industrialisation may not be possible for all developing countries,” Mr. Kim said in response to a question at the ...
Jack Ma Appointed as a Adviser of United Nations Trade & Business Group
CHINA

Jack Ma Appointed as a Adviser of United Nations Trade & Business Group

Jack Ma, founder and executive chairman of e-commerce giant Alibaba, has been named Special Adviser to the United Nations Conference on Trade and Development (UNCTAD) for Youth Entrepreneurship and Small Business. In his new role as UNCTAD Special Adviser, Ma, 52, will champion initiatives to make it easier for young entrepreneurs and small businesses, particularly in developing countries, to participate in global trade, as well as raise awareness about the 2030 Agenda for Sustainable Development. "Ma is an influential and respected pioneer of the internet era, innovator, entrepreneur, and philanthropist," UNCTAD Secretary-General Mukhisa Kituyi said. "He brings a visionary approach to entrepreneurship, a thirst for learning, and a belief in a better world that make him a perfect ...
$10 Billion Deal- Two Indian Brothers in Talk With Chinese Company For Server Deal
ACQUISITION

$10 Billion Deal- Two Indian Brothers in Talk With Chinese Company For Server Deal

Two Indian-origin brothers, who were declared as Britain's richest family this year, were today said to be close to clinching a whopping 5 billion pound deal to sell a stake in one of the worlds biggest computer hosting networks to a Chinese consortium. Mumbai-born brothers - David and Simon Reuben - are in advanced talks to sell half of their UK based company Global Switch, which runs data centres in locations ranging from London to Hong Kong and Singapore, according to The Sunday Times. Global Switch's two centres in Canary Wharf, east London, are together the biggest in Europe. They manage servers for a range of Wall Street banks and Sprint, the US wireless internet provider. The Chinese consortium is led by Daily Tech, a data centre giant run by its founder Li Qiang. Daily Tec...
Didi Acquisition of Uber Was Pre-planned, Will Investigate: China
CHINA, News

Didi Acquisition of Uber Was Pre-planned, Will Investigate: China

China's commerce ministry is investigating the planned acquisition by ride-hailing firm Didi Chuxing of U.S. rival Uber Technologies Inc's China unit over anti-monopoly concerns, the ministry's spokesman said on Friday. Shen Danyang told reporters the Ministry of Commerce would look to protect fair market competition and consumer interests in the deal, which will create a roughly $35 billion giant dominating China's car-hailing market. A representative for Uber could not be reached immediately for comment. A Didi spokeswoman said: "We are in communication with the authorities." It is unclear how the investigation could affect Didi's planned acquisition and subsequent integration of Uber's China unit, already the top two players in the market. That had raised monopoly concerns as D...
Top 500 Firms of China Report First Revenue Decline in 15 Yrs
CHINA

Top 500 Firms of China Report First Revenue Decline in 15 Yrs

Chinas top 500 enterprises reported their first annual decline in combined revenues in 15 years, with a 0.07 per cent drop last year, as the economy continued to slow down amid falling oil prices and overcapacity issues. Among the top 500 firms, 155 reported declines in revenues in 2015, 61 more than a year ago, with many of them representing the overcapacity-plagued coal, steel, oil and chemicals industries. Meanwhile, 72 firms reported losses, 15 more than a year ago. The data was contained in 2016 edition of the top 500 Chinese Enterprises released China Enterprise Confederation and China Enterprise Directors Association. The list is based on revenues from 2015, state-run Xinhua news agency reported. The State Grid grabbed the top spot with 2.07 trillion yuan (USD 310 bil...
Gionee to Spend Rs 400 Cr on Marketing
BUSINESS

Gionee to Spend Rs 400 Cr on Marketing

Handset maker Gionee will spend around Rs 400 crore on marketing and branding activities over the next few months to capitalise on the festive season demand. The Chinese company, which plans to launch four new smartphones by mid-October, also aims to expand its market share in India to 7-10 per cent by next March. "We had earmarked a budget of Rs 600 crore this year and we have utilised one-third of it till now. About Rs 200 crore will be pumped in the festive season and the remaining amount will be used in the latter part of the fiscal towards various marketing and branding efforts," Gionee India MD and CEO Arvind Vohra said. He added that the company will also launch 4 smartphones, priced between Rs 9,999 and Rs 24,999 by mid-October. Gionee India has also signed up Bollywood act...
Apple To Boost China Investments as Demand Slows
BUSINESS, CHINA

Apple To Boost China Investments as Demand Slows

Apple Inc will boost its investment in China, one of its largest but increasingly challenging markets, and build its first Asia-Pacific research and development center in the country, Chief Executive Tim Cook said on Tuesday. Cook made the pledge during a trip to China, at least his second in four months, as demand for Apple's iPhones has plummeted in the world's second-largest economy and the government remains wary about foreign technology. Apple's new research and development center will be built by the end of the year, Cook told Vice Premier Zhang Gaoli, one of China's most senior officials, according to CCTV, the official Chinese state broadcaster. The center will unite Apple's engineering and operations teams in China and is also intended to deepen the company's ties to part...
Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber
CHINA, News

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

Cheng Wei, 34, was once assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - a second success in as many years in a gruelling battle with a rival. Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China's competitive ride-hailing market. But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China's history and military in his speeches. He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese m...