Business

Seagate to Close China Factory, to Cut Over 2,000 Jobs

Charissa Echavez   | Jan 14, 2017 08:08 AM EST

US hard disk drive maker Seagate Technology is axing 2,000 people from its workforce as it closes down its Suzhuo factory in eastern China because of "sluggish market demand," the company revealed on Friday. read more

China Records Worst Annual Export Slump Since 2009

Girish Shetti   | Jan 14, 2017 03:58 AM EST

China's export market took a huge hit for second year in a row as the country's export figures showed its worst performance since 2009's recession peak period. The persistently weak global demand apparently took toll on Chinese exporters for second year in running. read more

Crude Price Up on OPEC Cut, Record China Demand Forecast

S. Rina   | Jan 14, 2017 03:09 AM EST

Oil prices are on the upswing following the news of production cuts by major crude exporters including Russia and Saudi Arabia. The demand from China is also projected to be all time high, further fueling the price trend for the commodity. read more

Yum Brings Taco Bell Back to China After a Decade

S. Rina   | Jan 14, 2017 03:02 AM EST

Taco Bell is taking another chance to capture Chinese markets with its latest store in Shanghai. The company plans to open several other outlets in major Chinese cities, before going for a national rollout. Taco Bell will be brought to the country by Yum China, which also owns Pizza Hut and KFC brands domestically. read more

China Reports Higher than Expected Credit Growth in 2016, Raising Debt Concerns

S. Rina   | Jan 14, 2017 01:57 AM EST

China reported extending $1.82 trillion worth of loans in 2016, setting a new record. However, the numbers have also given rise to new debt concerns. The country is looking to fuel its economy by providing more stimulus in the form of credit and debt, without creating an asset bubble. read more

PIMCO Speculates Possibility of Floating Yuan in 2017

S. Rina   | Jan 14, 2017 12:11 AM EST

Asset management firm PIMCO stated that there is possibility that China may freely float Yuan this year. The firm stated that alternatively, the country may decide to widen the trading band for the currency. Yuan had a tumultuous time in 2016 as it saw steady decline in its value. read more

Alibaba to Build Logistics Center in Bulgaria

Ellie Froilan   | Jan 13, 2017 07:43 AM EST

Alibaba has a plan of developing a European logistics center in Bulgaria, evaluating the opportunities for investments in the country. read more

Chinese Firms Opt for Insurance Against Foreign Deals Veto : Report

S. Rina   | Jan 13, 2017 01:51 AM EST

China witnessed sharp increase in its overseas investment in 2016. The Chinese firms spent a record $45.6 billion on acquiring foreign firms the last year. The surge in the acquisition volume led to resistance from foreign countries, leading to the breakdown of some very prominent deals. read more

China Auto Sales to Grow 5% in 2017 due to Tax Incentive Reduction

S. Rina   | Jan 13, 2017 01:05 AM EST

China's auto sector had a bumper year in 2016 as vehicle sales increased 13.7 percent, the fastest growth rate in three years. However, the outlook for the coming year is rather tepid as the government has announced phasing out tax incentives on vehicle purchase. read more

Chinese Overseas Investments Grew 40% in 2016

S. Rina   | Jan 12, 2017 11:26 PM EST

China reported a record increase in its overseas investments in 2016. Chinese firms raised their investment spending across the globe with special emphasis on technology-related acquisitions and advanced manufacturing operations. read more

US may Launch WTO Complaint Against Chinese Aluminum Subsidies

S. Rina   | Jan 12, 2017 08:29 PM EST

The Obama administration may file a complaint against Chinese subsidies on its aluminum products, which is likely to be submitted to the World Trade Organization on Thursday. This step is expected to further erode the crumbling trade relationships between the two countries. read more

China Tightens Exchange Controls, Sends Bitcoin Tumbling Down

S. Rina   | Jan 12, 2017 09:36 PM EST

China continues its offensive against Bitcoin, sending the value of the cryptocurrency to the bottom. Bitcoin faced further erosion of 10 percent in its value as China's central bank announced that it may investigate unauthorized financing and market manipulation. read more

Fiat Chrysler Announces New COO for China, Asia Pacific

Steve M.C.   | Jan 12, 2017 08:04 PM EST

Fiat Chrysler Automobiles on Thursday has named Daphne Zheng and Paul Alcala as its new Chief Operating Officers in China and Asia Pacific, respectively. read more

Xiaomi Joins B2X to Improve Customer Service in India

Ellie Froilan   | Jan 12, 2017 08:17 AM EST

Xiaomi has announced its collaboration with B2X to enhance its customer service in India. read more

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