Business

Alibaba Plans to Privatize Department Store Chain Intime

Ellie Froilan   | Jan 09, 2017 10:53 PM EST

Alibaba has announced its offering of privatization to the leading Chinese department store operator Intime Retail to deepen its integration to various stores. read more

McDonald's Sells China Business to CITIC, Carlyle for $2.1B

Steve M.C.   | Jan 09, 2017 08:17 PM EST

Fast food guru McDonald's sold a great number of its market shares in China to two other firms, in a bid to expand its presence in the Chinese market. The deal that was announced on Monday was valued at $2.1 billion and highlighted Hong Kong's CITIC Capital and US Carlyle Group as the main investors. read more

China Warning Causes Bitcoin Value to Plummet

S. Rina   | Jan 09, 2017 09:25 AM EST

Bitcoin showed a deep plunge in its value as Chinese central bank raised concerns about the use of cryptocurrency. The drop in the value succeeded the meteoric increase in the value of the currency in the past two weeks. read more

China Believes to have Achieved Economic Growth Rate Target in 2016

S. Rina   | Jan 09, 2017 07:38 AM EST

Chinese vice finance minister Zhu Guangyao expressed his belief that China is confident of having reached Its set target of 6.7 percent economic growth rate in 2016. During the first three quarters of the year, the domestic economy grew at a steady 6.7 percent pace. read more

Baidu, China's BAIC Motor Develop Partnership for Driverless Cars

Ellie Froilan   | Jan 09, 2017 12:55 AM EST

Baidu Inc.'s Intelligent Vehicle division and state-owned BAIC Motor Corporation Ltd. have announced a two-fold strategic partnership at CES 2017 in order to develop self-driving technology and expand the smart vehicle sector. read more

Volkswagen to Recall Nearly 50,000 Imported Beetle, Golf Variant Units in China

Charissa Echavez   | Jan 08, 2017 01:44 AM EST

Volkswagen will call back 49,480 vehicles in China starting Feb. 6 due to brake design defects, the country's quality watchdog announced on Tuesday. read more

China’s Forex Reserves Decline Further in December to Hover over $3T

Girish Shetti   | Jan 07, 2017 11:29 AM EST

China's foreign exchange reserves continued its downslide in December as it declined for straight six months to hit a five year low. However, the Chinese government can take respite in the fact that the decline was less than what most analysts had expected. read more

China to Retaliate Once Trump Wages Trade War Against Beijing

Desiree Sison   | Jan 07, 2017 03:58 AM EST

In anticipation of the upcoming inauguration of US President-elect Donald Trump on January 20, China has been working on strategies that will help deal with any potential trade disputes with the US that could possibly arise after Trump is sworn it as the US' 45th president. read more

China’s SAIC Slated to Acquire GM’ Manufacturing Unit in India

Girish Shetti   | Jan 07, 2017 02:41 AM EST

SAIC HK - a subsidiary of China's largest auto maker Shanghai Automotive Industry Corporation (SAIC) - has submitted a proposal to acquire assets of General Motors' (GM) manufacturing unit in Indian state of Gujarat. read more

TransUnion, Equifax Agree to Settle $23M for Deceptive Credit Scores

Theena Ocay   | Jan 07, 2017 02:36 AM EST

Two of the largest credit bureaus in the US have agreed to settle more than $23 million of fines and reimbursements without admitting or denying the Consumer Financial Protection Bureau's findings. read more

ZTE to Cut 3,000 Jobs within First Quarter: Report

Charissa Echavez   | Jan 06, 2017 07:48 AM EST

Chinese telecommunication firm ZTE will reportedly be shedding about 3,000 jobs, including a fifth of positions on its grappling smartphone business in China, company insiders with knowledge about the matter told Reuters. read more

Alipay Expands to Helsinki Airport

Ellie Froilan   | Jan 05, 2017 06:42 AM EST

Helsinki Airport has announced that they will accept Alipay mobile payments for easier shopping activities of Chinese tourists. read more

Maersk Joins Alibaba to Offer Online Booking for Container Ship

Ellie Froilan   | Jan 05, 2017 04:50 AM EST

Alibaba and Maersk have joined forces in order to provide an online reservation service for shippers. read more

Alibaba Sues 2 Online Sellers of Fake Swarovski Watches

mwaniki wanjiku   | Jan 05, 2017 03:12 AM EST

Alibaba sued two merchants on one of its e-commerce platforms over the sale of counterfeit goods, the decision comes a few days after the company was blacklisted by the US government for hosting fake products. read more

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