介绍:
China Jan.-May industrial profits up
China's industrial profits have continued to rise in the first five months but growth was down slightly from the Jan.-April period.
The National Bureau of Statistics says industrial businesses saw profits rise by nearly 10 percent from a year ago in the first five months.
But economic growth slipped to the lowest quarterly expansion since the third quarter of 2012.
Official GDP growth in the second quarter will be released in mid July, along with other indicators including industrial output, investment and retail sales.
China simplifies rules on banks' foreign exchange business
China has simplified rules governing the buying and selling of foreign currencies by banks.
According to the central bank, banks will have greater autonomy in foreign-exchange transactions with companies and individuals.
The People's Bank of China also says the threshold for banks to enter the foreign exchange market will be lowered while approval procedures will be simplified.
The foreign exchange regulator says that it will increase the number of foreign exchange derivative products available in the market to facilitate export growth and help companies hedge currency risks.
China has the world's biggest pile of foreign exchange reserves, which hit a record high of nearly 4 trillion dollars at the end of March.
The new rules will take effect on Aug. 1.
QVOD fined 42 mln USD for copyright infringement
Chinese video sharing site QVOD has been ordered to pay a fine of 260 million yuan for copyright infringement. That's more than 40 million US dollars.
The fine is three times the illegal earnings QVOD made by violating others' rights.
The Shenzhen-based company has been ordered to pay the fine within 15 days.
Authorities say QVOD streamed 24 films and TV dramas, even though it was fully aware or should have known that third-party video websites infringe copyright laws.
Corporate news of the week
Anchor:
Time now for corporate news of the week.
The first story is about word that China's Postal Savings Bank is planning a 4 billion dollar IPO.
Rumor says the bank is to list in Hong Kong and Shanghai.
The second story is about Today's Headlines, a popular mobile news app being under investigation by the Copyright Regulator.
Chinese web portal Sohu is currently suing Today's Headlines for copyright infringement and unfair competition.
For more on these stories, CRI's Paul James spoke earlier with Doug Young, associate professor at Fudan University and former China company news chief at Reuters.
…
Back to Anchor:
Doug Young, associate professor at Fudan University and former China company news chief at Reuters.
Alibaba chooses New York Stock Exchange over Nasdaq
Chinese online retailer Alibaba has chosen to float its shares on the New York Stock Exchange rather than the Nasdaq.
The date for its listing has not been revealed. Nor has the size of the planned offering.
The New York Stock Exchange and the Nasdaq had been competing to host Alibaba's IPO.
It's expected to be one of the largest stock listings in U.S. history.
Japan's May consumer prices log biggest rise in 3 decades
Japan's consumer prices in May soared 3.4 percent from a year earlier, the biggest increase in more than three decades.
The price growth in May follows a 3.2 percent jump in April and is a big boost for Japan's attempt to trigger inflation.
Japan has been battling deflation, or falling prices, for best part of the past two decades and that has hurt domestic demand and stifled growth.
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