Royal Caribbean Cruises said business in Asia has been struggling due to tensions between China and Korea. In this photo, Ovation of the Seas — one of the Royal Caribbean International ships that sails from China — is shown in Singapore. Royal Caribbean InternationalSkift Take: As cruise executives often say, having ships all over the world means some areas boom while others struggle. At the moment, China-Korea tensions are hurting Royal Caribbean's business in Asia, but other regions...
HONG Kong-based insurer AIA Group announced the appointment of Fisher Zhang as new China CEO in a series of handover process as the group's CEO and president Mark Tucker is set to leave for HSBC later this year. Zhang, who was Chief Distribution Officer of AIA China, will take over from current CEO John Cai, who has been promoted to regional chief executive of AIA Group with responsibility for AIA’s businesses in China's mainland, Taiwan, Malaysia, Vietnam, and Myanmar. Zhang ...
CHINA'S imports from Asian countries are likely to remain strong until the second half this year supported by strong demand for commodities and smartphones, Nomura analysts said today. Rob Subbaraman, head of global market research, said the strong export of Asian countries, excluding Japan, starting the fourth quarter last year will continue at least through May led by shipment of commodities and electronics to China. China's commodity demand was driven by restocking, and the elect...
In an unprecedented move, China’s antigraft agency has published the full personal details of 22 people on Beijing’s “most wanted” list of alleged corruption suspects, all of whom now live out of the country. The published information includes names, gender, photos, alleged residential addresses and even passport numbers of those suspected of graft. According to information published online by the country’s Central Committee of Disciplinary Inspection (CCDI), thes...
China’s plan to create a brand new city for at least 2.5 million people a couple hours south of Beijing received its first state funding yesterday. The $19 billion loan from state-owned China Development Bank begins the process of turning farmland in Hebei province into the “green, livable and modern urban area” the government envisions. The money spent on infrastructure and relocation services for Xiongan may top $290 billion in 15 years, Morgan Stanley predicts, and the new c...
TWENTY-SIX executives of a Chinese online peer-to-peer lender stood trial in Beijing on Wednesday and Thursday after allegedly cheating the public out of a huge amount of money. Anhui Yucheng and Yucheng Global, operators of online P2P lender Ezubao, and 10 company executives, including Yucheng chairman Ding Ning, were charged with fundraising fraud, according to the No. 1 Intermediate People's Court in Beijing. Another 16 were accused of illegally absorbing public deposits, the court s...
SHANGHAI is set to surpass Hong Kong as the largest office market in China when 11 million square meters of Grade A space will be available by 2020, real estate service provider JLL said in a latest report. Around 1.1 million square meters of prime office space are expected to be available in Shanghai’s central business district by then. An additional 3.3 million square meters of office developments will be completed in the decentralized Pudong, Hongkou and Minhang sub-markets. &ldquo...
Following the drop of its spring/summer collection, Chinatown Market teams up with music collective 143’s SOSUPERSAM in a T-shirt release in honor of its four-year anniversary. Paying homage to ‘90s and early '00s R&B artists, the duo designed a tee characterizing Aaliyah, Beyoncé, Keyshia Cole, Lauryn Hill, Mariah Carey, Nelly, Sisqo, The Dream, and Usher in Chinatown Market’s signature all-over print smiley face, titled “What’s Your Mood Today?” The tee will be available online to...
ANY excuse for a party. On April 25th North Korea celebrated the 85th anniversary of the founding of its glorious army. Ten days before its young despot, Kim Jong Un, had marked the 105th birthday of his grandfather, Kim Il Sung, the country’s founder, with a vast military parade. Mr Kim loves fireworks, too. He set off a ballistic missile in honour of his grandpa, though it fizzled on launch. Rumours of a nuclear test still hang in the air. Of North Korea’s five underground blasts to date, ...
MOST of Tian Shuang’s relatives are herding goats in the barren hills of Ningxia province, one of the poorest parts of western China. But last year Mr Tian came down to Minning, a small town in the valley, when the local government, as part of an anti-poverty programme, gave him a job growing mushrooms and ornamental plants in a commercial nursery garden. His name, address and income (20,000 yuan a year, or $2,900—six times the minimum wage) are written on a board by its greenhouse door.Mr T...
Enlarge / China's first domestically-developed aircraft carrier at its launching ceremony at Dalian Port on April 26, 2017. (credit: Getty Images/ VCG) On August 26, the Chinese People's Liberation Army Navy (PLAN) launched its first domestically constructed aircraft carrier from a shipyard in Dailan. The as-yet-unnamed carrier still requires much more additional work before it joins PLAN's fleet. But the ship's construction began less than five years ago (in November of 2012), and it only m...
Photo credit: Didi Chuxing. The news: China’s leading ride-hailing app Didi Chuxing is raising as much as US$6 billion in new funds from investors such as SofBank, according to *Reuters* sources. The latest round, reportedly for international expansion, will value the company at over US$50 billion. Why it matters: This financing would catapult Didi into becoming China’s most valuable startup, beating smartphone maker Xiaomi, which got the title after a 2014 round worth US$46 billion. It w...
Didi Chuxing, China’s top ride-hailing firm, is set to raise up to $6 billion with a fresh injection of capital from investors including Softbank Group sftby , valuing the company at over $50 billion, sources said. Other investors in the fund raising round include private equity firm Silver Lake Partners, China Merchants Bank and Bank of Communications, two people familiar with the matter said. They declined to be identified because they are not autho...
(PYONGYANG) — An acute shortage of gasoline in the North Korean capital of Pyongyang that has sparked price hikes and hoarding is raising fears of potentially crippling pain at the pumps if things don’t get better soon — and driving rumors that China is to blame. The shortage, which is extremely unusual if not unprecedented, began last week when signs went up at gas stations around the city informing customers that restrictions on sales would be put in place until further not...
Elon Musk made an unexpected visit to China this week. Late on Tuesday night, China's official news agency tweeted a photo of the Tesla chief chatting with Vice Premier Wang Yang, one of the country's top officials in charge of the economy, in what a close watcher of China's automotive industry says may go down as a breakthrough meeting. Tesla tsla is riding high in China. Sales there tripled to more than $1 billion last year, the company said in March. V...
Photo credit: Ofo. Didi, China’s top ride-hailing app, just added bicycles to its line-up. The bright yellow bikes come courtesy of Ofo, a startup that Didi invested in seven months ago. Ofo is one of a number of startups in China that want to make bicycles great again. They’ve bought huge fleets of bikes, each painted them a distinctive color, and made them accessible for rent through an app for as little as US$0.15 per hour. But there’s also been a dark side to the bike-shari...
CHINA'S major industrial firms continued to post double-digit growth in March, adding to signs of a stabilizing Chinese economy, official data showed Thursday. The companies reported a 23.8-percent year-on-year profit growth last month, down from 31.5 percent in January and February but much faster than the 8.5-percent increase in 2016, according to the National Bureau of Statistics.
CHANDIGARH: The Haryana government has directed its ministries and departments to ensure that no proposal for participation in a conference to be held China next month is cleared without the Centre's nod. The Centre sent a communication to all administrative secretaries in Haryana, asking the ministries and departments concerned to ensure that any proposal for participation in the conference are referred to the Ministry of External Affairs. The international conference on the "Belt an...
ASCOTT, a leading owner-operator of international serviced residences, will accelerate its expansion in China this year by consolidating its existing and new brands in first and key second-tier cities. The wholly owned subsidiary of Singapore’s CapitaLand Ltd, one of Asia’s largest real estate developers, aims to add at least 4,600 apartments in China this year, Tan Tze Shang, managing director of Ascott China, said in Shanghai. “We signed management contracts for about 3,...
CHINESE conglomerate HNA has agreed to buy a stake in Rio de Janeiro’s airport from the corruption-tainted Brazilian firm Odebrecht. HNA will take over from Odebrecht as the joint holder of a controlling stake in Tom Jobim airport, Brazil’s second-busiest air hub with some 17 million passengers a year. “The Odebrecht-HNA deal is closed. Only the paperwork remains,” Tarcisio de Freitas, a senior economy official in the government, said on Tuesday. HNA runs airlines, ...