One-line news
May 29, 2017 Category One-line news, Weekly
- The Chinese government welcomed the U.S. Senate’s confirmation of Iowa Governor Terry Branstad as U.S. Ambassador to Beijing. “For a long time, Mr Branstad has been playing a positive role in promoting bilateral exchanges and friendship,” Chinese Foreign Ministry Spokeswoman Hua Chunying said. Branstad has known Chinese President Xi Jinping since the mid-1980s.
- Asia’s first commercial carbon capture and storage (CCS) project will begin to operate in Shaanxi province next year. Carbon dioxide emissions generated by power stations and steel companies are captured, then transported and pumped deep underground. The injected captured carbon will boost Yanchang’s Oil Co’s oil recovery rate by about 8%.
- The fiery Chinese liquor baijiu from Kweichow Moutai has become popular again, sending the stock of the company to new heights. The company’s flagship product, Feitian, with 53% alcohol, is in short supply across the country as retailers, wholesalers and even consumers start to hoard bottled Moutai as an inflation-proof investment. The market price for a bottle of 2014 Moutai Feitian can reach well above CNY2,000, almost double that of a year ago.
- Wei Minzhou, Vice Chairman of the Shaanxi Provincial People’s Congress, and a former Party Secretary of Xian, has been placed under investigation. The announcement came less than three hours after he appeared on the provincial evening newscast, having attended several official functions that day.
- CEOs of America’s largest steelmakers said global overcapacity is at crisis levels as they urged the U.S. government to determine that cheap steel imports are a threat to national security. China’s steel exports to the U.S. have declined by more than 67% since September 2015 and the U.S. has enough domestic supply to meet its own needs.
- Chen Xu, the former top prosecutor in Shanghai has been expelled from the Communist Party over a range of violations and is facing a lawsuit for corruption.
- China’s population may have 90 million fewer inhabitants than official data suggests, according to a group of researchers, meaning it will be replaced by India as the world’s most populous country sooner than expected. China’s real population may have been about 1.29 billion last year, according to Yi Fuxian, Researcher at the University of Wisconsin-Madison.
- Lenovo Group, the world’s largest personal-computer maker, reported a return to profit but said rising component prices could pressure its bottom line this year. Profit reached USD535 million in the year to March on revenue that fell 4%. Lenovo’s annual shipments fell 1% with its market share rising 0.4 percentage points to a record 21.4%.
- Civil servants will face new restrictions when changing jobs as the authorities move to prevent them from using official posts to make personal profit. Those in leadership positions at the county level and above will not be allowed to work in businesses or for-profit organizations related to their previous administration within three years of their resignation.
- China’s listed steel companies earned over CNY11 billion of net profits in the first quarter to post the best performance in nine years, as prices surged amid a supply cut. Baoshan Iron and Steel Co led with a quarterly net profit of CNY5.05 billion, a surge of 118.2% from a year earlier. Only three of the 33 listed steelmakers posted losses.
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