One-line news
August 31, 2015 Category One-line news, Weekly
- China and Taiwan signed two agreements on the safety of civil aviation and avoidance of double taxation in China, 18 months after the two sides held the last high-level talks to seal bilateral deals.
- The once-hot smartphone market in China is expected to cool this year, growing a meager 1.2%, according to the International Data Corp’s Worldwide Quarterly Mobile Phone report. The China smartphone market grew 19.7% last year and accounted for nearly a third of all new handsets shipped. But Apple Chief Executive Tim Cook said he is still seeing “strong growth” in China.
- A number of VPN services used to get around Chinese internet restrictions have been disrupted in the run up to the military parade planned for September 3. China is cracking down on IPSec VPNs, Astrill said in a message to users.
- The three major telecommunications network operators in China have reshuffled their senior management. China Mobile named Shang Bing, previously a Vice Minister of Industry and Information Technology as its new Chairman, replacing Xi Guohua, who is retiring. Unicom Chairman and Chief
- Executive Chang Xiaobing has resigned to take on the same roles at China Telecom, while Wang Xiaochu is going to assume the same positions at China Unicom. The changes may signal the start of consolidation in the industry.
- Citic plans to consolidate its real estate operations and combine its mining-related units. “We expect to launch the real estate restructuring next month,” Deputy Chairman Wang Jiong said, after Citic posted a 46% rise in net profit in the first half to HKD37.68 billion. Revenue was HKD201.46 billion, flat compared to HKD200.62 billion in the year-earlier period.
- The U.S. Department of Energy and China’s National Energy Administration (NEA) reached an agreement to promote clean coal technology at an industry forum in Billings, Montana. The discussions took place near one of the largest coal reserves in the world, the Powder River Basin of Montana and Wyoming, where massive strip mines produce roughly 40% of the coal burned in the U.S.
- Yang Dongliang, who is under investigation for corruption, has been dismissed from his post as Director of the State Administration of Work Safety. He served as Vice Mayor of Tianjin from 2001 to May 2012. The investigation was announced six days after warehouse explosions in Tianjin.
CNOOC, China’s biggest offshore oil and gas explorer, posted a 56% decline in profit for the first six months of this year to CNY14.73 billion. - PetroChina Co’s net profit plunged 63% in the first half of the year as falling oil prices squeezed earnings. Net income dived to CNY25.4 billion in the half year ended on June 30 from CNY68.1 billion a year earlier. The company’s turnover dropped 24% to CNY877.6 billion as an increase in sales volume failed to offset the impact of slumping oil prices. The company’s average realized price of crude oil dropped 45% while average natural gas prices rose 0.4%. PetroChina’s production of oil and natural gas rose 2.9% to 75.9 million barrels of oil equivalent (BOE).
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