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July, 30, 2016

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Business > Asia > China
Mainland China legalizes ridesharing services
Mainland China on Thursday announced new rules governing ridesharing services, making clear for the first time that they are now legal in a giant market where U.S.-based Uber is at loggerheads with local rival Didi Chuxing.
 
China's property giant Wanda, owned by the country's richest man Wang Jianlin, has signed an MOU to sell a historic Madrid skyscraper to a Spanish developer for 272 million euros, the company said Friday.
 
The flood of billions of dollars out of China slowed dramatically in the second quarter, official figures showed Thursday, despite the yuan's persistent weakness making it less attractive to hold.
 
China insisted its controls over some raw materials exports were legal, after the European Union followed the United States to take it to the World Trade Organization over the restrictions.
 
China's economy expanded more than expected in the second quarter of the year, data showed Friday, fueling hopes growth may be stabilizing, but analysts warned private investment still needed to pick up.
 
Mainland China's imports and exports both fell at a faster rate in June, official data showed Wednesday, in the latest poor indicator for the world's second-largest economy.
 
Mainland China's car sales expanded at a faster pace in the first half of the year, boosted by strong demand for sport utility vehicles in the world's largest auto market, an industry group said Monday.
 
The long-expected Shenzhen-Hong Kong Stock Connect is likely to be launched in the fourth quarter of 2016 as the southbound quota for the Shanghai-Hong Kong Stock Connect is running out, an expert forecasts.
 
Mainland China's foreign exchange reserves unexpectedly increased by US$13 billion last month, officials said Thursday, as pressure on its currency the yuan to depreciate apparently eased.
 
Chinese appliance giant Midea has secured majority control in German industrial robotics supplier Kuka, it said Thursday, with a multi-billion-euro offer that stoked controversy in Europe.
 
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