- Radboud University Nijmegenhistory
- China Speakers BureauPresident China Speakers Bureau, present
AXA, Alibaba and Ant Financial Services have formed a global strategic partnership to explore opportunities to distribute AXA’s insurance products and services through Alibaba’s global e-commerce platforms.
The companies plan to work together to develop products and services, while developing and exploring new markets and segments, said AXA in a statement.
Ride-hailing companies like Uber have finally become legal in China after attracting billions of dollars in investments and staging a battle to dominate the Chinese market.
The Chinese government on Thursday (July 28) released a set of new rules (link in Chinese) legalizing ride-hailing services like Uber and its homegrown rival, Didi Chuxing, nationwide. Previously they operated in China in a legal gray area, with drivers facing arrests in some areas. The new law, which takes effect on Nov. 1, requires drivers to have three years of driving experience and no criminal record, and to be licensed by a local taxi authority.
China’s steel industry is a test case for the nation’s ability to restructure overbuilt parts of the economy, and so far it’s not going very well.
Seven months into 2016, China has cut just 30% of the 45 million tons of steel capacity it has pledged to pare this year. And a Renmin University study found that more than half of China’s steel companies are “zombies.”
Shanghai-based conglomerate Fosun said on Thursday it has inked a US$1.3 billion deal to buy the controlling interest in an Indian pharmaceutical company held by private equity fund KKR and the company’s founders.
Its target, Gland Pharma, is a 38-year old specialist manufacturer of injection drugs and the only India-based company to have secured the US Food & Drug Administration department’s approval for the medicines it manufactures and sells from India. Its key markets are located in US and Europe.
Gland Pharma’s technology and drug portfolio can be applied to a large range of health conditions and applications – from cancer treatment and cardiovascular conditions to diagnosis.
Apple's recently announced sales in the Greater China market fell 33 percent to $8.8 billion for the three-month period ending in June, contrasting to the 112 percent gain a year earlier. In the meantime, Chinese technology giant Huawei, which sells most of its mobile phones in its home country, said it is confident to realize a target shipment of 140 million smartphones for the year -- a 30 percent increase in from 108 million units in 2015, after its revenue for the first six months of this year jumped 40 percent to 245.5 billion yuan ($36.9 billion).
China today made public the final draft of a new law that will legalize ride-hailing apps from the likes of Uber and Didi Chuxing. The new rules take effect on November 1.
Although the regulations are not as scary as they appeared in the first draft back in October, they still present some challenges to Uber and Didi. Drivers must now have a minimum of three years of on-road experience, which will force out some part-time and full-time drivers who had only just got their driving licenses.
Tech in Asia has contacted both Uber and Didi to ask how many drivers they will lose.
While others may be professing astonishment over the British government decision to delay this deal on the eve of signing, the Chinese stakeholders are too polite - for now.
Despite putting up a third of the funding and sending a delegation to the UK to celebrate what they along with everyone else expected to be the final launch ceremony for the project, a statement from China General Nuclear Power Corporation or CGN expressed understanding today:
Plans to build the first new UK nuclear plant in 20 years have suffered an unexpected delay after the government postponed a final decision until the early autumn.
French firm EDF, which is financing most of the £18bn Hinkley Point project in Somerset, approved the funding at a board meeting.
Contracts were to be signed on Friday.
But Business Secretary Greg Clark has said the government will "consider carefully" before backing it.
A key component of China’s SOE reform strategy (link is external)—mergers of the largest firms in the same industry—seems very unlikely to improve the efficiency of bloated state-owned enterprises. Instead, the government should increase competition by allowing the entry of private firms into sectors where a handful of state firms exercise market power and it should subject money-losing state owned firms to hard budget constraints. These policies offer the best prospect for increasing productivity and sustaining China’s economic growth.
A Ritz-Carlton hotel in the Chinese capital has been fined 2 million yuan (HK$2.3 million) for raising prices on the pretext of covering extra taxes.
The luxury hotel in downtown Beijing had increased its food charges after the government’s implementation of a major tax overhaul.
Hotels in China raise rates – and ire – despite lower taxes
The National Development and Reform Commission said on Friday that Ritz-Carlton had used the tax reform to impose additional charges on food served in the hotel.
The case comes after a series of hotels and other businesses tried to increase their prices following a new value-added tax system that took effect in May.
China´s state-owned shipping industry has already seen massive mergers over the past 18 months, and this week the State Council - the country´s highest administrative body - announced more mergers. But China veteran Paul French warns in Splash 247 to read too much into the announcement. Just an announcement does not mean it is a done deal.
China revealed a set of ride-sharing regulations to legalize car-hailing services from November, lifting any regulatory uncertainty surrounding mobile Internet giants including Didi Chuxing and Uber China.
China’s Ministry of Transportation and six other government ministries jointly revealed the set of rules during a press conference today in Beijing. Named Preliminary Rules on the Management of Online Car-Booking, the rules legalize online car-booking services at the national level for the first time.
As the world’s first nationwide online ride-booking regulation, the rules were revised on a number of important issues since an earlier draft was circulated last October to give more leeway to ride-share firms.
Specifically, a general licensing and regulatory framework was created for ride-share platforms, drivers and vehicles.
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