China's ZTE Corp to set up 5G tech hub in Italy -- China's ZTE Corp will make Italy its European hub for the development of 5G wireless technology, the company confirmed on June 29. Fifth-generation or 5G is the next mobile wireless standard, and will make telecoms faster and more powerful. The company announced its plans in a meeting with Lombardy regional officials in Milan.
ZTE intends to open 13 new research & development centres in Italy, said its CEO for Western Europe, Hu Kun. "The 5G network will be ready by next year," said Hu who also serves as president of ZTE Italy, adding "The pre-5G phase is in full swing."
Iran, China, France sign 4.8 billion USD gas deal -- Iran and a consortium of Chinese and French energy giants signed a multi-billion-dollar deal here on July 3 to develop a major Iranian gas field in the Persian Gulf.
The deal followed a Memorandum of Understanding (MOU) signed by the National Iranian Oil Company and a consortium involving China National Petroleum Corporation (CNPC), France's Total and Iran's Petropars in November 2016 to develop Iran's South Pars (SP11) gas field.
Chinese company completes acquisition of U.S. firm providing immunotherapy for prostate cancer -- Sanpower Group, a private Chinese conglomerate, announced June 30 the completion of its acquisition of Dendreon, from Valeant Pharmaceuticals International, Inc. for 819.9 million U.S. dollars in cash.
At the heart of the deal is Dendreon's lead product, Provenge, the only cellular immunotherapy approved so far by the U.S. Food and Drug Administration (FDA) for treatment of asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC).
China's Mobike arrives in Britain's Manchester -- Mobike, one of China's largest bike-sharing companies, launched its service in the Greater Manchester, Britain, on June 29.With up to 1,000 bikes planned to be put into use in Manchester and Salford, some were unloaded overnight to key locations, such as main train stations, major throughways, as well as vibrant destinations for food, retail, leisure, and entertainment.
Supported by the Manchester City Council, Salford City Council and Transport for Greater Manchester, this is the first and only bike-sharing scheme currently in Manchester. Mobike hopes that its bikes' iconic silver and orange look will soon become part of the city's main transport network.
Rio coal deal cements ties with China -- Rio Tinto has tightened ties with China after selling its Australian coal assets to State-backed Yankuang Group for USD2.69 billion. Industry insiders stressed that last week's announcement goes beyond this deal, and illustrates the relationship between one of the leading multinational mining groups and the world's second biggest economy. (Source: China Daily)
Ma puts Alibaba on global road to riches -- Jack Ma has a big reputation in China. Now, he aims to make sure Alibaba Group Holding Ltd has a big presence in Southeast Asia.The founder of the e-commerce giant has made no secret of his plans to turn it into a truly global business. And the pieces behind that dream are starting to fall in place. Indeed, Alibaba illustrated its ambitions by investing another USD1 billion to raise its stake in online mall Lazada Group SA to 83 percent. (Source: China Daily)
Ofo owns 65 percent market share, leading bike-sharing race in China, report -- Ofo, one of the country’s largest bicycle-sharing platform, is leading bicycle rental race with a 65 percent market share in China, according to a report released by a U.S.-Based research firm 7Park Data. Modern bike-sharing mode effectively solved the problem of the “latest kilometer” in urban China and meanwhile, evoked users’ passions for riding bicycles. According to the report, Ofo saw its weekly active users grow at 386 percent from the fourth quarter of last year to the first quarter of 2017, while Mobike grew at a slower 180 percent in the same period.
Chinese bike-sharing giant Ofo announces new US partnership -- Chinese bike-sharing giant Ofo Inc has announced its latest partnership with California-based Universal Pictures on June 30, rolling out new tailor-made bikes based on the image of Universal's little Twinkie-shaped Minions in China. Ofo, backed by ride-sharing company DidiChuxing, unveiled its latest models in Beijing on June 30 and said it would launch more bicycles in Shanghai on July 1. The new product featured two big eyes on the front of the bike and yellow Minion images on its body parts. (Source: China Daily)
Chinese firm wins tender to expand Kenya's key road -- A Chinese firm has been awarded a contract to expand a 9.8-kilometer stretch of road in the outskirts of Nairobi, Kenyan authorities said July 4. The Kenyan Urban Roads Authority (KURA) signed the deal, worth about USD20 million, with the China Qinjian International Group for the dualling of a stretch of the road from Dagoretti Corner to Karen Shopping Center.
China approves two JV securities firms -- China's securities regulator has approved the establishment of two joint venture (JV) securities firms between the mainland and Hong Kong businesses. The two JVs, HSBC Qianhai Securities Ltd. and East Asia Qianhai Securities Ltd., were approved under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement, Deng Ge, spokesperson for the China Securities Regulatory Commission, told a press conference on June 29.
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