China’s Goojje ‘will not change’: Goojje, the Chinese knockoff of Google Inc, ‘will not change’ its design despite a threat from the US Internet company to sue it over copyright infringement, Huang Jiongxuan, the website’s founder, said yesterday. Goojje’s logo resembles the logo of Google Inc and also bears a paw print sign like that of Baidu Inc, the biggest Internet search engine in China and Google Inc’s archrival in the country. (Via Business – People’s Daily Online.)
Saudi Arabia, Angola, Iran remain top 3 oil suppliers to China: Saudi Arabia, Angola and Iran remained the three largest oil sources for China in 2009, with the three supplying 47.7 percent of China’s total imports, according data released Wednesday by the General Administration of Customs (GAC). GAC figures showed that China’s oil imports from the three nations last year stood at 41.86 million tonnes, 32.17 million tonnes and 23.15 million tonnes, respectively. (Via Business – People’s Daily Online.)
Shangri-La Announces New Multipurpose Complex In Chongqing: Shangri-La Hotels and Resorts has signed an agreement with Chongqing Guest House Company to manage a hotel in Chongqing that is scheduled to open in late 2011. The 469-room Shangri-La hotel will occupy the first 28 floors of a new 58-story landmark building, a multi-purpose complex incorporating office space and retail outlets. (Via ChinaRetailNews.com.)
McDonald’s to close hundreds of outlets in Japan: McDonald’s Corp. is closing 430 restaurants in Japan, the latest sign of the faltering economy in the Asian country. A 50% owned affiliate will shutter the locations over the next 12 to 18 months in conjunction with the strategic review of the company’s real estate portfolio. The world’s largest restaurant chain plans to take charges of $40 million to $50 million in the first half of the year. McDonald’s Holdings Co. (Japan) has 3,700 stores. McDonald’s also is opening 90 new restaurants and refurbishing 200 in Japan. (Daily Finance) (Via News On Japan.)
Singapore's state investor Temasek sets up new investment company: Singapore – Singapore’s state investment company Temasek Holdings Pte Ltd said Wednesday that it has set up a separate investment company, Seatown Holdings. “Temasek has recently set up Seatown Holdings as a wholly owned global investment company,” Temasek said in a statement without providing details of the new company’s precise mission. (Via Singapore News.)
UPS Adds 101 New Locations In China: UPS plans to increase its global service parts logistics network significantly, by establishing 101 new field stocking locations in China. According to Brad Mitchell, the president of UPS Logistics and Distribution, UPS China is a critical part of the growth strategy of many companies worldwide and UPS’s regional and global FSL network is positioned to support these companies after-market needs in Asia. He pointed out that the UPS network was already the world’s largest logistics network. (Via China Sourcing News.)
Singapore’s retail sales down 1.4% year-on-year in Nov 2009: Singapore’s retail sales decreased by 1.4 percent in November 2009 compared with a year ago, according to Singapore Department of Statistics on Friday. Turnover of motor vehicles in November 2009 decreased by 16 percent, while food and beverages sales fell by 3.1 percent over a year ago. In contrast, sales of watches and jewelry, medical goods and toiletries, furniture and household equipment increased by between 7.2 percent and 14.8 percent. (Via Business – People’s Daily Online.)
Google’s loss could be Baidu’s gain: Domestic search firm Baidu Inc could be the biggest beneficiary of a possible pullout from China by Internet major Google, leading industry experts said yesterday. The NASDAQ-listed Baidu already dominates the Chinese search landscape and it has signaled its intentions to spread wings, even before Google hinted at a pullout. The California-based Google could see an exodus of advertisers from the Chinese mainland and see them switching to Baidu. (Via Business – People’s Daily Online.)
Mainland Chinese Tourists Spent $42 Billion Overseas In 2009 – Mainland Tourist Spending Abroad Outspent International Tourist Spending In China For The First Time: Chinese Media is reporting this week that outbound tourists from mainland China spent some $42 billion overseas (including Hong Kong, Macau and Taiwan) last year, outspending inbound international tourists for the first time. Though articles do point out that the majority of first-time outbound tourists from the mainland went to nearby Hong Kong (18%) and Macau (16%) — two very accessible destinations for Chinese tourists, who typically travel there for quick weekend jaunts or shopping sprees — more of them are heading to more distant locales, staying longer, and spending more. (Via Jing Daily :.)
Taiwan Semiconductor to hire 3,000 engineers amid expansion: (ChinaPost.com.tw) – Taiwan Semiconductor Manufacturing Co., the world’s largest custom-chip maker, plans to recruit more than 3,000 engineers this year as the company expands. (Via Taiwan Headlines – Business.)
Google China Headquarters in Beijing
Google Threat Jolts China’s Internet: Google’s threat to walk away from China sent shockwaves through the country’s fast-growing Internet industry, and prompted an outpouring of concern from Chinese users. (Via WSJ.com: What’s News Asia.)
Chongqing plans Asia’s largest PC manufacturing base: US-based computer maker HP’s plant in southwestern Chongqing will open January 26, one of the company’s senior officials announced Tuesday. The new plant is part of Chongqing’s plan to become Asia’s largest manufacturing base for notebook computers. Both HP and Taiwan-based Foxconn, one of the world’s largest original equipment manufacturers (OEM) of motherboards, signed contracts with Chongqing in August to establish PC manufacturing plants in the inland city. (Via Business – People’s Daily Online.)
McDonald’s Will Provide Free Wireless Internet Services In China: Having already fed the Chinese market for over 20 years, the international fast food giant McDonald’s has now announced plans to update its brand concept and will soon start to provide free wireless Internet services across China. (Via ChinaTechNews.com.)
Fast Retailing rushing to open more Uniqlo outlets in New York: NEW YORK (Kyodo) Tadashi Yanai, chairman and president of Fast Retailing Co., the operator of the Uniqlo casual wear chain, said Tuesday that the Japanese retailer is in a rush to open several more outlets in the Big Apple. ‘We would like to open several more shops in New York City as soon as possible,’ Yanai told a news conference in New York, where Fast Retailing operates its only U.S. outlet. (Via The Japan Times: News & Business.)
Recession-hit Singaporeans Return Home: The global economic meltdown has led more overseas Singaporeans to look at opportunities to return home. Contact Singapore, a government-run network which works to attract global talent, has witnessed more overseas Singaporeans making inquiries about jobs back home. (Via TopNews Singapore.)
Port of Singapore
Singapore hit by container slump: One of the world’s busiest ports, Singapore, told that in the year 2009 it handled 13.5 percent less container traffic from the last year as the global downturn squeezed world trade. Late Thursday, the Maritime and Port Authority of Singapore said in a statement that previous year the city-state held 25.9 million standard six-metre (20-foot) container units, losing from 29.9 million in 2008. The port authority said that the total cargo tonnage decreased by 8.6% to 469.6 million tones. (Via TopNews Singapore.)
Google Seeks Deal With Chinese Writers: Google sought to calm anger in China over its book-scanning project, saying it aims for a new agreement with Chinese writers for the rights to publish books in its digital library. (Via WSJ.com: What’s News Asia.)
China’s economic growth to hit 9% this year: Deutsche Bank: China’s economic growth would hit 9 percent in 2010 with exports making bigger contribution to it, a senior economist said here Monday. Ma Jun, Deutsche Bank Greater China chief economist, said at an investment forum that exports would play a bigger role in boosting China’s economic expansion in 2010. ‘Investment’s contribution to China’s economic growth is expected to drop from 80 percent in 2009 to 50 percent this year, and domestic consumption will likely remain stable,’ he said…” (Via Business – People’s Daily Online.)
Japan Airlines expected to axe 15,000 jobs: Reports say Japan Airlines is set to cut more than 15,000 jobs. It’s also expected to reject billion-dollar offers from Delta and American Airlines, as it files for bankruptcy and embarks on a government-led turnaround. Under a rehabilitation plan now being hammered out, JAL will slash staff numbers over the next three years. The plan would include a fresh investment of 300 billion yen. (Via RTHK On Internet – Finance News.)
Japan’s Deputy Prime Minister Kan to test waters for consumption tax hike after fiscal review: Deputy Prime Minister Naoto Kan, appointed last week to also serve as finance minister, indicated Sunday that he may put a consumption tax hike on the table in fiscal 2011.
‘I would like to spend this year thoroughly reviewing fiscal conditions,’ Kan said while making the rounds on Sunday TV talk shows. ‘Based on the results of the review, I would like to discuss necessary steps, whether that means (raising) the consumption tax or (introducing) a green tax. (Via The Japan Times: News & Business.)
Robin Yanhong Li, CEO of Baidu
Baidu, whose name is practically synonymous with Internet search in China, surprised investors when it revealed transition to its new Phoenix Nest system will lead to softer revenues into next year as customers adjust, sending its stock down sharply.
The news was music to others, such as Sina Corp and global search leader Google, looking for a bigger piece of the pie in the world’s biggest Internet market with 235 million search users in June, up about a third from a year ago.
“In the short term, Baidu could possibly lose market share to Google,” said JP Morgan analyst Dick Wei.
“From the end user perspective, they aren’t going to see much of a difference, but from the advertisers perspective, if you look at monetization market share, it (Baidu’s market share) could be a bit lower in the next few months,” he said.
Baidu expects to lose some customers and have lower revenue in the near term after the system is fully rolled out.
Baidu shares, which shed 0.5 percent to close at $432.97 during regular trading hours in New York, fell over 13 percent in after-hours trade to $375.99 after the company gave its revenue forecast that was well below Wall Street estimates. read more at ChinaDaily.com…
