Friday_____________________ April 19

Yahoo China to end e-mail service

Yahoo China says it will shut down its e-mail service by Aug 19.

The company, part of Internet giant Yahoo, has been run by China's e-commerce leader Alibaba since 2005 after the two firms agreed to a $1 billion deal that saw Yahoo given 40 percent of then little-known Alibaba's stock.

Closing Yahoo Mail will leave the brand with only its web portal business in China.

Yahoo China told users that they have to register a mailbox with AliCloud, a core business unit under Alibaba, to make sure their e-mails and other information will be kept instead of being deleted when Yahoo Mail ceases operations.

Property prices increase in March

Despite the latest round of tightening measures, almost all of China's major cities posted increases in property prices last month.

Of 70 cities monitored by the National Bureau of Statistics, 68 saw home prices go up month-on-month compared with 66 in February, the bureau said.

"Expectations of higher home costs after the implementation of the government's latest measures contributed to a purchase rush in March, which prompted property developers to either cancel discounts or hike prices," said Liu Jianwei, a senior statistician with the bureau.

Monday_____________________ April 22

Blackstone starts China scholarship

Stephen Schwartzman, the billionaire chairman of Blackstone Group LP is giving $100 million of his personal wealth toward establishing a $300 million scholarship fund for foreign students to attend China's Tsinghua University, alma mater of senior officials including President Xi Jinping.

The program will enroll students from the US as well as Europe, South Korea, Japan, India and other nations. Schwartzman is seeking to raise an additional $200 million and has commitments for half that amount from sponsors, including Bank of America Merrill Lynch, Boeing Co, Caterpillar Inc and General Electric Co. (Photo 1)

Hundreds mourn Boston bombing victim

More than 1,200 students, teachers, and residents from Boston and nearby towns attended a memorial service for Lu Lingzi, the 23-year-old Chinese graduate student who was one of three people killed in the Boston Marathon bombings on April 15.

Lu's family flew in from China to attend the service at Boston University's George Sherman Student Union on Monday.

"'Every child is actually a little Buddha that helps their parents mature and grow up'," her father quoted a Chinese proverb at the service. "We as parents admire and appreciate her kindness, courage, and her yearning for a beautiful life."

Lu came to study statistics at BU last August. She had planned to graduate by this December. A scholarship in her honor was set up last Thursday at BU and has received more than $560,000 in funding.

Lu was with her two university friends - two Chinese female graduate students - on Boylston Street near the race's finish line when the blasts occurred. Zhou Danling, one of the three, was injured and is being treated at Boston Medical Center. (Photo 2)

Tuesday____________________ April 23

Online shoppers may get new laws

For the first time since its enactment 20 years ago, China's top legislature is reviewing a draft amendment to the country's consumer rights law, which will further protect consumers' rights, better protect their privacy and impose harsher punishments on commercial fraud.

The changes are aimed at boosting consumer confidence and promoting consumption.

About half of the complaints received by the country's commercial departments and associations are about quality problems, and the amendment clarifies the conditions for the return, exchange or repair of goods. It includes a seven-day cooling-off period for online purchases, except goods such as foods and live products, in which consumers can return their purchases and get a full refund.

The draft imposes harsher penalties on sellers found defrauding consumers, imposing fines equivalent to up to three times the value of goods or services and criminal liabilities for defective products that damage health or result in death.

Global demand increases for rare earths

International demand for rare earth metals from China climbed in the first quarter because of falling prices.

Rare earth exports rose 55 percent in March from February to 1,718 metric tons, according to statistics from the General Administration of Customs. Export volume in the first three months grew 47.3 percent to 3,916 tons. But in the same period, export value dropped 71 percent to $91.9 million.

Rare earths comprise 17 metallic elements used in many technological products, including missile systems. China supplies more than 90 percent of the world's rare earths, and has nearly one-third of the known global reserves.

Deputy Secretary-General of the China Rare Earths Industry Association Chen Zhanheng said the growth in exports volume stems from a price decline in 2011, stimulating overseas buyers who had used up their reserves. (Photo 3)

Wednesday________________ April 24

Apple's China sales slow

Apple Inc reported slower sales growth in China during its second quarter, as the company had its first profit decline in 10 years.

Slower sales in China raised concerns that Apple is feeling the effect of reduced demand in its fastest-growing and second-biggest market.

The company said revenue increased 11 percent to $8.8 billion in the Chinese mainland, Hong Kong and Taiwan, which was much slower than in Apple's fiscal first quarter when the iPhone 5 was introduced in China. In that period, sales surged 67 percent, far outpacing growth of 15 percent in the Americas and 11 percent in Europe.

The Cupertino, California, company's second-quarter net profit was $9.55 billion, or $10.09 a share, down 18 percent from the $11.6 billion, or $12.30 a share, recorded a year earlier. Revenue increased 11 percent to $43.6 billion.

Yum's profits hurt by bird flu scare

Yum Brands Inc, the biggest foreign fast-food operator in China, said publicity over tainted chicken and the outbreak of bird flu hurt first-quarter earnings and sales in the country, leading to a 26 percent drop in first-quarter profit for the company that operates KFC and Pizza Hut.

Yum, which draws half its revenue from China, reported that operating profit in the country plunged 41 percent during the quarter ended March 23.

Chairman and CEO David Novak vowed to "stay the course" and proceed with a plan to develop at least 700 new restaurants in China this year. (Photo 4)

Thursday________________ April 25

Outbound commercial real-estate rises

China's investment in commercial real estate abroad could reach $5 billion this year, according to an international real estate advisory company.

"Offices in New York, London, Singapore and Sydney are all popular destinations for Chinese investors," David Green-Morgan, research director of global capital markets at Jones Lang LaSalle, or JLL, said in a report .

Those investors include institutional ones such as sovereign fund China Investment Corp, insurance companies and State-owned enterprises as well as high net worth individuals.

In the first quarter of this year, Chinese investors poured $1 billion into London office stock, according to JLL.

According to JLL, money flowing out of China into direct real estate investment overseas reached $4 billion in 2012, up 33 percent from 2011.

US imports increased in 2012

China remained the United States' third-biggest export destination in 2012, with the value of imports increasing by 6.5 percent, or $6.6 billion, to nearly $109 billion, according to a report by the US-China Business Council.

Each of 30 US states exported more than $1 billion in goods to China and 10 others shipped more than $500 million, the Washington-based organization that represents more than 200 US companies that do business in China said in an annual survey. Leading industries were agriculture, transportation and electronics.

The No 1 export destination for US goods is Canada, followed by Mexico.

Tourists pose for photos in ethnic clothes in the scenic old town of Fenghuang, Hunan province. The town recently began charging tourists an entry fee, which sparked a debate and protest from local vendors. On Thursday, China passed the country's first law covering the tourism industry. It aims to curb price inflation at scenic spots and protect tourists. Zhao Zhongzhi / Xinhua

(China Daily 04/26/2013 page8)