Shenzhou X, China's fifth manned spacecraft,atop an upgraded Long March-2F carrier rocket, blasts off from Jiuquan Satellite Launch Center at 5:38 pm on Tuesday. Zou Hong / China Daily

Friday_____________________ June 7

LightInTheBox goes public

Online retailer LightInTheBox made a solid market debut in its first trading on the New York Stock Exchange.

The IPO on June 6 ended a seven-month drought of initial public offerings in the United States for Chinese companies.

The Beijing-based company's American depositary receipts - which are being closely watched for signs that US investors are ready to buy stocks of Chinese companies again - jumped 22.1 percent to close at $11.61.

The IPO raised $79 million and marked the company's initial market value at $465 million. LightInTheBox sells inexpensive Chinese-made goods like fishing rods and wedding dresses to customers mostly in other countries, often with free shipping.

"We had a great IPO and I'm very proud it, but I think as CEO it's more important how I run this company," said CEO Alan Guo in an interview. "So I assume the stock will take care of itself. "

US stock market listings by Chinese companies have been hurt by negative sentiment tied to accounting scandals and fraud allegations involving US-listed Chinese companies.

The IPO was the first by a China-based company in the US since social-gaming operator YY Inc went public on Nasdaq in November. (Photo 1)

Time Warner joins investment pact

Time Warner Inc has formed an investment partnership with Shanghai-based China Media Capital to expand its China presence.

Time Warner, owner of one of the world's biggest video libraries, operates Warner Bros, the HBO cable network and Turner Broadcasting. The New York-based company said its partnership with CMC would aim to capitalize on China's rapidly growing media sector "as digital devices proliferate and China's demand for high-quality content across multiple platforms rises".

Monday____________________ June 10

Data suggest weaker economy

China's annual consumer inflation slowed in May, suggesting that the economy may be weaker than expected.

The National Bureau of Statistics said China's consumer inflation declined 2.1 percent, 0.3 percentage points lower than one month ago or the lowest in three months, while producer prices fell 2.9 percent from a year earlier, the lowest since September.

Grain prices soared 5.1 percent, meat and relevant product prices went up 1.6 percent and vegetable prices were down 1.9 percent.

The bureau said more than 80 percent of the monthly decline in the CPI was accounted for by a drop in vegetable prices when supplies climbed due to warm weather. Vegetable prices fell 13.8 percent in May from April, dragging down the month-on-month headline CPI by 0.5 percentage points.

New university alumni alliance is formed

The inaugural ceremony of the Chinese University Alumni Alliance (CUAA), an organization for exchanges between Chinese alumni of North American universities and Chinese universities, was held in New York City.

More than 300 guests attended the ceremony in New York on Saturday, including more than 40 Chinese universities. CUAA is a US-registered non-profit organization based in the city and serves as a bridge for mutual exchange, understanding and cooperation between Chinese universities and the US. Its members include alumni associations of more than 30 Chinese universities.

Tuesday____________________ June 11

Asian Americans feel out of place

Asian-Pacific Americans often feel out of place in corporate America, underscoring the need for US employers to invest in programs that address the group's "unique cultural heritage", according to a new study by the Asia Society.

The fourth annual Asian- Pacific Americans Corporate Survey found that more than 40 percent of Asian-Pacific Americans - a group defined as including both Asian Americans and Pacific Islander Americans - either feel they don't belong in their company or are indifferent on the issue.

The study found that 61 percent of Asian-Pacific Americans "feel good about growth and development prospects", up 4 percentage points from a year earlier.

The study by the nonprofit New York-based group, which seeks to foster mutual Asian-American understanding, surveyed the sentiments of Asian-Pacific American employees at Fortune 500 companies. Less than half of those surveyed said their company offers mentoring, sponsorship and career-coaching programs tailored to their special needs.

CO2 emissions slow down

China was still the No 1 emitter of carbon-based pollution in 2012, even though its world-leading increase was among the smallest the country has recorded in the past decade, according to the International Energy Agency.

China's increase of 300 million metric tons, or 3.8 percent above levels of 2011, offset reduced US and European emissions, the Paris-based organization said n its annual World Energy Outlook.

In noting that China's year-on-year increase, in percentage terms, was less than half the 9.3 percent level set in 2011, the IEA credited continued investment in renewable energy and more-efficient, less-polluting systems that burn coal to generate electricity.

Wednesday__________ June 12

US Senate takes up trade pick

The US Senate will consider President Barack Obama's choice of Michael Froman to be the next US trade representative after its Judiciary Committee approved the White House economic adviser for the post.

The committee's vote followed a confirmation hearing last week at which Froman testified that the US, China and the European Union have had initial talks toward a possible "global" resolution to trade disputes over Chinese exports of solar-energy panels.

Froman disclosed the three-way discussions two days after the EU imposed temporary duties of nearly 12 percent on imports of solar panels from China.

The duties, which expire on Aug 6, will be replaced by higher tariffs - up to 68 percent, depending on the manufacturer - unless European and Chinese negotiators reach a resolution in the meantime.

China is main overseas source for US adoptions

China is still the No 1 overseas source for US families to adopt a child. According to the latest figures from the US State Department's Office of Children's Issues, of the 8,688 children Americans adopted from overseas in 2012, 2,697 were from China, a ratio of roughly 1-out-of-3, which has been true for the last 14 years.

The next closest country in 2012 was Ethiopia with 1,568 children, followed by Russia, 748, the Republic of Korea, 627, and Ukraine, 395

Data from the State Department office also track the average number of days to complete an adoption. China, at 267 days, is at the mid- to lower-end of the scale, with Mexico, averaging 770, the longest, and Panama, at 53, the quickest.

Thursday________________ June 13

GDP forecast is for slower growth

China's GDP this year is expected to be 7.7 percent, slightly higher than the official estimate, followed by 8.0 percent and 7.9 percent in 2014 and 2015, according to new global forecasts from the World Bank.

Global growth is likely to be "muted" for the next few years as expansion in China and other developing countries slows, the lending institution said in its semiannual Global Economic Prospects report.

Global GDP is expected to grow by 2.2 percent this year before strengthening to 3.0 percent and 3.3 percent in 2014 and 2015, respectively, the report said.

In China, where the government's target of 7.5 percent for 2013 was buoyed by first-quarter growth of 7.7 percent, the slower pace compared to previous years is due to the country's shift to a consumer demand-driven economy, the World Bank said.

Hilton hotels to expand in interior cities

The Hilton Worldwide hotel chain is looking to expand its portfolio of 32 hotels and 12,000 rooms in China to more than 150 hotels and 55,000 rooms, with a concentration in interior cities where it sees the highest potential for growth.

"With 1.3 billion people who are hungry to succeed, I can't wait to see what this country does in 10 years, especially when you look at the growing middle class," said Jim Holthouser, executive vice-president of global brands for Hilton Worldwide.

Lee Wee-Hau, Hilton Worldwide's senior vice-president of development for China and Mongolia, said that demand for hotel services had surged with the rise in commercial and manufacturing activities. (Photo 4)

(China Daily USA 06/14/2013 page8)