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China Daily USA | Updated: 2017-01-11 07:36

Govts & policies

Tourism revenue grows fast

The mainland's domestic tourism industry earned about 3.9 trillion yuan ($563.6 billion) in 2016, up 14 percent year-on-year, official statistics showed. Domestic tourists made 4.44 billion trips last year, an increase of 11 percent, the China National Tourism Administration said. Inbound trips rose 3.8 percent to 138 million and outbound trips increased 4.3 percent to 122 million. The nation's tourism service trade surplus rose 11.5 percent to $10.2 billion, the data showed. The CNTA has attributed the sector's growth momentum to upgraded domestic consumption.

Xinjiang aims for 100,000 textile jobs

The Xinjiang Uygur autonomous region, a major cotton production base in northwestern China, is aiming to create more than 100,000 new textile jobs in 2017, through intensive processing projects such as garment manufacturing. Yin Xiaodong, an official in the region's textile industry, said on Monday that the number would account for two-thirds of planned new jobs in the region's industrial sector in 2017, or a quarter of all new jobs.

Companies & markets

Treasury bond futures close mixed

China's treasury bond futures closed mixed on Tuesday, with the contract for settlement in March 2017 closed 0.045 percent lower at 99.55 yuan ($14.4). The June 2017 contract closed 0.035 percent lower at 98.69 yuan. The September 2017 contract closed 0.066 percent higher at 98.2 yuan.

The contracts are agreements to buy or sell treasury bonds at a predetermined price and set date. They allow investors to bet on and profit from the movements in the value of the bonds.

BYD electric buses for Argentina

Shenzhen-based BYD Co has been officially selected as the recommended company by the evaluation committee in Argentina for the purchase of 50 electric buses on behalf of the Ministry of Environment. The tender was launched by the Ministry of Environment as a pilot project for the introduction of electric public transport in different cities throughout the country. The bid evaluation committee chose BYD among a pool of 5 bidders for its successful 12-meter electric bus, which is already widely used in cities such as London, Los Angeles and Amsterdam.

Dendreon to be sold to Sanpower

Canada's Valeant Pharmaceuticals International Inc said its affiliate will sell its Dendreon cancer business to China's Sanpower Group Co Ltd for $819.9 million, as the drugmaker continues to shed its noncore assets to repay debt. Dendreon makes the prostate cancer vaccine Provenge that was approved by the US Food and Drug Administration in 2010. "With this sale, we are better aligning our product portfolio with Valeant's new operating strategy by exiting the urological oncology business, which is one of our noncore assets," Valeant Chief Executive Joseph Papa said in a statement on Monday.

Volkswagen recalls 50,000 vehicles

Volkswagen China will recall 49,480 vehicles due to brake design defects starting Feb 6, according to China's quality watchdog. The recall involves imported Beetles produced between July 1, 2012 and Aug 6, 2015, and imported Golf Variants produced between July 1, 2012 and July 6, 2013, according to a statement from China's General Administration of Quality Supervision, Inspection and Quarantine. Due to a defective noise filter on brake boosters, the brake system may malfunction.

Swiss National to post $24b profit

Switzerland's central bank, the Swiss National Bank, said on Monday that according to provisional calculations, it expected 2016 profits to be over 24 billion Swiss francs ($23.6 billion). This is a complete U-turn compared with results recorded two years ago, when it reported losses in excess of 23 billion Swiss francs. According to SNB, most of the year's profits were accounted for by foreign exchange profits. "Profit on foreign currency positions amounted to more than 19 billion Swiss francs," SNB said in a provisional statement.

Winemakers hope for profits boost

Australian winemakers and exporters are hoping for a boost in profits from this week, as tariffs to China are further reduced as a result of the China-Australia Free Trade Agreement. China is the nation's largest export market for wine, with the export side of the industry now worth almost $375 million annually. However, with the further tariff reductions, China's middle class will be able to access more wines at a cheaper price, something exporters hope will contribute to a bigger bottom line. Since Chinese wine connoisseurs first developed a taste for premium Australian wine, growth in the wine export business has steadied.

Around the world

Global economic activity improving

Global economic activity will improve in 2017, said an HSBC Global Asset Management report issued on Monday. "Trumponomics", the cooperation of fiscal and monetary policy, improving global economic activity and continuing low interest rates, will be four key themes shaping the macro environment in 2017, it said. Following "Trumponomics," market perceptions of risk have shifted toward the scenario of a "strong demand recovery", driven by expectations that Trump will implement more growth-friendly policies and the era of "deflation dominance" is likely over, the report said.

Bank rate cuts have 'desired effect'

The firmer trend in Australia's retail sales suggests the two latest central bank rate cuts are beginning to work, though concerns linger over long-term growth with continued weak wage growth and falling savings ratio, Commonwealth Bank of Australia said on Tuesday. Retail trade continued its upward trend for the third consecutive month, up 0.2 percent in November though year-on-year growth was up only 3.3 percent, strong signs before the holiday sales period. Annualizing the growth rate over the past four months - up 6 percent - is well above the 10-year average of 4.5 percent, CBA's economist Kristina Clifton said in a note, showing the two interest rate cuts of 2016 are "having the desired effect."

Record car sales in New Zealand

New vehicle car sales in New Zealand jumped by 9.5 percent to a record 146,753 last year, the Motor Industry Association said on Tuesday. The "wonderful year" for sales was the third record year running, MIA chief executive officer David Crawford said in a statement. "The new vehicle market for 2016 performed significantly beyond expectations and along the way exceeded every single previous record," said Crawford. Overall the passenger and SUV market for 2016 was the strongest ever with 102,514 sales.

Residential flats price up 0.4%

Resale prices for Singapore's non-landed private residential flats edged up 0.4 percent in December month-on-month, according to estimates released by Singapore Real Estate Exchange on Tuesday.

According to SRX Property, resale prices of non-landed private homes inched up 0.1 percent for the full year of 2016, led by resale prices in downtown area. As for December, resale prices for private homes in downtown area remained unchanged, resale prices in suburban area increased 1.2 percent month-on-month while resale prices in the city fringe dropped 0.5 percent.

Unemployment up in Italy in November

Unemployment in Italy rose to 11.9 percent in November 2016, the highest level since June 2015, the Italian Institute of Statistics reported on Monday. The jobless rate rose by 0.2 percent on a monthly basis, and by 0.5 percent over November 2015. Unemployment among youth aged 15 to 24 years increased to 39.4 percent, from 36.4 percent in October 2016. It was the highest level registered since October 2015. ISTAT also released an increased participation in the labor market in November.

Highest jobless rate increase in Estonia

The unemployment rate increased by 1.1 percentage points in Estonia in November 2016 year-on-year, the highest in the European Union, data from Eurostat, the EU's statistics agency, released on Monday showed. Estonia's unemployment rate increased to 7.4 percent in November 2016 from 6.3 percent in November 2015, despite the unemployment rate decreasing in 24 EU member states, according to the official data.

China Daily - Agencies

(China Daily USA 01/11/2017 page14)

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