What's news

Trade volume in Shanghai grows

During the first half of this year, Shanghai registered double-digit growth in import and export volume for the first time since 2012. According to Shanghai Customs, the total import and export volume, only next to that of Guangdong and Jiangsu provinces, reached 1.6 trillion yuan ($236.5 billion) during the first six months, up 18.7 percent year-on-year. China (Shanghai) Pilot Free Trade Zone accounted for over 40 percent of the city's total import and export volume. Mechanical and electrical products took up the majority 70.6 percent of total export, while bulk commodities, passenger cars, medical and healthcare products were among the top import categories.

Tibet airport visits at record high

Airports in the Tibet autonomous region handled a record high of 2.07 million passengers in the first half of 2017, the regional civil aviation authority said on Wednesday. The passenger flow was 11.8 percent higher than the same period last year. A total of 19,600 flights took off or landed at Tibet's airports from January to June this year, up 5.2 percent year-on-year. Cargo throughput also rose 26.2 percent to 15,900 metric tons on a yearly basis during the same period, the authority said. An official told Xinhua that the region expects to welcome 4.5 million passengers in 2017, with July and August the peak tourist season on the Qinghai-Tibet Plateau, known for its breathtaking scenery of snowy mountains and emerald lakes. Tibet currently has 72 direct flight routes.

Companies And Markets

Yuan weakens against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 13 basis points to 6.7464 against the US dollar on Thursday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Huawei expands in Singapore

Chinese tech giant Huawei on Wednesday announced strategic partnerships with the Infocomm Media Development Authority of Singapore and two local firms, Keppel Data Centers and Ascent Solutions. The Chinese company signed two Memorandums of Intent and a Memorandum of Understanding with the Singaporean authority and firms, cementing Huawei and its partners' commitment to a program called Singapore's Digital Economy Future for a Smart Nation. Huawei said the partnerships aim to enhance industry cooperation, enable local companies to scale up globally, empower the workforce with skills for the digital economy as well as equipping companies with the technology and knowledge to build strong digital capabilities in a sustainable manner.

Daimler recalling cars across Europe

German carmaker Daimler announced "a comprehensive plan for diesel engines", extending an existing recall action over diesel emissions, to include over three million Mercedes-Benz vehicles across Europe. The Stuttgart-based company said in a statement that the voluntary service action had already been carried out for Mercedes compact-class cars, as well as for V-Class customers. "The public debate about diesel engines is creating uncertainty, especially for our customers," said Daimler Chairman Dieter Zetsche, adding that additional measures were taken by the board to reassure drivers of diesel cars and to strengthen confidence in diesel technology.

Uber sued over wheelchairs

Ride-sharing company Uber was sued on Tuesday by disability rights groups, for discriminating against passengers with mobility disability in New York City. In the proposed class-action complaint, Uber was accused of violating the New York City Human Rights Law because an estimated 99.9 percent of its more than 58,000 vehicles in the city are unusable by people in wheelchairs. "Uber purports to have some accessible vehicles in its fleet, but passengers attempting to use Uber's accessible service face extended wait times, or are still denied access to the service altogether, demonstrating that the new service is nothing more than window-dressing, designed to avoid government regulation and legal requirements," the complaint said. The 31-page lawsuit was filed in the New York Supreme Court in Manhattan by Disability Rights Advocates, a national nonprofit legal center, on behalf of advocacy groups and individuals.

Around The World

Portugal places bond tranche

Portugal placed a tranche of 1.75 billion euros ($2 billion) six and 12-month treasury bills on Wednesday, at average yields more negative than the previous comparable auctions, according to the Portuguese Treasury and Debt Management Agency. Portugal placed 1.25 billion euros in 12-month bills at an average yield of minus 0.259 percent, against minus 0.153 percent in the similar auction on May 17. Portugal also placed 500 million euros of six-month bonds at an average yield of minus 0.292 percent, against minus 0.210 percent in a similar auction in the same day. The demand for the 12-month bills was 1.7 times the amount placed, while that for the six-month bills was 2.77 times the amount placed.

Austrian economy grows steadily

The Austrian economy is on track for steady growth of an average 1.7 percent each year until 2021, a leading research institute said on Wednesday. In its latest medium-term prognosis for the economy, the Vienna-based Institute for Advanced Studies said after many years of weak growth, a positive start to 2017 would be maintained going forward, albeit at a slightly lesser rate. The anticipated growth rate will put Austria on par with growth expectations for the remainder of the eurozone, and be about 1 percent higher than average growth seen between 2012 and 2016, the institute said. The improved situation is largely expected to come from a strong increase in private consumption, as well as an increase in demand for exports on the back of an improvement in global trade.

Kenya seeks $45m funding

Kenya requires $45 million in funding, in order to achieve universal access for communications services, its telecommunications industry regulator said on Wednesday. Francis Wangusi, director-general of the Communications Authority of Kenya, told a media briefing in Nairobi that currently 94.4 percent of the country's population had access to at least basic telephone services and a message service. "Kenya is therefore seeking $45 million in order to reach the unserved and underserved areas that were left out during the liberalization of the communications sector," Wangusi said during a recent meeting. Wangusi said that Kenya has set a target of achieving full connectivity for the entire population in the next five years.