Bank pumps more money into mar­ket

China Daily European Weekly - - BUSINESS - LeEco cut­ting 70% of staff in the US Baidu to sup­ply part­ners with AI Namibia se­lected for global QQ project VW, JAC join forces to make elec­tric cars FAW-VW to re­call 577,590 ve­hi­cles

China’s cen­tral bank onMay 24 pumped more money into the mar­ket to ease liq­uid­ity ahead of the Dragon Boat Festival hol­i­day onMay 30. The Peo­ple’s Bank of China con­ducted 40 bil­lion yuan ($5.8 bil­lion; 5.15 bil­lion eu­ros; £4.46 bil­lion) of seven-day re­verse re­pos, priced to yield 2.45 per­cent, un­changed from theMay 23 in­jec­tion of 80 bil­lion yuan, ac­cord­ing to a PBOC state­ment. The bank also con­ducted 50 bil­lion yuan of 14-day re­verse re­pos, priced at 2.6 per­cent. The move fol­lowed a net in­jec­tion of 180 bil­lion yuan into the fi­nan­cial sys­tem onMay 22 and 23. The money mar­ket will see 140 bil­lion yuan of re­verse re­pos ma­ture this week. TV and smart­phone group LeEco says it will cut over 300 jobs at its US busi­ness, amount­ing to al­most three-quar­ters of its lo­cal work­force, as the cash-strapped con­glom­er­ate stream­lines global op­er­a­tions in re­sponse to a shortage of cash. The cuts are aimed at in­creas­ing its fo­cus on its do­mes­tic mar­ket, and core TV sets and on­line con­tent busi­ness. That was af­ter founder Jia Yuet­ing said last year ex­pan­sion had been too quick and costly. LeEco stretched its busi­ness from video stream­ing to TV sets, smart­phones, sports and even elec­tric ve­hi­cles in a lit­tle over a decade, em­ploy­ing 14,000 peo­ple glob­ally as of late last year. “The breadth of our busi­ness model is cap­i­tal in­ten­sive,” LeEco said in a state­ment. It said that made it dif­fi­cult in the past few months to sup­port all its busi­nesses. “As a re­sult, the cap­i­tal we do have will have to be highly fo­cused, re­sult­ing in a sig­nif­i­cant re­struc­tur­ing and stream­lin­ing of our busi­ness, op­er­a­tions and work­force,” the group added. Baidu Inc an­nounced it would pro­vide its part­ners with ar­ti­fi­cial in­tel­li­gence re­sources and tech­nol­ogy, to build a smarter and stronger al­liance for shared growth. The group says it will share its me­dia re­sources, on­line data ac­cu­mu­la­tion and an­a­lyt­i­cal tech­nol­ogy, ad­vanced mar­ket­ing tech­niques and large pool of advertisers with its part­ners. The shared re­sources will in­clude on­line por­tals, smart­phone mak­ers and app de­vel­op­ers, Se­nior Vice-Pres­i­dent Xiang Hai­long told the an­nual sum­mit of the Baidu Union, an al­liance frame­work of Baidu and its part­ners. CEO and Chair­man Robin Li says the in­ter­net is just a “starter” while AI will be the “main course”. Li adds that the era of en­hanced com­mu­ni­ca­tions be­tween peo­ple and things has ar­rived, cit­ing ex­am­ples of voice­con­trolled smart home ap­pli­ances and au­ton­o­mous driv­ing ve­hi­cles. Li says tit is time to shift from “think­ing mo­bile” to “think­ing AI”, with more fo­cus on tech­nol­ogy and user ex­pe­ri­ence. The south­ern African na­tion of Namibia was se­lected as one of the coun­tries for the first phase of the global QQ project, launched by lead­ing Chi­nese in­ter­net firm Ten­cent Hold­ings Ltd. Ten­cent an­nounced onMay 22 the launch of the QQ X Project. The QQ so­cial me­dia ap­pli­ca­tion is a global player, be­ing the third big­gest so­cial me­dia ap­pli­ca­tion af­ter Face­book and What­sApp mes­sen­ger. Namib­ian Am­bas­sador to China, Elia Kaiyamo, said at the launch that Namibia was ex­cited to have been se­lected for the project which would be a win-win part­ner­ship with Ten­cent. “This project will make an im­por­tant con­tri­bu­tion to the knowl­edge and ed­u­ca­tion of youth through­out the world,” he said. A joint ven­ture be­tween Volk­swa­gen China and An­hui Jianghuai Au­to­mo­bile Group Co to make elec­tric cars has been ap­proved by the Chi­nese au­thor­i­ties. JAC said onMay 22 that the ven­ture, with a to­tal in­vest­ment of 5 bil­lion yuan ($726 mil­lion; 645.2 mil­lion; £558.6 mil­lion), will have the ca­pac­ity to man­u­fac­ture 100,000 elec­tric cars an­nu­ally. Ac­cord­ing to the ap­proval, is­sued by the Na­tional De­vel­op­ment and Re­form Com­mis­sion, mod­els to be pro­duced by the ven­ture will be made and sold un­der a new brand and logo. The prod­ucts will be sold in the do­mes­tic and in­ter­na­tional mar­kets. JAC VWwill use a pro­duc­tion base owned by JAC in He­fei, cap­i­tal of An­hui prov­ince. FAW-Volk­swa­gen will re­call 577,590 ve­hi­cles to ad­dress a po­ten­tial mal­func­tion of the ex­te­rior lights caused by a faulty fuse, China’s qual­ity watch­dog has an­nounced. The re­call, ef­fec­tive fromMay 17, will in­clude more than 410,000 Golf A6 ve­hi­cles pro­duced be­tween Septem­ber 2009 andMay 2014, and over 160,000 Sag­i­tar mod­els man­u­fac­tured be­tween July 2010 andMarch 2012. Some ex­te­rior lights could stop work­ing

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