BEIJING – China’s state planner on Monday approved a 42.1 billion yuan (S$8.32 billion) airport expansion project in Urumqi, capital of the far western region of Xinjiang, a key hub in China’s Belt and Road initiative. Construction will run through 2030 when the expanded airport is expected to handle 63 million passengers and 750,000 tonnes...
To attract visitors, Chinese shopping malls have been pulling out all the stops, such as installing outrageous features like polar bear aquariums and shark tanks. Now, a shopping centre in Chengdu, China, is making headlines for all the wrong reasons. Shoppers said they did a double-take when they walked past a merry-go-round in front of the...
A photo of a hardworking grassroots official in Yunnan province drew attention online over the weekend because it showed him with grey hair－which was surprising at age 38. Li Zhongkai is Party chief of an impoverished village in Dayao county, Chuxiong Yi autonomous prefecture, where he has been working in poverty relief for six years....
BEIJING – China’s foreign ministry said on Sunday (Nov 18) that no developing country would fall into a debt trap simply because of its co-operation with Beijing. Chinese Foreign Ministry spokeswoman Hua Chunying made the comment in an online statement responding to remarks made by US Vice-President Mike Pence. “No developing country will fall into...
BEIJING – China is raising the cash rewards paid to citizens for reporting pornographic and “illegal” publications to authorities, government regulators said Friday (Nov 16). Starting December 1, people can rake in up to 600,000 yuan (S$118,000) for reporting illegal content, online or otherwise, double the 300,000 yuan under previous guidelines. What counts as “illegal”...
Comcast Ventures had seen enough. Years of researching business models, seeing their portfolio’s performance and watching digital media startups struggle had made an impression. For 2018, the venture capital firm made a decision: unless it found an extraordinary idea or entrepreneur, it would no longer put seed money behind advertising-driven media companies. “Starting an ad-supported...
Amazon will soon have more than 50,000 jobs to fill. The company announced this month it will open two new headquarters, one in New York City, and the other in northern Virginia, and that the average salary will be more than $150,000. Wondering if you could be a contender? CNBC talked with former recruiters at...
The Securities and Exchange Commission announced its first civil penalties on Friday against crypto founders who failed to register new coin offerings, part of a bigger regulatory and legal crackdown aimed at abuses and outright fraud in the growing digital currency industry. The SEC said it settled separate cases with start-ups companies Airfox and Paragon,...
Wall Street’s best-known cryptocurrency bull just cut his bitcoin price target nearly in half. Tom Lee, co-founder of Fundstrat Global Advisors, lowered his year-end target to $15,000 from $25,000 — still well above where the cryptocurrency was trading on Friday. A key driver was bitcoin’s “break-even” point, the level at which mining costs match the...
Chipmaker Nvidia was a major beneficiary of the crypto-boom last year. But by now, the party is over and the hangover is starting to set in. In its disappointing earnings report Thursday, Nvidia executives outlined a drop in revenue for the current quarter based on lack of demand for its gaming cards. Cryptocurrency mining had...