China created the country’s largest chip maker last week, taking a giant step forward towards Beijing’s plan of becoming less reliant on foreign technology.Under Beijing’s direction, Tsinghua Unigroup, China’s largest chip designer, acquired a majority stake in XMC, one of the China’s leading chip maker and backed by the national semiconductor fund, the Wall Street Journal reported. A new holding company was created for XMC called Yangtze River Storage Technology, which has a registered capital of 18.9 billion yuan ($2.8 billion).Yangtze combines Tsinghua Unigroup’s investment power and XMC’s ...
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BEIJING, Aug 7 (Xinhua) -- A Chinese pilot and his crew left Beijing Sunday on a flight across the globe, the first around-the-world flight from China.After two years of careful preparation, the single-engine turboprop TMB700 aircraft left Beijing Capital International Airport Sunday afternoon.The 58-day journey will cover 40,000 kilometers and over 20 countries including Russia, the United States, Canada, Iceland and Britain.According to pilot Zhang Bo, who is in his fifties, there will be around 50 stops, and will follow part of the Ancient Silk Road trade route.As an aviation enthusiast, Zh...
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China has launched its first mobile telecommunications satellite.The Tiantong-01 satellite will establish a mobile network serving China, the Middle East, Africa and other areas, the state run Xinhua news agency reported.It was sent into space after midnight local time in Beijing (16:00 GMT) on Sunday.The ground service will be operated by China Telecom, which is owned by the Chinese state.The country is also preparing for the next round of its manned space mission.On Saturday two launch rockets arrived at a launch centre in northwest China. They will carry a second module of the country’s pla...
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China’s post-1990 consumers posted the highest consumer confidence in the second quarter ofthe year, due to their optimism on job prospects, personal finance and willingness to spend, the latest survey from consultancy The Nielsen Co showed on Friday.Their Consumer Confidence Index stood at 110, higher than that of any other age group, followedby the post-1960 (108) and post-1980 (105) generations, according to the survey."The post-1990 consumers are more open to new things and have a strong willingness to spend,therefore creating lots of opportunities for all types of businesses," s...
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The action, although widely expected, prompted the pound to fall by 1.5% against the dollar.The FTSE 100 closed up 105 points at 6,740.16, higher than the same day last year.The pound was down 1.5% against the dollar at $1.3120 and was down 1.3% against the euro at 1.1799 euro."We got a Goldilocks dose of stimulus from the Bank of England today, not too dovish and certainly not too hawkish," said Neil Wilson, markets analysts at ETX Capital."The inclusion of corporate bonds in the QE programme is noteworthy. It’s going to deliver another sugar rush for the FTSE 100 and it’s no d...
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