Pudong Bank's Q3 earnings climb(10/31)
Shanghai Pudong Development Bank yesterday posted a 16.8 percent jump in net profit in the third quarter from a year earlier, compared with a rise of 12.8 percent in the first half.
In a filing to the Shanghai Stock Exchange, the lender said its net earnings in the July-September period rose to 10.4 billion yuan (US$1.7 billion), or 0.559 yuan per share.
Meanwhile, revenues soared 24.6 percent year on year to 26 billion yuan, including 21.9 billion yuan in net interest income and 3.8 billion yuan in commi-ssion fees.
Kids book fair a new chapter(10/30)
Young bookworms can get their hands on the latest Chinese and foreign children's books at the first China Shanghai International Children's Book Fair next month.
The event is open to the public on November 9 from 9am to 6pm at the Shanghai Exhibition Center.
It features 154 domestic and overseas publishers presenting more than 50,000 children's books, including 20,000 foreign titles.
Among famous foreign children's writers and illustrators appearing are Nobel Prize winner Jean-Marie Gustave Le Clezio, Swedish writer Lotta Olsson, Swedish illustrator Maria Nilsson Thore and French writer Susie Morgenstern.
They will attend the author sessions, book signing and international forums on children's literature.
Kan Ninghui, deputy director of Shanghai Press and Publication Administration, said it is the only book fair targeting children up to 16 years old in Asia.
Tickets are 20 yuan (US$3.3), and include free admission for two children under 1.4 meters tall.
Blood donor center open in Lujiazui(10/29)
Workers in Lujiazui can give blood at a new center in the financial district, Shanghai Blood Administration Office said yesterday.
The blood donation center at the No. 1 exit of the Lujiazui Station of Metro Line 2 had a low-key opening on September 30.
It has been collecting around nearly 11 units of blood -- one unit is 200 milliliters -- each day and 38 units by maximum.
It replaces a blood collection vehicle that was at the entrance of the Oriental Pearl TV Tower until three years ago.
This is part of efforts to encourage more blood donors.
Traditionally, many Chinese are reluctant to donate blood as they believe it is harmful to their health.
A blood donation room at Hongqiao Traffic Hub is soon to open, adding to the 40 or so mobile and streetside centers.
Streetside blood donations accounted for 40-45 percent of the total donations in the past two years, compared to over 50 percent in previous years. It was partly blamed on some blood collection rooms and vehicles being in the wrong location.
Warm weather to start the week(10/28)
This week is expected to start off slightly warmer than the past few days although some light rain is forecast to arrive on Wednesday.
Today and tomorrow will be mostly cloudy, the Shanghai Meteorological Bureau said. It forecast a high of 22 degrees Celsius today and 24 degrees tomorrow. The low is expected to be around 17 degrees both days.
A humid and warm air mass will likely bring light rain to the city from Wednesday, forecasters said.
The temperature will also drop slightly, ranging from 18 to 21 degrees between Wednesday and Friday.
Yesterday the high was 20.2 degrees. But it dipped to 11.9 degrees at Shanghai's benchmark observatory in Xujiahui -- the lowest so far this autumn. However, it was even cooler in suburban districts. Qingpu, Fengxian and Jinshan districts reported a low of 7.4 degrees.
Meteorologists reminded residents to dress appropriately as it can be rather chilly in the evening and at night.
Dry and sunny at weekend(10/26)
Shanghai is expected to see dry and sunny days at the weekend, with the temperature hitting a high of 20 degrees Celsius and a low of 12 or 13 degrees, while wind is likely to be lighter, local weathermen said yesterday.
The temperature will rise slightly early next week after a cold front leaves the city. On Tuesday and Wednesday, the high will reach 22 to 23 degrees Celsius and the lows at 17 or 18 degrees, according to the Shanghai Meteorological Bureau. The weathermen said the weekend weather is ideal for outings but suggested local residents keep warm if they are going out in the early morning and at night to prevent catching a cold.
Women live 4 years longer than men in city(10/25)
The average life expectancy of Shanghai women last year was 84.67 years - 4.49 years longer than the local men and 0.23 years more than in 2010.
The city's maternal mortality rate, which includes migrant women, fell from 9.61 per 100,000 in 2010 to 7.1 per 100,000 last year, local officials said yesterday while highlighting the achievements under the 2011-2015 five-year plan on the protection and care of women and children.
The infant mortality rate, including migrant children, dropped to 5.04 per 1,000 from 5.97 in 2010 with improved health care, health education and more awareness of prenatal care.
The mortality of children below five years old dropped to 3.35 per 1,000 last year from 3.92 per 1,000 in 2010.
Both rates were on par with those of developed countries due to rising medical capability and people's higher health awareness, said officials from Shanghai Health and Family Planning Commission.
Life expectancy and the maternal and infant mortality rates are the three main indicators of the level of medical services and living standards.
The involvement of economy, politics, culture and education, physical and psychological health, family and welfare, and rights protection are key aspects for women's protection, while health, education, welfare, safety and social environment are the key elements for children's healthy growth. "Shanghai is bettering its education. Both the education opportunity and quality of women and children are rising," said Jiao Yang, president of the Shanghai Women's Federation.
Fair to exhibit advanced technology(10/24)
The most advanced manufacturing technology as well as nearly 50 high-tech energy achievements will be shown at the China International Industry Fair, organizers said yesterday.
Held under the theme "Manufacturing: digital and green," the fair will feature the most advanced technology used by manufacturers and also display nearly 50 high-tech achievements in the energy sector such as China Institute of Atomic Energy's China Fast Reactor Project and ENN Group's Underground Coal Gasification project.
Shanghai Aerospace System Engineering Institute will showcase its lunar rover for the first time at the fair, while Shanghai Electric Group will debut its nuclear equipment models.
To be held at the Shanghai New International Expo Center from November 5 to 9, the fair, slated to be the biggest by scale in its 15-year history, will have a separate hall to showcase robots from home and abroad. More than 100 leading robot manufacturers, including ABB, Fanuc, KUKA and Yaskawa, will display their latest products at the fair.
A series of forums and seminars on topics such as manufacturing robotics and smart city development will be held during the fair.
About 1,917 companies from 25 countries and regions will participate in the fair.
Tighter policy fears hit shares(10/23)
Shanghai shares fell yesterday over concerns China may tighten monetary policy amid increasing capital inflows and rising inflationary pressure.
The Shanghai Composite Index fell 0.83 percent, or 18.59 points, to 2,210.65.
Yuan funds outstanding for foreign exchange rose for a second month in September, up 126.4 billion yuan (US$20.7 billion) from August, a sign of rising capital inflow into the world's second-largest economy, according to latest data from the People's Bank of China.
The higher capital inflows triggered concern that China may tighten monetary policy.
The PBOC yesterday again suspended weekly auctions of reverse repurchase agreements. Last week it halted its regular reverse repo operations and stopped injecting liquidity for the first time since July. The suspension resulted in a net 44.5 billion yuan withdrawn from the money market last week, the biggest since March.
"We believe monetary policy is likely to be tightened in the fourth quarter as growth is on track to achieving the 7.5 percent target and inflation was stronger than expected at 3.1 percent year on year in September," Zhang Zhiwei, chief China economist at Nomura Holdings Inc, said in a recent report.
Bestv New Media Co, which has a jointventure with Microsoft in the pilot free trade zone, fell by the daily limit of 10 percent to 39.69 yuan after surging 6.4 percent on Monday. Shanghai Xinhua Media Co lost 5.8 percent to 10.48 yuan after surging more than 50 percent in three weeks.
Metro delayed for 45 minutes after woman's leg is trappe(10/22)
Metro services were delayed for 45 minutes yesterday morning when a passenger's leg became trapped between the platform and a train at the Dongchang Road Station.
The woman had been attempting to get onto a Metro Line 2 train at 9:20am when her left foot slipped into the gap between the platform and train and her leg became trapped.
Fellow passengers came to the woman's aid as the train remained at the platform with its doors open.
Passengers then had to leave the eastward-traveling train as operations were suspended.
Firefighters and police managed to free the woman's leg. She was sent to hospital for a check-up but appeared to have only suffered bruising.
Line 2 services between the Century Avenue and People's Square stations were delayed for about 45 minutes. To help avoid a build-up of passengers on platforms, the People's Square hub station suspended transfers to Line 2 from other lines.
The gap between platforms and trains ranges from 4.8cm to 12cm on the Shanghai Metro network. This is necessary for operational reasons, especially for stations where the track curves along platforms, said Shanghai Shentong Group, the Metro operator.
This is the third incident of this kind in four months.
Rubber edges have been placed along some platforms to reduce the risk, while passengers are reminded to watch their step getting on and off trains.
Apple recalls 64, 128-GB storage drives(10/21)
Apple Inc is recalling 64 and 128-gigabyte flash storage drives used in Macbook Airs as it could lead to the laptops failing to operate, Apple said on its website yesterday.
Affected users were advised to back up personal data and files before getting the drive replaced at Apple Stores or authorized sites on the Chinese mainland.
Replacement times depend on stocks and the number of applicants requiring a replacement drive, an employee at an Apple store in Shanghai said yesterday.
"The system may fail with the drives used in Macbook Airs sold between June 2012 through June 2013," Apple said on its website without providing details.
The SSD, or solid state drive, represents the latest computer drive technology. They are faster and more energy efficient.
Users can test computers through an update called MacBook Air Flash Storage Firmware Update 1.1. It will tell users if their drive is affected.
Apple warned owners of these laptops not to download any new operating systems.
Several customers inquired about the problem at Apple's store on Huaihai Road yesterday afternoon but none of them needed a replacement drive, Shanghai Daily learned.
Apple also has stores on Nanjing Road and in the Lujiazui finance zone of the Pudong New Area. Local Apple authorized service providers are also offering free drive replacements.
In 2011, Apple recalled MacBook MagSafe power adapters because the faulty devices were prone to splitting.
Car plate prices rise after upper limit removed(10/20)
Shanghai car plate prices rose for the first time in seven months at auction yesterday, after a price ceiling on first-round bids was removed.
The average price of a Shanghai license plate yesterday was 83,723 yuan (US$13,635), said auction organizer Shanghai International Commodity Auction Co.
This figure was up 10,231 yuan -- just under 14 percent -- on last month.
This hike is well above the 6 percent increase that triggers a two-month price ceiling.
Prices had been dropping since April when a price ceiling mechanism was introduced to curb speculation.
In the months that followed, this policy brought the average price of a Shanghai car plate from a record high of more than 90,000 yuan in March down to 73,492 yuan last month.
But back in March when announcing the upward limit, the municipal government made it clear that it preferred to use the market's own forces to cool market hype.
So under rules announced in August and introduced yesterday, the price ceiling is now only triggered by steep price hikes.
An increase of between 3 and 6 percent will lead to a price ceiling being imposed on the following month's bidding, while a spike of more than 6 percent will result in a two-month imposition.
As yesterday's rise in the average plate price was more than 6 percent, for the next two months a price ceiling will now be imposed for the first round of bidding.
The upward limit will be set at 74,900 yuan -- the weighted average of average prices in September, August and July.
Xiao Yan, a car dealer in Shanghai, said the price rebound was predictable, as expectations of an increase were high before auction, making the actual price increase a self-fulfilling prophecy.
To ease market worries of big price hikes, the government said an extra 1,000 car plates would be added to the usual number of 9,000 at yesterday's auction.
However, the number of auction participants dropped 18 percent to 28,887, even though it is the peak season for car buying.
"Quite a few would-be buyers chose to wait until they can see the price trend more clearly," said Xiao.
The price ceiling is just part of measures introduced by the government to rein in plate prices.
To make it more difficult for scalpers to cash in, secondhand car plates cannot sell at a price higher than the latest average price for a new one, while the minimum holding period before a new car plate can be resold is to be strictly enforced.
Exhibition on security and rescue products(10/19)
The 5th Shanghai International Disaster Reduction & Security Show opened at the Shanghai World Expo Exhibition & Convention Center on October 17 and the United Nations published its procurement information for the first time to buy security products for its agencies in China.
About 200 foreign and domestic exhibitors displayed their latest disaster reduction products in a show space of 12,000 square meters. Highlights include the world's only six-wheel-drive amphibian vehicles, forcible entry robots, Beidou Satellite-based alert systems, large-capacity catering trucks for disaster relief.
School buses, life-detection masks for firefighters, portable water purifying equipment are also attractions at the show, also known as SIDRS 2013.
Several evacuation and disaster relief drills will be held during the show to teach visitors self-rescue methods.
Disneyland starting to reach the heights(10/18)
Shanghai Disney Resort yesterday erected the first steel column of Shanghai Disneyland -- marking the beginning of the vertical construction.
Scheduled to open at the end of 2015, Shanghai Disneyland will blend classic Disney storytelling and characters with new attractions, and experiences tailored specifically for the people of China, the resort announced yesterday.
Two theme hotels, a large retail, dining and entertainment area, recreational facilities and a lake, plus parking and transport hubs, will also be included in the development taking shape in the Pudong New Area, the resort said.
Shanghai Disney Resort will be the first Disney resort on China's mainland.
The project is a joint venture between Walt Disney Co and Shanghai Shendi Group.
Survey reveals financial bodies cheer economy(10/17)
Financial institutions in Shanghai are more upbeat about China's economy and see exports and consumption gaining importance in powering growth, a survey by Shanghai's banking regulator revealed yesterday.
In the third quarter, over 82 percent of the financial institutions saw the pace of economic growth as appropriate, up 24 percentage points from the second quarter, the Shanghai bureau of the China Banking Regulatory Commission said.
The 15.6 percent of the respondents who saw the growth as slowing fell 23.5 percentage points from the previous quarter, according to the survey.
"Banks said exports and consumption are gaining importance in driving economic growth while investment is playing a lesser role."
Worries about a weak stock market and a cool property sector eased from the second quarter. But concerns rose over inflation, energy problems and whether fixed-asset investments were rational.
Of the respondents, 83 percent expect the pace of economic expansion to be appropriate in the fourth quarter, up 27 percentage points from the second quarter, while 13 percent sees a slow growth rate, down 28.5 percentage points.
Italy speeds up visa procedure(10/16)
Italy has streamlined its visa procedure for Chinese, the Italian Consulate General in Shanghai said yesterday. Since the beginning of the month, five days are required for issuing a tourist visa -- compared to eight before. For business visas, only two days are needed, as opposed to four days previously.
Between 2010 and 2012, the number of Italian visas issued to Chinese people in Shanghai doubled. Around 100,000 are expected to be issued this year.
At temperatures drop, autumn set to arrive(10/15)
The arrival of a strong cold front today is set to send temperatures tumbling and is likely to herald the start of autumn in Shanghai.
Temperatures are set to drop 8 degrees Celsius to just 20 degrees, say forecasters.
Monday was officially the 157th day of summer in Shanghai -- the longest summer since records began in 1872.
But it could well have come to an end yesterday, when the mercury reached 28.1 degrees.
Due to the cold front, from today through the weekend, highs are not forecast to reach over 21 degrees.
The bureau declares the start of autumn when temperatures average less than 22 degrees for five consecutive days. The first of those five days is considered the first day of autumn.
So if low temperatures persist for five days, today would be the beginning of the meteorological autumn -- 12 days later than usual.
The bureau noted other features of the record-breaking summer.
"This year's arrival of summer on May 11 made it the second earliest on record," said Zhang Ruiyi, a chief service officer of the Shanghai Meteorological Bureau.
Bureau data from 1971 to 2010 shows that summers grew longer, while winters shortened.
"But it's not only the global warming that contributes to the longer summers," Zhang said. "Other factors, such as this summer's strong and stable subtropical high, can also be a cause."
Drizzle is forecast across the city at dusk today, with gusty winds.
The mercury will drop to as low as 12 degrees in suburban areas on tomorrow morning, while downtown residents might feel a little bit warmer at 14 degrees. But the high is unlikely to exceed 18 degrees.
High pressure is expected to dominate the city at the weekend with cloudy skies and temperatures of around 21 degrees.
Record may be set for longest summer(10/14)
The city's longest summer on record is expected to be set today as the average temperature is forecast at 24 degrees Celsius.
Shanghai began keeping meteorological records in 1872 and the longest summer on record is 156 days, set in both 2006 and 2009. Today will be the 157th day of summer this year provided the temperature averages 22 degrees or more. The Shanghai Meteorological Bureau said today will be cloudy to overcast with the mercury ranging from 21 to 27 degrees. A cold front is expected to arrive tonight, bringing strong winds and some rain. Tomorrow is expected be overcast with drizzle at times. Temperatures will drop to between 17 and 20 degrees. The bureau reminded residents to dress warmer as the low this week is forecast to hit 14 degrees. The temperature will rise again slightly on Thursday, according to the bureau.
Free trade zone gets a think-tank(10/13)
A research institute was launched yesterday to provide snappy solutions to urgent problems policy-makers may encounter in Shanghai's pilot free trade zone.
The Free Trade Zone Institute at Shanghai University of Finance and Economics includes experts in public policy, marketing, finance and law.
Officials said it will serve as a think-tank for the 28-square-kilometer zone in the Pudong New Area that opened at the end of last month.
The zone is an experiment of exploring new methods and innovative systems for reforming China's economy.
"I hope the institute will not only carry out regular research based on the general plan but, more importantly, offer explicit and feasible solutions for practical and urgent problems we may meet in the future," said Li Zhaojie, deputy director of the zone's management committee.
"Ideally, the institute should be able to respond to our needs within a week or two with clear terms and methods," Li said.
Zhao Xiaolei, director of the institute, said research will cover both practical and academic issues, with a focus on policy-oriented innovation and reform.
"We will provide operational plans and international practices for officials," Zhao said.
"We will also study how the free trade zone can set off the next wave of China's economy reform."
At the launch, academics from the institute gave presentations on initial findings of research in the zone.
Hu Yijian, professor of the school of public economics and administration of Shanghai University of Finance and Economics, said tax incentive policies there are not as attractive as expected.
"Disclosed tax policies are mostly existing policies in Shanghai and other cities. There aren't new privileges," Hu said.
Hu said policies are more aimed at removing tax obstacles to open up international trade and investment.
Meanwhile, Zheng Shaohua, a law professor with Shanghai University of Finance and Economics, said laws and regulations in the zone need clarifying for judges.
Metro line extends to Jiangsu Province
Shanghai residents are expected to be able to take Metro Line 11 to reach Kunshan City in neighboring Jiangsu Province from Wednesday, the Kunshan Transport Management Office said yesterday.
A stretch of almost 6 kilometers on the Huaqiao section connects Anting Station at the northwest end of Line 11 to Huaqiao Town in Kunshan. It features three elevated stations ¡ª Zhaofeng Road, Guangming Road and Huaqiao Station.
Metro operator the Shanghai Shentong Group says the Huaqiao section has been passed for use by safety experts.
It is now awaiting final government approval.
Kunshan traffic authorities are adding six bus routes to connect the new Line 11 stations to transport junctions and tourist spots in Jiangsu.
Trial runs were conducted on routes yesterday.
Among them are the No. 151 service connecting Huaqiao Station and Nangang Bus Station; and the No. 152 and No. 153 linking Guangming Road Station to Penglang depot and Hefeng depot.
Tour bus No. 7 will take passengers from Huaqiao Station to Zhouzhuang watertown and Jinxi ancient town.
More bus routes will be added around the three new stations along the Line 11 Huaqiao section depending on the passenger flow when it goes into operation.
Line 11 is the longest line in the city subway network. --(10/11)
Local prosecutors improve their work style
Shanghai's prosecutors are heeding a new guideline that gives lawyers bigger voice and allows both defendants and plaintiffs more time to speak up in court.
The prosecutors are trying to make their proceedings as transparent as possible and are holding more hearings before making arrest or detention decisions. They also created an online appointment platform for lawyers to view case files.
However, the prosecutors are unrelenting in punishing those who jeopardized national security or committed murder, robbery and other crimes that jeopardize the safety of others.
The change in their work style was a result of a Party campaign to fight bureaucracy and do everything according to the demand of the general public.--(10/10)
Forecast is cloudy days
Today is forecast to be overcast to cloudy in Shanghai, with temperatures between 20 and 25 degrees Celsius. Four sunny and cloudy days should follow under the influence of high atmospheric pressure, forecasters said.
The temperature should rise to 27 degrees tomorrow and Friday with the weekend set to be 1 to 2 degrees cooler.
There is no sign of the city entering autumn officially over the next few days, forecasters said.
Autumn is declared when the maximum temperature is below 22 degrees for five straight days.--(10/9)
Free trade zone trial for e-commerce site
An e-commerce platform is to be launched in the Shanghai free trade zone to allow consumers from China¡¯s mainland to buy foreign brands at lower prices.
The website, buyeasi.com, operated by payment service provider Easipay and supported by the National Development and Reform Commission, is now running on a trial basis pending Customs approval, Xinmin Evening News reported yesterday.
The platform aims to meet an increasing demand for imported goods, to ensure their authenticity, and facilitate Customs and quarantine procedures, authorities said. It is also cooperating with usashopcn.com, a purchasing agent for foreign brands.
Wang Peng, general manager of Easipay, told Xinmin the website will focus on middle and high-end products such as clothing, accessories, infant formula, consumer electronic products, cosmetics and bags.
Wang said prices will be lower than boutique stores on the mainland, and all sellers will be registered with Customs to guarantee quality. Product prices, tariffs and delivery fees will be listed separately for each product to ensure transparency.
The platform is expected to encourage more foreign brands to open online outlets. Foreign brands will be able to set up a bonded warehouse in the zone to reduce tax payments and facilitate transport.
The free trade zone was inaugurated on September 29, a major milestone underscoring the country¡¯s commitment to push ahead with reform and opening up.
The zone, officially the China (Shanghai) Pilot Free Trade Zone, is seen as a key reform in rejuvenating the nation¡¯s economy as China strives to move toward growth that relies more on domestic demand than exports and investments.
A total of 36 companies have been given licenses to operate in the free trade zone, which covers almost 29 square kilometers in the city¡¯s Pudong New Area.--(10/8)
Going for gold
Some of more than 10,000 rubber ducks which were raced on the Huangpu River in Shanghai yesterday. The ¡°champion ducks¡± ¡ª in a design that included a Special Olympics gold medal ¡ª had been bought by city shoppers, and each had a unique number. The lucky person who owned the winning duck won a prize of 100,000 yuan (US$16,129). The event raised around 500,000 yuan to support the Special Olympics.--(10/6)
Seeking the model apartment
The event is expected to attract 100,000 visitors by the time it ends on Sunday, according to the organizer, ho said more than 800 projects are on show. The show is an annual event during the National Day holiday as September and October are prime house buying months. China¡¯s home prices rose faster in September than August. The average price of new homes in 100 cities rose 9.48 percent year on year to 10,554 yuan (US$1,700) per square meter. The year-on-year rise in August was 8.61 percent, according to the China Index Academy. --(10/4)
Wet end to the holiday forecast
The latter part of the weeklong National Day holiday in Shanghai is likely to be a bit wet, with drizzle forecast on Sunday and Monday.
It will be sunny or cloudy until Saturday under the influence of a high pressure area, with maximum temperatures likely to range between 24 and 26 degrees Celsius, the Shanghai Meteorological Bureau said yesterday, and lows around 18 degrees.
Today will be mostly cloudy, with temperatures ranging from 19 to 24 degrees.
The city was hit by a cold front yesterday afternoon, accompanied by strong southern winds, and some eastern and northern areas had a little drizzle later in the evening.
Thanks to the southern wind, air quality in the city is expected to be excellent today, with the air quality index forecast to be under 50, the lowest level of the six-level scale, the bureau said.
The average AQI was 84 yesterday. The Dianshan Lake area in Qingpu District suffered from light pollution earlier in the day, with the index reaching 112 and PM2.5 being the main pollutant.
But the air quality was back to good last night with such tiny particulate matter, which can cause health problems, blown away by the strong winds.
The situation will continue to improve today, according to the latest Shanghai Environmental Monitoring Center forecast.--(10/3)
|
Contact Us 
