Wed, Jul 11, 2018 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Words banned for firms

Enterprises are to be banned from using words like “China,” “Chinese” or “state” in their names, the Communist Party-run People’s Daily newspaper said yesterday, citing draft proposals from market regulators. The country has become increasingly wary about the use of sensitive language and imagery for commercial or entertainment purposes. It has also taken action to ban the misuse of the national anthem as well as satirical representations of historical and even fictional heroes. The new draft rules issued by the State Administration for Market Regulation said the use of certain words in company names was “detrimental to the interests of state and society” and needed to be banned. The new rules would also ban non-state firms from describing themselves as “central,” “nationwide,” “state” or “international.” The new restrictions would allow, for example, a company to name itself “Acme China Jewelry” but not “China Acme” unless it gains the explicit approval of the State Council.

TRANSPORTATION

Ofo, Reddy Go quit Sydney

Bike-sharing companies Ofo Inc (共享單車) and Australia’s Reddy Go have announced they are pulling out of Sydney, less than a year after their launch in the city. Ofo this week said that it had made a “strategic decision to focus on priority markets internationally” and would “wind down” its operations in Sydney and Adelaide over the next two months. “As part of this process Ofo is to begin to remove bikes from cities and consolidate them to our warehouses,” a spokesperson said. Reddy Go yesterday said it was also pulling out of Sydney.

TRANSPORTATION

Uber invests in Lime

Uber Technologies Inc on Monday said that it is investing in Lime, a start-up based in San Mateo, California. “Our investment and partnership in Lime is another step toward our vision of becoming a one-stop shop for all your transportation needs,” Uber vice president Rachel Holt said in a statement. The ride-hailing company is to add Lime motorized scooters to the Uber mobile app, giving customers another option for getting around cities, especially to and from public transit systems, Holt said. Lime cofounders Toby Sun and Brad Bao wrote in a blog that Uber’s sizeable investment is part of a US$335 million fundraising round led by GV, the venture-capital arm of Google parent Alphabet Inc. They said Alphabet is among several new investors. The money is to help Lime expand and develop new products. According to the company’s Web site, people can rent Lime scooters in more than 70 locations in the US and Europe.

INVESTMENT

Temasek to dial down pace

Singaporean investment giant Temasek Holdings Ltd yesterday said the value of its global portfolio reached a record high last year, but added that it would temper investments this year owing to brewing trade and geopolitical tensions. Net global holdings expanded to S$308 billion (US$235 billion) in the financial year that ended on March 31, up 12 percent from the year before in local currency terms, the company said in its annual report. Temasek, one of the city-state’s two main investment vehicles, said it invested S$29 billion over the past year and divested S$16 billion. “This record net portfolio value ... was up S$33 billion from last year, bolstered by good global economic momentum and buoyant equity markets,” chairman Lim Boon Heng (林文興) said in the firm’s annual report.

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