China Telcom books 10% profit fall

    CHINESE State-owned telecommunications network operator China Telecom Corp. Ltd. yesterday reported net profit that fell 10.2 percent last year due to a higher base of comparison, and said subscribers to its 4G mobile network doubled.

    Profit fell to 18 billion yuan (US$2.61 billion), in line with the 18.1 billion yuan average of 21 analyst estimates from Thomson Reuters SmartEstimate. It grew 11.7 percent when excluding a one-off gain in 2015 from disposing of tower assets. Operating revenue rose 6.4 percent to 352.3 billion yuan. China Telecom is among China’s State-owned telcos bracing for revenue pressure after Premier Li Keqiang called on them to “raise speed, drop prices” by evening out local and long-distance domestic call charges and removing domestic roaming charges.

    Guo appointed to c. bank monetary policy committee

    CHINA’S Cabinet said yesterday it had appointed Guo Shuqing, the head of the country’s banking regulator, to the central bank’s monetary policy committee, in a routine reshuffle.

    Guo, who was named as chairman of the China Banking Regulatory Commission this month, will replace his predecessor Shang Fulin as a member of the monetary policy committee. The State Council also appointed Ding Xuedong, deputy secretary-general of the Cabinet, to the committee, replacing his predecessor Xiao Jie.

    Alibaba buys online ticketing platform Damai

    ALIBABA Group Holding Ltd. has fully acquired online ticketing platform Damai.cn, the e-commerce giant said yesterday, marking a further push into entertainment by the firm.

    “Ali announces its acquisition of Damai, part of our big entertainment strategy,” the firm said on its Sina Weibo platform. “This continues an earnest three-year romance.” In a separate post Damai said it was happy to join the “Alibaba family.” It also reposted a statement from a senior Alibaba executive saying this meant Alibaba now owned 100 percent of the firm.

    First 2017 rare earth output quota unchanged

    CHINA has set its first rare earth production quota for 2017 at 52,500 tons, unchanged from last year, the Ministry of Land and Resources said yesterday. The ministry said that the total quota includes 8,950 tons of medium- and heavy- rare earth oxides, and 43,550 tons of light rare earth oxides. A second quota will be issued in the second quarter.