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    2018-08-17  08:53    Shenzhen Daily

Citi names head for Belt and Road initiative

CITIGROUP Inc. said Thursday it has appointed veteran Li Beibei as its head of Belt and Road initiative-related banking and origination businesses, as Western banks bet on China’s drive to build a modern-day Silk Road to create business opportunities.

In the newly created role, Li, who joined Citi in 1999, will oversee Citi’s banking focus around the Belt and Road initiative and will relocate from New York to Hong Kong, the U.S. bank said. Introduced in 2013, the Belt and Road project is aimed at building a modern-day economic Silk Road, connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa.

Tencent posts 1st profit drop in at least 10 years

TENCENT Holdings Ltd. joined Facebook Inc. Thursday in reporting shockingly poor quarterly numbers.

Tencent surprised investors with its first profit drop in at least a decade after a freeze on new game approvals in China as the regulators are restructured. Net income fell 2 percent to 17.9 billion yuan (US$2.6 billion) in the three months ended June, the Shenzhen-based company said. Mobile gaming revenue dropped 19 percent from the first quarter.

Lenovo posts first-quarter profit

PC maker Lenovo on Thursday recorded a sharp rise in first quarter net profit as the firm’s turnaround gathered pace.

The firm posted a US$77 million net profit in the quarter to June 30, up from a US$72 million loss in the same period last year. Lenovo also reported a 19 percent rise in revenue to US$11.91 billion, its second consecutive quarter of double-digit revenue growth. The tech giant is turning its fortunes around following a US$189 million net loss for the full fiscal year, dragged down by a US$400 million non-cash writeoff charge from deferred income tax assets.

Solar giant GCL to move into electric car sector

GCL, China’s leading solar equipment manufacturer, is planning a move into the electric vehicle sector, aiming to make use of its expertise in energy to gain a vital competitive advantage in an increasingly crowded industry.

The firm is currently building a 5 billion yuan (US$721.19 million) solar production base in a new “eco-town” at Jurong near the city of Nanjing, which will also involve the construction of solar-powered residences, warehouses and public amenities.

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