Tencent reports 58% jump in Q1 profit

Tencent Holdings Ltd, China's top gaming and social media firm, reported a 58 percent rise in quarterly profit on May 17, aided by growth in online games, payment-related services and advertising. Net profit attributable to the company for the three months ended March 31 was 14.48 billion yuan ($2.1 billion; 1.88 billion euros; ￡1.61 billion), up from 9.2 billion yuan a year earlier, the company said. That compared with 13.2 billion yuan estimated by eight analysts, according to a Thomson Reuters poll. Tencent, whose shares have risen by over 35 percent to a record high this year, reported a 55 percent rise in quarterly revenue to 49.55 billion yuan, compared with 32 billion yuan a year earlier.

Telecom giant Huawei to help digitize Spain

Chinese telecom giant Huawei said on May 16 that it is committed to assisting in the digital transformation of transportation and smart cities in Spain. Huawei Spain confirmed in a news release that Huawei Vice-President and rotating CEO Guo Ping presented Spanish Minister for Public Works and Transport Inigo de la Serna with the projects it has to help the growth of Spain's digital economy. Among the projects were plans for the digital transformation of Spain's railways, ports and airports. "Spain is a key part of our commitment to the European market. We have over 1,200 employees in the country and we aim to increase our workforce by 50 percent by 2021," says Guo. "We are working with all of Spain's telecommunications operators, and we have more than 200 partners in the Spanish market to help us offer services to 30 million users and thousands of companies," he adds.

Construction set for Sino-Thai rail line

Construction of the Thailand-China railway project from Bangkok to Nakhon Ratchasima, which will be further extended to Nong Khai on the Thai-Lao border in the future, will start in 2017, Chatchai Thipsunaree, permanent secretary of Thailand's Ministry of Transport, said on May 16. "We (Thailand and China) are almost done with the contract, 90 percent I will say, the construction will start in this year for sure," Chatchai told Xinhua News Agency. Thai Transport Minister Arkhom Termpittayapaisith says the railway project is of great importance to the nation, as it will connect Thailand with neighboring countries. The Thai government also plans to build a public-private partnership high-speed rail from Bangkok to Rayong to connect with the Thailand-China railway project.

Banking regulator to step up protection

China's banking regulator said on May 17 it will strengthen cybersecurity protection at banks to prevent "disruptive systemic risk events" after the global Wanna Cry "ransomware" attack infected more than 300,000 computers in 150 countries. The China Banking Regulatory Commission said in an emailed statement it has not received any major infection reports from the country's banks on the cyber attack. The attack had infected close to 30,000 Chinese organizations by Saturday evening, Chinese security software maker Qihoo said. But the spread of the WannaCry worm in the country appears less aggressive than initially feared, says an official at China's cyber administrator. CBRC also pledged to increase its own cybersecurity management and risk prevention capabilities, and guide banks to conduct monitoring, assessment, early warning and prevention for similar events.

Migrant women get training

The China Women's Development Foundation and Starbucks have announced they are holding a two-year vocational training project for 3,000 migrant women, between ages 18 and 28, in three cities. The courses will be held in Chengdu, capital of southwestern Sichuan province. They will include interviews and communication skills, basic knowledge of law, stress management and career planning and will target migrant women from underdeveloped regions who lack a competitive educational background. Also taught will be job-hunting skills. The training project in Chengdu comprises 48 lectures, all for no charge.

China, EU start 13th round of BIT talks

The 13th round of China-European Union bilateral investment treaty negotiations began on May 15 in Beijing, China's Ministry of Commerce announced. This round is scheduled to last five days. Both sides will strive for positive headway, the ministry says. China-EUBIT negotiations are one of the most important trade and economic negotiations in which China is currently participating.

Nation to send subway trains to Pakistan

A train designed for a Pakistani subway rolled off the production line in Central China's Hunan province on May 15, the first of 27. Produced by CRRC Zhuzhou Locomotive Co Ltd, the train with five coaches was designed for the 25.58-kilometer Orange Line Metro in Lahore, Pakistan's second-largest city. An energy-saving air-conditioning system suitable for the constant high summer temperatures and unstable voltage in Pakistan is the hallmark of the design, according to an engineer at CRRC. The designed maximum operational speed of the train is around 80 km per hour.

Boehringer opens biopharma site

German pharmaceutical giant Boehringer Ingelheim announced on May 16 that its China biopharmaceuticals site has officially become operational. As the first and only biopharma site set up in line with global standards by a multinational pharma company in China, it has become a major milestone in Boehringer Ingelheim's strategic blueprint for its global biopharma business. The first phase of its investment has exceeded 70 million euros ($76.9 million; ￡59.3 million). As Boehringer Ingelheim has been selected as one of the first companies to launch the country's biopharma contract manufacturing organization pilot projects, the Shanghai-based site will provide wide-ranging services, including process development and clinical and commercial supply to its customers in China and globally.

Music licensing deal with UMG

Tencent Holdings Ltd, China's biggest gaming and social media firm, has reached a deal with US music firm Universal Music Group to distribute licensed content in China. Tencent Music Entertainment Group, the Chinese firm's music subsidiary, will also own exclusive rights to sub-license UMG's content to other content providers in China, the two firms said in a statement on May 16. "The digital opportunity in China's music market is truly extraordinary, with over half a billion people enabled with smartphones. Our expansive new partnership with Tencent will enable UMG to fully address this opportunity," says Michael Nash, UMG executive vice-president of digital strategy.

Volvo to build Android into cars

Volvo Cars announced it was partnering with Google to develop the next generation of in-car infotainment and connectivity solutions based on Android, said a news release from Volvo Cars on May 15. It said the partnership promised to revolutionize how Volvo customers engage and interact with their cars. The large catalog of popular Android apps - developed by Google, Volvo, or third party app developers - will offer connected and predictive services in and around the car. "We are making an important strategic step with the Google partnership. Google's platform and services will enhance the user experience by enabling more personalization possibilities, while Android will offer increased flexibility from a development perspective," says Henrik Green, senior vice-president of research and development at Volvo CarGroup.