Media Focus on Multinational Corporations





The Chinese tech giant Huawei on Saturday announced the inauguration of its first flagship store in Saudi Arabia, which is also its largest store in the Middle East and Africa. At the opening ceremony in the capital Riyadh, Sultan Mofti, deputy governor for Investment Attraction and Development at Saudi Arabian General Investment Authority, hailed Huawei's efforts to provide the best information technology and communications services in accordance to the highest global standards for quality and security. (China Daily)

The general manager of Ofo's overseas operations announced on Tuesday that the department would be dismantled, according to China Entrepreneur Magazine. Reports say GM Jeremy Chen offered solutions for the 50-plus employees including relocation to the company's domestic department or leaving the job. (China Daily)


US electric carmaker Tesla Inc. on Monday broke new ground with its Shanghai factory, becoming the first to benefit from a new policy allowing foreign carmakers to set up wholly-owned subsidiaries in China. The new plant, Tesla's first outside the United States, is located in Lingang Area, a high-end manufacturing park in the southeast harbor of Shanghai. It has an annual producing capacity of 500,000 electric cars. (China Daily)

China's leading real estate developer China Vanke reported steady sales growth in 2018, according to a company statement filed to the Shenzhen Stock Exchange Friday. The company saw total property sales on contracts reach 606.95 billion yuan ($88.3 billion) last year, with a combined area of 40.38 million square meters sold, the statement said. (China Daily)

Global pharmaceutical giant Bristol-Myers Squibb has agreed to acquire biotech firm Celgene Corp in a deal worth $74 billion, the company announced on Thursday. The combined company will have nine products with more than $1 billion in annual sales, foreseeing significant potential for growth in oncology, immunology, and inflammation and cardiovascular disease. (China Daily)


Stock price of China's auto maker Geely Automobile Holdings Limited (00175.HK) sank by 11.6 percent to 10.22 Hong Kong dollars (1.3 U.S. dollars) per share on Tuesday trading and the company's market capitalization went below 92 billion Hong Kong dollars (11.7 billion U.S. dollars), with nearly 170 billion Hong Kong dollars (21.7 billion U.S. dollars) evaporated during 13 months. The dive in stock price followed Geely's announcement on Monday that the total sales volume for the year of 2018 was about 1.5 million units, short of its full year sales volume target of 1.58 million units in 2018. (National Business Daily)

The Volkswagen Group has set up a company to bundle energy offerings and charging solutions, the Wolfsburg-based German car manufacturer announced on Tuesday. The new company is called Elli, short for 'electric life.' Headquartered in Berlin, it will develop energy delivery and charging products and services for the brands of the Volkswagen Group. (National Business Daily)

Mercedes-Benz sold 2.31 million passenger cars last year, which was probably enough to make it the top-selling premium automotive brand in 2018, although some analysts are questioning how much longer German manufacturers can dominate the luxury car industry. BMW, Audi and Daimler-owned Mercedes-Benz have held sway in the market for high-performance limousines for decades, but analysts warn a shift toward electric and autonomous cars could open the door to new challengers, such as US-based manufacturer Tesla. (Global Times)

The launch of Pakistan's first blockchain technology-backed cross-border remittance service, which is supported by Alibaba Group's financial arm Ant Financial, sheds light on how China and Pakistan have upgraded their cooperation from traditional industries such as infrastructure and energy to innovative technology under the Belt and Road initiative (BRI), analysts said. (Global Times)

Apple Inc, which slashed its quarterly sales forecast last week, has reduced planned production for its three new iPhone models by about 10 percent for the January-March quarter, the Nikkei Asian Review reported. That rare forecast cut exposed weakening iPhone demand in China, the world's biggest smartphone market, where a slowing economy has also been buffeted by a trade war with the US. (Global Times)