Sohu Reportedly Plans to Co-Found a Mobile Video App Developer
Sohu.com Inc (Nasdaq: SOHU), a Chinese web portal, is considering working with a venture capital investor to spend a total of ¥80 million ($13.04 million, $1 = ¥6.13) building a company to develop mobile apps of short videos, Bianews.com reported, without giving details. Bianews said the news had yet to be confirmed. Traffic from mobile app has accounted for 30% Sohu Video's total, according to a recent meeting of Sohu's senior executives. Sohu also has been tipped to acquire PPTV.com following the recent acquisition of PPStream.com by iQiyi.com, Baidu.com Inc's (Nasdaq: BIDU) video site.
Guangzhou Airport Posts Soft Growth for April
Guangzhou Baiyun International Airport Co (SHA: 600004), the nation's second biggest airport by passenger traffic, said its passenger traffic fell 14.4% in April from a month earlier and grew just 6.8% from a year earlier. UBS attributed the poor performance to weak air travel demand in the wake of sluggish growth and bird flu. UBS expected the company to report single-digit year on year growth in May on gloomy economic outlook. The company recently announced a ¥17.98 billion plan to expand the airport. The Guangzhou airport hopes to handle 80 million people and 2.5 million tons of air cargo by 2020. The numbers were 48.3 million people and 1.25 million tons of cargo in 2012, up 7.3% and 5.8% respectively from the year before.
Steelmakers Report Huge Current Liabilities
China's 30 listed steelmakers had a total of ¥759.48 billion in current liabilities as of the end of March 2013 as they faced mounting short-term debts and accounts payable, according to Sheng Zhicheng, deputy secretary of the China Federation of Logistics and Purchasing. The amount represented a ¥26.9 billion increase from a year earlier. Current liabilities are debts to be settled within the fiscal year or the operating cycle of a firm. The major steelmakers tracked by the China Iron and Steel Association posted ¥875.85 billion in revenues and ¥2.49 billion in gross profits for the first three months of 2013, but profits had been declining month by month. As many as 45.3% of the steelmakers were operating in the red in March. The association warned that if overcapacity wasn't checked, steel prices that had shown some sign of recovering would fall again amid a glut and spilling stockpiles.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..