IN BRIEF (Page 18)

Alibaba cuts back on graduate recruitment

Chinese e-commerce giant Alibaba Group Holding Ltd has announced a cut in its campus recruitment quota.

Alibaba, which had an original goal of recruiting more than 3,000 fresh graduates in 2016, said the recruitment quota will "shrink due to changes in the group's talent strategy" and "those who were likely to be recruited will have to face tougher competition".

Alibaba did not give any specific numbers, but it said that it has already made 1,407 offers and it is expected to make another several hundred based on potential candidates' test results.

Steel export levels maintained in August

Steel exports from China remained at around the highest level since January in August, adding to a flood that has battered global prices and prompted trade actions. Outbound shipments were 9.73 million metric tons, unchanged from a month earlier, and a quarter more than a year earlier, according to the country's customs administration.

Forex reserves fall to $3.56 trillion in August

China's foreign exchange reserves posted their biggest monthly fall on record in August, reflecting attempts to halt a slide in the yuan and stabilize financial markets following its surprise move to devalue the currency last month. China's reserves, the world's largest, fell by $93.9 billion last month to $3.557 trillion. Government officials have reiterated that they will continue with efforts to prop up the economy.

Top planner approves $12b worth of projects

The National Development and Reform Commission has given the green light to 77 billion yuan ($12.1 billion) worth of highway and bridge projects. The projects approved include a feasibility study for a 23.3 billion yuan highway in the southwestern province of Guizhou, and a 7.3 billion yuan bridge project in the central province of Hubei, the top economic planner said on Sept 7.

No new quotas for outbound investment

China refrained from granting new quotas for residents to invest in overseas markets for a fifth month in August, the longest halt in six years, as authorities seek to stem weakness in the yuan. The State Administration of Foreign Exchange, which has approved 132 local institutions to put as much as $89.99 billion in offshore assets, has not granted new allocations since March.

UK chip firm's venture to boost innovation

British chip design multinational ARM Holdings Plc set up a joint venture on Sept 7 with a Chinese software company, Thundersoft, to provide technology support to Chinese startups. The joint venture will offer a one-stop service for startups making devices in six sectors, including wearables, robotics and autos.

Hedge fund chief rejects investigation reports

Li Yifei, the China head of hedge fund manager Man Group Plc, said on Sept 7 that she had not been taken into custody by Chinese authorities, denying media reports that said she had been assisting a police investigation into market volatility.

Didi Kuaidi nears $3b funding target

Didi Kuaidi, the Chinese car-booking business competing with Uber Technologies Inc, is close to raising about $3 billion as it completes its latest round of financing, according to people familiar with the matter. The latest tally values the company at $16.5 billion, one of the sources said.

(China Daily European Weekly 09/11/2015 page18)