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China releases new employment policies

China will move to increase job creation and encourage entrepreneurship as employment pressure rises, according to a government document released on Wednesday. The document, approved by the State Council, China's cabinet, underlined the importance of job creation, urging policymakers to work out more pro-job policies. Support should be extended to micro and emerging businesses, the engines of job creation. A more flexible social security system should be applied to those sectors to protect employee rights. The document also urged local authorities to cut red tape to encourage entrepreneurship and extend more subsidies to the startups set up by college graduates and overseas returnees. The government should reach out to zero-employment and low-income families and ensure at least one family member has a job.

Beijing sees robust patent growth

The number of patent applications in Beijing hit nearly 190,000 in 2016, up 21 percent year-on-year, according to local authorities. Among the applications, more than 100,000 were for invention patents, which increased around 17 percent from year-on-year, said Pan Xinsheng, spokesperson of the Beijing intellectual property bureau, on Wednesday. Last year, more than 40,000 invention patents were authorized, up 15 percent year-on-year, among a total of over 100,500 recognized patents. The Beijing Intellectual Property Court handled over 10,600 intellectual property rights cases in 2016. Specialized IPR courts were established in 2014 in Beijing, Guangzhou and Shanghai, leading to a significant improvement in IPR regulation.

Macao bank backs Belt and Road Initiative

One of Macao's major bank has granted over 3 billion patacas ($375 million) since 2016 to support enterprises in doing business in countries and regions along the Belt and Road Initiative, local media reported. Macao Daily said in its report that Macao Branch of Bank of China has made full use of "one country, two systems" principle and actively participated in cooperation between the government of the Macao Special Administrative Region and the countries and regions along the "Belt and Road". The report said the bank has granted loans to companies from Macao, the Chinese mainland and overseas to develop programs in Vietnam, Singapore, Saudi Arabia, Pakistan, Israel, Indonesia, Myanmar and the United Arab Emirates.

AkzoNobel makes split announcement

Dutch paints, coating and chemicals giant AkzoNobel announced a split into two businesses on Wednesday. The split is a direct result of the pressure from US rival PPG Industries, which offered to take over the Dutch company for 22.4 billion euros ($24 billion) in March this year. AkzoNobel rejected the takeover, terming the offer as "too low, too risky and undervaluing the company", refusing to negotiate to the annoyance of some shareholders. The specialty chemicals part of the firm is being separated from the paints and coatings company. AkzoNobel stated in a news release: "It will generate superior, faster and more certain value creation than the alternatives and with substantially fewer risks, uncertainties and social costs."

Media giant Axel invests in Uber

German media company Axel Springer, one of the largest digital publishing houses in Europe, has announced its investment into the US-based car-hailing company Uber. But the amount of the financial investment remains so far undisclosed. Kai Diekman, formerly chief editor of Springer's flagship publication BILD, Germany's largest-circulation newspaper, will act as adviser for the Silicon Valley startup with his focus on political issues. Diekman is not only familiar with the political landscape in Germany, but has also gained insights into Silicon Valley culture during a sabbatical in California in 2012. This investment is not the first foray of Springer into the so-called "sharing economy". In 2012 the company agreed on a strategic marketing partnership with Airbnb, an online marketplace and hospitality service, in addition to a minor investment.

US economy continues modest growth

US economy continued modest and moderate expansion in March, and the tight labor market is putting pressure on wage growth, the latest survey released by the Federal Reserve showed on Wednesday. "Economic activity increased in each of the twelve Federal Reserve Districts between mid-February and the end of March, with the pace of expansion equally split between modest and moderate," said the Fed in its latest Beige Book which gauges its 12 districts' economy. The survey showed that manufacturing activity continued to expand at a modest to moderate pace, while consumer spending varied in different categories. Labor market remained tight, as companies are feeling more difficult to hire both low-skilled and higher skilled workers, said the survey.

OPEC members show higher compliance

Organization of Petroleum Exporting Countries Secretary-General Mohamed Barkindo said on Wednesday the member states of the cartel showed higher compliance in March to bring down oil stocks. Speaking at the third annual Gulf Intelligence media forum in Abu Dhabi, Barkindo said March compliance data show "higher conformity" with the OPEC output cut deal, Gulf Intelligence reported. He added the agreement was "work in progress". In order to stabilize oil markets, 10 out of 13 OPEC member states pledged in December to trim oil production for six months by 1.8 million barrels per day. The agreement followed negotiations lasting for months after the OPEC basket price fell to 14-year low (at $22.5 per barrel) in January last year, weighing on fiscal budgets of oil producing countries. Iran, Nigeria and Libya received special concessions.

Business capacity rate in Albania up

The utilization rate of business capacity in Albania registered an increase during the first quarter this year, data published by the Bank of Albania showed on Wednesday. Capacity utilization refers to the relationship between output produced in a nation with installed equipment. According to the central bank, businesses operating in the industry sector here used the capacity on average 75 percent or 6.8 percentage points more than in the previous quarter. Capacity utilization rate in the sector remained slightly higher compared with the historical average of 72.4 percent, bank's experts said. During the first quarter, business confidence in the Albanian economy also rose.

Portugal issues new raft of treasury bills

Portugal issued 1.25 billion euros ($1.34 billion) in treasury bonds at three and 11 months on Wednesday at lower interest rates than previous comparable auctions. The Portuguese Treasury and Debt Management Agency said the country issued 950 million euros in 11-month treasury bonds at an average yield of minus 0.135 percent, less than the minus 0.096 percent in a similar auction on Feb 15. Demand for 11 month bonds was 1.335 billion euros, 1.41 times the amount issued. The agency issued 300 million euros of 3-month treasury bills at an average yield of minus 0.266 percent, less than the minus 0.219 percent in the previous auction. Demand was 750 million euros, 2.5 times the amount issued.

China Daily-Agencies