The regulator's approval came a little over a month after Foxconn Industrial filed its listing application, an unusually swift turnaround relative to the one- to two-year wait that most companies have to endure. It also stands in contrast with dozens of firms whose applications to go public were rejected in recent months after regulatory scrutiny of their reported profits and disclosures. Foxconn Industrial was set up in March 2015 and is a subsidiary of Taiwan's Hon Hai Precision Industry Co. 2317 2.80%, one of the world's largest electronics contract manufacturers, better known as Foxconn. The parent company in December said it was planning to list its unit in Shanghai, and Foxconn Industrial obtained clearance from China's State Council before submitting its listing application to the China Securities Regulatory Commission. The securities regulator typically requires companies to have a three-year profit record before they can list on the main boards of the Shanghai or Shenzhen stock exchanges.
School safety has also been an issue, with badly designed buildings leading to crushing incidents. State broadcaster CCTV also recently reported an outbreak of health problems among students at a high school campus in the eastern province of Zhejiang, possibly linked to polluted soil, although local authorities said inspections turned up no environmental problems.
WALL STREET: Despite an encouraging report by the Commerce Department, which said U.S. gross domestic product, the broadest measure of economic health, increased at an annual rate of 1.4 percent in the first quarter, investors unloaded technology stocks as investors bet central bankers may be ready to lift rates. Many traders shifted from growth sectors, like technology, into value stocks, such as banks. The Standard & Poor's 500 index fell 0.9 percent to 2,419.70. The Dow Jones industrial average slid 0.8 percent to 21,287.03 and the Nasdaq composite lost 1.4 percent to 6,144.35.
For the past 12 months, Chinese e-commerce giant Alibaba has been slurping up video feeds, social media data, traffic information and other data from Hangzhou city for its City Brain project. The stated goal was to improve life in Hangzhou by letting artificial intelligence process this data and use it to control aspects of urban life. It seems to have worked. The trial has been so successful that the company is now packaging the system for export to other places in China – and eventually the rest of the world. Using AI to optimise Hangzhou has had many positive effects.