Canada aware of two cyber attacks, second one on energy firm

Canada said on Friday it was aware of an attempt by hackers to target a domestic energy company, the second time in 24 hours Ottawa had acknowledged a cyber security attack against a Canadian firm.

In both cases the Canadian government declined to comment on reports which suggested a Chinese connection.

The news comes at an awkward time for Canada’s Conservative government, which is deciding whether to approve a landmark US$15.1 billion bid by China’s CNOOC Ltd to take over Canadian oil producer Nexen Inc.

via Business feed http://www.scmp.com/article/1050110/canada-aware-second-cyber-attack-time-energy-firm

China’s economic growth still slowing down, survey shows

China’s economy has almost certainly suffered a seventh straight quarter of slowing growth, with a new private sector survey of factory managers revealing a near year-long decline in business activity and a fresh fall in export orders in September.

The HSBC China Manufacturing purchasing managers index (PMI) showed overall factory activity shrank for an 11th consecutive month in September, despite the 47.9 final index level being slightly ahead of a preliminary, or flash, estimate of 47.8 and the August reading of 47.6.

via Business feed http://www.scmp.com/business/economy/article/1050100/china%E2%80%99s-economic-growth-still-slowing-down-survey-shows

Investments of passion driven by art

China now dominates the world art market, according to the latest Asia Pacific Wealth Report 2012. Many categories of art are classified as "Investments of Passion" and have done very well, outperforming equities since the last global financial and economic crisis.

via Business feed http://www.scmp.com/business/money/wealth/article/1050079/investments-passion-driven-art

Dong Tao says Hong Kong's property market has gone crazy

Hong Kong's property market has reached the tipping point, according to Credit Suisse's Tao Dong.

The chief regional economist for Asia ex-Japan explains that he recently completed the sale of a Hong Kong property. What triggered his decision to sell was a visit to Cyberport to watch a movie. This treat was followed by a meal at a Taiwanese restaurant he frequents. So, it was with some disappointment and surprise that he learnt it was closing down, since it appeared to be doing a good business.

via Business feed http://www.scmp.com/business/article/1049801/dong-tao-says-hong-kongs-property-market-has-gone-crazy

Briefs, September 29, 2012

CNOOC may need to sweeten Nexen deal

via Business feed http://www.scmp.com/business/china-business/article/1049789/briefs-september-29-2012

Business Digest, September 29, 2012

WTO panel to look into complaint by China

via Business feed http://www.scmp.com/business/china-business/article/1049816/business-digest-september-29-2012

Libor is broken, but can it be fixed?

Sometimes finance has a great need for something, and so bankers invent products that appear to fill that need. When the invention turns out to be something else entirely, people are shocked.

So it was a few years ago with senior tranches of asset-backed securities. Investors perceived a need for risk-free assets with floating rates, and Wall Street banks served up trillions of dollars worth of such paper - or at least they said they did.

via Business feed http://www.scmp.com/business/banking-finance/article/1049803/libor-broken-can-it-be-fixed

Cisco chief John Chambers lists possible successors

Cisco Systems chief executive officer John Chambers has identified some of the senior managers who he and the board are considering as possible successors when he retires, a move that could come in two to four years.

He said this week there were as many as 10 candidates and directors reviewed the list quarterly.

They include Gary Moore, chief operating officer; Robert Lloyd, executive vice-president of worldwide operations; Chuck Robbins, senior vice-president of the Americas; and Edzard Overbeek, senior vice-president of global services.

via Business feed http://www.scmp.com/business/companies/article/1049746/cisco-chief-john-chambers-lists-possible-successors

Hong Kong yuan deposits hit 15-month low

Yuan deposits fell last month in Hong Kong to the lowest level since May last year as weakened expectations for the currency's appreciation offset rules allowing non-residents to buy the currency.

Yuan deposits fell 1.9 per cent from July to 552 billion yuan (HK$675.3 billion), the Hong Kong Monetary Authority said yesterday.

The total has dropped 75 billion yuan since reaching a record 627 billion yuan at the end of November last year.

via Business feed http://www.scmp.com/business/banking-finance/article/1049786/hong-kong-yuan-deposits-hit-15-month-low

Hyundai Heavy bids for planemaker as orders fall

Hyundai Heavy Industries, the world's biggest shipbuilder, has made a preliminary bid for an US$890 million stake in planemaker Korea Aerospace Industries to pare its reliance on the shrinking market for new vessels.

Hyundai Heavy's and Korean Air Lines filed offers for a 42 per cent shareholding yesterday, according to Korea Finance Corp, which is among investors selling shares.

The bidders will get to inspect the planemaker's books before making final offers next month. The stake's value was based on yesterday's closing price.

via Business feed http://www.scmp.com/business/companies/article/1049776/hyundai-heavy-bids-planemaker-orders-fall

(Bo Xilai expulsion) Inquiry finds graft and sexual shenanigans

Former Communist Party chief of Chongqing, Bo Xilai, has been expelled from the Communist Party of China and his public office, according to a decisio...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25672

US alerts Americans in Manila of attack risk

The United States issued a security alert for Philippine capital Manila today, warning its citizens they could be the target of an unspecified attack....



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25671

Bo Xilai expelled from party

Former Communist Party chief of Chongqing, Bo Xilai, has been expelled from the Communist Party of China and his public office, according to a decisio...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25670

Hamilton replaces Schumacher at Mercedes

British driver Lewis Hamilton has signed a three-year deal to drive for Mercedes from 2013, replacing seven-time world champion Michael Schumacher, ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25669

French budget outlines 36b euro spending cuts

France's Socialist government presented its 2013 budget with promises to make 36.9 billion euros (HK$370.2 billion) in savings to reach a target of re...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25668

Beijing sets party congress for November 8

The 18th National Congress of the Communist Party of China will convene on November 8 in Beijing, Xinhua said in the evening today. The Political Bur...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25667

Market Wrap: Hong Kong ends third quarter higher; Sincere surges

Hong Kong stocks ended the week and the quarter higher, on speculation that China planned more incentives to boost domestic consumption.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1049454/market-wrap-hong-kong-ends-third-quarter-higher-sincere

(Nepal Sita Air crash-update2) Two-year toll of 95 dead exposes risks

The twin-propeller Sita Air plane that crashed in Nepal today killing all 19 on board was the sixth fatal air accident in the country in two years and...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25666

Sony to invest US$645 million in scandal-hit Olympus

Electronics giant Sony will invest 50 billion yen (US$645 million) in scandal-tainted Olympus, the firms said Friday, as they both look to turn the page on disastrous chapters.

The investment will make cash-bleeding Sony the single biggest shareholder in Olympus, with slightly more than 11 percent of its outstanding stock.

The companies will also establish a joint venture to develop endoscopes, with the focus on a type used in keyhole surgery, the statements said.

via Business feed http://www.scmp.com/business/companies/article/1049465/sony-invest-us645-million-scandal-hit-olympus

Bullet sent to Chinese embassy in Tokyo

The Chinese embassy in Tokyo has received a bullet in the post, with the sender giving their name as the Japanese prime minister, police and reports...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25665

Heineken has Tiger in the can

Heineken secured a Singapore group's approval for its takeover of the Tiger Beer brand, boosting the Dutch giant’s share of the Asian market after a ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25664

Hang Seng gains ahead of holiday

Stocks in Hong Kong gained 0.38 percent after Spain unveiled an austerity budget that paves the way for Madrid to apply for a rescue package, easing ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25663

German August retail sales inch up

Retail sales in Germany were up slightly in August, but by less than expected, data show, adding to evidence that the euro zone's long-running debt c...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25662

French economy stagnates; public debt hits 91pc of GDP

The French public debt hit 91 percent of gross domestic product in the second quarter of the year, data from the national statistics office show. T...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25661

Iran calls Israel to account on its own nuclear arsenal

Iran vowed to retaliate against any attack after Israel's prime minister called for a red line to prevent the Islamic republic from acquiring a nucle...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25660

India’s Punjab overwhelmed by heroin addicts

On a muggy evening in the north Indian city of Amritsar, Sunil Sharma prepares for another heroin hit in a decrepit, abandoned building. Before inhal...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25659

Japanese novelist laments islands histeria

Novelist Haruki Murakami waded into the islands dispute between China and Japan, warning of the peril of politicians offering the ‘cheap liquor’’ of ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25658

Nepal Sita Air crash-update2) Air traffic claims bird hit flight

The plane that went down shortly after taking off from Nepal's capital was hit by a bird, the pilot told air traffic controllers moments before the ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25657

Hong Kong hails start of first free trade pact with Europe

Hong Kong on Friday said its first free trade agreement with European countries would take effect from the beginning of October, opening up business opportunities and cutting prices of imports.

The agreement, which was signed in June last year with Iceland, Liechtenstein, Norway and Switzerland -- members of the European Free Trade Association (EFTA) -- will cover investments as well as trade in goods and services.

via Business feed http://www.scmp.com/business/economy/article/1049391/hong-kong-hails-start-first-free-trade-pact-europe

Filipino admits cover-up of New Zealand’s worst sea disaster

The Filipino captain of the ship that caused New Zealand’s worst maritime environmental disaster has apologized publicly for the catastrophe and for t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25656

Nikkei closes lower

Stocks in Tokyo closed 0.89 percent lower in light trade today as dealers look ahead to the release of key China data next week, with fears growing ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25655

Euro firms against dollar, yen in Asia

The euro rose against the dollar and yen in Asia on Friday afternoon, extending gains in New York following Spain’s announcement of a fresh austerity budget that could pave the way for a bailout. The euro fetched US$1.2935 and 100.25 yen in Tokyo afternoon trade, up from US$1.2911 and 100.19 yen in New York late Thursday. The US dollar eased to 77.51 yen from 77.60 yen.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1049387/euro-firms-against-dollar-yen-asia

South Korea August factory output falls; Oct rate cut seen

South Korea’s industrial output contracted sequentially for the third consecutive month in August, highlighting weak momentum in the third quarter and putting the Bank of Korea under pressure to produce a convincing policy response.

Though August output was likely hurt by labour strife at local car manufacturers and by typhoons, the numbers suggested growth could slow or stall in the third quarter as the ongoing euro zone debt crisis undermines both exports and domestic demand.

via Business feed http://www.scmp.com/business/economy/article/1049386/south-korea-august-factory-output-falls-oct-rate-cut-seen

Transocean served with Brazil drilling injunction

Transocean Ltd said on Thursday it was served with a preliminary injunction by a federal court in Brazil that would require the drilling contractor’s nine rigs operating in waters off the country to cease operations in 30 days.

The ban stems from an oil spill last November in an offshore field operated by Chevron Corp at a well drilled with a Transocean rig. The eight other Transocean rigs in Brazil work for Petrobras, including seven contracted to the state-led oil company and another subcontracted from BP.

via Business feed http://www.scmp.com/business/companies/article/1049332/transocean-served-brazil-drilling-injunction

Getting in tune; Samsung to shop for software

Samsung Electronics, which has vaulted the value chain on the strength of its hardware, will go out and buy mobile content providers, a senior executive told Reuters, to compete with Apple, Google and Amazon.com in a global digital music market worth nearly US$9 billion.

The South Korean electronics giant has muscled its way to global leadership in TVs, smartphones, chips and display screens - packing internally sourced state-of-the-art components into consumer gadgets - but software remains a weak link.

via Business feed http://www.scmp.com/business/companies/article/1049325/getting-tune-samsung-shop-software

Tiger time: the billionaire, the brewer, and a battle for the bottle

As a two-month battle with Heineken for control of Tiger beer risked turning ugly, Thai billionaire Charoen Sirivadhanabhakdi telephoned Lee Hsien Yang, chairman of Singapore conglomerate Fraser and Neave (F&N), the brewer’s co-owner.

After speaking to Lee, the younger brother of Singapore’s prime minister, on Sept. 12, Charoen called Heineken to offer a truce: his companies would accept the Dutch group’s US$6.3 billion bid to buy F&N and other shareholders out of Tiger beer maker Asia Pacific Breweries (APB).

via Business feed http://www.scmp.com/business/companies/article/1049319/tiger-time-billionaire-brewer-and-battle-bottle

Chevron pays US$17.5 million fine for Brazil spill

US oil firm Chevron has paid a US$17.5 million fine for a major spill off Rio de Janeiro state last year, Brazilian authorities said Thursday.

In a brief statement, the country’s National Petroleum Agency (ANP) said Chevron Brasil Upstream Frade Ltda. had paid the sum (35.1 million real) last Friday without appealing it.

A report by ANP released in July accused Chevron of negligence and said the company could have avoided the spill, which occurred in November in the Frade field, located 370 kilometers (230 miles) northwest of Rio.

via Business feed http://www.scmp.com/business/companies/article/1049306/chevron-pays-us175-million-fine-brazil-spill

Beleaguered Sony and scandal-tainted Olympus expected to ink deal

Electronics giant Sony and scandal-tainted Olympus will formally agree a capital tie-up Friday, a report said, as both companies look to turn the page on disastrous chapters.

The firms are expected to make an announcement following board meetings to approve the partnership, which will see them working together on medical equipment, the Nikkei business daily said.

via Business feed http://www.scmp.com/business/companies/article/1049299/beleaguered-sony-and-scandal-tainted-olympus-expected-ink-deal

Trafigura exits Australia’s Tiger Resources, no strategic buyers

Commodities trader Trafigura has sold its 28 percent stake in Tiger Resources Ltd to institutional investors but no corporate buyer emerged to grab a strategic stake in the Australian miner with growing operations in central Africa’s hot copper belt.

The shares were sold at 35 cents a share to Australian and offshore investors, a person familiar with the process said who declined to be identified as the pricing was confidential.

via Business feed http://www.scmp.com/business/companies/article/1049292/trafigura-exits-australia%E2%80%99s-tiger-resources-no-strategic-buyers

Russian metals moguls Deripaska and Cherney settle RUSAL stake spat

Russian billionaires Oleg Deripaska and Michael Cherney reached an 11th-hour settlement in a dispute over a billion dollar slice of aluminium giant RUSAL, shortly before they were due to give evidence in a drawn-out London court case.

The case, which had been expected to run well into 2013, was due to dwell on allegations of broken promises, criminality and mob rule while shining a light on the murky carve-up of lucrative smelters in the ‘wild east’ of post-Soviet Siberia.

via Business feed http://www.scmp.com/business/companies/article/1049281/russian-metals-moguls-deripaska-and-cherney-settle-rusal-stake

US regulators fine JPMorgan, ANZ nearly US$1 million over speculation

US regulators punished two more firms for excessive speculation in cotton markets during one of the most tumultuous periods in the contract’s history, tagging JP Morgan and Australia and New Zealand Banking Group with fines totalling nearly US$1 million.

In the latest sign that the US Commodity Futures Trading Commission is cracking down on trading limits in futures markets, JP Morgan agreed to pay US$600,000 for exceeding position limits in the cotton market in September and October 2010, one of the agency’s largest civil penalties ever for position limits violations.

via Business feed http://www.scmp.com/business/banking-finance/article/1049268/us-regulators-fine-jpmorgan-anz-nearly-us1-million-over

(Nepal plane crash-update1) Italians, British, Nepalis among dead

Italians, a Briton and Japanese are among the dead in a Sita Air plane crash today on the outskirts of the Nepal’s capital Kathmandu, killing all 19 ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25654

Nikkei down at break

Stocks in Tokyo fell 0.34 percent by the break following weak factory output data that fuelled concerns about the stuttering economy. The Nikkei 225 ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25653

Spaniards hail cafe manager who sheltered protesters

A cafe manager has become a hero to many in Spain, and an internet star, after standing up to riot police and letting people protesting government c...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25652

(Nepal plane crash-update) All foreign passengers dead

A passenger jet carrying 19 people, mainly foreigners, towards an airport in the shadow of Mount Everest crashed today on the outskirts of the Nepale...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25651

Former US tax examiner charged with naming whistleblower - US prosecutor

A former US Internal Revenue Service examiner was arrested on Thursday and charged with exposing an IRS whistleblower and interfering with the audit of an international bank, said the US Attorney for the Southern District of New York.

Dennis Lerner, 59, was arrested at his home in Edgewater, New Jersey and appeared before a judge in Manhattan, according to a statement from US Attorney Preet Bharara.

Lerner was charged with violating federal conflict of interest laws and improperly disclosing confidential IRS information. He could face up to 20 years in prison.

via Business feed http://www.scmp.com/business/banking-finance/article/1049264/former-us-tax-examiner-charged-naming-whistleblower-us

Thailand Aug factory output is seen down for third straight month

Factory output in Thailand may have fallen for a third straight month in August as faltering global demand drags down exports, even though industry continues to restore more capacity after devastating floods late last year.

Production in August probably dropped 7.0 per cent from a year earlier, according to the median forecast of 10 economists polled by Reuters.

The Industry Ministry has predicted a fall of 4-6 per cent in factory output in August from a year earlier.

via Business feed http://www.scmp.com/business/economy/article/1049260/thailand-aug-factory-output-seen-down-third-straight-month

Washingon, Israel hand in hand against Iran nukes

The United States and Israel “share the goal'' of stopping Iran from acquiring a nuclear weapon, a US official said late yesterday after top level ta...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25650

19 dead in Sita Air plane crash near Kathmandu

All 19 passengers and crew died when a airliner crashed near an airport in the shadow of Mount Everest today. It crashed near the capital Kathmandu, ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25649

Spain news lifts Hang Seng

Stocks in Hong Kong gained 0.27 percent at the open, following overnight gains on Wall Street after Spain announced a fresh austerity budget that ea...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25648

Manhunt on for Canadian sex predators

Police are searching for two Canadian men who allegedly chained and sexually assaulted a teenage boy for days in easternmost Canada before he escaped...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25647

BlackBerry maker deep in the red

BlackBerry maker Research in Motion said it lost US$235 million in the past quarter, in better-than-expected results that prompted a surge in its sto...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25646

BYD: A sinking ship?

Billionaire investor Warren Buffett must certainly be wondering about his 2008 decision to buy 10 per cent of sputtering car maker BYD (1211.HK ; Shenzhen: 002594), which is starting to look like the proverbial sinking ship after the recent defection of 2l key top executives.

via Business feed http://www.scmp.com/business/companies/article/1049245/byd-sinking-ship

Herbert Lom aka inspector Dreyfus dies at 95

Czech-born actor Herbert Lom, known best for his roles in the Pink Panther films, died on Thursday aged 95, his family said. Lom, who appeared in m...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25626

Spanish region seeks 848m euro handout

Spain's Castilla-La Mancha region will ask the central government for 848 million euros (HK$8.4 billion) in rescue funding, the region's budget mini...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25625

Letterman humiliates Cameron on talk show

British Prime Minister David Cameron was mocked by the UK press after American chat show host David Letterman left him stumped on questions about Br...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25624

Monetary union on agenda for Finnish-French meeting

Finnish Prime Minister Jyrki Katainen is to meet French President Francois Hollande in Paris next Tuesday to discuss the economic crisis in the euro...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25623

European markets await Spanish budget

European stock markets rebounded slightly after gains across Asia on Chinese stimulus hopes, as dealers awaited fresh Spanish austerity budget measure...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25622

Austrian tycoon’s new party rejects euro

An 80-year-old self-made billionaire launched his own political party in Austria today, vowing a radical shake-up of the euro zone and taking a swip...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25621

Greek coalition reaches accord on cuts

Greece's coalition government has agreed on the “main points’’ of a multi-billion-euro austerity package needed to unlock EU-IMF loans, the finance ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25620

Corrupt Indonesian soldiers jailed for human smuggling

Four Indonesian soldiers have been entenced to between five and six years in prison for helping to smuggle illegal migrants to Australia. The Madiun ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25619

Europe okays amendment to bailout fund treaty

Euro zone governments approved a tweak to the treaty setting up the European Stability Mechanism, to take account of extra democratic controls sough...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25618

British housewife’s Bali cocaine trial adjourned

The trial of a 56-year-old British housewife accused of smuggling five kilos of cocaine into Indonesia opened today, but was adjourned as she was not ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25617

Singapore civil servant sought oral sex, court told

A key state witness gave a graphic account of intimate relations with a former Singapore police official accused of demanding sex for help in winnin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25616

Europe consumers feel worse off

European business and consumer confidence fell further in September, although Spain posted an improvement, the European Union said. The Economic Se...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25615

Nepal Maoists banish Indian cars, movies

Hardline Maoists ordered Indian-registered vehicles out of Nepal and demanded that cinemas stop showing Bollywood movies. The Communist Party of Ne...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25614

ECB says bank lending drying up

Bank lending to private households in the euro area, which has practically dried up in recent months, remains very subdued in face of the region's c...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25613

Vatican investigates Filipino priest over child abuse

The Vatican has suspended a senior Philippines priest over allegations he abused children when he was based in the United States three decades ago, a ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25612

British economy shrinks further

Britain's economy shrank by 0.4 percent in the second quarter compared with output in the first three months of the year, official data showed, leav...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25611

Market Wrap: Hong Kong stocks post biggest in a week on CBRC rumour

Hong Kong stocks posted the biggest single-day gain in a week, led by mainland financial institutions...

via Business feed http://www.scmp.com/business/money/stock-talk/article/1048654/market-wrap-hong-kong-stocks-post-biggest-week-cbrc-rumour

German September jobless rate eases slightly

Unemployment in Germany dropped slightly in September, official data showed today, but the Federal Labour Agency warned of the effects of an impendi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25610

Credit Suisse London trader faces fraud rap

A former Credit Suisse trader accused of inflating subprime mortgage-related bond prices faces extradition to the United States after being arrested...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25609

Hang Seng rallies

Shares in Hong Kong gained 1.14 percent, following a rally in Shanghai as traders grow hopeful China will soon launch a round of stimulus measures. H...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25608

UK to tackle listing rules as Bumi debacle escalates

London’s ambitions to attract foreign-owned mining companies have suffered a sharp blow with the announcement by Bumi Plc of an inquiry into alleged irregularities at subsidiaries, just days before a clamp-down on listing rules.

The Financial Services Authority (FSA) will publish proposals next Tuesday designed to protect investors and ease concerns that London-listed companies such as Bumi, an Indonesian coal venture co-founded by financier Nat Rothschild, are diluting standards of corporate governance.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1048662/uk-tackle-listing-rules-bumi-debacle-escalates

Beijing decries Tokyo’s bullheaded stance on islands

China expressed outrage today over Japanese Prime Minister Yoshihiko Noda’s remarks to reporters at the UN General Assembly, and urged Japan to cease ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25607

Mainlanders use technology to plan Hong Kong shopping forays

Mainlanders use the internet and social media extensively to plan their shopping trips to Hong Kong, and 95 per cent of mainlanders who have visited the city intend to return.

These details emerged at a seminar that research company Nielsen organised on Thursday to mark the release of its 2012 Mainland Chinese Visitors Study. The seminar had the catchy title, "Tapping the big spenders: Capitalising on the huge potential and wallets of mainland visitors".

via Business feed http://www.scmp.com/business/economy/article/1048574/mainlanders-use-technology-plan-hong-kong-shopping-forays

199 Syrian civilians among 300 fatalities, says NGO

More than 305 people were killed across Syria yesterday, making it the bloodiest single day of the 18-month revolt, the Syrian Observatory for Human ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25606

Myanmar textiles to gain from US import ban repeal

Washington is to ease a ban on imports from Myanmar, US Secretary of State Hillary Clinton said, lifting its last major trade embargo. Clinton told...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25605

Athens begins sale of state gaming monopoly

The Greek privatization fund said it had launched an international tender for the sale of the state's 33-percent stake in the gaming monopoly OPAP. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25604

Nikkei gains ground

Stocks in Tokyo edged up by 0.48 percent following a heavy loss in the previous session caused by concerns over a diplomatic spat between Japan and C...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25603

Bank of America tests technology to pay with phones

Bank of America Corp is testing a technology that allows a customer to pay at a store register by simply scanning an image with a smartphone, such as Apple’s iPhone or Google’s Android devices.

The pilot program is being tested in Charlotte, North Carolina, where the second-largest US bank is headquartered, and marks the latest effort by a financial institution to come out on top in the race to determine how people will pay for things in the future.

via Business feed http://www.scmp.com/business/banking-finance/article/1048575/bank-america-tests-technology-pay-phones

Low-cost coming of age spooks auto incumbents

Renault’s boxy Logan sedan had rear-view mirrors as an optional extra - or so the joke went after its 2005 launch under the low-cost Dacia brand.

Its similarly cheap replacement, unveiled at the Paris auto show, has chrome dashboard finish and other stylistic flourishes worthy of a mid-market rival. Touch-screen GPS and parking radar feature in all but the simplest versions.

In a brutal auto sales slump, “crisis cars” are coming of age in Europe, narrowing the gap with mainstream brands in everything from aesthetics to fuel economy.

via Business feed http://www.scmp.com/business/companies/article/1048546/low-cost-coming-age-spooks-auto-incumbents

Chinese slowdown haunts premium carmakers at Paris show

Luxury auto giants BMW, Audi and Mercedes have been enjoying robust demand in China for almost three years as they vie to be the world’s biggest premium car manufacturer. That could be about to change.

While carmakers will use this week’s Paris auto show to display models such as Audi’s updated US$146,600 top-of-the-line R8 coupe and Porsche’s US$126,000 four-wheel drive 911, the fate of the vehicles will be decided thousands of miles away in China, where premium-car buyers are showing signs of saturation.

via Business feed http://www.scmp.com/business/money/wealth/article/1048509/chinese-slowdown-haunts-premium-carmakers-paris-show

As cotton prices surged, China trader amassed US$510m bet

A landmark U.S. fine for excessive speculation in the benchmark cotton futures market has revealed a startling new dimension to last year’s blistering winter price rally: the biggest bull was a Chinese trader with a US$510 million punt.

via Business feed http://www.scmp.com/business/commodities/article/1048503/cotton-prices-surged-china-trader-amassed-us510m-bet

US affluent feel more in control of finances than a year ago

Affluent Americans feel more in control of their finances and say they are less conservative with their investments than they were a year ago, according to a bi-annual survey released on Thursday by Merrill Lynch Global Wealth Management.

Wealthier investors recognise there is likely to be more volatility ahead thanks to the November US elections, the looming fiscal cliff and continued uncertainty in the European Union, but they feel confident when it comes to their personal finances, said Ted Durkin, head of the Merrill Lynch Affluent Client Segment.

via Business feed http://www.scmp.com/business/money/money-news/article/1048474/us-affluent-feel-more-control-finances-year-ago

Major shareholders pledge not to dump Chinext shares this year

The main shareholders of 32 Chinese firms listed on Chinext, a Nasdaq-style board focused on small-cap firms, will extend their share lock-up period, in an apparent gesture to support domestic stock markets which have sagged on concerns of slower economic growth.

The extension of the share lock-up period to the end of this year encompasses 2.78 billion shares worth a combined 38.44 billion yuan (US$6.1 billion) and was in accordance with guidance from regulators to help stabilise the market, state media said.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1048435/major-shareholders-pledge-not-dump-chinext-shares

Taobao makes big push to shed US ‘notorious’ label

China’s largest e-commerce company, Alibaba, has won support from the US movie industry in its campaign to persuade the Obama administration to drop its Taobao.com website from a US list of “notorious markets” that sell fake goods.

But US software, clothing and shoe manufacturers are urging USTR to keep Taobao on the annual list, which is expected to be released in coming months.

via Business feed http://www.scmp.com/business/china-business/article/1048431/taobao-makes-big-push-shed-us-%E2%80%98notorious%E2%80%99-label

Australia job vacancies rise; migration lifts population

Job vacancies in Australia rebounded in the three months to August as a pick up in the private sector outweighed the lowest reading for public vacancies in eight years, government data showed on Thursday.

The Australian Bureau of Statistics (ABS) reported total job vacancies rose 4.2 per cent to 179,300 in seasonally adjusted terms in the three months to end August, more than recouping a fall the previous quarter.

Still, vacancies were down 4.4 per cent on the same period last year.

via Business feed http://www.scmp.com/business/economy/article/1048418/australia-job-vacancies-rise-migration-lifts-population

Analysis: Canada’s Conservatives split over CNOOC’s bid for Nexen

Canada’s ruling Conservative Party is split over a landmark US$15.1 billion bid by China’s CNOOC for oil producer Nexen, leaving Prime Minister Stephen Harper with a difficult final call to make.

A green light, still viewed by many as likely, would allow China’s biggest ever foreign takeover, extend China’s foothold in Canada’s crude-rich oil sands – an area with the biggest proven resources of energy outside Venezuela and Saudi Arabia – and help Beijing fulfill its drive for better access to energy resources to fuel the world’s second-largest economy.

via Business feed http://www.scmp.com/business/commodities/article/1048410/analysis-canada%E2%80%99s-conservatives-split-over-cnooc%E2%80%99s-bid-nexen

Court upholds Ai Weiwei tax evasion fine

A court in China has rejected a bid by internationally acclaimed artist Ai Weiwei to fight a US$2.4 million fine for tax evasion, the artist said tod...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25602

Beijing says Tokyo must face up to history over islands

Chinese Foreign Ministry spokesman Qin Gang said ownership of the territory should be solved on the historical and legal basis as he responded today t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25601

US lawmakers press for broader restraints on China solar imports

Eight US lawmakers urged President Barack Obama’s administration on Wednesday to broaden the scope of proposed duties on billions of dollars of solar panels from China, as the US government nears its final rulings in the case.

The lawmakers, led by Oregon Democratic Senators Ron Wyden and Jeff Merkley, criticised an earlier Commerce Department decision to exclude Chinese solar panels containing cells made in another country from preliminary duties of more than 30 per cent.

via Business feed http://www.scmp.com/business/china-business/article/1048390/us-lawmakers-press-broader-restraints-china-solar-imports

China’s central bank injects net 365 bn yuan, largest weekly cash injection on record

China’s central bank will inject 180 billion yuan ($28.6 billion) into the money markets through 14- and 28-day reverse repurchase agreements on Thursday, traders said, meaning it will inject a net 365 billion yuan into the market this week, the largest weekly injection since Reuters records began in 2006. The People’s Bank of China (PBOC) injected 50 billion yuan in 14-day reverse repos and 130 billion yuan in 28-day reverse repos. The PBOC conducted a net injection of 101 billion yuan into the market last week.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1048384/china%E2%80%99s-central-bank-injects-net-365-bn-yuan-largest

China banks shy away from infrastructure loans in tactic shift

Faced with shrinking profit margins, some Chinese banks are turning away from funding big infrastructure projects to focus on smaller clients who they can charge higher interest rates, bankers say, a fundamental shift in business strategy.

Funding big state-owned firms and big government infrastructure projects is the traditional lifeblood of China’s government-controlled banks, whose profits enjoy additional protection from the country’s managed interest rate system.

via Business feed http://www.scmp.com/business/banking-finance/article/1048382/china-banks-shy-away-infrastructure-loans-tactic-shift

China’s Baosteel suspends production at Shanghai plant

Baoshan Iron & Steel Co (Baosteel), China’s biggest listed steelmaker, said it has suspended production at a loss-making plant in Shanghai, in a sign of the intense pressure on the sector as steel prices trade near three-year lows.

The steelmaker is one of the first major Chinese mills to publicly announce it is suspending production, but with the world’s second-biggest economy cooling and banks restricting lending to an industry that built up US$400 billion of debt during years of double-digit growth more suspensions are likely.

via Business feed http://www.scmp.com/business/companies/article/1048373/china%E2%80%99s-baosteel-suspends-production-shanghai-plant

Tokyo tells Beijing: hands off nationals and property

Japan's Prime Minister Yoshihiko Noda insisted there could be no compromise with China on the ownership of a disputed island chain and denounced att...



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Dissident Ai Weiwei awaits tax ruling

A court was expected to rule today on a bid by internationally acclaimed artist Ai Weiwei to fight a US$2.4 million fine for tax evasion, a charge he...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25599

Hang Seng, Shanghai advance at opening

Stocks in Hong Kong gained 0.51 percent at the open on hopes China may launch new easing measures to jumpstart growth. The benchmark Hang Seng Index...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25598

(Ryder Cup) Europe try out foursomes pairs

Jose Maria Olazabal's picks for tomorrow's opening Ryder Cup foursomes at Medinah Country club in Chicago in the US appeared to be taking shape by th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25597

China’s Zhongrun takes 42pc stake in Australian gold miner Noble

Chinese firm Zhongrun Resources Investment Corp has agreed to buy a 42 percent stake in Noble Mineral Resources Ltd for A$85 million (US$88 million), sending shares of the Australian gold miner soaring 25 percent.

The move by Zhongrun, a US$1 billion company with major stakes in several Toronto- and London-listed mining companies, is the latest in a string of Chinese investments in gold miners.

Demand in China for bullion has jumped, with gold sought for jewellery and as an inflation hedge.

via Business feed http://www.scmp.com/business/companies/article/1048365/china%E2%80%99s-zhongrun-takes-42pc-stake-australian-gold-miner-noble

Hong Kong loses a fifth of its US$ millionaires in a year

High net worth individuals (HNWI) are those with more than US$1 million in assets that don’t include “investments of passion” such as art and presumably, things like cars and wine, according to the criteria of consultants Capgemini Hong Kong.

via Business feed http://www.scmp.com/business/money/wealth/article/1048364/hong-kong-loses-fifth-its-us-millionaires-year

Market Open: Greece, Spain worries may press Hong Kong stocks lower

Hong Kong stocks may open lower as worries over Spain and Greece escalate, with yields on 10-year Spanish government bonds rising to the highest level in almost three weeks amid worsening problems in Spain and Greece.

The debt-plagued Spanish government on Thursday is due to adopt a 2013 austerity budget that could be a precursor to a full-blown bailout. Meanwhile, sales of new homes in the US fell in August even though economists had expected an increase. Sales fell 0.3 per cent to an annualised total of 373,000 following a revised 374,000 rate in July, lagging estimates.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1048298/market-open-greece-spain-worries-may-press-hong-kong

(Ryder Cup) Pairings key to success

Ryder Cup captains Davis Love and Jose Maria Olazabal were putting the final touches to their Ryder Cup teams yesterday seeking the magic formula tha...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25596

Bankers signal end to setting Libor

The British Bankers' Association (BBA) has signalled willingness to give up oversight of the London interbank offered rate following claims that traders manipulated the benchmark rate.

Financial Services Authority managing director Martin Wheatley is reviewing whether to bring oversight of the benchmark under the control of regulators after Barclays, Britain's second-biggest lender, paid a record £290 million (HK$3.64 billion) fine in June for manipulating Libor. Regulators worldwide are investigating at least a dozen banks over allegations they also tried to rig the rate.

via Business feed http://www.scmp.com/business/banking-finance/article/1048097/bankers-signal-end-setting-libor

Lenovo to challenge Apple's smartphone

Lenovo Group, which is set to overtake Hewlett Packard this year as the biggest PC maker, now has its sights on the smartphone and tablet markets as it takes on Apple and Samsung Electronics in the mainland.

"We want to test the market, see the first steps towards success in China, then roll out to the rest of the world," chief executive Yang Yuanqing said. "We want to win in the smartphone area and even the TV area."

via Business feed http://www.scmp.com/business/companies/article/1047986/lenovo-challenge-apples-smartphone

Spain faces crunch today on austerity budget

Squeezed by financial markets and denounced in the streets, Spain's government is due today to adopt an austerity budget which could be a precursor to a full bailout.

The final step before a rescue is likely to come tomorrow, analysts say, when Madrid unveils an independent audit of its limping banks to determine how much capital they need.

via Business feed http://www.scmp.com/business/economy/article/1048082/spain-faces-crunch-today-austerity-budget

HK employers protest too much about minimum wage

Bosses warn proposed new HK$30 hourly [minimum] rate will force up prices, especially for food, while workers say it will be eaten up by inflation

SCMP sub-head, September 26

I have a question for the restaurant owners and property managers who seem to comprise pretty much the totality of these "bosses" we quote: How would you feel if, the more profits you made, the more you were told to share them with newly arrived outsiders who didn't contribute to them at all?

via Business feed http://www.scmp.com/business/article/1047975/hk-employers-protest-too-much-about-minimum-wage

HK firms struggle for survival on an uneven business field

The dim outlines of the low-rise buildings emerge gradually from smog perennially hanging over the main road leading to Chin Wa-keung's electroplating factory in Huizhou, Guangdong.

via Business feed http://www.scmp.com/business/economy/article/1048131/hk-firms-struggle-survival-uneven-business-field

Temasek set to offload 400m SingTel shares

Temasek Holdings, Singapore's state-owned investment company, is selling S$1.28 billion (HK$8.06 billion) of shares in Southeast Asia's biggest telephone company, according to two people with knowledge of the deal. The stock slumped the most in more than a year.

Temasek is selling 400 million shares in Singapore Telecommunications, representing a 2.5 per cent stake, at S$3.20 each, according to the people.

via Business feed http://www.scmp.com/business/companies/article/1048089/temasek-set-offload-400m-singtel-shares

Mainland firms to relaunch IPO plans

At least three mainland companies are relaunching their plans to go public in Hong Kong to raise a total of US$1 billion or more after pulling them earlier this year because of a weak market.

Those companies want to list in the fourth quarter, most likely next month or November, before the December holiday season.

Although the Hong Kong stock market remains lacklustre, the firms are still going ahead as they do not want to miss the final opportunities this year to launch the initial public offerings.

via Business feed http://www.scmp.com/business/china-business/article/1048127/mainland-firms-relaunch-ipo-plans

Hong Kong's mortgage loan approvals climb 29 per cent in August

The average size of new mortgages issued last month hit a record high as investors dived into Hong Kong's hot property market.

via Business feed http://www.scmp.com/business/banking-finance/article/1048130/hong-kongs-mortgage-loan-approvals-climb-29-cent-august

European stocks slide on Spain bailout fears

European stock markets and the euro slumped on Wednesday as markets braced for a full bailout of Spain, ahead of the Spanish government's unveiling of new cost-cutting measures.

via Business feed http://www.scmp.com/business/economy/article/1047923/european-stocks-slide-spain-bailout-fears

Fears rattle European markets

European stocks slide on Spain bailout, US stimulus strains ATTENTION - UPDATES value, ADDS Milan, Lisbon markets /// European stock markets and ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25586

German September inflation eases

Inflation in Germany, Europe's biggest economy, slowed slightly in September, according to official data published today, but remained at the Europea...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25585

Violence flares at Athens protests

Police in Athens clashed with hooded youths throwing firebombs on the sidelines of a large demonstration against a new round of austerity cuts. Off...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25584

Lisbon shares sink 3pc

The Lisbon stock market's PSI-20 index fell by 3.07 percent in early afternoon trading today in the wake of a similar drop in neighboring Spain. Al...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25583

Danish arms smuggler seeks neutral venue for Indian case

A Danish arms smuggler who air-dropped weapons into India has offered to be heard by an Indian court – but only on neutral ground, he told a Danish n...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25582

BBC red faced over Gardner's royal letdown

The BBC has been forced to offer an embarrassing apology to the queen – this time over revelation of a private conversation with the monarch related t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25581

Ex-Murdoch aide Brooks faces phone hacking trial next year

The first trial stemming from the UK phone-hacking scandal at Rupert Murdoch's now-defunct News of the World tabloid is to begin next September, a jud...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25580

Spain defends police response to protests

Spain's government defended police who beat and fired rubber bullets at protesters angry at its economic management, as it prepared fresh cuts to av...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25579

Disgraced Strauss-Kahn rejects pimping charges

Lawyers for the disgraced former IMF chief Dominique Strauss-Kahn asked a French appeal court to dismiss charges that he helped procure prostitutes fo...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25578

Madrid stocks plunge 3pc

Stocks in Spain fell more than 3 percent today as tensions heightened over the government's reluctance to announce whether it will seek a euro zone b...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25577

Athens protesters rail against extra cuts

Thousands of Greeks took to the streets of main cities today during a nationwide strike in protest at a new round of austerity cuts being introduced ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25576

New coronavirus-update) Two isolated in Denmark below five

Two of the five persons showing symptoms of infection from a new coronavirus, are under five years old, a Denmark hospital said today. All of them are...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25575

Cancer scare halts Monsanto corn to Russia

Russia has temporarily suspended importing genetically-modified corn made by the US biotech giant Monsanto after a controversial study linked it to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25574

Syria says no deaths from army HQ attack

Syrian commanders all escaped injury in twin bombings that struck near army headquarters in Damascus today, the military said. “Armed terrorist gro...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25573

(T20 World Cup) Bangladesh laments another failure

Disappointed Bangladesh captain Mushfiqur Rahim said his team did not play at their best during their freefall out of the World Twenty20, following ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25572

(T20 World Cup) Heavyweights enter arena

The World Twenty20 shifts to a higher gear in Sri Lanka tomorrow when hot favorites begin an intriguing race for the semi-finals in the Super Eights...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25571

South African youth leader faces money laundering charges

South African populist firebrand Julius Malema, who has been a critic of President Jacob Zuma ,was charged with money laundering in court, in a case...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25570

Esprit profit misses estimates, shares dive 8pc

Esprit Holdings posted a jump in net profit but missed analysts' forecasts as a slowing global economy weighed on sales, sending its shares plunging 8 per cent.

via Business feed http://www.scmp.com/business/companies/article/1047831/esprit-profit-misses-estimates-shares-dive-8pc

(New coronavirus alert) Denmark monitors five

Five persons showing symptoms of infection from a SARS-like virus have been admitted to Odense University Hospital, central Denmark, the hospital said...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25569

Korean brought to heel over women’s shoes

A South Korean man, upset by women whose footwear made them taller than him, has been arrested for stealing high-heeled shoes and dumping them in lo...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25568

Greeks finalize US$15b savings

Greece's finance ministry has settled on a new austerity package worth more than 11.5 billion euros (HK$114.6 billion) to be submitted to the coalitio...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25567

Spain’s economic woes worsen

Spain's recession is deepening with economic output sliding at a “significant pace’’ in the third quarter of this year, the Bank of Spain said today....



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25566

Sellers drive down Hang Seng

Shares in Hong Kong shed 0.83 percent following losses on Wall Street after a US Federal Reserve official questioned the likely impact on the economy...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25565

Samsung unveils new Galaxy Note with split screen function

Samsung launched the newest version of its oversized smart phone Galaxy Note, just a week after Apple's iPhone 5 hit shelves, in an apparent bid to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25564

Toyota, Nissan readjust China production

Auto makers Toyota and Nissan said they would cut production in China because demand for Japanese cars has been hit by the tensions over disputed isl...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25563

Hawk Abe at helm of Japan opposition

Japan's main opposition party chose former premier Shinzo Abe as its new leader today, a victory likely to see him reinstated as prime minister in g...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25562

Manila aims to profit from Sino-Japan tension

Philippines is seeking to lure investment from Japanese companies hurt by the territorial dispute with China, a senior trade official said today. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25561

New World posts HK$5b earnings

New World Development (0017) said today underlying profits for the year grew by 7.5 percent to HK$5.01 billion on turnover of HK$35.6 billion. Attrib...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25560

Cisco CEO Chambers says next US president must take page from Clinton’s book

Cisco Systems Inc CEO John Chambers, a supporter of Mitt Romney, says the country’s next head of state should take his cues from former President Bill Clinton who was able to work effectively with businesses to generate jobs and create budget surpluses.

“There’s a lot to learn from President Clinton. It kills me as a strong Republican saying it, but he was the most effective president during my lifetime,” Chambers told Reuters in an interview on Tuesday. “And when business got out of line, he smacked them,” Chambers said.

via Business feed http://www.scmp.com/business/companies/article/1047735/cisco-ceo-chambers-says-next-us-president-must-take-page-clinton

Nikkei plunges 2pc

Stocks in Tokyo fell 2.03 percent to end at their lowest level in more than two weeks with China-related shares hit by a territorial spat that has s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25559

Japan refit Nisshin Maru for long-term whale slaughter

Japan's Fisheries Agency said it plans to refit the factory ship used every year on its Antarctic whaling expeditions, in the hope of getting at lea...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25558

Manila questions church figures in illegal ivory inquiry

Philippine authorities said they launched an investigation into the possible involvement of Catholic priests in the illegal trade of African ivory. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25557

Brooks to plead in phone hacking cover up

Ex-News of the World editor Rebekah Brooks is to enter her plea in a London court today on charges of trying to cover up phone hacking that led to th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25556

Hang Seng down at break

Shares in Hong Kong fell 0.89 percent in the morning session following a weak lead from Wall Street on comments by a US Federal Reserve official que...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25555

US probe of HSBC tangled up in bureaucracy, infighting

In the second half of 2010, a senior federal prosecutor in West Virginia drafted an impassioned plea to his bosses in Washington to end infighting as multiple government agencies pursued a high-stakes investigation of HSBC Holdings.

William Ihlenfeld II had been fighting a losing battle against fellow prosecutors in Washington and Brooklyn, who were jointly conducting a parallel probe into the British bank’s controls over illicit transactions.

via Business feed http://www.scmp.com/business/banking-finance/article/1047682/us-probe-hsbc-tangled-bureaucracy-infighting

Fast Retailing says no plan to halt Uniqlo expansion in China despite anti-Japan protests

Japan’s Fast Retailing Co is not considering changes in the planned expansion of its Uniqlo clothing stores in China despite anti-Japanese protests there, its chairman said on Wednesday.

“There is absolutely nothing like that,” Fast Retailing Chairman and President Tadashi Yanai said when asked about reports it was slowing down its China expansion.

via Business feed http://www.scmp.com/business/companies/article/1047670/fast-retailing-says-no-plan-halt-uniqlo-expansion-china-despite

New Yahoo CEO fleshes out plans, new CFO named

New Yahoo CEO Marissa Mayer laid out broad goals for the Internet giant in her first companywide address Tuesday, and received an enthusiastic reception from a workforce that has faced years of uncertainty and management turmoil.

Mayer mainly sketched broad visions rather than concrete details for her turnaround strategy, according to several people familiar with what was said in the tightly controlled meeting.

via Business feed http://www.scmp.com/business/companies/article/1047644/new-yahoo-ceo-fleshes-out-plans-new-cfo-named

Hang Seng slumps at opening

Shares in Hong Kong retreated in early trading today. The benchmark Hang Seng index fell 0.9 percent to 20,513.67. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25554

(US presidential race) Romney, Ryan woo Ohio again

Mitt Romney and running mate Paul Ryan bounded on stage to the sound of Thin Lizzy's The Boys are Back in Town yesterday as the Republican White Hous...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25553

Leading powers to meet over Iran nukes

World powers leading negotiations with Iran to try to persuade it to abandon its suspect nuclear program will meet tomorrow on the sidelines of a UN...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25552

Asia hedge funds lag behind global average

The world's fastest economic growth is not helping Asia's hedge funds.

The Eurekahedge Asian index, which tracks 395 hedge funds, returned 1.6 per cent to August 31, the worst performer among regions and about half the 3.2 per cent gain by the global benchmark.

Funds have been hampered by a concentration on Asian equities, which have been driven more by Europe's debt crisis and China's slowdown than by company fundamentals such as earnings. The MSCI Asia Pacific Index has climbed 8.2 per cent this year, compared with the 13 per cent gain by the MSCI World Index.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1047180/asia-hedge-funds-lag-behind-global-average

Spain’s regions to get 18b euros this week

Spain will this week activate an 18 billion euro (HK$180.1 billion) liquidity fund to help its stricken regions finance their debts, the government s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25535

Sanofi cuts headcount by 900 in France

French pharmaceutical group Sanofi said it intends to shed 900 jobs in France by the end of 2015. The company said in a statement that the measure wa...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=25534

Low activity barely moves Hang Seng

Shares in Hong Kong ended flat in quiet trade as a week-long Chinese holiday approaches, while European fears resurfaced after a survey showing German...



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Beijing tells Tokyo to admit blunder in buying islands

China told Japan today that it must mend its mistakes over the Diaoyu Islands issue and that Beijing objects to unilateral actions. According to a ...



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Crumbling Sharp sheds 11,000, cuts salaries

Troubled Japanese consumer electronics giant Sharp is to cut 11,000 jobs worldwide and sell US$2.7 billion worth of assets and factories in a bid to...



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Exiles plan strategies to counter tragedy in Tibet

Tibetan exiles began their biggest gathering in four years, eyeing a change of leadership in China and seeking ways to end self-immolations. About 4...



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China’s new consumers have become more emotional-McKinsey

China’s emerging consumer class is more emotional than previous generations of shoppers and firms must shift their marketing strategies to keep pace with the nation’s new standard setters, consultants at McKinsey said in a new report on Tuesday.

More self-indulgent, individualistic and brand loyal than before, China’s mainstream consumer class will comprise 400 million people with incomes above 106,000 yuan (US$16,800) by 2020, polarising the market as they replace a more modestly monied urban population still focused on buying life’s basics.

via Business feed http://www.scmp.com/business/china-business/article/1046992/china%E2%80%99s-new-consumers-have-become-more-emotional-mckinsey

Factory unrest a fresh headache for Apple-supplier Foxconn

A brawl at a Foxconn factory that disrupted production at Apple’s main China supplier for 24 hours highlights regimented dormitory life and thuggish security as major sources of labour tension on the mainland.

While unrest often flares on the mainland as low-paid workers agitate for better pay and conditions, the conflict at Foxconn’s Taiyuan facility in northern China was notable for its scale and severity, even if not directly related to shop-floor conditions.

via Business feed http://www.scmp.com/business/china-business/article/1046991/factory-unrest-fresh-headache-apple-supplier-foxconn

India floods kills 13, homeless reach 1.7m

Indian Air Force helicopters flying missions in between heavy rainstorms dropped supplies to flood victims in northeast India today as the number of...



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Sri Lanka sends remaining displaced home

Camps which housed 300,000 displaced people by the end of Sri Lanka's campaign to eliminate Tamil terrorism have now all closed, three years after th...



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US battery-maker bars lead at China plant after poison claims

US battery giant Johnson Controls will stop lead processing at a plant in China’s commercial hub Shanghai, the firm said, after the city found high levels of the metal in children living nearby.

The Fortune 500 company has denied the plant’s operations caused elevated lead exposure for people living in Shanghai’s Kangqiao area.

via Business feed http://www.scmp.com/business/china-business/article/1046955/us-battery-maker-bars-lead-china-plant-after-poison-claims

Li Na struggles through; Kvitova exits

Fourth seed Petra Kvitova became the biggest casualty of the second round at the Pan Pacific Open today as unheralded Petra Martic sent her packing. ...



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Buying pushes up Nikkei

Shares in Tokyo closed up 0.25 percent as buyers moved to lock in interim dividends before Japanese companies close their books for the half-year to ...



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IMF chief hints at worsening growth

IMF Managing Director Christine Lagarde called on global policymakers to deliver on their reform promises and help strengthen the economic recovery mo...



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Infrastructure boosts New World Services profits

New World Services Holdings, (0659), controlled by Henry Cheng Kar-shun, reported earnings of HK$4.2 billion for the year, up 4 percent. The company o...



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Egypt says no to Syria intervention

Egyptian President Mohamed Morsi said he opposes any foreign military intervention in the Syria conflict but believes President Bashar al-Assad must ...



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Kabul pleased Marines are on trial for urinating on corpses

Afghanistan welcomed a Pentagon decision to put two US Marines on trial for urinating on the bodies of dead Taliban fighters and posing for photogra...



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Sharp expects 15b yen profit next fiscal year - report

Cash-strapped Sharp Corp is predicting a net income of 15 billion yen (US$188 million) for the next business year, part of a plan to return to the profit it needs to win a bailout from its main banks, Kyodo news reported on Tuesday.

Sharp has to repay as much as 360 billion yen of short-term commercial paper loans and needs a credible plan to secure financing from lenders led by Mizuho Financial Group and Mitsubishi UFJ Financial Group.

via Business feed http://www.scmp.com/business/companies/article/1046852/sharp-expects-15b-yen-profit-next-fiscal-year-report

Aircraft carrier joins China’s navy

China's first aircraft carrier – a former Soviet ship bought from Ukraine and refurbished – entered service today, the defense ministry in Beijing s...



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Hang Seng dips by break

Hong Kong shares fell 0.12 percent by the break, following losses on Wall Street and on renewed concerns over Europe's debt crisis. The benchmark Ha...



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Water fight before vessels back off from Diaoyus

Coastguard vessels from Japan and Taiwan duelled with water cannon today after dozens of Taiwanese boats escorted by patrol ships sailed into waters...



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Hyundai sets up finance unit in China to help Hyundai, Kia car sales

Hyundai Motor Group said on Tuesday that it has set up an auto financing joint venture in China to start providing auto loans for Hyundai and Kia customers.

South Korea’s largest automotive group will have a 60 percent stake in Beijing Hyundai Auto Finance Co. with an initial capital of 500 million yuan ($79 million). Beijing Automotive Industry Group will hold the remainder.

The move will help increase its market share in the world’s largest car market, where cash is still the dominant method of payment for vehicle purchases.

via Business feed http://www.scmp.com/business/companies/article/1046850/hyundai-sets-finance-unit-china-help-hyundai-kia-car-sales

Google starts selling Nexus 7 tablet n Japan for US$250

Google Inc said it began selling its Nexus 7 tablet in Japan on Tuesday, with a starting price of 19,800 yen (US$250).

Sales of the 7-inch tablet started on the Google Play website on Tuesday and will be available in physical stores from October 2, the world’s No.1 search engine said.

By taking a greater role in the tablet arena, Google hopes to ensure that its online services remain at the forefront for consumers, as tablets increasingly becoming gateways to the Web and Web-based content such as movies and music.

via Business feed http://www.scmp.com/business/companies/article/1046838/google-starts-selling-nexus-7-tablet-n-japan-us250

Google starts selling Nexus 7 tablet n Japan for US$250

Google Inc said it began selling its Nexus 7 tablet in Japan on Tuesday, with a starting price of 19,800 yen (US$250).

Sales of the 7-inch tablet started on the Google Play website on Tuesday and will be available in physical stores from October 2, the world’s No.1 search engine said.

By taking a greater role in the tablet arena, Google hopes to ensure that its online services remain at the forefront for consumers, as tablets increasingly becoming gateways to the Web and Web-based content such as movies and music.

via Business feed http://www.scmp.com/business/companies/article/1046837/google-starts-selling-nexus-7-tablet-n-japan-us250

Australians in a hurry to get ahead on home loans-central bank

Australians have an unusual habit of paying off their mortgages much faster than borrowers in most other rich nations, a valuable trait that gives households a safety buffer were the economy to slow sharply.

Around half of all borrowers are ahead on mortgage payments, the Reserve Bank of Australia (RBA) reported on Tuesday, a level only reached by Canada among developed nations.

via Business feed http://www.scmp.com/business/economy/article/1046827/australians-hurry-get-ahead-home-loans-central-bank

(Books) Rowling draws on childhood for adult novel

Harry Potter author J K Rowling bids goodbye to the boy wizard on Thursday when she releases her first novel for adults, a gritty tale of poverty an...



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Insults fly over slain Libya envoy’s diary contents

CNN hit back at accusations by a top US State Department official that it had engaged in “distasteful’’ reporting by using the contents of a diary b...



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Caterpillar pares bullish 2015 view, cites falling demand, slowing China

Caterpillar has become the latest heavyweight in corporate America to sound an alarm on the sluggish global economic recovery, warning of a bigger than expected fall in demand over the next few years because of weaker commodity prices and slowing growth in China.

“We’ve seen a slowing in economic growth more than we expected,” Caterpillar CEO Doug Oberhelman told analysts and reporters in Las Vegas. “We expect fairly anaemic and modest growth through 2015.”

via Business feed http://www.scmp.com/business/companies/article/1046822/caterpillar-pares-bullish-2015-view-cites-falling-demand-slowing

Images show damage at reopened Foxconn Taiyuan plant

A Foxconn factory making the iPhone 5 in northern China reopened today, a manager said, a day after it shut down following a huge workers’ brawl tha...



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