Euro zone jobless rate at new high as recession bites

The euro zone jobless rate rose to a record in October as the fiscal crisis and tougher austerity measures deepened the region’s economic woes.

via Business feed http://www.scmp.com/business/economy/article/1094673/euro-zone-jobless-rate-new-high-recession-bites

Legco to decide on hearing over beach plan

Legislators will discuss whether to hold a public hearing on the government's plan to build an artificial beach at Lung Mei in Taipo. Labour Party law...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28541

Human error caused S Korean fatal jet crash

The crash of a South Korean jet trainer that killed its pilot this month was caused by human error on the part of a maintenance officer, an Air Force ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28540

Robot buddy to 'talk' to Japan astronaut

A small humanoid robot that can talk will be sent into space to provide conversational company for a Japanese astronaut on a six-month mission, accor...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28539

HK faces competitions in yuan business: HKMA

Despite the competitive advantages in developing as an offshore yuan center under the 'One Country, Two Systems' policy, other regions are catching up...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28538

Tokyo closes on positive note

Stocks in Tokyo closed 0.48 percent higher as a weakening yen boosted exporters while investors were also looking to Washington for progress on talks...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28537

Apple’s iPhone 5 gets final approval for China release

Apple’s latest iPhone has received final clearance from Chinese regulators, paving the way for a December debut in a highly competitive market where the lack of a new model had severely eroded its share of product sales.

China is Apple’s second-largest market and its Chinese fans are eagerly awaiting the latest model of its smartphone, the iPhone 5, which was released in the United States in September.

via Business feed http://www.scmp.com/business/companies/article/1094556/apples-iphone-5-gets-final-approval-china-release

Muddy Waters raises heat on Singapore trader Olam

US-based short-seller Muddy Waters threatened to counter-sue farm commodities trader Olam and its chief executive for defamation as a war of words bet...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28536

Public hearing urged on beach plan

Labour Party legislator, Fernando Cheung Chiu-hung, has called for a public hearing to examine whether a man-made beach should be built at Lung Mei in...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28535

Australian navy vessel broken in, weapons gone

An intruder robbed an Australian navy vessel of a cache of weapons Friday after overpowering military personnel on guard, the defence department said...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28534

Govt to take HKEx new shares

The government is set to subscribe for 3.81 million new shares in the Hong Kong Exchanges and Clearing (0388), where the bourse operator is placing sh...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28533

Yuan loan surges in HK

The offshore yuan center in Hong Kong has been developing so fast over the last three years, said Hong Kong Monetary deputy chief Eddie Yue Wai-man. ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28532

Man murdered in Temple Hill

A 84-year-old man died after being stabbed multiple times in Tsz Ching Estate, RTHK reports. His wife, aged 49, has been arrested. The alleged killer...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28531

Hang Seng inches up by lunch

Hong Kong shares ended the morning session 0.60 percent up after third-quarter US growth data was revised upwards. The benchmark Hang Seng Index rose...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28530

New Exco call for CE to tell more

Executive Councillor, Regina Ip Lau Suk-yee, has added her voice to calls for the Chief Executive, Leung Chun-ying, to give a fuller account of the il...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28529

MLS ownership an option to Beckham

David Beckham says he's not ready to retire just yet, but when he does Major League Soccer will be standing by to help him take up his option to buy i...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28528

(NHL) Mediator steps out of lockout talks

Two days of mediated talks between the players union and the owners failed to end the 75-day-old National Hockey League lockout on Thursday. The NHL...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28527

Japan approves stimulus package

Japan's cabinet approved a new economic stimulus package of 880 billion yen Friday just weeks before an election the ruling party is expected to lose,...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28526

Lee Keunho crowned top Asian footballer

Ulsan Hyundai winger Lee Keunho has been crowned Asian footballer of the year as officials bent their strict rules on attendance by giving an award to...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28525

Hong Kong bourse in US$1b placement to finance LME buyout

Hong Kong Exchanges & Clearing, the world’s No. 2 bourse operator by market value, is selling US$1 billion in new shares to fund its purchase of the London Metal Exchange, approved on Thursday by the British regulator.

The Hong Kong company plans to raise HK$7.75 billion (US$1 billion) selling shares at HK$118 each, a 5.5 per cent discount to Thursday’s closing price of HK$124.80, according to a statement from the bourse today.

via Business feed http://www.scmp.com/business/companies/article/1094483/hong-kong-bourse-us1b-placement-finance-lme-buyout

Japan approves US$10.7b stimulus package

The cabinet of Japanese Prime Minister Yoshihiko Noda on Friday approved a US$10.7 billion economic stimulus package, reports said, ahead of elections that his ruling party is widely expected to lose.

The new government spending of 880 billion yen (US$10.7 billion), reported by Dow Jones Newswires and Japanese media, was more than double an earlier package announced in October.

Approving a spending package after calling an election has been viewed as an unusual move that may trigger vote-buying criticism from opposition lawmakers.

via Business feed http://www.scmp.com/business/economy/article/1094481/japan-approves-us107b-stimulus-package

S Korea top prosecutor quits over scandals

South Korea's chief prosecutor resigned Friday, apologising publicly for a series of "embarrassing'' scandals that fuelled a top-level feud within th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28524

Nikkei rises by break

Tokyo stocks were 0.88 percent higher on Friday morning as a weakening yen boosted exporters while investors were also looking to Washington for prog...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28523

China shares up 0.26pc in morning trade

Chinese shares were up 0.29 per cent in early trade Friday on bargain hunting after four straight sessions of losses, dealers said.

The benchmark Shanghai Composite Index added 5.74 points to 1,969.23.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1094480/china-shares-026pc-morning-trade

UK dailies oppose new regulations

Britain's newspapers praised senior judge Brian Leveson's report into media ethics but warned its recommendation to introduce new laws could “suffoc...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28522

Port strike blocks US trade gateway

Container ships have begun diverting to other ports in California and Mexico as a strike continues to disrupt docking facilities in Los Angeles, a k...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28521

Nikkei edges up

Stocks in Tokyo opened 0.49 percent higher, buoyed by optimism over the US economy. The Nikkei 225 index at the Tokyo Stock Exchange was up 45.89 poin...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28520

Hang Seng gains slightly in early trade

Hong Kong stocks gained 0.17 percent in the first few minutes of trade today, in line with regional gains, after US third-quarter economic growth wa...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28519

Reports say Japan pours US$10.7 billion into economy

The cabinet of Japanese Prime Minister Yoshihiko Noda approved a US$10.7 billion economic stimulus package, reports said, ahead of elections that hi...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28518

US, Israel become global outcasts in Palestine vote

The United States and Israel downplayed the Palestinians’ new upgraded status at the UN, saying it changed nothing in actual practice and even made p...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28517

Palestine gets birth certificate

Embracing and shooting guns and fireworks into the air, Palestinians celebrated the UN General Assembly's decision yesterday to upgrade them to a no...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28516

Bringing the inside outside

In recent years, Steven Cohen, the once-reclusive money manager, has carved out a public profile straddling a number of fields: a prodigious art collector, an investor in the New York Mets baseball team, a supporter of Mitt Romney's presidential campaign.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1094110/bringing-inside-outside

Independent advisers back China Unicom's purchase of fixed-line assets

China Unicom (Hong Kong) has moved a step closer to acquiring its parent company's fixed-line infrastructure on the mainland, following the deal's endorsement by the carrier's independent board committee and financial adviser.

via Business feed http://www.scmp.com/business/china-business/article/1094224/independent-advisers-back-china-unicoms-purchase-fixed-line

China-Japan air travel recovering

Air travel demand has started to recover on routes between China and Japan after previously being hammered because of the territorial dispute between the two countries.

"Demand from business class passengers is coming back to the level before [the disputes happened]," said Shinichiro Ito, the president and chief executive of All Nippon Airways. "Sooner or later, a full recovery will come, probably next year."

However, leisure travel still had not shown signs of recovery as tourists would rather delay their trips until the tension subsided, Ito said.

via Business feed http://www.scmp.com/business/china-business/article/1094225/china-japan-air-travel-recovering

Jewellery firms shrug off profit falls

Shares of jewellery retailers in Hong Kong leapt yesterday on a rebound in sales this month, despite net profit tumbling by as much as a third for the six months to September 30.

Luk Fook jumped 10.23 per cent to HK$23.15, while Chow Tai Fook Jewellery rose 5.4 per cent to HK$10.86, regardless of big drops in earnings and disappointing retail sales in the city last month.

via Business feed http://www.scmp.com/business/companies/article/1094134/jewellery-firms-shrug-profit-falls

HSBC may quit South Korean retail banking sector

HSBC Holdings is considering closing its South Korean retail operations, the Yonhap news agency reported, citing unidentified industry officials and regulators.

Europe's largest lender by market value is reviewing options for the unit, Hyonjin Suh, a Seoul-based HSBC spokeswoman, said in an e-mailed response to questions, declining to elaborate.

via Business feed http://www.scmp.com/business/banking-finance/article/1094074/hsbc-may-quit-south-korean-retail-banking-sector

Tough tasks await next PBOC head

The next governor of the People's Bank of China is likely to have got there by first becoming the head of one of the country's big state-owned lenders. His initial task? To curb the power of those very banks.

via Business feed http://www.scmp.com/business/banking-finance/article/1094078/tough-tasks-await-next-pboc-head

Phoenix TV boss Liu named Business Person of the Year

DHL and the South China Morning Post announced the winners of the 23rd Hong Kong Business Awards last night, showcasing business leaders and companies successfully coping with the still stormy global economic environment.

via Business feed http://www.scmp.com/business/companies/article/1094132/phoenix-tv-boss-liu-named-business-person-year

Chong Hing rises on new outside bank chief

Shares in family-controlled Chong Hing Bank advanced the most since July 2010 yesterday as the appointment of a chief executive from outside the family spurred buying on speculation that it would be sold.

Liu Lit-chi, 73, will step down as chief executive, a position he has held since April 2002.

The small local lender controlled by the Liu family, appointed Lau Wai-man as chief executive of the bank - the first time that the post has gone to someone from outside the family.

Shares rose 11 per cent to HK$15.2, on a day the Hang Seng Index inched up 0.99 per cent.

via Business feed http://www.scmp.com/business/banking-finance/article/1094223/chong-hing-rises-new-outside-bank-chief

Bad-loan risks of mainland banks manageable, says industry watchdog

Mainland bad-loan risks are manageable although non-performing loans are on the rise, China Banking Regulatory Commission vice-chairman Cai Esheng said.

Although non-performing loans in some regions, such as Wenzhou, were rising, bad-loan risks were still under control, Cai said at a forum hosted by Caijing magazine yesterday.

In Wenzhou, the entrepreneurial hub in Zhejiang province, the non-performing loan ratio of banks rose for 13 straight months, to 3.27 per cent by the end of September, according to a report by China Business News last month.

via Business feed http://www.scmp.com/business/banking-finance/article/1094231/bad-loan-risks-mainland-banks-manageable-says-industry

CK Life Sciences buys Australia's Cheetham Salt for A$150m

The share price of CK Life Sciences Int'l jumped 8.3 per cent to 65 HK cents yesterday after the company bought an Australian salt company for A$150 million (HK$1.22 billion).

CK Life, 74.8 per cent owned by Li Ka-shing and his elder son, Victor Li Tzar-kuoi, is engaged in health and agriculture products, and the water business.

CK Life said yesterday it had signed an agreement to fully acquire Cheetham Salt from Australian-listed Ridley Corp. The sale price is lower than the more than A$240 million reported in The Australian newspaper on March 6.

via Business feed http://www.scmp.com/business/companies/article/1094230/ck-life-sciences-buys-australias-cheetham-salt-a150m

Civil fraud charges against SAC Capital 'may be months away'

It could be weeks, maybe months, before US securities regulators move on their threat of filing civil fraud charges against Steven Cohen's SAC Capital Advisors.

The US$14 billion hedge fund now faces meetings with Securities and Exchange Commission lawyers that could stretch on for some time, said lawyers familiar with the process.

At the end, SAC Capital could be dealing with a number of legal problems, the most serious of which would be insider trading allegations in civil court.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1094073/civil-fraud-charges-against-sac-capital-may-be

Sany urges judge to consider Obama lawsuit

An affiliate of Sany Group, China's biggest machinery maker, urged a United States judge to consider its lawsuit challenging President Barack Obama's decision to block a corporate transaction on national security grounds.

Lawyers for Ralls Corp told US District Judge Amy Berman Jackson during a hearing on Wednesday that Obama violated the company's constitutional rights by shutting down a planned Oregon wind-farm project without explanation or any opportunity to seek to change the president's mind.

via Business feed http://www.scmp.com/business/china-business/article/1094070/sany-urges-judge-consider-obama-lawsuit

HKEx drives on with new offering to fund LME takeover

Hong Kong Exchanges and Clearing is making its first share offering since it was listed, aiming to raise US$800 million following the British regulator's approval yesterday for HKEx's takeover of the London Metal Exchange.

The Financial Services Authority gave the go-ahead for HKEx's £1.39 billion (HK$17.24 billion) bid for the LME, the world's biggest metal exchange.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1094133/hkex-drives-new-offering-fund-lme-takeover

Hong Kong should have a beef with its dodgy meat monopoly

I am grateful to the reader who drew my attention to the letter in Monday's edition of the South China Morning Post headed "HK's economy benefits from beef monopoly".

The letter defended Hong Kong's monopoly importer of mainland beef cattle, Ng Fung Hong, a subsidiary of China Resources Enterprise.

via Business feed http://www.scmp.com/business/article/1094108/hong-kong-should-have-beef-its-dodgy-meat-monopoly

Government looks for a new director of public prosecutions

We have been talking for some months now about the interest on the part of Director of Public Prosecutions Kevin Zervos in becoming a judge. We see that the first shoe in that scenario dropped over the weekend with a government advertisement for a director of public prosecutions. This implies that Zervos has tended his resignation. He turns 60 next year so he would have to retire in any case under civil service rules.

via Business feed http://www.scmp.com/business/article/1094111/government-looks-new-director-public-prosecutions

US economy grew at 2.7 per cent rate in summer

The US economy grew at a 2.7 per cent annual rate from July through September, much faster than first thought. The strength may fade in the final months of the year if Congress and the Obama administration fail to reach a budget deal.

The Commerce Department said Thursday that growth in the third quarter was significantly better than the 2 per cent rate estimated a month ago. And it was more than twice the 1.3 per cent rate reported for the April-June quarter.

via Business feed http://www.scmp.com/business/economy/article/1094172/us-economy-grew-27-cent-rate-summer

Chests filled with pride, Palestinians greet historic day on road to statehood

Thousands of Palestinians gathered across the West Bank and Gaza today to demonstrate their support for a fresh attempt by president Mahmud Abbas to...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28515

Black Caps thrash jelly-kneed Sri Lanka

New Zealand registered their first test cricket win in Sri Lanka in 14 years today, overcoming a defiant innings by Angelo Mathews in the second and...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28514

London mayor welcomes Bollywood movies

London Mayor Boris Johnson on Thursday called for more big-budget Bollywood movies to be shot in the British capital as he met Indian film executives...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28513

German factory ouput jumps on foreign orders

Booming orders from abroad provided a big boost to Germany's key machine-tools sector in October, the industry federation said on Thursday. Incoming ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28512

Vancl, Cloudary take new IPO steps

New signs are emerging that many Chinese firms waiting to make offshore IPOs won't be able to take advantage of a sudden window of positive sentiment...

via Business feed http://www.scmp.com/comment/blogs/article/1093716/vancl-cloudary-take-new-ipo-steps

China must speed up rates reform: Liu

China must speed up the liberalization of interest rates in order to improve the asset quality of financial institutions, said former China Banking Re...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28459

HSBC considers closing South Korean retail business

HSBC Holdings is considering shuttering its South Korean retail operations, the Yonhap news agency reported, citing unidentified industry officials and regulators.

Europe’s largest lender by market value is reviewing options for the unit, Hyonjin Suh, a Seoul-based HSBC spokeswoman, said in an e-mailed response to questions, declining to elaborate. The review follows a collapse of takeover talks with KDB Financial Group in July.

via Business feed http://www.scmp.com/business/banking-finance/article/1093696/hsbc-considers-closing-south-korean-retail-business

Chong Hing Bank jumps as Liu’s exit sparks takeover speculation

Chong Hing Bank (1111.HK) shares gained the most since July 2010 as the appointment of a chief executive from outside the controlling shareholders’ family prompted speculation the lender may be sold.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1093691/chong-hing-bank-jumps-lius-exit-sparks-takeover

Nikkei up at mid-day

Stocks in Tokyo added 0.66 percent following a Wall Street rally on hopes of progress in the United States on avoiding the fiscal cliff, while a weak...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28458

Van Persie lightning strike keeps Man U on top

Robin van Persie scored the fastest goal of the Premier League season -- timed at 31 seconds -- to keep leaders Manchester United a point clear at the...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28456

Nikkei climbs by break

Tokyo stocks added 0.66 percent Thursday morning following a Wall Street rally on hopes of progress in the United States on avoiding the fiscal cliff,...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28455

Spluttering Chelsea draw a blank again

Rafael Benitez admitted Chelsea were in need of a confidence boost after successive scoreless draws in the new manager's opening two Premier games i...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28454

Lawmaker urges closure of US$114m-a-year Guantanamo

The United States can close its detention center at the US naval base in Guantanamo, Cuba without risking the nation's security, the head of the US ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28453

British oil giant BP barred from US deals

British oil giant BP was temporarily banned from winning new US government contracts after agreeing to plead guilty to criminal charges in the deadl...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28452

Hang Seng opens positive

Stocks in Hong Kong edged up 0.48 percent in early trade today following a positive lead from Wall Street on hopes for a deal in the United States to...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28451

Street rallies on fiscal cliff deal hopes

US stocks scored solid gains yesterday, spurred by encouraging remarks by politicians on averting looming tax incerases and spending cuts that could...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28450

Palestinians stand firm, but US opposes UN vote

US Secretary of State Hillary Clinton said the only path towards a Palestinian state was through direct negotiations, on the eve of a contentious Uni...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28449

Nikkei edges up at start

Stocks in Tokyo opened 0.67 percent up after US stocks gained ground overnight amid easing concerns over automatic spending cuts and tax hikes in th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28448

US lottery jackpot hits US$550m

Lottery fever gripped the United States ahead of a Powerball drawing with an estimated jackpot of US$550 million, the second highest in the country’s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28447

US businesses weighed down by fiscal cliff

Businesses in the US are increasingly worried about the looming fiscal cliff, the Federal Reserve said in its Beige Book survey of regional economies...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28446

US bans BP from new contracts after oil spill deal

The US government banned BP on Wednesday from new federal contracts over its “lack of business integrity” in the 2010 Deepwater Horizon oil spill, possibly imperiling the company’s role as a top US offshore oil and gas producer and the No 1 military fuel supplier.

via Business feed http://www.scmp.com/business/companies/article/1093642/us-bans-bp-new-contracts-after-oil-spill-deal

Pachinko operator Dynam eyes more parlours in Japan

Hong Kong-listed pachinko operator Dynam Japan plans to open more halls in Japan to strengthen its market position while also seeking partnerships in Asia to expand outside its home market.

Chairman and chief executive Yoji Sato said the "internal target" is to increase the number of halls to 1,000 in 10 years from the current 356. But he stressed that it is a goal, not a commitment.

A game akin to vertical pinball, Pachinko is a highly fragmented market in Japan.

As the country's top pachinko operator by number of halls, Dynam occupies 2.72 per cent of the market.

via Business feed http://www.scmp.com/business/companies/article/1093412/pachinko-operator-dynam-eyes-more-parlours-japan

Lai Sun buys Tseung Kwan O waterfront site for HK$2.8b

Lai Sun Development made its first land acquisition in 18 years yesterday with a price that beat expectations in a housing market softened by recent government measures.

The Lands Department announced the developer had outbid five others for the residential site on the Tseung Kwan O waterfront, paying about HK$2.83 billion, or HK$4,929 per square foot, slightly more than market expectations of up to HK$2.75 billion.

via Business feed http://www.scmp.com/business/companies/article/1093404/lai-sun-buys-tseung-kwan-o-waterfront-site-hk28b

Regulator says more shares should be offered to China's pension fund

The mainland securities regulator yesterday called for up to half the shares of state-owned enterprises going public to be allocated to the nation's pension fund.

Central and local governments are now required to transfer 10 per cent of the initial public offering of such enterprises they control to the pension fund, which is a major institutional investor in China's stock market.

via Business feed http://www.scmp.com/business/economy/article/1093409/regulator-says-more-shares-should-be-offered-chinas-pension-fund

Cut in fees for credit-card payments to erode bank profits

Beijing's efforts to boost domestic consumption may weigh on banks' profits as a reduction in credit-card transaction fees will eat into their fee income.

The State Council had approved a plan to reduce transaction charges on credit-card payments, Xinhua reported on Tuesday, citing a notice issued by the People's Bank of China.

The PBOC spokesman was not available for comment.

Transaction fees on card payments would be cut by an average of 23 to 24 per cent from February 25 next year, the report said.

via Business feed http://www.scmp.com/business/banking-finance/article/1093391/cut-fees-credit-card-payments-erode-bank-profits

Restaurant chain Xiao Nan Guo looks to personal diners for growth

Mainland restaurant chain operator Xiao Nan Guo Restaurants Holdings plans to open its first mainland Dining Room outlet, a brand originally designed for the Hong Kong market, in Shanghai next year.

Chairman Wang Huimin who founded the company in Shanghai 25 years ago said the economic slowdown had affected business diners as companies tightened their belts but she remained upbeat about the outlook for the country's catering sector because more and more people are eating out.

via Business feed http://www.scmp.com/business/china-business/article/1093416/restaurant-chain-xiao-nan-guo-looks-personal-diners-growth

Europe's Plan C for Greece no better than previous plans

Europe's leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in plans A and B: adequate debt relief.

The agreement between euro-zone finance ministers and the International Monetary Fund is welcome and overdue. It provides much-needed support for a Greek government that has taken enormous political risks to meet the conditions for aid.

via Business feed http://www.scmp.com/business/economy/article/1093487/europes-plan-c-greece-no-better-previous-plans

Short-selling eases as Block loses interest

Carson Block says it's become too difficult to short Chinese equities in the US as bets on stock declines drop by 50 per cent from a year ago.

Block, known for his allegations that Chinese companies traded in North America engaged in accounting fraud, said in an interview on Tuesday that he's lost interest in betting against the stocks because the government helps protect them.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1093413/short-selling-eases-block-loses-interest

China's economic planner approves 170b yuan of building projects

The National Development and Reform Commission (NDRC) has approved more than 170 billion yuan (HK$210 billion) of railway and electricity projects on the mainland.

via Business feed http://www.scmp.com/business/economy/article/1093414/chinas-economic-planner-approves-170b-yuan-building-projects

US easing a worry but gold profits help, CIC chief says

America's indebtedness and repeated monetary easing is a matter of grave concern but gold offers a glimmer of hope in these times, according to China Investment Corp (CIC) president Gao Xiqing.

Gao, who runs China's US$482 billion sovereign wealth fund, said he is "not quite convinced" about the US economic system, which he said makes the government print money to satisfy the needs of certain interest groups.

via Business feed http://www.scmp.com/business/banking-finance/article/1093393/us-easing-worry-gold-profits-help-cic-chief-says

China Gas pricing change results in extra dividend

China Gas, which has endured in-fighting among top management and a prolonged battle against hostile takeover bids in the past two years, declared its maiden interim dividend since its establishment a decade ago.

The Shenzhen-based firm, the mainland's largest city natural gas distributor by number of projects, posted a 116 per cent jump in interim profit.

via Business feed http://www.scmp.com/business/china-business/article/1093392/china-gas-pricing-change-results-extra-dividend

China's overseas investment set to soar, minister says

China's outbound investment is set to rise in the coming years, with its size in the next five to ten years expected to match the foreign direct investment the nation attracts, said Commerce Minister Chen Deming.

Mainland companies are encouraged to go abroad as China cannot allow its US$3.29 trillion foreign exchange reserves to depreciate further with the third round of the United States' quantitative easing, Chen said at a financial forum hosted by Caijing magazine in Beijing yesterday.

via Business feed http://www.scmp.com/business/china-business/article/1093397/chinas-overseas-investment-set-soar-minister-says

CNOOC resubmits bid for Nexen to US regulators

Chinese oil and gas giant CNOOC has withdrawn and resubmitted its C$15.1 billion (HK$117.8 billion) bid for Canada's Nexen to United States regulators for approval.

CNOOC and Nexen withdrew and resubmitted a notice on the deal for review by the Committee on Foreign Investment, Nexen said on its website, without providing a reason. It said this was done "by mutual agreement" with the committee.

The committee assesses foreign takeovers of US companies on national security grounds. Nexen's US unit operates in the US portion of the Gulf of Mexico.

via Business feed http://www.scmp.com/business/companies/article/1093395/cnooc-resubmits-bid-nexen-us-regulators

Next looks to future after sale

While regulators in Taiwan are set to review the sale of Next Media's print and television business on the island to a group of tycoons, publishing mogul Jimmy Lai Chee-ying is just glad the deal allows his company to move on.

"We're looking forward to the future," said Lai's assistant, Mark Simon. "We think they (the Taiwanese tycoons) are good buyers and we wish them luck."

via Business feed http://www.scmp.com/business/companies/article/1093396/next-looks-future-after-sale

China rebuts US claim that the yuan is still significantly undervalued

China has denied US accusations that the yuan was significantly undervalued, after the US Treasury said the currency's rise so far was insufficient, but stopped short of labelling Beijing a currency manipulator.

The issue is a sensitive one in Washington because of China's overwhelming surpluses in trade between the countries.

via Business feed http://www.scmp.com/business/economy/article/1093364/china-rebuts-us-claim-yuan-still-significantly-undervalued

Mainland trading in yuan now more open

Yuan trading on the mainland has become more transparent as the China Foreign Exchange Trade System (CFETS) makes real-time official data available to investors outside the country for the first time.

The launch of the data service today is the latest step towards the yuan's internationalisation.

The service, provided by Bloomberg, allows users access to live interbank pricing in the onshore yuan market from CFETS, a unit of the People's Bank of China.

via Business feed http://www.scmp.com/business/banking-finance/article/1093394/mainland-trading-yuan-now-more-open

Alcatel-Lucent faces LG and Apple in patent trial

Apple and LG Electronics infringed an Alcatel-Lucent unit's patents for electronic devices including phones and computers, a lawyer said at the start of a trial.

The jury trial, which began on Tuesday in federal court in San Diego, stems from a 2010 lawsuit by the Paris-based company's Multimedia Patent Trust accusing Apple and LG of copying video-compression technology that allows data to be sent more efficiently over communications media, including the internet and satellites, or stored on DVDs and Blu-ray discs.

via Business feed http://www.scmp.com/business/companies/article/1093174/alcatel-lucent-faces-lg-and-apple-patent-trial

Cathay Pacific to cut passenger capacity 1.6pc next year

Cathay Pacific Airways will cut passenger capacity 1.6 per cent next year, the first reduction since 2009, as it contends with slowing international travel demand and introduces smaller planes.

The carrier has already pared frequencies on some North American and European routes, finance director Martin Murray said. It is also retiring Boeing 747-400s earlier than planned and replacing them with 777-300ERs, he said.

via Business feed http://www.scmp.com/business/companies/article/1093418/cathay-pacific-cut-passenger-capacity-16pc-next-year

US study links autism to roadside pollution

Researchers in California have found that exposure to roadside pollution during pregnancy is associated with autism. The study published in the Archives of General Psychiatry found evidence that pollution may affect the developing brain among children whose mothers lived in areas where there was poor air quality, the Los Angeles Daily News reports.

via Business feed http://www.scmp.com/business/article/1093285/us-study-links-autism-roadside-pollution

Nestle and Chi-Med form Chinese medicine alliance

Nestle and Hutchison China Meditech, a drugmaker controlled by Li Ka-shing, have agreed to form an alliance to develop gastro-intestinal treatments based on traditional Chinese medicine.

Nestle Health Science and Chi-Med will each own half of the Nutrition Science Partners (NSP) venture, the companies said yesterday.

NSP will also take on an experimental medicine known as HMPL-004 and oversee late-stage clinical trials on treatments for ulcerative colitis and Crohn's disease.

via Business feed http://www.scmp.com/business/companies/article/1093415/nestle-and-chi-med-form-chinese-medicine-alliance

Asian funds buy into London for impressive returns

Asian investors are the biggest buyers of office property in the City of London this year, wagering that the financial district's volatile market has changed since it routed Japanese buyers in the 1990s.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1093408/asian-funds-buy-london-impressive-returns

Business Digest, November 29, 2012

The China Securities Regulatory Commission has received 145 complaints this year about insider dealing, Tong Daochi, the CSRC's director general of international affairs, said at a meeting in Hong Kong.

via Business feed http://www.scmp.com/business/china-business/article/1093405/business-digest-november-29-2012

Giving workers full choice over MPF only solution

The whole point about the Mandatory Provident Fund scandal is that the MPF never at any time relied on market forces to set fee levels.

via Business feed http://www.scmp.com/business/article/1093299/giving-workers-full-choice-over-mpf-only-solution

UK banking on Carney

Naming the first foreigner to serve as governor of the Bank of England since it was founded in 1694 might have been expected to create a fuss.

Yet the appointment of Canadian Mark Carney has won bipartisan praise in Britain. That is because few people in the world have Carney's qualifications.

via Business feed http://www.scmp.com/business/banking-finance/article/1093294/uk-banking-carney

State firms line up to back PICC listing

Beijing is throwing its financial muscle behind the listing of the People's Insurance Company (Group) of China (PICC), which has received record buy orders for shares from state-controlled firms.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1093300/state-firms-line-back-picc-listing

Britain abandons Palestinians at UN vote

Britain said it will abstain on the vote for recognition of a Palestinian state at the UN General Assembly unless the Palestinians commit to an imme...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28445

Kiwis on a high against shambolic Sri Lanka

Tim Southee and Doug Bracewell rocked Sri Lanka with two wickets apiece to boost New Zealand's chances of posting a series-leveling win in the secon...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28444

Nokia files patents suits against Blackberry

Finnish mobile giant Nokia said it had filed lawsuits in the US, Britain and Canada against Blackberry-maker Research In Motion (RIM) claiming it ha...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28443

Bankia sheds 6,000 jobs as Spain banking overhaul begins

Spain pushed forward with a major overhaul of the country's stricken banking sector after Brussels approved EU-funded restructuring plans, and with ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28442

China 'certain' to hit 7.5pc growth target

China is certain to hit the government’s economic growth target of 7.5 per cent for this year, Commerce Minister Chen Deming said on Wednesday.

via Business feed http://www.scmp.com/business/economy/article/1093190/china-certain-hit-75pc-growth-target

The Onion salutes People’s Daily comrades for stellar reporting

The satirical website The Onion offered a nudge and a wink to China’s Communist Party mouthpiece today, saluting the “exemplary reportage’’ by the “co...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28441

Singapore’s Chinese bus drivers back at the wheel

Singapore's first strike in 26 years petered out today with most of the Chinese bus drivers who had stopped working to demand higher pay reporting f...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28440

New revolution brewing in Tahrir

Egypt plunged deeper into its worst political crisis since Islamist President Mohamed Morsi took office in June, with massive opposition rallies nat...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28439

Debts shrink, but Thomas Cook hole deepens

UK Travel firm Thomas Cook posted deepening losses, hit by the euro zone crisis, Middle East unrest and high fuel costs, and added it was mulling op...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28438

EU sets transparency rules for ratings agencies

The European Commission, European Parliament and European Council have reached compromise on new rules meant to govern credit ratings agencies, EU I...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28393

CNOOC face new hurdle in Nexen takeover

Chinese state-owned CNOOC Ltd is facing another delay in its proposed US$15.1-billion acquisition of Calgary-based Nexen, following the expiry of a de...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28392

(BBC sex abuse scandal) Patten admits trust in BBC shattered, reveals political speak

The embattled BBC, reeling from the outrage over hundreds of allegations of sexual abuse of young girls, shoddy journalism, anger over smearing of inn...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28391

Market Open: Hang Seng seen higher on fresh HKMA intervention

via Business feed http://www.scmp.com/business/money/stock-talk/article/1092751/market-open-hang-seng-seen-higher-fresh-hkma-intervention

Nikkei dips by break

Tokyo stocks lost 0.84 percent on Wednesday morning, hit by worries over the lack of progress in resolving a US budgetary impasse that threatens to s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28390

British politician sexually abused young boys

British police acknowledged that Cyril Smith, a high-profile politician who died two years ago, had physically and sexually abused young boys in car...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28388

Former Citic director gets jail term

Simon Chui Win-nin, a former assistant director of finance at Citic Pacific (0267) has been sentenced to 15 months of jail after being convicted on in...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28389

US admits Benghazi ‘protest’ account untruthful

US envoy to the UN Susan Rice failed to quell a row with Republican lawmakers over the attack on a US mission in Libya that may damage her hopes of b...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28387

China’s cyber hackers drive US software-maker to brink

During his civil lawsuit against the People’s Republic of China, Brian Milburn says he never once saw one of the country’s lawyers. He read no court documents from China’s attorneys because they filed none. The voluminous case record at the US District courthouse in Santa Ana, California, contains a single communication from China: a curt letter to the US State Department, urging that the suit be dismissed.

That doesn’t mean Milburn’s adversary had no contact with him.

via Business feed http://www.scmp.com/business/companies/article/1092829/chinas-cyber-hackers-drive-us-software-maker-brink

QPR draws in Redknapp debut

Harry Redknapp's salvage operation at Queens Park Rangers started with a battling 0-0 draw at fellow strugglers Sunderland in a dour Premier League ma...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28386

Abbas determined, but US stands against Palestinians at UN

Palestinian President Mahmud Abbas, who will personally submit the request seeking to elevate themselves from an observer entity to that of a non-memb...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28385

Real Madrid wins in King's Cup

In the King's Cup competition in Spain, Real Madrid beat Alcoyano 3-0. All three Real goals came in the last 20 minutes. Malaga barely got by third-...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28384

Shanghai slide continues

Shares in China were down 0.48 percent in early trade as investor sentiment was dampened by a sharp fall in the previous session, dealers said. The ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28383

Palestinians confident of statehood recognition at UN

The Palestinian bid for UN recognition tomorrow could bring president Mahmud Abbas new diplomatic weight and tools but also cost his people hundreds o...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28382

Hang Seng tracks Wall Street dip

Stocks in Hong Kong opened 0.36 percent lower today following a loss on Wall Street as traders grow nervous over negotiations in the US on avoiding t...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28381

Bail denied to Bangladeshi student in NY bomb plot

A young Bangladeshi with alleged al-Qaeda links pleaded not guilty to charges that he tried to set off a 1,000-pound bomb outside the Federal Reserv...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28380

Yuan undervalued despite 9.3pc gains, US says

The US Treasury again stopped short of labeling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains “...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28379

Next Media shares suspended on HKEx

Trading in shares of Next Media (00282.HK) was suspended on Wednesday morning, according to a filing on the Hong Kong exchange.

Next Media said in a statement that the share suspension was due to a pending announcement related to the sale of its print and TV business in Taiwan.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1092785/next-media-shares-suspended-hkex

China not a currency manipulator, US says

China isn’t a currency manipulator under US law, though the yuan “remains significantly undervalued” and needs to rise further, the US Treasury Department said.

China “has substantially reduced the level of official intervention in exchange markets since the third quarter of last year”, the Treasury said in a statement accompanying its semi- annual currency report to Congress on Tuesday. The yuan has gained 9.3 per cent in nominal terms and 12.6 per cent in real terms against the dollar since June 2010, the Treasury said.

via Business feed http://www.scmp.com/business/economy/article/1092755/china-not-currency-manipulator-us-says

Profits up again for mainland factories

The mainland's manufacturing sector last month recorded year-on-year growth in monthly profits for the second time this year, as a turnaround seen in September gained momentum.

Profits of companies with yearly sales of at least 20 million yuan (HK$24 million) grew 20.5 per cent year-on-year in October to 500.1 billion yuan, the National Bureau of Statistics said yesterday. This accelerated from growth of 7.7 per cent in September - the first gain in six months.

via Business feed http://www.scmp.com/business/china-business/article/1092556/profits-again-mainland-factories

Mainland growth may exceed target

China's economic growth may accelerate to 8 per cent next year, with the new leadership maintaining macroeconomic policies but focusing more on promoting social equality.

via Business feed http://www.scmp.com/business/china-business/article/1092558/mainland-growth-may-exceed-target

L'Occitane on track to reach store expansion target

L'Occitane International, a French cosmetics maker and retailer, is on track to reach its store expansion target this year despite slower global economic growth, as it reports a better-than-expected first-half profit growth.

The company posted a 16.3 per cent year-on-year rise in net profit to €33.7 million (HK$338.1 million) for the six months to September. Sales grew 21.9 per cent to €449.2 million.

via Business feed http://www.scmp.com/business/companies/article/1092540/loccitane-track-reach-store-expansion-target

Former Citic Pacific executive punished for insider trading

A former senior executive of Citic Pacific was sentenced to 15 months' imprisonment and ordered to pay HK$1.25 million for insider dealing of the company's shares in 2008.

Simon Chui Wing-nin, who was the company's assistant director of finance at the time, was sentenced by the Eastern Magistracy yesterday. He was convicted of two counts of insider dealing last month.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1092537/former-citic-pacific-executive-punished-insider

Next Media close to finalising sale of assets in Taiwan

Jimmy Lai Chee-ying was expected to complete the sale of Next Media's print and television holdings in Taiwan last night, following the signing of a definite agreement with the buying consortium at a hotel in Macau.

Lai's assistant, Mark Simon, said late last night the two sides were still ironing out the details of the deal.

Next Media, of which Lai is the chairman and controlling shareholder, sold those assets to a group of Taiwanese buyers for NT$17.5 billion (HK$4.6 billion) in cash.

via Business feed http://www.scmp.com/business/companies/article/1092542/next-media-close-finalising-sale-assets-taiwan

Taiwan cafe chain hits the spot on mainland

A cafe chain legendary for unusual recipes in Taiwan, its home market, plans to grow by 100 outlets a year on the mainland as a faster pace of life draws more people to pastries, coffee and takeout food.

The number of cafes on the mainland operated by the chain - known as 85C, the ideal water temperature for coffee - surpassed those in Taiwan earlier this year, with 366 today versus 347 locally.

via Business feed http://www.scmp.com/business/china-business/article/1092311/taiwan-cafe-chain-hits-spot-mainland

SFC aims to shield Hong Kong's retail investors

The Securities and Futures Commission will issue more proposals next year to prevent the misrepresentation of financial products to retail investors as part of its work with international financial regulators, according to SFC chief executive Ashley Alder.

Alder said finding ways to avoid so-called miss-selling of financial products to retail investors would be one of the major challenges facing global financial regulators next year.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1092539/sfc-aims-shield-hong-kongs-retail-investors

Regulator relaxes rules for foreign investment firms

Who is eligible to be a QFII ?

Under PRC law, a foreign investor must obtain a special licence to become a qualified foreign institutional investor (QFII) to invest in China's securities market.

Only certain types of institutions are eligible to apply for QFII qualification with the China Securities Regulatory Commission (CSRC).

via Business feed http://www.scmp.com/business/money/markets-investing/article/1092310/regulator-relaxes-rules-foreign-investment-firms

Lean bonus for London's bankers

Bankers in London, the hub for securities firms in Europe, are bracing for lower bonuses compared with their New York counterparts as earnings from the region plummet and pressure to tighten payouts mounts.

Investment bankers and traders at European banks should expect at least a 15 per cent cut in pay this year, while US lenders may leave compensation unchanged, three consultants said.

via Business feed http://www.scmp.com/business/banking-finance/article/1092312/lean-bonus-londons-bankers

Shanghai market drops below key 2,000 level

The mainland's key stock indicator slipped below the psychologically important 2,000-point level yesterday, entering a territory last seen nearly four years ago.

The Shanghai Composite Index fell 26.3 points, or 1.3 per cent, to close at 1,991.17, the first time below the key level since January 23, 2009.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1092561/shanghai-market-drops-below-key-2000-level

We're China Toyota, says giant trying to win fans

Toyota Motor, the largest carmaker in the world, is trying to remake its image in China, where sales have tumbled because of a dispute over islands in the East China Sea.

A new slogan repositioning Toyota Motor China Investment as a China-rooted company rather than an offshoot of a Japanese company was unveiled at a gala dinner held by Toyota at the Guangzhou Auto Show last week.

via Business feed http://www.scmp.com/business/china-business/article/1092453/were-china-toyota-says-giant-trying-win-fans

TV companies finally provide entertainment - but only off-air

At last the TV stations TVB and ATV are producing live entertainment worthy of the name, but alas it is largely happening off-air. Their public spat with CTI chairman Ricky Wong over his plans to muscle in on the free-to-air TV market is frequently the stuff of farce. Take ATV's accusation that Wong walked off with its business plan when he was briefly CEO in 2008. Wong denies this, adding that in any case it wouldn't have done him any good. Elsewhere former TVB general manger Stephen Chan Chi-wan and his former assistant have been in and out of court on corruption charges.

via Business feed http://www.scmp.com/business/article/1092404/tv-companies-finally-provide-entertainment-only-air

Hong Kong seeks recognition of its funds on the mainland

The Hong Kong government is working with the mainland securities regulator to seek mutual recognition of fund products sold in both markets to boost the local asset management industry.

Secretary for Financial Services and the Treasury Chan Ka-keung said yesterday that he gave the proposal to the China Securities Regulatory Commission during his visit to Beijing late last month.

Chan said no details or timing had been set but the CSRC was keen to study the project.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1092455/hong-kong-seeks-recognition-its-funds-mainland

Mainland buyers don't share enthusiasm for China shares

Yesterday the mainland's most closely followed stock market index, the Shanghai composite, slipped 1.3 per cent, falling below the 2,000 mark to close at its lowest since the depths of the financial crisis in February 2009.

The index is now down 16 per cent over the last 12 months. To put that drop into perspective, it's a worse performance than either of the crisis-hit markets of Spain or Greece. Over the period, Madrid's benchmark Ibex index has fallen by just 3 per cent, while the Athens ASE index has actually managed to climb 26 per cent.

via Business feed http://www.scmp.com/business/article/1092410/mainland-buyers-dont-share-enthusiasm-china-shares

Shares of China Rongsheng and Glorious Property fall after chairman Zhang Zhirong quits

Shares of China Rongsheng Heavy Industries and Glorious Property fell sharply yesterday after their chairman, Zhang Zhirong, quit.

Zhang's resignation fuelled investors' concerns about the firms' operations and financial condition.

Shipbuilder Rongsheng fell as much as 9.3 per cent before closing 6.7 per cent lower on the day at HK$1.40 after the company announced the departure of Zhang and his vice-chairman father, Zhang Dehuang.

Glorious Property fell as much as 5.6 per cent but closed with a loss of 3.2 per cent at HK$1.20.

via Business feed http://www.scmp.com/business/china-business/article/1092538/shares-china-rongsheng-and-glorious-property-fall-after

Bailing out the wrong guys

The stuttering growth of the once almighty US economy, especially the sluggish creation of new jobs, is having a profoundly depressing impact worldwide, dragging querulous Europe and even high-flying Asian economies down to earth.

via Business feed http://www.scmp.com/business/economy/article/1092412/bailing-out-wrong-guys

Call for last orders after 45 years

The 45-year-old Kam Kee Cafe in Shau Kei Wan will be closing next month after the property owner asked for a 150 per cent increase in rent.

The cafeteria in an alley near 261 Shau Kei Wan Road is paying about HK$20,000 a month for the 650 sq ft premises. But the property owner wants HK$50,000 from January, an amount the cafe owner cannot afford.

via Business feed http://www.scmp.com/business/economy/article/1092541/call-last-orders-after-45-years

Hong Kong losing ground as major port, association head says

A raft of issues ranging from a lack of government support to a lack of facilities and new height restrictions in Kwai Chung are eroding Hong Kong's competitiveness as a top global port, a leading terminal executive has said.

Alan Lee Yiu-kwong, head of the Hong Kong Container Terminal Operators Association, outlined seven factors that not only hindered development of the port but were responsible for Hong Kong losing ground to neighbouring Shenzhen.

via Business feed http://www.scmp.com/business/economy/article/1092559/hong-kong-losing-ground-major-port-association-head-says

OECD cuts growth forecasts and urges ECB easing

The OECD has cut its growth forecasts as it warned of the risk of a "major" global recession and urged the European Central Bank and the People's Bank of China to ease monetary policy.

"After five years of crisis, the global economy is weakening again," chief economist Pier Carlo Padoan said yesterday in the Organisation for Economic Co-operation and Development's semi-annual Economic Outlook. "The risk of a major contraction cannot be ruled out."

via Business feed http://www.scmp.com/business/economy/article/1092555/oecd-cuts-growth-forecasts-and-urges-ecb-easing

Portugal parliament approves 2013 austerity budget

Portugal’s parliament gave final approval on Tuesday to a next year budget which promises a third year of recession and the biggest tax hikes in modern history to ensure international bailout terms are met.

Lawmakers from the ruling Social Democrats and their junior coalition partners from the rightist CDS voted for the bill, ensuring passage thanks to their parliamentary majority, but all the other parties vote against.

“The government is aware of the difficulties we have to overcome,” Finance Minister Vitor Gaspar told parliament before the vote.

via Business feed http://www.scmp.com/business/economy/article/1092487/portugal-parliament-approves-2013-austerity-budget

(BBC sex abuse scandal) Patten parries demand for his diary, but blamed for being smug

Embattled BBC Trust Chairman Chris Patten spent a few uncomfortable minutes today as he faced a grilling by UK lawmakers at an official hearing in Lon...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28378

Indian wins funds for low-cost Braille display phone

A 29-year-old Indian inventor won US$50,000 to help him make a new low-cost mobile phone for the blind that uses a Braille display. Sumit Dagar, an ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28377

Rage in Lisbon over austerity budget

Thousands of protesters rallied outside Portugal's parliament as lawmakers debated final approval of a biting austerity budget for 2013. The budget...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28376

Python handbags, wallets encourage slaughter in Asia

Europe's love of snakeskin fashion items could threaten the very survival of pythons, according to a report. Nearly a half million python skins are ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28375

Singapore threatens Chinese bus drivers striking over pay bias

Singapore warned mainland Chinese bus drivers, who are staging the first strike on the island for more than 25 years, an act that could land them in p...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28374

At least 50 hurt in Wan Chai bus pile-up

About 50 people have suffered in injuries in a crash involving three double-decker buses – one of them a New World First Bus vehicle – on Johnston Roa...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28373

Global oil prices ease

Oil prices steadied today, trading within a narrow range after euro zone ministers and the International Monetary Fund clinched a deal overnight to ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28372

Dozens hurt in Wan Chai bus crash

Dozens have been injured in a pile-up involving three double-decker buses in Wan Chai, police said tonight....



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28371

Rattled Sri Lanka regain composure

Thilan Samaraweera hit a half-century under pressure to lead Sri Lanka’s recovery on the third day of the second and final cricket test against New Z...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28370

47 Saudis, 11 Afghans among foreign ‘jihadists’ slain in Syria

A Syrian newspaper published the names of 142 foreign fighters from 18 countries said to have been killed alongside rebels. Pro-regime Al-Watan pub...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28369

Sri Lanka begins hunt for Aussie child sex predator

Sri Lanka’s child protection authorities have launched a man hunt for an Australian pedophile wanted in for more than 250 child sex abuse charges. T...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28368

West Ham fans’ hate chants under scrutiny

The British Football Association announced they launched an investigation into reports of anti-Semitic abuse by West Ham United fans towards supporter...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28296

Wal-Mart distances itself from fire in Bangladesh

The garment factory in Bangladesh where a weekend fire killed at least 112 people had been making clothes for Wal-Mart without the giant US retailer’s knowledge, Wal-Mart said.

Wal-Mart said the Tazreen Fashions factory was no longer authorised to produce merchandise for Wal-Mart but that a supplier subcontracted work to it “in direct violation of our policies”.

via Business feed http://www.scmp.com/news/asia/article/1091982/wal-mart-distances-itself-fire-bangladesh

Clarke ranked leading batsman

Australian captain Michael Clarke has regained his ranking as the world's No 1 batsman in test cricket after his record-breaking performance in the s...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28294

Canada's Carney named head of BoE

Britain has named Canadian central bank chief Mark Carney as the new Bank of England governor, the first time a foreigner has been chosen to lead the...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28295

FIFA to decide on goal-line technology

FIFA has revealed a decision on the use of goal-line technology will be made after next month's Club World Cup in Japan. Football's world governing...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28293

Shanghai in negative column

Shares in China were down 0.28 percent in early trade on concerns over the strength of recovery in the domestic economy, dealers said. The benchmark...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28292

Nikkei slips in early trade

Stocks in Tokyo opened down 0.19 percent as investors had few trading leads from overseas markets while watching latest news on a meeting on aid for ...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28291

UN favors ending Israeli occupation of Gaza

UN chief Ban Ki-moon called for renewed efforts to achieve a two-state solution in the Middle East following last week's ceasefire between Israel an...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28290

IMF pushed to make Greek debt sustainable

Greek debt is heading back towards a “sustainable’’ path, IMF head Christine Lagarde said after a deal to ease the long-term repayment burden and sta...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28289

Hang Seng lifted by Greek aid news

Stocks in Hong Kong opened up 0.41 percent today after euro zone ministers and the IMF agreed a deal to slice a chunk off Greece's debt mountain. Th...



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Hang Seng lifted by Greek aid news

Stocks in Hong Kong opened up 0.41 percent today after euro zone ministers and the IMF agreed a deal to slice a chunk off Greece's debt mountain. Th...



via The Standard - Breaking News http://www.thestandard.com.hk/breaking_news_detail.asp?id=28288

Greeks breathe sigh relief over bailout package

Greek Prime Minister Antonis Samaras hailed an EU-IMF agreement early today to ease the heavy debt burden following marathon talks among euro zone m...



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Euro zone, IMF agree new deal Greek debt deal

Euro zone finance ministers struck a new deal with the IMF early on Tuesday to slice more than 40 billion euros (US$52 billion) off Greece’s massive debt burden by 2020 – in turn freeing up long-blocked loans.

“The decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece,” said European Central Bank President Mario Draghi as he welcomed the agreement on leaving the talks.

via Business feed http://www.scmp.com/business/economy/article/1091939/euro-zone-imf-agree-new-deal-greek-debt-deal

Canada’s Carney named as surprise Bank of England chief

Britain named Canadian central bank chief Mark Carney on Monday to head the Bank of England, springing the surprise choice of a foreigner to push reform of its troubled financial system.

A former Goldman Sachs investment banker who at the Bank of Canada guided the Canadian economy through the global economic crisis, Carney will succeed Mervyn King who retires in July.

Carney, who already plays a leading role in setting global banking rules, defended his departure from Canada and signalled that bigger problems awaited him in London.

via Business feed http://www.scmp.com/business/economy/article/1091917/canadas-carney-named-surprise-bank-england-chief

IMF to review Italy banks' health in early 2013

The International Monetary Fund will evaluate the health of Italian banks through its Financial Sector Assessment Programme at the beginning of next year, the head of the Italian Banking Association (ABI) said.

Giuseppe Mussari added that ABI would seek an independent valuation of banks’ credit quality, for comparison with the outcome of the IMF analysis in order to get a fair valuation.

“We will pay an independent advisor,” he said on Saturday, in comments embargoed until Monday morning.

via Business feed http://www.scmp.com/business/banking-finance/article/1091796/imf-review-italy-banks-health-early-2013

Lenders vow to be transparent on Hibor

Hong Kong's banking association has proposed increasing market transparency and reducing the number of maturities in the city's interbank reference rates market following a price-rigging scandal in London.

The British scandal saw banks manipulate interbank rates to profit from trades.

The Hong Kong Association of Banks yesterday said it would hire an independent consulting firm to survey and collect feedback from the banking industry in the coming weeks.

via Business feed http://www.scmp.com/business/banking-finance/article/1091692/lenders-vow-be-transparent-hibor

Canadian picked to head Bank of England

Bank of Canada governor Mark Carney was unexpectedly appointed as the next head of the Bank of England, succeeding Mervyn King.

Carney, 47, takes the helm of a 318-year-old institution that's preparing to become the most powerful central bank in the world as it absorbs broad new powers to oversee the financial system and prevent another crisis. He'll also have to guide the Monetary Policy Committee as it implements unconventional tools to stoke a recovery and battles to protect the inflation-fighting credibility earned since it won independence in 1997.

via Business feed http://www.scmp.com/business/banking-finance/article/1091686/canadian-picked-head-bank-england