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HONG KONG Chinese labor arbitrators have ruled against the father of a Foxconn worker brain-damaged in a factory accident in southern China, in a case that puts more attention on the labor practices of Apple Inc’s largest contract manufacturer. The case involves Zhang Tingzhen, a 26-year-old engineer who had nearly half his brain surgically removed after surviving an electric shock in October 2011. His plight came to light after Reuters reported that Taiwan firm Foxconn had sent telephone text messages to his family telling them it would cut off funds for his treatment and other expenses if they did not […]

HONG KONG China’s banking regulator is to summon representatives of Chinese banks for a meeting on risk management after news of a failed investment product sent depositors rushing to pull their savings from a branch of a Shanghai bank. The China Banking Regulatory Commission decided at a closed-door meeting Thursday not to press ahead immediately with a ruling in the case of a failed investment product sold by Hua Xia Bank Co. Ltd. until police had concluded their own investigation, according to a report by Reuters which cited unidentified sources. The report said the regulator will summon personnel from China […]

NEW YORK Stock futures rose on Wednesday after comments from China’s new leader boosted global growth expectations. * Chinese Communist Party chief Xi Jinping said the country would maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth. That sparked a rally in Chinese shares, with the Shanghai Composite Index surging 2.9 percent. * Nokia is to partner with China Mobile <0941.HK>, the world’s biggest operator, to launch a version of its flagship Lumia smartphone tailored for the world’s largest market. U.S.-listed shares of Nokia rose 2.9 percent to $ 3.54 in premarket trading. * Repsol filed […]

BEIJING China will maintain its fine-tuning of economic policies in 2013 to ensure stable economic growth, state television quoted Chinese Communist Party chief Xi Jinping as saying on Tuesday. Addressing a politburo meeting, Xi said the government aimed to stabilize exports as the world’s second-largest economy faced both favorable factors and challenges next year. “We will keep continuity and stability of macro-economy policies, prioritizing on making policies more targeted and effective while fine-tuning policies when appropriate,” state television cited Xi as telling the meeting. “China will make more efforts on expanding domestic demand and fostering new consumption growth areas.” The […]

/SINGAPORE U.S. regulators have charged the Chinese arms of the world’s five top accounting firms with securities violations, raising tensions in a regulatory standoff which experts say could kill off U.S. listings for Chinese firms if not resolved. Monday’s move indicated China was refusing to yield in talks with the United States over access to Chinese audit papers, trying to keep foreign regulators off what it sees as its turf. The Securities and Exchange Commission (SEC) wants the firms to supply documents relating to audits of U.S.-listed companies suspected of possible wrongdoing, but the audit firms say they are prevented […]

MADRID European stock markets opened slightly higher on Monday after a closely watched indicator of China manufacturing activity confirmed expansion in November. Continued fiscal cliff worries are keeping gains in check, though, and investors are also bracing for European manufacturing data. The Stoxx Europe 600 index rose 0.2% to 276.16, with shares of Cable & Wireless Communications PLC jumping nearly 7% after the company sold the majority of its Monaco & Islands unit for $ 680 million in cash. The German DAX 30 index rose 0.2% to 7,421.77, while the French CAC 40 index rose 0.2% to 3,564.27. The FTSE […]

TOKYO Asian shares and the euro rose on Monday as further signs of a stabilizing Chinese economy boosted investor risk appetite, but gains were capped by worries that an impasse in U.S. budget talks could tip the world’s largest economy into recession. European shares will likely track Asian shares higher, with financial spreadbetters predicting London’s FTSE 100 , Paris’s CAC-40 and Frankfurt’s DAX to open up as much as 0.5 percent. A 0.2 percent rise in U.S. stock futures also hinted at a firm Wall Street open. The euro hit a six-week high against the dollar at $ 1.3048 on […]

LOS ANGELES The final reading for HSBC’s closely watched China manufacturing Purchasing Managers’ Index came in slightly stronger than the preliminary reading, printing at 50.5 on Monday from an initial 50.4. The data confirmed the index’s rise above the 50 level — which divides expansion from contraction — for the first time in 13 months. The HSBC China PMI’s final October reading was 49.5. Over the weekend, the government-sponsored version of the China manufacturing PMI for November came in at 50.6, up from 50.2 in October and just shy of economists’ expectation for a 50.8 reading. Mainland China’s benchmark Shanghai […]

BEIJING China’s economy resumed momentum in November, but there are still signs of over-reliance on growth from the inefficient state sector, a series of purchasing managers’ surveys shows. The official manufacturing purchasing managers’ index (PMI) rose to a 7-month high of 50.6 in November from 50.2 in October, the National Bureau of Statistics (NBS) said on Saturday, following on a preliminary private sector survey that showed factory activity reviving to a 13-month high. The weekend results came ahead of the release on Monday of the statistics bureau’s survey of the non-manufacturing sector, and by HSBC’s final PMI reading for last […]

ABIDJAN French companies must go on the offensive and fight the growing influence of rival China for a stake in Africa’s increasingly competitive markets, France’s Finance Minister Pierre Moscovici said on Saturday. France, which once ruled over much of West Africa as colonial master, continued to exert direct and indirect influence over its ex-colonies for decades through a murky system of patronage known as “Francafrique”. However, that regional reach is now being challenged by a new Chinese investment blitz. “It’s evident that China is more and more present in Africa…(French) companies that have the means must go on the offensive. […]

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