SHANGHAI The exposure of Shanghai’s banks to heavily-indebted Chinese steel merchants is under control, the city’s banking regulator said, with a non-performing loan ratio of 1.31 percent. Chinese banks are pursuing steel traders to recover loans that many borrowers say they cannot repay. The drive to recover the money is a sign of strain on China’s financial system at a time when China’s leaders are considering launching another package of incentives to boost the economy, and banks are worried about bad debts piling up. Steel traders had an overall credit line of 185.3 billion yuan ($ 29.65 billion) with Shanghai’s [...]
SYDNEY Hong Kong shares advanced in early trading, with the Hang Seng Index up 0.3% at 20,102.03. Internet firm Tencent Holdings Ltd. rose 3.9% after reporting a 32% rise in second-quarter net profit following an increase in advertising revenue. Energy firms were joining in an Asia-wide advance, with Cnooc Ltd. up 0.9%. The Shanghai Composite index declined, however, with Poly Real Estate Group Co. down 1.1% in the property sector.
HONG KONG Hong Kong shares posted modest losses early Monday, tracking the performance on mainland Chinese bourses after Beijing didn’t announce any growth-stimulating measures over the weekend, with resource stocks and financials leading the decline. The Hang Seng Index fell 0.2% to 20,092.08 and the Hang Seng China Enterprises Index gave up 0.4% to 9,870.89, while the Shanghai Composite shed 0.6% to 2,155.76. Shares of Aluminum Corp. of China Ltd. dropped 1.2%, China Coal Energy Co. fell 1.4%, Ping An Insurance Group Co. lost 1.1% and Internet firm Tencent Holdings Ltd. shed 2.1%. Bank of Communications Co. fell 0.6% after [...]
Riots over latest iPhone in China An Apple store in a trendy Beijing district fails to open amid unruly crowds Friday is the date of the introduction of the iPhone 4S in mainland China Apple says it won’t sell the new model in Beijing…