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What's news [China Daily: Hong Kong Edition](China Daily: Hong Kong Edition Via Acquire Media NewsEdge) Tianjin to host global bank supervision conference The 18th International Conference of Banking Supervisors will be held in Tianjin from Sept 22 to 25. By holding this conference for the first time, China will play a bigger role in making rules for banking supervision worldwide and will increase its influence in the international community of banking regulation. More than 230 representatives from 120 banking regulatory commissions and international economic organizations in over 90 countries and regions will discuss banking regulation reforms after Basel III, a global, voluntary banking regulatory standard, was introduced in 2013. Business sentiment falls to 5-month low on poor outlook Business sentiment in China fell to the lowest level in five months in September, after having reached an eight-month high in August, as the impact of stimulus measures waned and companies re-assessed the outlook for the future. The MNI China Business Indicator fell to 52.2 in September from a revised 57.3 in August, led by a decline in confidence among manufacturing companies. MNI China Business Sentiment is a monthly poll of Chinese business executives at companies listed on either the Shanghai or Shenzhen stock exchanges. Xinhua: Wal-Mart in the dock over whistleblower firings Wal-Mart Stores Inc sent a chilling message to whistleblowers by firing four Chinese workers who accused it of food-safety violations, and authorities should intervene, a State-media commentary said. Xinhua reported on Tuesday some workers in the southern city of Shenzhen were fired about a month after they accused the Bentonville, Arkansas-based Wal-Mart of preparing food for sale with expired meat. Agriculture M&As hit new high of $9.8 billion Merger and acquisition deals in China's agriculture sector have reached a record $9.8 billion so far this year, a seven-fold jump from 2013, according to international financial software company Dealogic Plc. Statistics released by the company showed that Chinese enterprises had made 27 deals in the field of agriculture until last month, with several being overseas deals, reported the Economic Information Daily. Alibaba denies reports about Jack Ma's immigration plans Alibaba Group Holding Ltd announced on its official social media weibo account on Tuesday that its founder and Executive Chairman Jack Ma has not moved to Hong Kong, and he does not have any immediate plans to do so, refuting some social media reports. Chinese e-commerce giant Alibaba is set to go public on the New York Stock Exchange this Thursday with shares to begin trading on Friday. The company started its roadshow in Hong Kong on Monday. "Jack Ma lives in Hangzhou, Zhejiang province with his hukou registered there. He is a citizen of the Chinese mainland," said the announcement. Volkswagen to gain from drivers looking to switch Volkswagen AG and fellow German automakers Bayerische Motoren Werke AG and Daimler AG could benefit as more than 90 million Chinese car owners switch vehicles in the next few years because they're the preferred choice of the country's drivers, a study has found. About 40 percent of Chinese car owners plan to swap their domestic-brand cars for a Volkswagen, while almost 90 percent of those looking to upgrade are picking Volkswagen's Audi, BMW, or Mercedes-Benz cars, the Boston Consulting Group said in a research report. IPhone delays are forcing China Mobile to change tack China Mobile Ltd will focus on selling cheaper phones that don't require subsidies as the world's largest carrier said it doesn't know when Apple Inc's iPhone 6 will be available in the nation. China Mobile will offer unsubsidized phones that work on fourth-generation networks for less than 600 yuan ($98) this quarter, Wang Xiaoyun, general manager of the carrier's technology department, told an industry forum on Tuesday. Kingdream to buy Sinopec machinery unit for $293m Kingdream Plc, an oil and drilling equipment maker controlled by China Petrochemical Corp, plans to issue 1.8 billion yuan ($293 million) of new shares to help fund the purchase of an oil machinery business from its parent company. Kingdream will sell shares at a price not lower than 13.65 yuan apiece to 10 or less selected investors, the Wuhan, Hubei province-based company said in a statement to the Shenzhen Stock Exchange. Sinopec Group is selling assets amid a push to accelerate reforms, including injecting assets into listed units and selling stakes to investors, as the government calls for greater transparency and diversification of shareholding structures at State firms. DMG eyeing acquisitions in overseas markets, CEO says DMG Entertainment, the Chinese film and TV company that helped make Iron Man 3, is seeking acquisitions and co-production deals in Hollywood as part of an expansion that includes a share listing in its home country. "There are some major acquisitions that we will be announcing that are in the works," said Dan Mintz, the New York-born chief executive officer of DMG Entertainment. The Beijing-based production company is working on US investments totaling more than $100 million. Invesco plans local govt bond trading in China Invesco Ltd is applying to trade China's local government bonds directly, betting that investing in the debt will allow it to skirt volatility from rising interest rates in the US while getting higher yields. China surpassed France, Italy and the United Kingdom this year to become the third-largest bond market in the world, behind only Japan and the US. Inditex fares well as cost cuts bear fruit in first half Inditex SA, Europe's largest clothing retailer, reported first-half profit that topped analysts' estimates as the Zara owner's focus on operating costs helped offset unfavorable currency fluctuations. Net income fell to 928 million euros ($1.2 billion) in the six months through July from 951 million euros a year earlier, the Arteixo, Spain-based company said. Analysts surveyed by Bloomberg had forecast earnings of 909.8 million euros. Robust global demand perks up diamond jewelry sales Global demand for diamond jewelry grew to a record $79 billion in 2013, boosted by an emerging middle class in India and China and an economic recovery in the top consumer, the United States, De Beers said. De Beers said sales of polished diamonds grew 7 percent in 2013 in the United States, where diamonds are a popular choice for engagement rings. The diamond jewelry market grew by an annual 12 percent in India and China between 2008 and 2013 in local currency terms, said De Beers, a subsidiary of global miner Anglo American. China Daily - Xinhua - Bloomberg - Reuters (China Daily 09/18/2014 page14) (c) 2014 China Daily Information Company. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |