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China's CCB says not considering hybrid ownership now HONG KONG: China Construction Bank Corp (CCB) has no plans now to implement a hybrid ownership scheme, Chairman Wang Hongzhang said on Monday. Wang was referring to a new scheme to be piloted by Bank of Communications which will see the Shanghai-based lender bring in more private investment. CCB would also implement any government request to reduce supervisors' pay at state-owned companies, Wang told reporters in Beijing. On Friday, CCB reported slowing profit growth and an increase in bad loans in the second quarter, joining its peers that were also impacted by the slowing economy. China's biggest banks are turning their back on mainstay borrowers like manufacturers and courting high growth industries such as healthcare, food and IT in a bid to boost revenue. Copyright Reuters, 2014


Sony founder nephew starts as head of PlayStation unit TOKYO: The nephew of a Sony founder on Monday started as head of a regional gaming unit, after the Japanese electronics giant sailed past the 10 million mark in sales of its PlayStation 4.Atsushi Morita, 54, will run Sony Computer Entertainment Japan Asia (SCEJA), a unit of Sony Computer Entertainment which develops the popular gaming console.Morita, a nephew of Sony co-founder Akio Morita, said he was aiming to help continue the latest PlayStation's blazing success.The ...

Peripheral bond yields dip as ECB expected to reinforce support LONDON: Low-rated euro zone bond yields dipped on Monday as investors positioned for the European Central Bank to reinforce support for the bloc's faltering economy on Thursday against a backdrop of rising tensions over Ukraine.Policymakers and national leaders joined calls over the weekend for ECB president Mario Draghi to announce further monetary easing -- even though August's inflation print came in line with expectations on Friday, which was seen as reducing the chances of new ...

Novartis Japan admits concealing drug side effects TOKYO: The Japanese unit of Swiss pharma giant Novartis has admitted it did not report more than 2,500 cases of serious side effects in patients using its leukaemia and other cancer drugs, reportedly including some fatalities.The revelations, which marked the latest in a string of scandals at the company's Japanese subsidiary, come after local authorities slapped the firm on the wrist, saying it had to clean up its operations.On Friday, Novartis issued a statement saying ...

Toyota says August China auto sales up 8.9pc y/y BEIJING: Toyota Motor Corp and its two Chinese joint ventures sold about 78,500 vehicles in China in August, up 8.9 percent from a year earlier, the Japanese automaker said on Monday. That followed a 1.1 percent year-on-year fall in July and a 7.6 percent drop in June. In the first eight months of the year, Japan's biggest automaker by sales volume sold about 619,200 vehicles in China, up 9.7 percent from a year earlier. Toyota ...

Swiss factory growth slows in August, points to less rosy outlook ZURICH: Swiss factory activity expanded at a slower pace in August as order books shrank, suggesting manufacturers may have taken too rosy a view of the economy's prospects. Switzerland's economy is closely tied to that of the euro zone, its biggest trading partner and which stagnated in the second quarter as the impact of the crisis in Ukraine began to weigh. The Swiss purchasing managers' index, a snapshot of the health of the manufacturing sector, ...

Head of Taiwan's TransAsia Airways quits after plane crash TAIPEI: Taiwan's TransAsia Airways said on Monday its president Chooi Yee-Chong had left the firm after staying on to help handle the aftermath of the July crash that killed 48 people. Company spokeswoman Christine Tu told AFP Chooi tendered his resignation before the accident but remained to complete tasks relating to loss of flight GE222, which crashed into civilian houses near the airport in Penghu, a scenic island group in the Taiwan Strait.His resignation was ...


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln