Business

ANZ Scales Back in Asia, Sells Stake in Shanghai Bank

S. Rina   | Jan 05, 2017 01:05 AM EST

Australian banking giant ANZ Banking Group announced on Tuesday that it will divest its holding in Shanghai Rural Commercial Bank. The step is being seen as the reversal of the bank's earlier aggressive strategy to emerge as a super-regional bank in Asia. read more

China’s Currency Basket Changes Could Make Yuan More Volatile

S. Rina   | Jan 04, 2017 08:44 AM EST

China recently made several changes to its currency basket, which is used for setting the daily value of the currency. According to China Foreign Exchange Trade System (CFETS), the number of currencies included in the basket was increased to 24, up from the previous 13 currencies. read more

Alipay to Expand Mobile Payment Service in South Korea

Ellie Froilan   | Jan 04, 2017 01:04 AM EST

Ant Financial's Alipay plans to expand its mobile payment service in South Korea by establishing a joint venture. read more

In December, China’s Caixin Manufacturing PMI Grows at Fastest Rate in Three Years

Girish Shetti   | Jan 03, 2017 06:42 PM EST

In the latest sign that the Chinese economy is heading towards recovery, a leading independent research on Tuesday claimed that last month the activities in smaller manufacturing units in the country grew at the quickest pace seen over the past three years. read more

Chinese Consortium Acquires 40% Stake in Pakistan Stock Exchange

Girish Shetti   | Jan 03, 2017 11:22 AM EST

A Chinese consortium led by China's three leading stock markets is all set to acquire 40 percent stake in the Pakistan Stock Exchange (PSX), following months of negotiations. This marks another big ticket Chinese investment in Pakistan where the Chinese government has already poured billions of dollars in massive infrastructure projects. read more

Foxconn to Replicate Apple Manufacturing in India

Theena Ocay   | Jan 02, 2017 05:46 PM EST

Foxconn is set to open its first Apple manufacturing store in India, which is likely to be announced on the upcoming Vibrant Gujarat Global Summit 2017 scheduled to take place in Gandhinagar between Jan. 10 and 13, according to Money Control. read more

China Central Bank Advisor Recommends Dynamic Growth Target for 2017

S. Rina   | Jan 02, 2017 05:24 PM EST

A Chinese central bank advisor has called for setting a flexible growth target for 2017. China's economy showed 6.7 percent growth rate in the third quarter of the previous year. The economy is likely to achieve its annual target of 6.5 to 7 percent growth rate. read more

Twitter’s China Head Kathy Chen Quits After 8 Months

S. Rina   | Jan 02, 2017 10:42 AM EST

Twitter continues to face issues as its China head announced her departure after assuming the position only 8 months earlier. The company's managing director in Greater China, Kathy Chen tweeted her decision through 12 messages on the social media site. read more

China to Clamp Down on Individual Foreign Currency Transactions

S. Rina   | Jan 02, 2017 09:57 AM EST

China is looking to enhance the surveillance on foreign currency purchases made by individuals. The country is also expected to further strengthen the punitive measures on illegal currency outflows. However, it is likely to keep the current $50,000 annual individual quota intact. read more

Qualcomm, Meizu Agree to Settle Patent Dispute

S. Rina   | Jan 03, 2017 09:05 AM EST

Chinese smartphone manufacturer Meizu has agreed to settle its dispute with US mobile chip company Qualcomm under a new global patent licensing scheme. Meizu will pay licensing fee to Qualcomm. read more

China's Manufacturing Sector Marginally Slows Down in December

Girish Shetti   | Jan 01, 2017 08:46 AM EST

Activities across Chinese factories and industries decreased marginally in the month of December, but showed growth for fifth consecutive month on year-on-year basis, in latest sign that the world's second largest economy is stabilizing steadily. read more

Foxconn Plans to Build $8.8B LCD Panel Factory in China’s Guangzhou

Girish Shetti   | Dec 30, 2016 06:35 PM EST

The Taiwan based Foxconn Technology Group aims to build an $8.8 billion television flat-panel factory in China's south-eastern city of Guangzhou. The new plant will manufacture advanced liquid-crystal (LCD) displays that will be outsourced from Sharp Corp. read more

Honda to Call Back 634,000 Odyssey Minivans

Phenny Lynn Palec   | Dec 30, 2016 03:55 AM EST

Honda announced on Thursday that it is issuing a recall order covering more than 634,000 Honda Odyssey cars. The auto maker said that the recall was prompted in order to fix a defect that could cause the second row of seats in the Odyssey car to shift suddenly in a crash. read more

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