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Meat pumped with pond water in Guangdong

January 8, 2014

GUANGZHOU – Chinese authorities have held seven people in southern Guangdong province on charges of injecting dirty pond water into lamb meat to swell its weight and raise its price. Those charged allegedly slaughtered up to 100 sheep per day at an illegal warehouse, pumping bacteria-ridden water into the meat before it was sold at markets, food stalls and restaurants in major cities such as Guangzhou and Foshan.

Positive changes in credit risk in North America and Asia - Coface

January 8, 2014

PARIS - In Asia and North America, dynamic private demand continues to improve sector risks, says credit risk insurer Coface in its Quarterly report.In North America, automobile and retail risks have eased from ‘medium' to ‘moderate’ on a positive trend in household consumption, Coface says, with the car industry seeing new car sales return to pre-crisis levels, boosted by renewal requirements. In parallel, carmakers' cash flows have increased 19% over the last year.

‘Building peace by making North Korea pay dearly for aggressive acts’

January 8, 2014

SEOUL – South Korea’s President, Park Geun-hye, in an English-language article, "Reinventing the Inter-Korean Relationship", says her Administration will maintain strong deterrence and will co-operate closely with the international community to pursue peace and unification on the Korean Peninsula. She said that her Administration's Korean Peninsula trust-building process is based on the strength of formidable deterrence.

Japanese banks outperform rest of Asia-Pacific in 2013

January 7, 2014

TOKYO - Japanese banks dominated the list of top-performing Asia-Pacific banks, taking 10 of the top 15 spots and the first six positions in 2013. Top performers also included banks from Australia, Pakistan and Taiwan. The National Bank of Pakistan's 10.5% dividend yield was the highest among all public banks covered by SNL Financial in the Asia-Pacific region.

China relaxes rules on Hong Kong tax resident status

January 2, 2014

HONG KONG – China has simplified procedures to substantiate Hong Kong tax resident status under the China-Hong Kong Double Taxation Agreement.  Lawyers Baker & McKenzie say a Hong Kong tax resident certificate issued by the Hong Kong Inland Revenue Department is generally, with certain exceptions, no longer required for treaty benefit application in China. 

Xi Jinping to head leading group for overall reform in China

December 31, 2013

BEIJING- President Xi Jinping has been named Head of a leading group for overall reform in China, according to an announcement made by the Communist Party’s Central Committee Political Bureau. The group, which is expected to carry out China’s boldest reform proposals in more than three decades, is being positioned at the highest level, showing the leadership's resolve to overcome vested interests.

China lifts freeze on IPOs – five to list, 83 more to follow

December 31, 2013

BEIJING - The China Securities Regulatory Commission (CSRC) has given the green light to five domestic companies for the launch of their initial public offerings in early January after a year-long moratorium. Three of them will be listed on ChiNext, China’s version of Nasdaq, while the other two will be listed on the over-the-counter stock exchange and the Shanghai Stock Exchange.

Chinese Government debt hit RMB20.7 trillion at end of June

December 31, 2013

BEIJING – China’s central and local government debt totalled RMB20.7 trillion at the end of June 2013, according to the National Audit Office. A 13-page report discloses the results of a nationwide review of Government debt, ordered by the State Council amid concerns that mounting local debt, especially that raised through opaque financing vehicles, could pose a threat to China’s financial system. Central government debt rose to RMB9.8 trillion at end-June, up from RMB9.4 trillion at the end of 2012, while local debt climbed to RMB10.9 trillion from RMB9.6 trillion six months earlier.