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Last-minute deal averts default in China’s shadow banking market

January 29, 2014

HONG KONG - A high-profile case involving the repayment of a RMB3 billion (US$496 million) wealth management product (WPM) issued through a bank on behalf of the China Credit Trust Company was settled on Tuesday when funds from an “unknown” source came to the rescue. Under the arrangement, investors will reportedly recoup their principal, but may forgo some interest payments.

RBI shores up its anti-inflation credentials with surprise rate hike

January 27, 2014

NEW DELHI - Against expectations, the Reserve Bank of India (RBI) has lifted its benchmark repo rate by 25 basis points to 8.0%, flagging high core inflation pressures and the need to stabilise expectations. The decision, which follows a pause at its December policy meeting, brings the cumulative rate hikes to 75 basis points since September.

SIA names new senior executives for Europe, Southwest Pacific

January 23, 2014

SYDNEY – The current Regional Vice President, Southwest Pacific, for Singapore Airlines,  Subhas Menon, is to take up the role of Regional Vice President Europe. He will be succeeded in Sydney by Tan Tiow Kor, who is currently Vice President, Sales and Marketing, for Singapore Airlines Cargo, based in Singapore. The appointments are effective February 17 (ATI).

U.S. judge suspends "Big Four" China accounting units over audits

January 24, 2014

WASHINGTON - Chinese units of the global Big Four accounting firms have been barred by a US Securities and Exchange Commission judge from leading audits of US-listed companies for six months. The judge said KPMG, Deloitte & Touche, PricewaterhouseCoopers and Ernst and Young had willfully failed to give US regulators the audit work of certain Chinese companies under investigation for alleged fraud.

China now the fourth largest source of global immigrants

January 24, 2014

BEIJING - China has become the fourth-largest source of global immigrants, with five million Chinese residents relocating in other countries over the last 23 years. The number of global immigrants totalled 232 million in 2013, up 18 million from three years ago, and accounted for 4.2% of the world's population, according to a report by the Center for China & Globalization (CCG).

China manufacturing conditions deteriorate for first time in six months

January 23, 2014

HONG KONG – HSBC’s Flash China Manufacturing Index has come in  at 49.6 in January, a six-month low and down from 50.5 in December. The Flash China Manufacturing Output Index at 51.3 in January (51.4 in December) was at a three-month low.
Manufacturing output increased, but at a slower rate, while new orders, new export orders, employment, and both output and input prices all fell.

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