Business  August 30, 2015
German corporate giants suspected in Greek corruption cases
No date has been set yet for 19 former executives of German engineering group Siemens to appear in Greek court, but it is expected to be one of the biggest financial trials of the decade in GreeceSiemens, Daimler, Rheinmetall -- the cream of German industry -- have been mired in cases of alleged corruption in Greece, the country that Berlin has repeatedly admonished for the parlous state of its economy.No date has been set yet for 19 former executives of German engineering group Siemens to appear in Greek court, but it is expected to be one...  Full Story
Chinese tourists unfazed by currency fall, market turmoil
Chinese tourists take pictures against the iconic Merlion statue in Singapore, August 29, 2015China's currency devaluation and slowing economy have caused enormous turmoil in world financial markets, but they have not really bothered tourists like Henry Lee.Not yet, at least."I don't even know what the exchange rate is," the 36-year-old technology entrepreneur from Beijing admitted."We're just here to relax with our kids. We're not making a...  Full Story
Hong Kong banks turn to start-ups for tech edge
The number of "FinTech" start-ups in Hong Kong -- offering technology tailored to the world of finance -- is rising rapidly, taking advantage of the cityHong Kong's towering skyline is dominated by major banks and investment houses -- but smaller start-ups are playing an increasing role on the financial landscape.The number of "FinTech" start-ups in Hong Kong -- offering technology tailored to the world of finance -- is rising rapidly, taking advantage of the city's position as an industry hub and ...  Full Story
ECB mulls policy response to market turmoil over China
The ECB is unlikely to be panicked into any knee-jerk policy moves, particularly since its radical asset purchase programme, finally appears to be bearing fruitThe European Central Bank looks set to keep its monetary policy gunpowder dry when its decision-making governing council convenes next week, despite the recent turmoil that has engulfed global markets, analysts said.It has been a chaotic week for stock markets around the world, spooked by fears of economic slowdown in China.Share prices have wildly...  Full Story
Regulator orders 95 Nexen pipelines suspended in Canada
File picture shows a water intake pipe for an oil sands operation in CanadaThe oil and gas producer Nexen Energy, a Canadian subsidiary of China's CNOOC, was forced to suspend operations Saturday at 95 pipelines after a major leak last month.The leak in Alberta, western Canada, spilled some 31,500 barrels (five million liters) of oil sands, prompting concern and criticism from environmental groups.The Alberta Energy Regul...  Full Story
China premier insists economy 'within appropriate range'
An investor holds a fan as she monitors share prices at a securities firm in Shanghai on August 26, 2015Chinese Premier Li Keqiang has issued assurances over his country's economy after global markets were roiled by concerns over its slowing growth, state media reported on Saturday.Top global markets ended the week Friday largely recovered from China-induced panic selling, but market watchers remain worried the turmoil in the world's number two econo...  Full Story
China imposes limit on local government debt: report
China is trying to transform its economic model away from debt-fuelled investment projects and make consumer spending the driver of growth as its economy matures and its citizens become wealthierChina has imposed a limit on local debt, state media reported Saturday, as the world's second-largest economy tries to control massive borrowing by its regions.The standing committee of China's National People's Congress (NPC) approved the ceiling of 16 trillion yuan ($2.5 trillion) in local debt for this year, the official Xinhua news agency repor...  Full Story
China scraps loan-to-deposit ratio cap: report
ChinaChina on Saturday scrapped a two decade limit on the percentage of funds banks can lend out relative to deposits, state media reported.China's commercial banking law has since its enactment in 1975 stipulated that no more than 75 percent of a bank's deposits could be offered as loans, the official Xinhua news agency said.But the standing committe...  Full Story
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