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News About The Global Economy
April 21, 2014
China sacks state firm head amid corruption allegations
Shanghai (AFP) April 19, 2014
China on Saturday announced the removal of the head of one its major state-owned firms, conglomerate China Resources, for suspected law violations, state media reported using terms which typically refer to corruption. Chinese President Xi Jinping has pursued a highly-publicised anti-graft drive since taking office, vowing to go after both senior "tigers" and low-level "flies". The ruling Communist Party sacked Song Lin as chairman and party chief of China Resources, one of just over a hundred ke ... read more

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Satellite Services supplies on-board sub-systems for smallsats and microsats.
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Google takes hit on growth disappointment
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China's economy slows sharply in first quarter
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Bitcoin exchange MtGox in administration, bankruptcy eyed
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China inflation jumps to 2.4% year-on-year in March
Chinese inflation accelerated to 2.4 percent year-on-year in March driven by higher food prices, official data showed Friday, though economists warned there was still a risk of deflation. ... more
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Top Hong Kong businessman sells $928 mn Beijing property
A company led by top Hong Kong businessman Richard Li said it has sold a landmark Beijing property for more than $900 million, fuelling speculation about the motive for Chinese property sales by his family. ... more
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China's GDP growth to slow to 7.5% this year, 7.3% next: IMF
The International Monetary Fund said Tuesday China's economic growth would slow to 7.5 percent this year and 7.3 percent in 2015, avoiding a "hard landing" if the government addresses risks and undertakes reforms. ... more
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China unveils mini stimulus to boost slowing economy
China has announced a set of steps to boost slowing growth in the world's number-two economy, including extending tax breaks for small businesses and support measures for poor urban districts. ... more
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Bank of China 2013 net profit up 12 percent
Bank of China said Wednesday its 2013 net profit rose 12 percent on the back of recovering global markets and stable growth in the Chinese economy. ... more
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Dagong chief says credit ratings need 'Chinese wisdom'
The man behind Beijing-based credit ratings agency Dagong says "Chinese wisdom" will help it take on mighty Western names that failed by not predicting the global financial crisis. ... more
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Some debt defaults 'healthy' for China market: central bank
China's central bank hinted Sunday that it was willing to accept some debt defaults in the $1.8 trillion wealth management market, as the world's second-largest economy struggles to curb bad debts that pose a risk to the financial system. ... more
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China able to keep economic operation in proper range
Premier Li Keqiang said Thursday that China's economy has "tremendous potential and resilience" and the country is able to keep its economic growth in a proper range. "We gained good experienc ... more
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Weak start to year a test for Beijing: analysts
China could miss its official growth target for the first time in 16 years, a snap poll of economists by AFP shows after surprisingly weak data for January and February. ... more
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China's politically-sensitive yuan falls after reform
China's yuan weakened against the dollar on Monday after the central bank doubled the trading band for the currency, which the United States has long insisted is undervalued. ... more
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China's Li says debt defaults 'hardly avoidable'
Chinese Premier Li Keqiang signalled on Thursday that Beijing was willing to accept debt defaults in the world's second-largest economy, which has a murky multi-trillion-dollar "shadow banking" sector. ... more
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Chinese premier: 'Zero tolerance' for corruption
Chinese Premier Li Keqiang said Thursday that Beijing has "zero tolerance" for corruption however senior the culprit, as the country's leaders press forward with a much-publicised anti-graft campaign. ... more
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China industrial output growth at five-year low: govt
China's industrial production rose at its slowest pace in five years and other key indicators showed surprising weakness, data showed Thursday, raising alarm bells over the world's second-largest economy as Premier Li Keqiang outlined "serious challenges" ahead. ... more
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BoJ holds off new easing measures as tax hike looms
The Bank of Japan held off fresh monetary easing measures Tuesday, saying the economy was picking up, despite slowing growth in the last quarter of 2013 and fears that a looming tax hike will dent the recovery. ... more
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China bank lending halves in February from January
China's bank lending halved in February from January, the government said Monday, amid worries over a near-default on a financial product structured by the risky trust sector. ... more
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BoJ holds off new easing measures as tax hike looms
The Bank of Japan held off launching fresh monetary easing measures Tuesday, saying the economy was picking up, despite slowing growth in the last quarter of 2013 and fears that a looming tax hike will dent the recovery. ... more
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China posts unexpected trade deficit in February: govt
China recorded an unexpected trade deficit of $22.98 billion in February, official figures showed Saturday, with authorities blaming the country's holiday season for the weak performance. ... more
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China's growth target flexible: finance minister
China's finance minister suggested Thursday that a growth rate of "7.2 percent or 7.3 percent" would be acceptable, a day after the country announced a 2014 target of "around 7.5 percent". ... more
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Standard Chartered bank says 2013 net profit down 16%
Standard Chartered bank said Wednesday net profit fell more than 16 percent in 2013 and warned of a difficult first half for 2014 following significant challenges for its South Korean operations. ... more
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Threat of China corporate bond default worries market
A Chinese solar company is threatening not to pay interest on a corporate bond, setting off alarms in the financial system, but analysts said Wednesday that a default could improve transparency. ... more
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China promises steady 7.5 percent growth, cleaner air
China is targeting growth of about 7.5 percent in 2014, Premier Li Keqiang said Wednesday, promising to "declare war" on pollution as the government pledges to transform the world's second-largest economy. ... more
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China's urban drive risks digging economic hole
After a lifetime of farming and mining in the hills of southwest China, Zhang Zongfu was thrust into subsidised housing closer to town, and into a monumental urbanisation drive aimed at boosting growth. ... more
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West and Russia clash over Crimea as markets fall
Russia cemented its control of the flashpoint Crimean peninsula without firing a shot as markets plunged on Monday and world leaders held a series of crisis talks over the worst standoff between Moscow and the West since the Cold War. ... more
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China home price rises slow in February: survey
Increases in Chinese home prices slowed in February for the second straight month, an independent survey showed Friday. ... more
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