介绍:
China regulator to run stress tests on banks: paper
The Shanghai Securities News is reporting China's banking regulator is going to conduct regional and national stress tests on this country's banking system.
This, after a spike in bad loans through last year.
The China Banking Regulatory Commission is being quoted as saying all CBRC offices must organize stress tests of banking institutional organizations in a timely manner and urge banking financial institutions to make emergency plans.
Chinese banks' non-performing loan ratios have risen to their highest level in two years through the final quarter of last year, averaging around 1-percent.
The CBRC is also reportedly urging banks to curb lending to local government financial vehicles and industries facing overcapacity, including property and steel firms.
The report in the Shanghai Securities News hasn't provided any details about how or when the stress tests will be conducted.
GlaxoSmithKline Cuts Staff in China Amid Probe
GlaxoSmithKline has reportedly been doing a significant amount of house-cleaning here in China, as the U.K. drug company grapples with accusations it bribed doctors and officials to boost its sales in this country.
Wall Street Journals is citing a person familiar with the matter saying Glaxo has terminated a number of employees in China in recent months following an increase in monitoring of its employee expense claims.
It isn't clear how many employees have been let go.
GSK has been accused of making up to 500-million dollars worth of payments to doctors in the form of travel, entertainment and cash in exchange for giving their drugs preference.
Industry insiders here in China say such practices are common place and wide-spread.
Cooperate news of the week
Anchor:
In corporate news here in China this week, small construction materials company has become the 2nd Chinese firm to default on a multi-million yuan domestic bond.
And at the same time, a pair of media companies in Shanghai have announced a merger.
For more on these stories, CRI's Shane Bigham spoke earlier with Doug Young, Associate Professor at Fudan University and former China company news chief at Reuters.
…
That was Doug Young, Associate Professor of Fudan University and former China company news chief at Reuters, speaking with CRI's Shane Bigham.
Tarena succeeds as first Chinese IPO on U.S. stock this year
Chinese Education company Tarena International has made its debut on the Nasdaq, becoming the first Chinese initial public offering on the U.S. stock market this year.
The company priced its IPO at 9 U.S. dollars per share.
This has valued the IPO at 138-million US dollars.
Tarena's shares closed up 6-cents on the day to 9-dollars-6-cents on its first day of trading, bucking the trend amid a general dip in tech shares.
Tarena trains IT engineers, among other professionals.
China announces anti-dumping duties on cellulose pulp imports
The Ministry of Commerce here in China is set to impose anti-dumping duties on cellulose pulp imported from the United States, Canada and Brazil.
The duties will last for five years, starting from Sunday.
The Ministry says companies from the US, Canada and Brazil have dumped cellulose pulp on the Chinese market, causing substantial damage to the domestic industry.
The MOC launched its anti-dumping probe into imported cellulose pulp in February of last year.
Cellulose pulp, made from plant fiber, is used as a raw material in the production of rayon and other fibers used in clothing and industrial fabrics.
Hong Kong eyes new business hub thanks to regional bridge
In a statement sure to create some local controversy, Hong Kong Chief Executive CY Leung has suggested Lantau Island could be converted into a new core business hub for the city.
Leung has made the comments while making an inspection tour of the Hong Kong-Zhuhai-Macao Bridge, which is currently under construction.
The Hong Kong Chief Executive says once the bridge is finished in 2016, it will act as a convergence point among Guangdong, Hong Kong and Macao.
He says this will enhance the development potential for Lantau, which is the largest island within Hong Kong's city limits.
Lantau Island is sparsely populated compared to the rest of Hong Kong, and is a popular destination for people in Hong Kong looking to explore nature.
New Zealand's Fonterra fined over botulism food scare
New Zealand dairy giant Fonterra has been fined 300-thousand New Zealand dollars, or around 260-thousand US dollars, after admitting to four food-safety violations as part of last year's botulism scare.
The scare led to a worldwide milk product recall, with an emphasis on products delivered here to China.
Later testing revealed there were no problem with the firm's products.
The company is the world's largest exporter of dairy products.
Fonterra says it won't contest the fines.
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