介绍:
No agreement on Shenzhen-HK Stock Connect: Exchange
Hong Kong Exchanges and Clearing is rebuffing earlier reports confirming the creation of a Shenzhen-Hong Kong Stock Connect system.
HKEx says a final agreement has not been reached yet.
This comes after the mainland's central bank governor Zhou Xiaochuan posted a report suggesting the new Connect system would be up-and-running before the end of the year.
The head of the PBOC is being quoted saying the Shenzhen Stock Connect, along with the Shanghai-Hong Kong Connect system, is further proof "the mainland capital market has been opening up to the outside world."
HKEx has confirmed it's in discussions with its counterparts on mainland side connected to the establishment of the Shenzhen program.
The Shanghai-Hong Kong Stock Connect system was set up last year, which allows traders from the mainland and Hong Kong to trade shares listed on both exchanges.
A similar program linking Shanghai with the London Stock Exchange is also being considered.
China unveils guideline on reforming state-owned asset management
The Chinese cabinet has unveiled new plans to restructure how state assets, including SOE's, are managed.
A new business entity is going to be established to deal with state equity, staffing and the movement of funds in SOE's.
At the same time, the government is promising to accelerate the elimination of outdated SOEs and dispose of inefficient assets.
State-funding is going to be eliminated from certian SOEs.
Others are going to go through a restructuring process.
China to develop green manufacturing
Anchor:
Green manufacturing is also being highlighted as one of the priorities in the next 5-year plan.
As part of the move, traditional manufacturing is going to be pushed to take on a more environmentally-friendly path.
This will include the establishment of a low-carbon production system.
Businesses are also going to be given incentives to upgrade their technology.
A Green Development Fund is also going to be set up to promote clean production methods.
For more on this, CRI's Bob Jones spoke earlier with John Ross, senior fellow with the Chongyang Institute for Financial Studies at Renmin University.
Back anchor:
John Ross, senior fellow with the Chongyang Institute for Financial Studies at Renmin University speaking with CRI's Bob Jones.
Takata Chief Apologizes over Airbags Scandal
Japanese airbag maker Takata has agreed to pay a 70 million US dollar fine to US regulators for its failure to tell authorities about defects it knew about in its airbags which it sold to automakers.
Takata CEO Shigehisa Takada has also issued a formal apology.
"We deeply apologise that we caused major damage and concern to the domestic and overseas users due to the recall related to the defect of Takata airbags. Once again, I convey condolences to those who died of the accidents related to the defect of Takata airbags and wish the early recovery for those injured. I am truly sorry."
The faulty airbags have been linked to eight deaths and more than 100 injuries worldwide.
Its believed the initial 70-million US dollar fine may go up to as much as 200 million dollars if the US National Highway Safety Administration finds further violations.
HSBC launches large-scale retail CDs
HSBC has become the first foreign bank to launch large-denomination certificates of deposit to retail customers on the mainland.
The bank is launching the large-sum CDs in Shanghai, Beijing, Guangzhou and Shenzhen.
The subscription minimum is 300-thousand yuan.
A certificate of deposit is essentially a savings bond issued by a bank which has a specified maturity date and a fixed interest rate.
It can be issued in any denomination.
The term of a CD generally ranges from one month to 5-years.
Nine banks, including the 'big-4' state lenders, started issuing large-scale CDs back in June.
Issuing certificates of deposits allows banks to secure capital outside the interbank market.
Standard Chartered cuts 15,000 jobs, raises 3.3 bln pounds
Standard Chartered has announced its going to cut 15-thousand jobs by 2018.
The UK bank says this should help save it over 5-billion US dollars.
The job cuts are part of a restructuring plan which has been put out following a "disappointing" third-quarter loss.
Standard Chartered pre-tax quarterly loss came in at 139 million U.S. dollars through Q3.
This is in sharp contract to the 1.5 billion U.S. dollars profit the bank made during the same period last year.
At the same time, the London-listed company says it is going to invest more than 3 billion U.S. dollars over the next 3-years to upgrade its overall business operations.
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