LONDON - Drugmaker GlaxoSmithKline, which was fined a record 3 billion yuan ($483 million) for corruption in China last year and is examining possible staff misconduct elsewhere, faces new allegations of bribery in Romania.
LONDON - While local Chinese fret over the bursting of the Shanghai stock bubble, global investors are more worried about the yuan currency which once seemed destined to rise inexorably.
- Baidu Inc's quarterly profit missed analysts' estimates as China's biggest Internet search company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive.
- The China Securities Financial Corporation (CSFC) has returned ahead of schedule some of the funds it borrowed from commercial banks to stabilize the stock market, three people in the banking industry with direct knowledge told Reuters.
BEIJING - China's biggest banks have lent 1.3 trillion yuan ($209.4 billion) to the country's state-backed margin lender to halt a meltdown in Chinese shares, local media said on Friday, underlining the government's determination to support stock prices.
SHANGHAI/HONG KONG - On a dusty industrial lot in northern Hong Kong, a group of travelers sheltered in the shade away from the pressing July heat, packing old cloth bags and backpacks with Styrofoam to protect a more precious cargo: smuggled meat. | Video
SHANGHAI/HONG KONG - On a dusty industrial lot in northern Hong Kong, a group of travelers sheltered in the shade away from the pressing July heat, packing old cloth bags and backpacks with Styrofoam to protect a more precious cargo: smuggled meat.
BEIJING - China's imports and exports likely declined again in June after grim readings in May, fuelling expectations that more easing may be required, especially given an ongoing liquidity crisis in the country's stock market.
SHANGHAI/HONG KONG - The Chinese yuan briefly fell to four-month low in the offshore market on Wednesday as a deepening stock market rout prompted investors to cut their long positions in the Chinese currency, though a broadly stable onshore market helped it recover ground.
BEIJING - China has uncovered widespread misappropriation of 16.9 billion yuan ($2.72 billion) of funds from its state lottery program, underscoring the extent of official corruption as the country tries to root out graft.
The yuan charge
The Obama administration is taking China head on over the yuan. As Congress comes closer to punishing Beijing for not letting the currency strengthen more rapidly, Reuters explains the factors behind the yuan's sudden gains. Document