China’s central bank governor downplayed concerns over falling foreign reserves and said he saw no basis for depreciation, the FT reports.» Read More
BEIJING, Oct 24- China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signalled on Wednesday, with new orders and output at their highest in months.
*Yuan eases slightly to 6.2510/ dollar. *Traders wary of hitting strong side of trading band. SHANGHAI, Oct 24- China's yuan eased on Wednesday, responding to a slightly weaker central bank midpoint, but still hovered near recent record levels, as traders say corporate yuan demand remains robust.
Asian shares were unable to hold onto gains on Wednesday, as investors stayed risk averse due to weak corporate earnings results worldwide and enduring worries over economic slowdown.
As China steers its economy away from a dependence on exports towards domestic consumption, its booming urban population will play a major role in driving growth in the world’s second largest economy.
FRANKFURT, Germany-- German automaker Volkswagen AG says net profit rose 58 percent in the third quarter because of an accounting boost from its takeover of Porsche. Volkswagen said it was sticking to its earnings forecast despite what it called "growing headwinds" in the business environment.
HONG KONG, Oct 24- Mainland Chinese shares rose on Wednesday, outperforming most Asian peers and lifting the Hong Kong market to just short of a year-high after a survey of purchasing managers showed China's economy making a steady recovery. The China Enterprises Index of the top Chinese listings in Hong Kong was down 0.4 percent.
*Vegas less powerful in casino world after Macau boom. With no full-time staff in Asia and a mission that includes nurturing an industry increasingly dependent on China- controlled Macau, the granddaddy of U.S. gambling regulators may ultimately prove powerless to police a global business of which Las Vegas is no longer the capital, industry veterans said.
MELBOURNE, Oct 24- Deutsche Bank has built a 5.2 percent stake in Australian takeover target GrainCorp in recent months, a move that could pay off handsomely as the target's shares have soared and could climb even higher if rival bids appear.
BEIJING, Oct 24- China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signalled on Thursday, with new orders and output at their highest in months.
*Gree and DeNa up after Facebook surprises with mobile revenue. Japanese social gaming sites DeNa and Gree also gained in heavy trade after Facebook Inc said mobile advertising revenue had roughly tripled in the third quarter, reassuring investors who had feared revenues of web-based firms would be hit by the shift to smartphones from personal computers.
CANBERRA, Australia-- The head of the Australian subsidiary of Huawei Technologies Ltd. has urged Australia not to be swayed by report from the U.S. Congress that referred to the Chinese telecommunications giant as a potential security risk.
*HSBC Oct flash China manufacturing PMI signal recovery. TOKYO, Oct 24- Data suggesting a gathering economic recovery in China helped trim declines in Asian shares on Wednesday, though investors stayed risk averse due to weak corporate earnings results worldwide and enduring worries over economic slowdown.
SINGAPORE, Oct 24- Brent crude futures climbed towards $109 a barrel on Wednesday, snapping a six-day losing streak after economic data from China suggested a strengthening recovery in the world's No. 2 oil consumer. Brent crude had risen 46 cents to $108.71 a barrel by 0239 GMT.
Even as market watchers continue to debate where the Chinese economy is headed, latest manufacturing numbers strengthen the case for the China bulls, at least for now.
DUBAI, United Arab Emirates-- In back-to-back Asian summits this month, Iran's president made sure to carve out special time to look east. At one gathering in Azerbaijan, Mahmoud Ahmadinejad reminded the president of Kazakhstan about the vision of a railway linking the heart of Central Asia with Iran's warm ports.
SHANGHAI, Oct 24- In 20 years in China, Microsoft Corp hasn't had much luck. ``The fact that there is no delay and they are treating China as one of their primary markets reflects how important China is to Microsoft and I think that's evident in how they plan to launch Surface,'' said Adam Leach, a London- based analyst with technology consulting firm Ovum.
FRANKFURT, Germany-- Business software maker SAP AG saw its third quarter profit fall from a year ago because of a large one-time gain booked then, but the company raised its sales outlook for the year and said its business in cloud computing was growing fast.
BEIJING, Oct 24- China's manufacturers saw growth shrink for a 12th successive month in October, but output at a three-month high and the most robust order books since April signal a strengthening recovery, preliminary results of a purchasing managers survey show.
Exporters shed after a rally propelled by a weaker yen over the past week and a half, with automakers Toyota Motor Corp and Honda Motor Co down 1.3 and 1.4 percent respectively, and construction machinery maker Komatsu Ltd slipping 2.1 percent.
HONG KONG, Oct 24- Hong Kong shares were set to start lower on Wednesday after eight straight days of gains, and as investors wait for a preliminary survey of manufacturing activity in China due later in the day. Anhui Conch Cement, China Overseas Land& Investment, Angang Steel are among companies expected to report third-quarter earnings later in the day.