The reports ran one day after Qualcomm said on an earnings call that its licensing patents business faced "significant challenges" in China.» Read More
BEIJING/ HONG KONG, July 24- Oil executive Jiang Jiemin rose to power in Communist China in time-honored fashion: by hitching his star to a mighty mentor. Their relationship was on display ahead of the party's 18th congress in November 2012, when both attended a banquet for CNPC veterans of a 1980 s drive to find oil in remote western China.
HONG KONG, July 24- Throughout his career at China's biggest oil producer, Jiang Jiemin was careful to put politics before business, say colleagues who worked closely with the purged executive.
WASHINGTON— The International Monetary Fund foresees the global economy expanding less than it had previously forecast, slowed by weaker growth in the United States, Russia and developing economies. The lending organization predicted Thursday that global growth will be 3.4 percent in 2014, below its April forecast of 3.7 percent.
Duerheimer, who took charge of the Volkswagen- owned luxury marque on June 1, told reporters in London that previous sales estimates had proved too optimistic. Bentley had said that 2014 was on course to be the brand's best year after first-half sales rose by almost a quarter to 5,254 saloons, coupes and convertibles, thanks to demand from China and the Middle East.
The United States dominates the list of places that global commercial real estate investors would prefer to put their money this year, while China has lost some luster and Turkey has added sparkle, according to a survey of international investors.
HONG KONG/ LONDON, July 24- China has bought almost 3,000 tonnes of molybdenum oxide, used to strengthen steel, for the first time in 20 years, helping to support struggling domestic producers squeezed by tight credit conditions, industry sources in Europe and Asia said.
*Indonesia to revise rules on mineral export taxes next month. LONDON, July 24- Copper climbed to its highest level in 10 days and zinc hit a near three-year peak after better-than-expected Chinese factory data calmed fears about economic growth in the world's biggest metals consumer.
*China food regulator visits 581 food-related businesses. Shanghai police detained five people on Wednesday, including the head and the quality chief of Shanghai Husi Food, a supplier to foreign fast-food brands including KFC, McDonald's Corp and coffee chain Starbucks Corp over allegations it supplied out-of-date meat.
*China manufacturing PMI hits 18- month high; new orders surge. While China is relying on increased government stimulus to steer its economy away from reliance on exports and towards consumer spending, Europe has taken the opposite approach, combining fiscal austerity with near-zero interest rates.
ALGIERS, Algeria— An Air Algerie flight carrying 116 people from Burkina Faso to Algeria's capital disappeared from radar early Thursday over northern Mali during a rainstorm, officials said.
*China regulator' confirms' Qualcomm has monopoly- report. BEIJING, July 24- China's antitrust regulator has confirmed that Qualcomm Inc, one of the world's biggest mobile chipmakers, has a monopoly, the state-run Securities Times newspaper reported on Thursday, as Qualcomm's chief executive held talks in China.
*US tech stocks buoyed by Apple; Facebook at record high. LONDON, July 24- The euro pulled off 8- month lows against the dollar on Thursday after the bloc's private sector expanded at its fastest rate in three months in July, and emerging equities hovered near 17- month highs after strong Chinese data.
BEIJING, July 24- China's factory activity expanded at its fastest pace in 18 months in July as new orders surged, a preliminary HSBC survey showed on Thursday, the latest indication that the economy is picking up as government stimulus measures kick in.
HONG KONG, July 24- Hong Kong shares rose on Thursday, thanks to the strength of mainland stocks as investors plowed into blue chips, cheered by the progress of a trading plan that will soon make it much easier for foreigners to buy Shanghai stocks.
TOKYO— World shares were rattled Thursday by reports the European Union is weighing stiffer financial sanctions against Russia.
By early afternoon in Europe, benchmark U.S. crude for September delivery was down 20 cents to $102.92 a barrel in electronic trading on the New York Mercantile Exchange.
HONG KONG, July 24- China shares rose sharply on Thursday as investors plowed into blue chips, cheered by the progress of a trading plan that will soon make it much easier for foreigners to buy Shanghai stocks.
HONG KONG— As activists vow to shut down Hong Kong's financial district in protest at China's attempt to hobble democratic elections in the city, businessman Bernard Chan is preparing for the worst. The former British colony came back under China's control in 1997 but retains its own legal and financial systems and a high degree of control over its affairs.
*Tech stocks boosted by Apple, Facebook hit record high. The HSBC flash PMI for China came in at 52.0 for July, well above forecasts of a small rise to 51 in July and the highest reading in 18 months. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent, and Australia notched another six-year peak.
Fast food chains in China suspended use of products from Shanghai Husi Food Co. after a television station reported last weekend it repackaged and sold meat past its use-by date. I will not try to and defend it or explain it, "said Sheldon Lavin, chairman and chief executive of Aurora, Illinois- based OSI Group, which owns Husi Food.