Michele Norsa, CEO of Ferragamo, says the China region is "volatile" but positive in the long-term.» Read More
LONDON, Aug 29- For the world's hard-pressed aluminum producers the current outlook is the rosiest in many years. That's largely thanks to the combination of a robust London Metal Exchange price, currently trading around $2,100 per tonne, its highest level since early 2013, and historically elevated physical premiums.
*Malaysia Airlines to cut staff by 30 pct to 14,000. KUALA LUMPUR, Aug 29- Malaysia Airlines will slash nearly a third of its 20,000 workforce and cut back its global route network as part of a radical 6 billion ringgit restructuring following the devastating impact of two jetliner disasters.
KUALA LUMPUR, Malaysia— Key dates in the history of Malaysia Airlines from its start as a one route airline until its almost unfathomable double passenger jet disasters in 2014.. 1937— Malayan Airways Ltd., the forerunner of Malaysia Airlines, is formed to provide flights between Penang in Malaya and Singapore, both part of the British empire at the time.
BEIJING— China's biggest property developer, Wanda Group, and Internet giants Baidu and Tencent unveiled a new e-commerce venture Friday in a challenge to industry leader Alibaba Group ahead of its U.S. stock offering. The company is preparing for a U.S. initial public offering that analysts say might value it between $150 billion and $200 billion.
BEIJING— Tesla Motors Co. and a state-owned Chinese phone carrier announced plans Friday to build 400 charging stations for electric cars in a new bid to promote popular adoption of the technology in China. Promoters of electric cars see China as a promising market due to Beijing's support for the technology and eagerness to reduce smog.
Aug 29- Hong Kong's benchmark index ended flat on Friday after three successive days of losses, supported partly by strength in mainland markets although lackluster corporate earnings capped gains. The Hang Seng Index reversed the morning's losses to end flat at 24,742.06 points.
HONG KONG, Aug 29- Hong Kong's stock exchange has asked Chinese regulators to give investors time to adjust to any tax rules agreed upon as part of a closely watched cross-border share trading scheme, two people briefed by the city's stock market operator said.
KUALA LUMPUR, Malaysia— Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters.
SHANGHAI, Aug 29- China shares rose on Friday as banks recovered from recent losses and aviation firms outperformed, supported by expectations of reform measures for the sector. The CSI300 of the leading Shanghai and Shenzhen A-share listings ended up 1.2 percent, while the Shanghai Composite Index gained around 1 percent to 2,217.2 points.
HONG KONG, Aug 29- China shares rose on Friday, buoyed by banks and outperforming aviation counters, while the Hong Kong market slipped again on profit-taking and lackluster earnings. The Hang Seng Index, which has declined the past three days, slipped 0.3 percent to a two-week low at 24,678.14 points.
SHANGHAI, Aug 29- The yuan edged higher versus the dollar on Friday and is set to rise nearly 1 percent in August in the third straight month of gains, with China's improving exports helping boost market sentiment towards the Chinese currency, traders said.
China's defense budget nearly three times Japan's. TOKYO, Aug 29- Japan's defense planners are seeking their biggest budget ever for the coming fiscal year to pay for stealth fighters, drones and a hi-tech submarine, as Prime Minister Shinzo Abe bolsters the military amid an intensifying rivalry with China.
SYDNEY, Aug 29- London copper futures were mostly unchanged on Friday, but prices were on track for their biggest monthly loss since March on worries that escalating tensions in Ukraine could set back global growth and hit metals demand. *The most-traded October copper contract on the Shanghai Futures Exchange fell 1 percent to 49,740 yuan a tonne.
*New study shows China's productivity growth turned negative after global financial crisis.
Western critics say China is experiencing a hard landing, but that's not quite true, says Dan Steinbock.
*Rejected as pariah by West, Mugabe welcomed in Beijing. HARARE/ BEIJING, Aug 28- Snubbed by a U.S.-hosted gathering of African leaders this month, Zimbabwe's veteran President Robert Mugabe has turned again to "old friend" China, but even Beijing's support may not be enough to rescue his country's sinking economy.
*Shanghai rebar futures drop to record low. SINGAPORE, Aug 28- Spot iron ore hit a two-year low on Thursday and was on course to fall to its lowest since 2009 as tighter credit in China curbed purchases of imported cargoes, and iron ore futures in Dalian slumped to a contract low.
HONOLULU— Hawaii tourism officials said Thursday they were tempering their expectations, but they still anticipate continued growth for the state's biggest industry. Still, growing numbers of travelers from markets like Australia, China and South Korea should help fuel continued expansion.
KUALA LUMPUR, Aug 28- Malaysia Airlines has warned of poor second-half earnings as passenger bookings continue to fall in response to the loss of two aircraft in separate disasters this year.
KUALA LUMPUR, Aug 28- Malaysia Airlines on Thursday reported another financial loss and warned of poor second-half earnings, as passenger bookings tumbled in response to the loss of two aircraft in separate disasters this year.