Yuan slide haunts Taiwan banks as they face defaults on derivative product

By Faith Hung TAIPEI, Feb 5 : Taiwan’s banks are facing losses of millions or possibly billions of dollars from customer defaults on a popular derivative product – falling victim to the unexpected slide in China’s currency. The island’s financial regulator is scrambling to get a grip on the issue after China surprised global markets […]

Central bank tests new money supply tools for Year of the Monkey

By Lu Jianxin and Nathaniel Taplin SHANGHAI, Feb 5 : In the weeks leading up to the traditional Lunar New Year liquidity squeeze, China’s central bank has been busy testing its new “interest rate corridor”, a tool that could help reduce the need for deeper monetary policy easing. The People’s Bank of China (PBOC) late […]

Beefed up: McDonald’s edging out KFC, Pizza Hut in China revival battle

By Adam Jourdan SHANGHAI, Feb 4 : Yum Brands Inc, the home of KFC and Pizza Hut, is falling behind rival McDonald’s Corp as the pair battle to revive flagging sales in China – a headache for Yum as it looks to spin off operations in its biggest market. A Reuters analysis of same-store sales […]

Foreign companies bet on China’s consumers as industry slows

By Tom Bergin LONDON, Feb 2 : Coffee shops, burger bars and clothes stores are among the foreign businesses in China that say they are thriving despite the economic slowdown that is hurting the manufacturing sector. A Reuters examination of comments or recent statements from 34 large publicly-traded foreign companies that updated investors on their […]

China court fines OSI, jails employees over food safety scandal

By Adam Jourdan SHANGHAI, Feb 1 : A Chinese court has fined two domestic units of US food supplier OSI Group up to 2.4 million yuan (364,875 dollars) and handed prison sentences to 10 of its employees over allegations it reused returned food products to avoid losses. The verdict marks the end of a long-running […]

China court fines OSI, jails employees over food safety scandal

By Adam Jourdan SHANGHAI, Feb 1 : A Chinese court has fined two domestic units of US food supplier OSI Group up to 2.4 million yuan (364,875 dollars) and handed prison sentences to 10 of its employees for producing and selling inferior products. The verdict marks the end of a long-running probe into OSI after […]