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June, 30, 2016

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Business > Asia > China
Steeling for a struggle: China workers face turmoil
Hundreds of laid-off steelworkers gathered outside their former employer's office this week to protest at losing their jobs, victims of a global glut.
 
China manufacturing expands for first time in 9 months: gov't
Mainland Chinese factories ramped up activity in March for the first time in nine months, official data showed Friday, offering a positive signal for the health of the world's second-largest economy.
 
S&P lowers China outlook to negative
Ratings agency Standard & Poor's (S&P) cut its outlook on mainland China from stable to negative on Thursday, warning that economic rebalancing was taking longer than expected.
 
Huge industrial overcapacity in mainland China will drag on both the mainland's and the region's growth this year, the Asian Development Bank said Wednesday, cutting its forecast for the world's second-largest economy.
 
The Guangdong Yixiang Folk Culture Co. has a license to print money -- thousands of look-alike U.S. dollars roll off its clattering presses every minute, intended as burnt offerings for the heavenly bank accounts of Chinese ancestors.
 
China's central bank fixed its currency exchange rate at a three-month high against the U.S. dollar on Friday as the greenback sank.
 
China renews vow to avoid 'hard landing' as congress ends
Mainland China's economy will not suffer a "hard landing," mainland executive chief Li Keqiang said Wednesday, stepping up Beijing's charm offensive to reassure investors that the mainland authorities can manage slowing growth.
 
Mainland Chinese coal miners in strike over wages, potential layoffs
Thousands of miners in mainland China's coal-rich north have gone on strike over months of unpaid wages and fears that government calls to restructure their state-owned employer will lead to mass layoffs.
 
Mainland China's top transport official warned online taxi-hailing companies Monday over subsidies leading to "unfair" competition, as U.S. giant Uber and homegrown rival Didi spend billions in their battle for market share.
 
China's largest train manufacturer won a billion-dollar deal to supply Chicago with rolling stock, it announced Friday, as Beijing seeks to create high-tech firms capable of competing for lucrative contracts with foreign giants.
 
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