Bureau Chief, Vietnam
John's Feed
Mar 26, 2014

China official urges calm as depositors again queue outside rural banks

YANCHENG, China, March 26 (Reuters) – A Chinese county
official appealed for calm among bank depositors in the eastern
city of Yancheng on Wednesday as queues formed for a third
straight day outside the branches of two small banks rumoured to
be in financial trouble.

Police and security guards stood by as dozens of people
formed a line outside a branch of Rural Commercial Bank of
Huanghai, one of the two banks that have suffered a rush of
withdrawals this week on the outskirts of the city.

Mar 9, 2014

IBM factory strike shows shifting China labor landscape

SHANGHAI (Reuters) – A wildcat strike at an IBM factory in southern China illustrates how tectonic shifts under way in the country’s labor market are emboldening workers to take matters into their own hands, raising risks for multinationals.

More than 1,000 workers walked off the job last week at the factory in Shenzhen, bordering Hong Kong, after managers on March 3 announced the terms of their transfer to new ownership under Chinese PC maker Lenovo Group Ltd.

Mar 4, 2014

China paper in rare mention of former security chief, hints at graft case

SHANGHAI, March 4 (Reuters) – A state-run Chinese newspaper
has for the first time identified former domestic security chief
Zhou Yongkang as the father of a businessman who is being
investigated for graft and implied that Zhou himself is also
under investigation for corruption.

Sources have said that Zhou, 71, is the most senior Chinese
politician to be ensnared in a graft scandal since the Communist
Party took power in 1949, but the case is highly sensitive and
has been shrouded in secrecy with hardly a shred of information
confirmed by authorities or reported in state media.

Feb 20, 2014

China aims for Nanjing’s history to speak loudly on Japan

NANJING, China (Reuters) – China pressed a propaganda campaign against Japan this week with a guided visit to the site of the 1937 Nanjing massacre, holding up proof to refute doubts by some in Japan about the extent of the atrocity or even that it happened at all.

China’s ties with Japan have long been poisoned by what China sees as Japan’s failure to atone for its occupation of parts of China before and during World War Two.

Jan 30, 2014

Chinese give Year of the Horse a toned-down welcome

BEIJING/SHANGHAI (Reuters) – Chinese welcomed the arrival of the Year of the Horse with toned down celebrations on Thursday, as people heeded government pleas to set off fewer of the fireworks believed to bring good fortune, because of concern about air pollution.

Chinese New Year, which begins on Friday, is normally marked by riotous displays of fireworks and countless firecrackers, which are thought to bring good luck and scare off evil spirits.

Jan 23, 2014

Special Report: How Caterpillar got bulldozed in China

ZHENGZHOU, China (Reuters) – Asia’s top mergers and acquisitions bankers gathered two years ago at the swanky Island Shangri La in Hong Kong to celebrate the top deals of 2012. As the transactions were being toasted, one was unraveling.

Advisers on Caterpillar Inc’s $677 million purchase of ERA Mining Machinery Ltd picked up an award for cross-border deal of the year. The purchase was billed as a coup for Caterpillar, the world’s top maker of tractors and excavators. ERA was the holding company for Zhengzhou Siwei Mechanical & Electrical Equipment Manufacturing Co Ltd, one of China’s biggest makers of hydraulic coal-mine roof supports. Siwei would help Caterpillar gain traction in the world’s largest coal industry.

Jan 23, 2014

How Caterpillar got bulldozed in China

23 (Reuters) – Asia’s top mergers and
acquisitions bankers gathered two years ago at the swanky Island
Shangri La in Hong Kong to celebrate the top deals of 2012. As
the transactions were being toasted, one was unraveling.

Advisers on Caterpillar Inc’s $677 million purchase
of ERA Mining Machinery Ltd picked up an award for cross-border
deal of the year. The purchase was billed as a coup for
Caterpillar, the world’s top maker of tractors and excavators.
ERA was the holding company for Zhengzhou Siwei Mechanical &
Electrical Equipment Manufacturing Co Ltd, one of China’s
biggest makers of hydraulic coal-mine roof supports. Siwei would
help Caterpillar gain traction in the world’s largest coal
industry.

Jan 15, 2014

Early holidays point to grim outlook for China’s small factories

DONGGUAN/KUNSHAN, China, Jan 16 (Reuters) – Scores of
factories in China’s manufacturing heartlands have closed
earlier than usual for the country’s biggest annual holiday due
to weak orders and rising costs, workers and owners say,
suggesting a rocky outlook for a key sector of the economy.

While official trade data remains mildly positive, visits to
five factory towns in coastal industrial hubs found that in some
areas perhaps a third of manufacturers had already begun closing
weeks before the Lunar New Year break in late January.

Dec 11, 2013

China professor says sacked for criticizing president and not recanting

SHANGHAI (Reuters) – A Chinese university has fired a professor for failing to admit wrongdoing in posting an article criticizing President Xi Jinping, the academic said on Wednesday, underscoring questions about academic freedoms for foreign colleges setting up shop in China.

Many liberals had hoped that the new government under Xi, who became president in March, would be more tolerant of calls for political reform.

Dec 5, 2013

China bars banks from bitcoin transactions

SHANGHAI, Dec 5 (Reuters) – China’s government banned
financial institutions from trading in bitcoin on Thursday, in
what analysts said was a restrained first step towards
regulating the digital currency that has exploded in popularity
in China and soared in value in recent months.

A statement by the central bank and four other agencies said
that, while the computer-generated currency does not yet pose a
threat to China’s financial system, it carries risks. It did
not, however, curtail the use of bitcoin by individuals.