SHANGHAI/HONG KONG (Reuters) – The head of Wal-Mart Stores Inc’s (WMT.N: Quote, Profile, Research, Stock Buzz) China business has resigned citing personal reasons, after the world’s largest retailer ran into trouble with Chinese authorities leading to store closures and employee detentions.

The departure of China CEO Ed Chan, along with Senior Vice President of Human Resources Clara Wong, is another setback for Wal-Mart which is facing stiff competition from local firms in the strategically important market.

SHANGHAI/HONG KONG (Reuters) – The head of Wal-Mart Stores Inc’s (WMT.N: Quote, Profile, Research, Stock Buzz) China business has resigned citing personal reasons, after the world’s largest retailer ran into trouble with Chinese authorities leading to store closures and employee detentions.

The departure of China CEO Ed Chan, along with Senior Vice President of Human Resources Clara Wong, is another setback for Wal-Mart which is facing stiff competition from local firms in the strategically important market.

SHANGHAI (Reuters) – Chinese Premier Wen Jiabao said China’s exchange rate would remain stable to protect exporters, the official Xinhua news agency reported.

Wen said on Saturday “a basically stable exchange rate” would help maintain a steady level of exports and enhance business confidence, China’s state radio reported.

SHANGHAI, Oct 15 (Reuters) – Chinese Premier Wen Jiabao said
China’s exchange rate would remain stable to protect exporters,
the official Xinhua news agency reported.

Wen said on Saturday “a basically stable exchange rate”
would help maintain a steady level of exports and enhance
business confidence, China’s state radio reported.

BEIJING/SHANGHAI (Reuters) – China’s apparent oil demand growth slowed further in the third quarter, largely in line with economic growth in the world’s second-largest economy amid domestic policy constraints and global uncertainties.

The National Development and Reform Commission said on Saturday that apparent oil consumption grew only 3.2 percent from a year earlier in the third quarter, down from the 5 percent rise in second quarter and 9.3 percent in the first quarter.

SHANGHAI (Reuters) – Wal-Mart’s latest troubles in China involving mislabeling of its pork products reflect the retail giant’s struggles in a complex market where rapid expansion and a cumbersome takeover has marred profit and growth.

After entering China in 1996, its expansion gathered steam in 2007 when the world’s largest retailer bought a 35 percent stake in Taiwanese hypermarket chain Trust-Mart. It had 346 stores in the mainland as of end-August.

SHANGHAI (Reuters) – Mobile operating systems developed by Asia’s top technology firms will at best only chip away market share from dominant leaders Google’s Android and Apple’s iOS.

And such a scenario would only be possible if these companies, such as China’s Baidu Inc and Alibaba Group are able to court enough application developers, analysts said.

SHANGHAI (Reuters) – Private equity firms looking to invest into Alibaba Group have relieved pressure on Chairman Jack Ma to stage a speedy IPO by allowing a way for employees to sell their shares to willing buyers.

Shares of Alibaba.com, the only listed unit of the group, bucked a selloff in the broader market to close 2.8 percent higher after three private equity firms said they were looking to buy shares in Alibaba Group.

DALIAN, China (Reuters) – Europe and the United States could face 10 years of slow growth and high unemployment if a global solution for the euro zone debt crisis is not implemented soon, former Prime Minister Gordon Brown said on Friday.

“Unless there is global coordination…I foresee 10 years of low growth in Europe and America, I foresee very high levels of unemployment and I foresee a failure of coordination that will lead in the end to greater protectionism,” Brown told reporters and participants at the World Economic Forum in Dalian.

DALIAN, China (Reuters) – Europe and the United States could face 10 years of slow growth and high unemployment if a global solution for the euro zone debt crisis is not implemented soon, former British Prime Minister Gordon Brown said on Friday.

“Unless there is global coordination…I foresee 10 years of low growth in Europe and America, I foresee very high levels of unemployment and I foresee a failure of coordination that will lead in the end to greater protectionism,” Brown told reporters and participants at the World Economic Forum in Dalian.