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Business Digest, September 20, 2012

PUBLISHED : Thursday, 20 September, 2012, 12:00am
UPDATED : Thursday, 20 September, 2012, 4:18am

Beijing cuts mining permits for rare earths

The mainland has cut the number of permits for rare earths mining in a new move to tighten controls over the exotic minerals needed to manufacture mobile phones, electric cars and other hi-tech goods. The Ministry of Land and Resources decided to cut the number of mining permits by 40 per cent from 113 to 67, China Central Television said yesterday. AP

 

Foxconn to invest US$494m in factories

Foxconn Technology Group, maker of Apple's iPad and iPhone, will invest US$494 million to build factories near Sao Paulo, Brazil. Foxconn would have as many as five plants in Itu city and create 10,000 jobs, said a spokesman for Foxconn's Taipei-based flagship Hon Hai Precision Industry. The new facilities would enable most aspects of iPad and iPhone assembly, he said. Bloomberg

 

US housing starts fall short of expectations

US housing starts rose less than expected last month as groundbreaking on multifamily home projects fell, but the trend continued to point to a turnaround in the market. The commerce department said housing starts increased 2.3 per cent to a seasonally adjusted annual rate of 750,000 units. Meanwhile, the pace of home resales rose in the month to its fastest in more than two years and the price for sold homes climbed from a year earlier. Reuters

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