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Business Digest, September 21, 2012

PUBLISHED : Friday, 21 September, 2012, 12:00am
UPDATED : Friday, 21 September, 2012, 2:46am

Taiwan export orders from mainland rise

Taiwan said yesterday export orders from the mainland rose last month for the first time in five months, even as most of the trade-dependent island's other markets remained sluggish. Orders from the island's leading export market increased 2.5 per cent year on year to US$9.8 billion and 8.1 per cent from the month before, the economics ministry said. AFP

 

Yuan rises to 5-month high on policy hopes

The yuan rose to a five-month high yesterday, breaching the 6.3 per US dollar level, on speculation capital flows into emerging markets will quicken as policymakers in the world's largest economies act to spur growth. People's Bank of China governor Zhou Xiaochuan wrote in a commentary in the Financial News this week that the central bank will maintain the continuity and stability of monetary policies and at the same time make adjustments that are more forward-looking, targeted and effective. Bloomberg

 

Court to rule on E&Y's 'state secret' defence

The Court of First Instance has fixed March 27 next year as the start of a hearing to rule on whether Ernst & Young can use state secrets as the reason for not handing in accounting records to the Securities and Futures Commission. The SFC wants the papers to assist in its investigation relating to a mainland firm, Standard Water, which Ernst & Young helped to apply to list in Hong Kong in 2009. The firm said accounting papers are state secrets under mainland secrecy laws. Enoch Yiu

 

China Ocean Shipping eyes oil and gas

China Ocean Shipping (Group) is eyeing the possibility of expanding into offshore oil and gas, chairman Captain Wei Jiafu said yesterday without giving further details. He said the state-controlled parent of several listed shipping, ports and shipyard subsidiaries was looking at the oil and gas sector as it considered ways to diversify from its traditional shipping-related business. Keith Wallis

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