China Economy

Business Digest, December 6, 2012

PUBLISHED : Thursday, 06 December, 2012, 12:00am
UPDATED : Monday, 30 May, 2016, 5:01pm


Related topics

Chinese insurers freer to invest in banks

The China Insurance Regulatory Commission has abolished a rule limiting insurance firms' investments in commercial banks as insurers get more freedom to manage risks. Insurers were limited to investing in at most two banks if their ownership exceeded 5 per cent under rules published in 2006, when a ban on insurance firms expanding into banking and securities businesses ended. Bloomberg


Citigroup to cut 10,700 jobs, take US$1b charge

Citigroup, the third-biggest US bank, said it would take a pretax charge of about US$1 billion this quarter as part of a plan to eliminate more than 10,000 jobs in a cost-saving move. About 6,200 jobs will come from the global consumer banking business, 2,600 jobs will be eliminated in the operations and technology group and global functions, and 1,900 jobs in the institutional clients group will go. Bloomberg


Expansion in mainland service sector slows

Service industries on the mainland expanded at a slower pace last month, damping hopes for a faster rebound in the economy. The purchasing managers' index fell to 52.1 from 53.5 in October, HSBC and Markit Economics said. That contrasts with an official gauge of services that rose to the highest level in three months last month. In the US, the Institute for Supply Management's non-manufacturing index rose to 54.7 from 54.2. Bloomberg