Business Digest, January 9, 2013
Record unemployment and fraying social welfare systems in southern Europe risk creating a new divide, the European Union warned yesterday as figures showed joblessness across the 17 countries that use the euro hit 11.8 per cent in November, the highest since the currency was founded in 1999. It rose from 11.7 per cent in October and 10.6 per cent a year earlier.
Record unemployment and fraying social welfare systems in southern Europe risk creating a new divide, the European Union warned yesterday as figures showed joblessness across the 17 countries that use the euro hit 11.8 per cent in November, the highest since the currency was founded in 1999. It rose from 11.7 per cent in October and 10.6 per cent a year earlier. AP
Top oil and gas producer PetroChina pushed its domestic crude oil output above 110 million tonnes last year for the first time in 17 years, while also achieving its fastest annual output growth in more than a decade. PetroChina and other state oil majors have been striving to boost their output and reserves to reduce China's dependence on oil imports, which rose to 56 per cent of the country's overall requirement in 2011. Reuters
The mainland's gold imports from Hong Kong almost doubled in November from a month earlier as expectations of an economic recovery and lower prices spurred purchases. The city exported 90.763 tonnes of gold to the mainland, up 91 per cent, the Census and Statistics Department said. Imports from the mainland rose 23 per cent to 27.681 tonnes. Bloomberg, Reuters
Huawei Technologies announced two new devices aimed at challenging much bigger rivals, including Samsung Electronics and Apple. The mainland phone maker said the Ascend D2 would have a high-definition screen with 443 pixels per inch and the Ascend Mate would have a 6.1-inch display, which would make it the smartphone with the biggest screen in the world. Reuters
Zoomlion Heavy Industry Science and Technology said allegations in about its financial information were "false, groundless and misleading". reported it had received an anonymous letter, also sent to the Securities and Futures Commission, questioning the firm's sales. The company's Hong Kong shares were suspended yesterday and will resume trading today. Toh Han Shih
