Business Digest, January 10, 2013

PUBLISHED : Thursday, 10 January, 2013, 12:00am
UPDATED : Thursday, 10 January, 2013, 4:21am


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Morgan Stanley to cut 1,600 jobs worldwide

Morgan Stanley, the sixth-largest US bank by assets, plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person familiar with the matter said. About half the reductions will be in the US and the rest will affect international employees, the person said. All levels of employees will be affected. Bloomberg


Hontex eyes businesses in bid to stay listed

Hontex International signed a non-binding letter of intent to acquire garment manufacturing and trading businesses from an unnamed firm, as part of the troubled sport fabric maker's efforts to remain listed on the Hong Kong stock exchange. In November, Hontex received a letter from the exchange saying the listing division intended to recommend the firm be delisted. Toh Han Shih


Clean-air rules affect all coal power plants

The National Development and Reform Commission has extended from January 1 its requirement for the installation of nitrogen oxides reduction facilities to coal-fired power plants in the entire country, from 14 provinces and autonomous regions under a November 2011 directive. Eric Ng


Yuan touches 19-year high before trade data

The yuan touched a 19-year high before a report that is forecast to show mainland exports picked up last month. It touched 6.2216 per US dollar in Shanghai, the strongest level since the government unified the official and market exchange rates at the end of 1993. Bloomberg