Business Digest, January 19, 2013
Earnings at China's state-owned firms rose 22.4 per cent from November, accelerating from November's increase of 5.7 per cent, but the pick-up was not enough to offset weakness for the year, when combined profits slipped 5.8 per cent compared to 2011, official data showed.

Earnings at China's state-owned firms rose 22.4 per cent from November, accelerating from November's increase of 5.7 per cent, but the pick-up was not enough to offset weakness for the year, when combined profits slipped 5.8 per cent compared to 2011, official data showed. State-owned non-financial firms made combined profits of 2.2 trillion yuan (HK$2.74 trillion) last year, the Ministry of Finance said. Reuters
Morgan Stanley, the top global equity underwriter last year, reported fourth-quarter net income of US$507 million, compared with a loss of US$250 million a year earlier, beating analysts' estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm's goal for this year. Bloomberg