Samsung Electronics

Business Digest

PUBLISHED : Thursday, 06 September, 2012, 12:00am
UPDATED : Thursday, 06 September, 2012, 3:08am

Samsung accused of labour abuses in China

Samsung Electronics' factories and suppliers in China employed under-age workers, forced them to work overtime and exposed them to unsafe conditions, a New York-based labour group said as it increased scrutiny on the world's largest seller of mobile phones and televisions. China Labor Watch discovered "severe labour abuses" at six factories owned and operated by Samsung and two plants operated by its suppliers. Bloomberg

ECB's 'unlimited' plan for bond buys leaked

Treasury yields rose after details of the European Central Bank's bond-buying proposal suggested the bank will make unlimited purchases of sovereign debt, reducing the refuge appeal of US securities. The ECB will sterilise its bond purchases by removing from the system elsewhere the same amount of money it spends, ensuring a neutral impact on money supply, two central bank officials said. Bloomberg

Guangzhou Auto sells half of GAC Mitsubishi

Guangzhou Automobile Group (GAC), Mitsubishi Motors and Mitsubishi Corp signed an agreement yesterday in which Mitsubishi Motors acquired 33 per cent and Mitsubishi Corp acquired 17 per cent of GAC Mitsubishi. Although the price was not disclosed, GAC had sought to sell the 50 per cent stake for at least 1.39 billion yuan (HK$1.7 billion). Toh Han Shih

Facebook takes steps to restore confidence

Facebook announced what amounted to a repurchase of several million shares, said its largest shareholder and chief executive Mark Zuckerberg would hold on to his options for at least another year and moved up when some employees could start selling shares. The moves appeared aimed at injecting confidence into Wall Street after a disappointing public offering, analysts said. NYT