US manufacturing shrank at its sharpest clip in more than three years in August, the third month of contraction in a row, and firms hired the fewest workers since late 2009, a survey yesterday showed. The Institute for Supply Management said its index of national factory activity fell to 49.6 from 49.8 in July. A reading below 50 indicates contraction in the sector. The index's employment component fell to 51.6, the lowest since November 2009, from 52.0 in July. Separately, US construction spending in July fell by the most in a year. Reuters
Wu Changjiang, the former chairman of NVC Lighting Holdings, is rejoining the Hong Kong-listed firm from which he resigned on May 24 citing "personal reasons". The lighting manufacturer announced last night that it had formed a temporary operations committee to manage its day-to-day operations, which was headed by Wu. On August 14, NVC said it would be inappropriate for Wu to be re-appointed as chairman and director in light of its investigation into Wu. In July, strikes broke out in some of NVC's factories, with the strikers demanding the reappointment of Wu as chairman. Toh Han Shih
Japan Airlines' 663 billion yen (HK$65.67 billion) initial public offering of shares, the largest since Facebook, drew orders for all the stock being sold, said two people with knowledge of the deal. The carrier's government-backed parent is offering 175 million shares for 3,500 yen to 3,790 yen. Bloomberg
