China Fines GM $29 Million for Monopolistic Pricing BEIJING China will fine U.S. automaker General Motors Co's (GM.N) joint venture 201 million yuan ($29 million) for monopolistic pricing, state television reported on Friday, ending speculation after an official forewarned of penalties against a U.S. automaker. Shanghai's pricing regulator said that it would fine GM's venture with China's largest automaker SAIC
The Asian Infrastructure Investment Bank (AIIB) is to co-finance two infrastructure projects in the Philippines. The China-backed development bank is to contribute loans to a flood management project on the Manila metro system and a rapid transit bus system in the Filipino capital. The loan amounts are yet to be revealed, but the AIIB’s participation has been confirmed by the
As part of its effort to monitor and curb greenhouse gas emissions, China on Thursday launched an atmospheric carbon dioxide monitoring satellite from the Jiuquan Satellite Launch Center in the Gobi Desert. The TanSat satellite, launched on board a Long March-2D rocket, was sent to a sun synchronous orbit roughly 435 miles from the surface of Earth. The 1,400-pound
Japan aims to ramp up defense spending as it was revealed that out of the record 97.5 trillion yen ( $830 billion) spending budget for fiscal 2017 approved Thursday, a record sum of over 5.13 trillion yen ($43.6 billion) is dedicated to the defense budget. While this budget will certainly test Prime Minister Shinzo Abe’s ambition to achieve a
SYDNEY The U.S. dollar held near 14-year peaks on Wednesday as global yield spreads moved inexorably in its favor, while a falling yen lifted Japanese shares to a one-year top. The Nikkei .N225 added 0.3 percent in thin trade, while Australia's main index climbed 0.6 percent to its highest in 17 months after Wall Street racked up more records.
SINGAPORE The Japanese yen edged down on Tuesday after the Bank of Japan held policy steady, shedding some gains made following deadly incidents in Germany and Turkey, while regional stocks were mixed after Federal Reserve Chair Janet Yellen's upbeat comments. The BOJ maintained its pledge to guide short-term rates at minus 0.1 percent and the 10-year government bond yield around
China’s capital outflow could accelerate further in coming months as the yuan depreciates and investors gain concerns about a strengthening dollar. The warning from Banny Lam, head of research at CEB International Investment Ltd. in Hong Kong, came Monday, just days after Goldman Sachs Group warned China’s capital outflows are accelerating, with $69.2 billion reported leaving the country in
Any interference with the “one China” policy would impact peace and stability in the Taiwan Strait and hamper Beijing’s relations with the U.S., China’s Taiwan Affairs Office said Wednesday. The comments were in response to President-elect Donald Trump who said Washington DC did not have to agree with the policy which has formed basis of diplomatic relations between the two
