China freezes imports of milk products from Fonterra

China freezes imports of milk products from FonterraAuthorities in China have halted imports of all milk products from New Zealand and Australia after Fonterra said that it has contaminated products to the country.

Fonterra, which is the world's biggest dairy exporter, admitted this weekend that products exported to China, Malaysia, Vietnam, Thailand and Saudi Arabia included contaminated New Zealand-made whey protein concentrate. The cooperative also said that the contaminated protein concentrate were added to products including infant milk powder and sports drinks.

People’s Bank of China injects funds into interbank market

People’s Bank of China injects funds into interbank marketChina's central bank on Tuesday injected 17 billion Yuan via issuance of seven-day reverse bond repurchase agreements into the interbank market, as part of its efforts to counter another increase in money market rates.

It is the first time in nearly six months when the People's Bank of China has actively injected funds into the country's interbank market, showing its willingness to maintain liquidity following the June mayhem, when the central bank cut off funding to the interbank system.

Apple launches new probe into worker mistreatment

Apple launches new probe into worker mistreatmentTechnology giant, Apple has lauched a new investigation into allegations of worker mistreatment in factories linked to the company in China.

The company is facing criticism over reports that it has benefitted from exploitation of more than 70,000 workers in factories in China that produce Apple products and components. There are allegations that the conditions are even worse than those at Foxconn with reports of employee suicides and excessive working hours.

Canada needs to have a trade agreement with China, experts

Canada needs to have a trade agreement with China, expertsExperts have said that the authorities in Canada must look to forge a trade agreement with the government of the People's Republic of China in order to strengthen trade ties.

In order to boost economic growth, the government of Canada should look at promoting its banks, automotive sector and other products that are not linked to construction. Chinese firms have also been encouraged to look for consumer-led growth instead of depending upon the construction boom.

China releases more details about accusations against GlaxoSmithKline

China releases more details about accusations against GlaxoSmithKlineAuthorities in China have released more information about the accusations against GlaxoSmithKline relating to bribery and corruption in China.

Chinese police arrests two more AstraZeneca sales executives

Chinese police arrests two more AstraZeneca sales executivesPolice officials in China have arrested two more sales executives of AstraZeneca PLC as part of its pharmaceutical industry investigations in the country.

The pharmaceutical giant, AstraZeneca has said that it is not involved in any wrongdoing in crackdown on bribery in the pharmaceutical industry in China. The police had first arrived at Astra's Shanghai headquarters on Friday. The police has taken three employees of the company for questioning. The company said that the three employees in the investigations were all Chinese nationals.

Economists welcome scrapping of bank lending rates in China

Economists welcome scrapping of bank lending rates in ChinaEconomists have welcomed the step by the central bank of China to remove the restrictions on the bank lending rates in the country, in a move to reform the country's financial system.

China launches three experimental satellites

Shiyan-7-satellitesBeijing, July 20 : China Saturday successfully launched three satellites for scientific experiments, authorities said.

The Chuangxin-3, Shiyan-7 and Shijian-15 satellites were boosted by a Long March-4C carrier rocket, according to the Taiyuan Satellite Launch Center in north China's Shanxi province.

The three satellites will be used mainly for conducting scientific experiments on space maintenance technologies, reported Xinhua.(IANS)

China's crude oil output goes up

Crude-oilBeijing, July 20 : China's crude oil output rose slightly year on year in the first half of 2013, according to data released by the country's top economic planner.

The National Development and Reform Commission (NDRC) said in a statement that crude oil production stood at 103.31 million tonnes in the first six months, up 3.2 percent from the same period last year, reported Xinhua.

The country refined 217.46 million tonnes of crude oil during the first half, up 6.6 percent year on year, while refined oil products rose by 6 percent to 133.77 million tonnes, the NDRC said Friday.

Three GSK top officials in China to tackle bribery case

Three GSK top officials in China to tackle bribery caseThree senior level management officials of GlaxoSmithKline are now in China to prepare a response to the allegations of bribery and corruption in the country.

Three dragonfly species discovered in China

dragonfly-speciesBeijing, July 19 : Scientists have discovered three dragonfly species, indigenous to China, inhabiting the Shennongjia nature reserve, a researcher said Friday.

"The three new Cephalaeschna species are found nowhere else in the world but central China," Zhang Haomiao, an aquatic animal researcher from the Chinese Academy of Sciences, was quoted as saying by Xinhua.

He said the species can be "used" to monitor water quality, as they live only in the relatively pristine streams and cannot tolerate polluted water.

Chrysler to recall 60,720 vehicles in China

Chrysler-AutoBeijing, July 19 : US automaker Chrysler will recall 60,720 vehicles exported to China to fix various problems that could pose safety risks, China's top quality watchdog said Friday.

The recall affects 49,754 Chrysler's Compass and Patriot vehicles manufactured between Oct 14, 2009 and July 18, 2012, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement.

The company will replace their air bag control modules, which were inadvertently programmed with software that may compromise air bag deployment, reported Xinhua.

China's home prices continue to rise

China's home prices continue to riseBeijing, July 18 - Prices of both new and existing homes continued to rise in most Chinese cities in June, according to official data released Thursday.

Of a statistical pool of 70 major Chinese cities, 63 cities saw month-on-month home price rises. However, the number was down from 65 cities that reported higher prices in May, the National Bureau of Statistics (NBS) said in a statement on its website.

Chinese firm to buy smartphone apps distributor

Baidu-IncBeijing, July 16 : China's leading search engine, Baidu, Inc. announced Tuesday that it will buy all equity interests in smartphone apps distributor 91 Wireless Websoft from NetDragon for a record $1.9 billion.

The move, which is Baidu's latest effort to diversify beyond its core search engine business, is set to mark China's biggest merger and acquisition (M&A) in the Internet market after Yahoo's $1 billion deal with Alibaba in 2005, reported Xinhua.

According to the MOU, Baidu will purchase the entire issued share capital of 91 Wireless for a total of $1.9 billion.

Apple to probe reports of electrocution by iPhone device

Apple to probe reports of electrocution by iPhone deviceTechnology giant, Apple has said that it would launch an investigation into reports that a woman in China was electrocuted while she was using an iPhone device while it was recharging.

Chinese economy grew 7.5% in second quarter

Chinese economy grew 7.5% in second quarterAccording to the latest data released, the gross domestic product (GDP) of China has grown 7.5 per cent during the second quarter of the year.

The growth is lower 7.7 per cent recorded during the first quarter of the year and is slowest growth in decades. The Chinese economy, which is now the second largest economy in the world, has been slowing since its peak in
2007, and these are concerns that the growth in the emerging economy might be losing steam.

US, China to begin talks for investment treaty

US, China to begin talks for investment treatyThe governments of the United States and China have indicated that they will resume talks to finalise an investment treaty between the two largest economies in the world.

China consumer price index rose 2.% in June

China consumer price index rose 2.% in JuneAccording to the latest data released, the Chinese inflation rose more than expected during the month of June as food items became costlier in the country.

The National Bureau of Statistics said today in Beijing that the consumer price index increased 2.7 per cent compared to a year earlier. Analysts were expecting the consumer price index to rise 2.5 per cent during the month compared to the same month of the previous year. The data also showed that the producer prices fell 2.7 per cent, according to the latest data available.

Business tie-up will bring new dynamics: Anurag Basu on Ranbir

ranbir-anuragMacau, July 5 : Bollywood director Anurag Basu, who teams up with Ranbir Kapoor for "Jagga Jasoos" again after "Barfi!", will also be co-producing the film with the star and said their "business partnership" will bring "new dynamics" to their equation.

"The status is that the script is ready. There will be new dynamics this time as Ranbir and I will be partnering in business - we both are producing it. Everyone wants to work with him... so he will have to finish those two films and come to me," Basu told IANS.

China launches probe on 60 Drugmakers to check prices

China launches probe on 60 Drugmakers to check pricesThe authorities in China have launched an investigation involving about 60 pharmaceutical companies following allegations of unfair pricing system.

The National Development and Reform Commission, which is the top economic planning agency in China, will investigate 27 companies for costs and 33 for pricing. The investigations will include firms like GlaxoSmithKline Plc , Merck & Co and otehrs. The agency said that the its officials will visit the domestic and foreign companies between July and October.

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