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URGENT ¥¥¥ Obama congratulates China's new president: Xinhua

March 14, 2013 14:01
US President Barack Obama and new Chinese president Xi Jinping held telephone talks Thursday on the expansion of ties between the two countries, according to state news agency Xinhua. Obama congratulated Xi on his new appointment after he was named president by China's parliament and said US-China relations were faced with an historic opportunity for future cooperation, Xinhua said. bur-jms/jmm

China reiterates hacking offer after Obama comments

March 14, 2013 08:45
Beijing on Thursday repeated its offer of international talks on hacking, including with the United States, after President Barack Obama stepped up Washington's rhetoric on the issue. "China would like to carry out constructive dialogue and cooperation with the international community, including the US, on the basis of mutual respect and mutual trust," foreign ministry spokeswoman Hua Chunying said. "What cyberspace needs is not war but regulation and cooperation."

Vietnam anti-China activists mark island battle

March 14, 2013 03:00
Activists in Hanoi chanted anti-China slogans and laid flowers Thursday at a protest marking the anniversary of a battle over the contested Spratly Islands in which 64 Vietnamese soldiers died. Vietnam and China have been locked in long-standing territorial disputes over the Spratly and Paracel Islands, which both countries claim, and often trade diplomatic barbs over oil exploration and fishing rights in the contested waters.

Yum China sales up in February amid turnaround, shares jump

March 11, 2013 23:15
March 11 (Reuters) - KFC parent Yum Brands Inc on Monday said February sales at established restaurants in China, its top market, rose an unexpected 2 percent as it works to recover from a steep business decline sparked by a food safety scare there late last year. The average of three analysts estimates was for a decline of 8.7 percent in February, according to Consensus Metrix. Yum also said first-quarter same-restaurant sales in China dropped 20 percent. It had previously forecast a 25 percent decline for the first quarter.

China to abolish rail ministry after scandals

March 10, 2013 00:01
China will split its railways ministry in two and switch control of its administrative functions to the transport ministry, a top official said Sunday, in an effective abolition of the scandal-plagued body. "The railways ministry will no longer be maintained," Ma Kai, secretary general of the State Council, China's cabinet, was to tell the National People's Congress parliament meeting in Beijing, according to a copy of his speech.

N.Korea's trade growth with China slows sharply in 2012

March 7, 2013 00:00
SEOUL, March 7 (Reuters) - North Korea's trade with its biggest ally and business partner China barely grew in 2012 compared to a year earlier as growth in the world's second-biggest economy slowed, according to South Korean calculations. Trade between the two countries rose an annual 5.4 percent in 2012 to a total of $5.93 billion, compared with 62.4 percent growth in 2011, according to a report released on Thursday by the Korea International Trade Association (KITA). North Korea does not release any economic statistics.

Japan warns about smog drifting from China

March 5, 2013 07:15
A local government in southwestern Japan on Tuesday advised residents to stay indoors or wear masks when they go outside in the nation's first official health warning over smog drifting in from China. Officials in Kumamoto, on Kyushu island, said the quality of air was likely to be substantially below national standards, amid warnings of health risks for the young and the sick. Of specific concern is the concentration of particulate matter 2.5 micrometres or less in diameter, which has been as high as 50 micrograms per cubic metre in several parts of Kyushu.

Trade between Iran, China dives 18% after sanctions: report

March 4, 2013 09:15
Trade between Iran and China dropped by 18 percent in 2012 to $37 billion after a raft of banking sanctions imposed on the Islamic republic, Iranian newspaper Donya-e Eqtesad reported on Monday. "Iran-China trade fell to $37 billion in 2012 from $45 billion in 2011," the newspaper quoted Assadollah Asgaroladi, director of the Sino-Iranian Chamber of Commerce, as saying. "Iranian exporters and importers who are seeking increase in trade volume are facing banking problems."

China home prices rise for third month in February

March 1, 2013 01:56
Home prices in China rose year-on-year in February for the third consecutive month, an independent survey showed Friday, citing strong credit growth as a key factor. New home costs in 100 major cities jumped 2.48 percent from a year earlier to an average 9,893 yuan ($1,589) per square metre last month, the China Index Academy said, following rises of 1.2 percent in January and 0.03 percent in December. Prices rose 0.83 percent month-on-month, the ninth consecutive monthly increase, the organisation said in a statement.

US firms' performance in China worsens: group

February 28, 2013 02:00
The performance of US firms in China worsened in 2012 for the second year in a row, hurt by a slowdown in the economy and a more challenging regulatory environment, a business group said Thursday. The American Chamber of Commerce in Shanghai said fewer of its member companies reported being profitable or increasing revenue in an annual survey of China's business climate. "US managers should no longer expect China's economy to grow at the same double-digit rates of years past," said the China Business Report 2012-2013, which surveyed more than 400 of the chamber's members.
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