137 employees at the Industrial & Commercial Bank of China have been reprimanded for violating party restrictions on lavish banquets, excessive travel and compulsory gift-giving, The Financial Times reported, citing state media. The ongoing crackdown by the party’s Central Commission on Discipline Inspection has particularly targeted the practice among senior officials and state-owned enterprise executives of inviting […]
Category: Business Practice
Cisco Executive Chairman John Chambers declined to say whether the world’s top router and switching equipment producer would cede control of its equipment deployed in China to Beijing, Reuters reported. “We give our source code to no one,” Chambers told reporters at a news conference in Dubai when asked if Cisco would give Beijing a […]
CITIC Securities revealed on Sunday that it couldn’t contact either its investment banking head Chen Jun or head of global investment banking Yan Jianlin, South China Morning Post reported, citing a statement to the Hong Kong Stock Exchange. On Friday Caixin reported the duo had been detained and are either under investigation or assisting in an […]
French dairy titan Danone SA has sold off the China unit of its baby formula brand Dumex to Yashili International Holdings for HK$1.23 billion (US$158.7 million), Caixin reported, citing an announcement by Yashili and its major shareholder, China Mengniu Dairy. Industry analyst Song Liang said Danone’s desire to offload Dumex China due to concerns about government […]
Ten major Chinese smelters have agreed to reduce refined copper output by 350,000 metric tons in 2016 as a “necessary measure to maintain healthy development of the industry,” The Wall Street Journal reported, citing a statement from the companies. The statement followed a three-day meeting of producers that began Saturday after eight nickel producers on […]