Money Matters - Simplified


ZTE Enters Indian Smartphone Market

Chinese mobile behemoth ZTE unveiled six smartphones in the Indian market Thursday. As a departure from earlier strategy, ZTE has launched these smartphones under its own brand name.

Chinese paper denies Beijing’s hand in cyber attacks

‘People’s Daily,’ owned by the ruling Communist Party, has termed the recent claims that China may be behind the recent worldwide cyber attacks as “irresponsible.”

The Groupon of China

PricewaterhouseCoopers released its 2011 outlook for the consumer in Asia this past Monday, which concluded, among other things, that "Online retailing may be on the brink of staggering growth in China." The evidence supporting this thesis was that Internet sales in China are up 60% year over year despite the fact that the sector remains relatively immature and underdeveloped.

SAIC, Chinese automaker, may invest in GM

China’s largest automaker, SAIC (Shanghai Automotive Industry Corporation), is considering investing in GM through its forthcoming IPO, ‘The Wall Street Journal’ has reported. SAIC and GM are already operating a highly successful joint venture in southern China.

Study finds soy lowers risk of breast cancer recurrence

A high dietary intake of soy, found in food items such as dairy-free milk, yogurt, vegan cheese and tofu may offer protection against premenopausal breast cancer and cut the risk of recurrence in women who have undergone surgery, claims a new study.

Guilty plea in illegal sports drug case

Providence, R.I. -- A Chinese drug manufacturer and its chief executive officer pleaded guilty in a U.S. court to illegally marketing a muscle-building drug in the United States.

Lawyers entered pleas Wednesday in U.S. District Court in Providence, R.I., on behalf of the firm, GeneScience Pharmaceutical, and its founder Lei Jin, the Providence Journal reported.

GeneScience was once considered to be a major source of illegally imported human growth hormone to the United States, the newspaper said.

Assistant U.S. Attorney Adi Goldstein said Jin and his company used the Internet to market the drug, sold under the brand name Jintropin, to people throughout the United States.

Expert: Canadian UFO likely a lantern

Steep Rock, Manitoba -- A Canadian UFO expert said a mysterious object photographed in the sky over rural Manitoba was likely a Chinese flying lantern.

Chris Rutkowski, an astronomer and expert on UFO sightings, said the picture taken by Brad Korponay just before 9:30 p.m. Sunday in Steep Rock, Manitoba, marked the first reported UFO sighting in the area in a long time, the Winnipeg Free Press reported Tuesday.

"It's certainly not a bolide (meteor), because it was seen for too long," Rutkowski said. "It doesn't appear to be an aircraft. If I had to make a guess, it looks like a Chinese lantern. I've seen something like this before ... although what someone would have been doing with a Chinese lantern out at Steep Rock, I don't know."

Japan, China sign seven trade pacts

Beijing -- Japanese and Chinese officials pledged to improve the countries' trade cooperation with seven new agreements.

High-level talks during the weekend led to the signed agreements covering energy efficiency, environmental stewardship, food quality and other issues, the China Daily newspaper reported Monday.

"China and Japan are among the most important economies worldwide. Enhancement of bilateral cooperation will not only benefit both sides but also help … the recovery of the world economy," Chinese Premier Wen Jiabao said.

China-ASEAN trade surges

Danang, Vietnam -- Trade between China and the Association of Southeast Asian Nations surged with the opening of a free-trade agreement, a Chinese official said.

Chinese Commerce Minister Chen Deming said trade between China and the members of ASEAN jumped 49.6 percent January through July to $161 billion. The first of the year was the effective start date to the China-ASEAN Free Trade Area, the China Daily reported Friday.

ASEAN nations include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The agreement has given trade a boost that favors the ASEAN group, China's fourth-largest trading partner, which has come away with a $7.54 billion surplus this year.