Microsoft has established a new wholly-owned subsidiary in Shanghai named Microsoft Asia-Pacific Technology Limited, which will focus on the global research and development of the Microsoft cloud operating system. The wholly-owned subsidiary is based around the Chinese teams of Microsoft cloud computing and corporate departments. It will mainly focus on the global development of Microsoft's ...
Sany Heavy Industry, the flagship construction equipment manufacturer controlled by Chinese billionaire Liang Wengen, said Saturday net profit in the first six months of the year plunged 48% to 1.4 billion yuan, or $223 million, amid slower growth in GDP and investment spending in the world’s second-largest economy. Revenue during the period shrank 10.7% to 19.7 billion yuan, or $3.2 billion. Shares in Shanghai-traded Sany, ...
McDonald’s, stun by a reported food safety scandal at meat supplier OSI Group , is still only offering a limited menu in Shanghai today. OSI Group, the Aurora, Illinois meat producer, reportedly used out-of-date meat at a facility in the city “for years,” the government-published Shanghai Daily said today. An undercover Shanghai TV reporter posing as a worker at a local arm of OSI filmed colleagues combining expired meat with fresh cuts and then lying to McDonald’s inspectors, ...
China Removes Cap on Forex Deposit Rates in Shanghai PBOC Governor Zhou Xiaochuan China expanded banks’ freedom to set foreign-currency deposit rates in Shanghai, a step toward easing interest-rate controls across the nation. The People’s Bank of China said today it will remove the ceiling on foreign-currency deposit rates across the city effective tomorrow for what it described as small accounts. The trial will start ...
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