Land auction for the economic zone in Shenzhen failed to draw property developers from Hong Kong. Despite the hype that accompanied the economic zone development in Shenzhen, Hong Kong property tycoons were not lured to bid in the recently-completed land auction.
Industry
US regulator subpoenas metals warehousing companies
A US regulator subpoenaed major metal warehousing firms after an alleged restriction of material inflated prices.
Financial sector near to recovery of S&P top spot
Studies by financial analysts indicated that the banking sector is recovering and may regain top spot on S & P.
Itau to contest USD8 billion tax charges
Itau Unibanco Holding SA will contest tax charges amounting to BRL18.7 billion (USD7.9 billion). Latin America's largest bank in terms of market value, Itau Unibanco Holding SA received tax charges amounting to BRL18.
EU Commission conducts investigation on Belgian aid to Wallonia airports
The European commission seek to prove that the Belgian aid to Wallonia airports was illegal. The European Commission (EU) called for an investigation into the Belgian aid for several airports in the Wallonia region.
Latest News
Russian media that reported Rostelecom would be offering a 30% buyback of its shares worth USD 909 million from its minority stakeholders.
The Philippine Department of Transportation and Communications said it is eyeing the possibility of rebidding the LRT-1 Cavite extension project under revised terms.
China Resources Land Ltd bagged the right to buy a commercial site in Shenzhen for USD 1.8 billion. China Resources Land Ltd won the right to buy a commercial site in Shenzhen.
Japan Tobacco International said they will continue to grow in the Philippines despite higher taxes on cigarettes.
Retail company Macy's blamed shoppers' current spending habits for its second quarter sales.
Political unrest in Egypt affected both small-scale and large scale business. Observers fear it would get even worse.
Sources told Reuters if the government's anti-trust case against the AMR-US Airways merger prospers, AMR would have to go back to the drawing board and investors would suffer.
Cisco Systems announced it would be whittling down its workforce by 5%. Cisco Systems Inc announced it would be reducing its workforce by 5%. The move would affect 4,000 jobs.
India's INS Sindhurakshak exploded in Mumbai, killing up to 18 sailors trapped inside. India's Russian-made naval submarine exploded while moored in Mumbai.
