Mainland's luxury market bucks global trend
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China's business press carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Mainland's luxury market bucks global trend --China Business News
Chinese mainland's luxury market is expected to buck the global trend by rising 12 percent to 9.6 billion US dollars this year, consulting firm Bain & Company says in its Global Luxury Market Report.
The mainland's booming market is propelled largely by sales of leather and cosmetic products, according to the report.
Globally, the downward trend continues. The report predicts an 8 percent fall in the global luxury market to 153 billion US dollars this year.
Chinese economy faces five uncertainties—Xinhua News Agency
China's sweeping economic stimulus policies have produced remarkable results and the economy is starting to rebound, but China faces five uncertainties on its road to recovery, Xinhua News Agency reported yesterday.
The report lists the elusive recovery for the world economy, inflation, exports, whether private investment will kick in after government-led investment wanes, and overcapacity in a number of industries.
BYD sees no adverse impact after recall of phone chargers--www.ccidnet.com
China's battery and electric car maker BYD said that it produced phone chargers recently recalled by Nokia but insisted the recall won't affect the Chinese company's financial and operating outlook.
Nokia announced Monday that it was recalling 14 million mobile phone charges over electric shock fears.
Caijing Magazine's chief editor quits—Oriental Morning Post
Hu Shuli, the 56-year-old chief editor of China's influential Caijing Magazine, yesterday officially quit the biweekly she started 11 years ago.
The Washington Post yesterday praised Hu as one of China's most influential and outspoken journalists.
Sources indicate Hu will take up the post of dean of the School of Communication and Design at Guangdong's Sun Yat-Sen University, instead of immediately starting a new publication as earlier rumored.
Minsheng Bank: Bankruptcy of UCB no big impact—China Business News
China Minsheng Banking Group, which in 2007 and 2008 paid 887 million yuan for a 9.9 percent stake in UCBH Holdings Inc, the parent of United Commercial Bank (UCB), said today that the bankruptcy of UCB will result in investment losses for Minsheng, but would not have a major impact on its operations or profits.
UCB, which was the biggest lender to the Chinese community in the US, was closed by state regulators last Friday.
Minsheng Bank made a provision of 824 million yuan to cover potential losses from the UCBH investment in the third quarter of this year. The bank expects a 10.2 billion yuan profit for the first three quarters of this year and a full-year profit of not less than 11 billion yuan.
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