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Marcel Woo

Alibaba Blackmailed Ahead of US IPO

Jul 20, 2014 11:48 PM EDT

Chinese e-commerce giant Alibaba announced that it has filed a police report against a media institution that allegedly tried to blackmail the company ahead of its multi-billion dollar listing in the United States.

Vehicle Crash Triggers Explosion, Kills 38 in China

Marcel Woo |

Jul 19, 2014 01:18 AM EDT

Authorities confirmed that at least 38 people were killed while five others were injured when a road accident on Hukun Expressway in Hunan Province triggered a massive explosion Saturday morning.

Dell Teams Up with Coinbase, Now Accepts Bitcoin Payments

Marcel Woo |

Jul 19, 2014 01:05 AM EDT

American Computer technology firm Dell Inc has become the biggest retailer so far to embrace digital money after it announced accepting Bitcoin for purchases on its website.

Microsoft's Massive Lay-off Plan to Affect Engineering Unit in Beijing

Marcel Woo |

Jul 18, 2014 10:58 AM EDT

Microsoft Corporation's plan to cut jobs by up to 18,000, or around 14 percent of its total workforce, will affect its phone engineering unit in Beijing as the company seeks to concentrate its engineering efforts in Finland, said Executive Vice President Stephen Elop.

FedEx Could Face US$1.6 Billion Fine for Delivering Illegally Sold Drugs

Marcel Woo |

Jul 18, 2014 04:03 AM EDT

The United States Justice Department has charged FedEx Corp with conspiracy to deliver or distribute painkillers and other prescription drugs sold illegally by unregistered pharmacies.

Chinese Incomes Rise Steadily in First Six Months

Marcel Woo |

Jul 16, 2014 08:26 PM EDT

China's steady economic growth seemed to have benefitted Chinese people as the National Bureau of Statistics (NBS) revealed that average incomes of residents in the country continued to increase in the first six months of this year.

Is BRICS Bank Going Against the IMF? Brazilian President Rousseff Says No

Marcel Woo |

Jul 16, 2014 07:16 PM EDT

The new development bank set up by the emerging-market bloc of BRICS (Brazil, Russia, India, China and South America) is not going against the existing western-backed International Monetary Fund (IMF), said Brazilian President Dilma Rousseff.

Hershey's Chocolates Now Cost More

Marcel Woo |

Jul 16, 2014 02:32 AM EDT

merica's leading candy and chocolates producer Hershey Co announced an overall 8 percent price increase for its chocolates.

Microsoft Could Cut More than 5,800 Jobs

Marcel Woo |

Jul 15, 2014 11:30 PM EDT

Microsoft Corp is set to unveil the biggest round of job cuts in five years, possibly topping the 5,800 jobs cut in 2009, in an announcement this week, two reliable sources revealed.

Electricity Consumption in China Up 5.3% in Jan-June Period

Marcel Woo |

Jul 15, 2014 05:11 AM EDT

The National Energy Board of China said total electricity consumption in the country reached 2.6276 trillion kilowatts in the first six months of this year.

Bank of Japan Maintains Stimulus Program, Keeps Inflation Forecast

Marcel Woo |

Jul 15, 2014 04:29 AM EDT

Japan's central bank, Bank of Japan (BOJ), announced during its regular news conference on Tuesday that it will maintain its vast stimulus program and hold on to its forecast that the country's inflation will hit the 2 percent target in 2015.

21st Century Fox Exits Bona Film Group, Sells Stake for US$70 Million

Marcel Woo |

Jul 15, 2014 04:05 AM EDT

American multinational media firm 21st Century Fox has exited China's movie studio and distributor Bona Film Group by selling its entire 19 percent stake for over US$70 million.

Citigroup to Provide US$180 Million Affordable Rental Housing Financing as Part of US$7 Billion Settlement

Marcel Woo |

Jul 15, 2014 02:33 AM EDT

The US Attorney General announced that Citigroup has agreed to pay USD7 billion to settle a federal inquiry for its role in the sale of risky mortgage-based securities that led to the financial crisis and vowed to provide financing of up to US$180 million to build affordable rental housing.

Boeing Gets US$980-Million Jets Order from China's Okay Airways

Marcel Woo |

Jul 14, 2014 10:17 PM EDT

American plane manufacturer Boeing announced that it has sealed a deal with China's first private sector airline, Okay Airways, for the purchase of 10 single-aisle Boeing aircraft worth US$980 million.