ChinaRealNews

Transactions of non-cash payment instruments in China continue to grow in 2008

2009-03-19 Beijing

Transactions of non-cash payment instruments including bills of exchange and bank cards in China continued to grow in 2008, according to the payment system development report released by the country’s central bank on 17 March. However, due to the global financial crisis, the transaction value of non-cash payment instruments declined during the second half of 2008. The number of bank cards issued by Chinese lenders increased during the year.

Hong Kong's unemployment rate rises to 5pc

2009-03-18 Hong Kong

More than 14,000 people lost their jobs in Hong Kong between November 2008 and February this year. Over the period, the unemployment rate climbed to 5 percent, the highest level in nearly three years, up from 4.6 percent in the period from November last year to January this year, official data revealed. It means the number of unemployed increased to 171,900 in the November to February period, from the previous figure of 157,700. The job losses have mainly hit the construction, transport, trading, manufacturing and restaurant sectors.

Hong Kong’s jobless rate jumps to 4.6 per cent

2009-02-18 Hong Kong

Hong Kong’s unemployment rate last month rose half a percentage point to 4.6 per cent, the highest level since October 2006. About 14,300 jobs were lost in January. As the size of the workforce increased slightly to a record high of more than 3.68 million, the number of people without jobs reached 157,700, up 16,400. Analysts expect the city’s jobless rate to rise to 6 per cent this year. The government will leave no stone unturned in creating job opportunities on all fronts.

K. C. Chan expects unemployment rate to continue rising in Hong Kong

2009-02-16 Hong Kong

K. C. Chan, Secretary for Hong Kong’s Financial Services and the Treasury Bureau, predicted on 15 February that the unemployment rate will continue rising in Hong Kong, and that enterprises will experience difficulties in operation.

Recession has cost Hong Kong 10,000 jobs

2009-02-16 Hong Kong

Hong Kong government officials have painted a bleak picture of the year ahead, saying figures this week will show more people out of work. Secretary for Labour and Welfare Matthew Cheung Kin-chung said 10,000 jobs have been lost since September, when the global financial meltdown began to bite, and the trend is set to continue. Legislators fear that the city’s jobless rate would peak. In addition, there will be further pressure on the labour market when graduates leave schools in May.

An employee at Morgan Stanley China accused of taking bribery

2009-02-13 Beijing
 
Morgan Stanley said in its filing to the US Securities and Exchange Commission that the company recently fired an employee in China on suspicion of taking bribery. Related personnel at Morgan Stanley China did not comment on this issue, but admitted GarthPeterson, who was responsible for the property management in China, had resigned from his post.

SAR jobless rate jumps to 4.1pc

2009-01-20 Hong Kong

The jobless rate climbed to 4.1 percent in the October to December period last year, its highest level since mid-2007, amid warnings the worsening unemployment problem is posing a significant threat to Hong Kong's economy. Hong Kong lost 4,900 jobs in the October to December period, taking the number of jobless to 141,300 from 136,400 in the September to November period, according to the Census and Statistics Department. The increase in unemployment hit hardest in decorating and maintenance, in restaurants, import-export trades, transport and manufacturing sectors. Economic experts expect a higher unemployment rate after the traditional New Year holidays.

Guangzhou’s maternity leave pay expected to increase this year

2009-01-07 Guangzhou

South China's Guangzhou has recently implemented a series of policies and measures to benefit local people. Cui Renquan, head of the city's bureau of labor and social security, said Guangzhou will increase pensions to retired employees before the Chinese Spring Festival of 2009. In addition, women workers in the city are expected to enjoy better insurance benefits in 2009, including better medical treatment for childbirth and higher maternity leave pay.
 

New World China Land’s sweatshop exposed

2009-01-07 Hong Kong
 
New World China Land, a Hong Kong-listed property developer that has been active in the Mainland China property market, was awarded the “China Best Corporate Citizen” for the second consecutive year in 2008. However, a survey recently conducted by SACOM found that the company violates the Labour Contract Law in many aspects, including being in arrears with salary payments to workers, extending working hours, not enrolling workers in social security schemes and not providing workers with a safe working and living environment, among others.
 

Shenzhen, China launches eight measures to stabilize employment

2009-01-06 Guangzhou

Shenzhen, China will launch eight measures to stabilize employment in 2009. Among a series of measures, allowances for positions, social security and job trainings will be granted to enterprises that face difficulties in their business operation but will not lay off employees. Laid off workers who actively pursue career opportunities will also get allowances. The city helped more than 30,000 laid-off personnel succeed in finding new jobs in 2008.