The news comes shortly after a full default on both principal and interest by Cloud Live Technologies earlier this month.
NVC Lighting’s former CEO Wu Changjiang has been accused of embezzling funds worth $101.71 million.
Bank of America faced the same headwinds as other banks, but its cost-cutting and portfolio-cleanup efforts worked in Q3.
The days of guaranteed fat profits are over for China's major state-run banks.
Asian stock markets rallied to a four-month high Friday after the U.S. Federal Reserve launched another large scale of asset purchase program overnight to stimulate the world's largest economy.
Asian stock markets mostly ended higher Monday on hopes that major economies including the U.S and China would soon announce a new round of stimulus measures to spur growth.
China's credit risk is probably much worse than the official non-performing loan (NPL) data suggests, according to Société Générale's China macro strategist Wei Yao.
Bank of America Corp. (NYSE: BAC), the lender divesting assets to raise capital, said Monday it has agreed to sell Merrill Lynch's International Wealth Management business outside the U.S. to Swiss private bank Julius Baer Group Ltd.
A spate of data releases over the coming days is expected to show signs of China's economy stabilizing in July after a slowdown that reduced its growth to its slowest rate in more than three years during the second quarter.
Asian stock markets were mixed Wednesday as investors remained cautious ahead of the outcome of the two major central bank meetings.
Asian stock markets advanced Tuesday, helped by expectations that the major central banks will announce further stimulus measures when they hold policy meetings later this week.
Asian stock markets advanced Monday on renewed hopes that policy makers in U.S. and Europe will announce further stimulus measures to spur economic growth when they hold policy meetings later this week.
Asian stock markets rallied Friday as comments from European Central Bank (ECB) president raised hopes for further central bank action in Europe to alleviate the sovereign debt crisis.
Most Asian markets fell Thursday as investor worries about worsening global economic downturn strengthened following unanticipated interest rate cut in South Korea.
Most Asian markets fell Wednesday amid investor concerns about the euro zone?s debt burden to worsen global economic downturn.
China's double-digit growth rate during the financial crisis has been the envy of the world and most people agree that we may have seen the last of the country's miraculous growth. So yes, China's growth is slowing. However, it's too early to get all pessimistic.
Asian stock markets declined Friday as investors remained cautious ahead of U.S. employment data due later in the day while major central bank?s actions to stimulate the global economy failed to calm market jitters.
Temasek Holdings, the Singapore state-owned investment group sold $2.48 billion of shares in Bank of China Ltd. and China Construction Bank Corporation as profit growth in banks is decreasing with tighter controls on lending in the country.
Asian stocks fell Thursday as weak economic data from the Eurozone and the US raised concerns over the strength of global economic recovery.
Asian stock markets declined on Thursday as weaker-than-expected economic reports from the US and Europe dampened investor sentiment.
Industrial & Commercial Bank of China and China Construction Bank Corp reported a weak growth in the first quarter due to slowdown in the economy.
Most of the Asian stock markets ended lower Tuesday after data showed that foreign direct investment (FDI) into China declined for the fifth month in a row.
Singapore state investor Temasek bought $2.3 billion worth of ICBC's Hong Kong-listed shares from seller Goldman Sachs , piling into three of China's top four banks and raising its bet on the world's second-biggest economy.
Temasek Holdings, the Singapore state-owned investment group, has agreed to buy $2.3 billion worth of shares in the Industrial and Commercial Bank of China (ICBC) from Goldman Sachs, a move that is seen as part of its strategy to increase investment in emerging economies.
Most of the Asian stock markets ended lower Thursday, tracking overnight declines from Wall Street after a disappointing Spanish bond auction.