IN BRIEF

Asian shares pushed higher by China, US

HONG KONG: Asian shares rose strongly yesterday, pushed higher by changes in Chinese bank rules and gains on Wall Street. Chinese shares gained more than one per cent, led by banking and property stocks with the Shanghai Composite Index, which covers both A and B shares, closing up 1.25 per cent, or 30.08 points, at 2,439.63 on heavy turnover. China's central bank cut the reserve requirement ratio for commercial banks by 50 basis points from yesterday to ease restrictions on lending and give the domestic economy a boost.

Firm to take Apple

legal battle to US

SHANGHAI: A Chinese computer firm involved in a legal battle with Apple over the iPad trademark said yesterday it is suing the technology giant in California for "unfair business and fraud". Proview Technology, based in China's southern city of Shenzhen, filed the lawsuit a week ago on February 17, Proview Technology (Shenzhen) chief executive Yang Rongshan said. "The suit accuses Apple of unfair business and fraud," Yang said, adding the company was following a different legal strategy in the United States than in China, where it has sued for trademark violation.

IMF expects Thai economy to grow 5.5%

BANGKOK: Thailand's economy could grow 5.5 per cent this year and 7.5 per cent in 2013, a senior IMF official said yesterday, adding he agreed with the need for the government to spend to improve flood defences after severe flooding last year. The economy contracted sharply in the fourth quarter because of the floods and grew just 0.1 per cent in 2011 as a result. Fiscal stimulus policies were therefore appropriate, IMF mission chief Thomas Rumbaugh told a news conference in Bangkok after leading a team to the country for an economic review.

Singapore's GIC buys 5% of US grain firm

SINGAPORE: The Government of Singapore Investment Corporation (GIC) has acquired a 5.0 per cent stake in multinational grain producer Bunge, the US-based company said. In a filing with the US Securities and Exchange Commission (SEC), Bunge said the city-state's sovereign wealth fund had acquired 7.31 million of its shares. The filing did not give a value for the acquisition but Dow Jones Newswires said it was worth US$495.5 million, based on the closing price of Bunge shares in New York on Thursday. The US SEC filing was dated February 13 but posted on the company's website on Thursday.

Agencies