China lenders told to beef up oversight

BEIJING • China's banking regulator yesterday published a notice ordering lending institutions to effectively identify and control risks, the latest in a series of moves by the government to shore up supervision of its financial system.

The China Banking Regulatory Commission document, which was published on its official website, called on regulatory departments to strengthen oversight and beef up their inspections to address regulatory shortcomings.

Banks were told to standardise their information disclosure on financial products sold to the public and private placements.

In recent months, financial regulators have issued more than two dozen notices aimed at controlling risk stemming from the generation of loans and the accounting of collateral, to the issuance and accounting of more complicated financial products.

REUTERS

Wal-Mart cutting more jobs in US

CHICAGO • Wal-Mart Stores said on Tuesday that it is eliminating more US corporate jobs this month, even as it invests in improving its e-commerce operations and regaining its low-cost pricing advantage in the United States retail sector.

Wal-Mart confirmed the latest round of job cuts, which will involve "hundreds" of positions in its international and technology businesses, along with its Sam's Club warehouse chain.

The Wall Street Journal first reported the move on Tuesday.

Wal-Mart's job cuts started last year, when the retailer said that it was eliminating 7,000 back-office positions and moving more of its workforce to the sales floor.

Earlier this year, Wal-Mart cut more than a 1,000 corporate positions, mostly in its human resources department.

REUTERS