Believe it or not KFC has a new chicken-flavored nail polish

This new nail polish is finger lickin' gross.

KFC, the fried chicken fast-food chain, has taken its “finger lickin good” slogan to an entire new level with the release of two “edible” fingernail polishes for fans in Hong Kong.

Moody's cuts China outlook to negative

US ratings agency Moody's has cut its outlook for China from "stable" to "negative".

While reaffirming its current debt rating, the agency warned that reforms were needed to avoid a downgrade. 

Moody's said the change in outlook was based on expectations that Beijing's fiscal strength would continue to decline.

The negative outlook comes on the heels of fresh data suggesting China's economy is continuing to lose steam.

Olusegun Obasanjo Awarded $841.6m Rail Project without MoU –Chinese firm February 16, 2016

The Project Manager of a Chinese civil engineering and construction company, Etim Abak, on Monday told the Senate Committee on the Federal Capital Territory that former President Olusegun Obasanjo awarded the Abuja Rail Project in 2007 without an engineering design or a Memorandum of Understanding.

 

The Minister of FCT and current governor of Kaduna State, Mallam Nasir el-Rufai, allegedly signed the $841.645,898m contract based on an uncalculated estimate.

The committee was also told that the contract, which was for 60.67-kilometre rail project, was inflated by $10m per km and that the length was later reduced to 45km without refund of the cost for the 15.67 km that was dropped off from the project.

The Senate committee, led by Dino Melaye, who were at the site of the project to carry out oversight functions, therefore, demanded the refund of $195,878,296.74 being the amount for the 15.67km that was cut out, from the Chinese firm handling the project.

Chinese Officials Arrest 21 people Finance Scheme over $7.6bn 'Scam'

The 21 people worked for Ezubao, a peer-to-peer lender widely described in Chinese state media as a Ponzi scheme. 

 

Ezubao is believed to be China's largest such online financing business.

State media said investigations had found more than 95% of the investment offerings on the site were fake.

Chinese television broadcast apparent confessions by two former employees of the company, that was based in Anhui province. 

Royal Dutch Shell plans 2,800 job cuts after BG deal

 

The tie-up between Shell and BG deal is due to be completed early next year.

However, an institutional investor has told the BBC that the deal does not make "financial sense" at current oil price levels.

David Cumming, head of equities at Standard Life Investments, told the BBC it was "very difficult to make the deal work" with oil below $40 a barrel, saying oil prices needed to be $60-$70 a barrel.

Extra measures

China to receive $300m loan to combat pollution levels

The ADB said that poor air quality had reached such a serious level that it was "jeopardising health and sustainable growth".

 

The loan is intended to cut the region's coal use, among other pollution issues.

China is the world's biggest polluter.

The loan will target Beijing city and surrounding areas including Hebie and Tianjin. The region is home to more than 100 million people and accounts for 10% of China's gross domestic product, the ADB said.

China's Postal Savings Bank raises $7bn ahead of IPO

The state-owned bank has sold a 17% stake to investors including UBS, JPMorgan and Canada Pension Plan Investment Board.

 

The deal values China's sixth-largest bank by assets at $41bn.

The bank said the stake sale was the biggest private fundraising by a Chinese financial institution.

Global Markets Sustained Heavy Losses in August.......

Wall Street traded sharply lower, with the Dow Jones down more than 300 points, or 1.9%, at 16,215.

European markets also fell, with the UK's FTSE 100 closing down 3% and France's Cac 40 and Germany's Dax about 2.4% lower.

 

Earlier, figures for August showed factory activity in China contracting at its fastest pace in three years.

The official manufacturing purchasing managers' index (PMI) dropped to 49.7 from 50 in July. A figure below 50 indicates contraction.

China Shares end lower despite rate cut

The mainland's benchmark Shanghai Composite fell 1.27% to 2,927.29, after veering in and out of negative territory.

 

It had fallen about 16% this week, rocking global markets.

On Tuesday, China's central bank cut its key lending rate by 0.25 percentage points to 4.6% in a bid to calm stock markets after the past days' turmoil.