China brushes off calls for Philippines boycott after S.China Sea ruling

BEIJING, July 19 A senior Chinese official on Tuesday brushed off calls for a boycott of the Philippines after an international arbitration court found for Manila in its dispute with Beijing over the South China Sea.China angrily rejected the verdict last week by the Permanent Court of Arbitration in The Hague, describing the case as illegal and farcical. It has repeatedly said it will not change its approach or its sovereignty claims in the South China Sea.Some Chinese have reacted by calling for boycotts on products from the Philippines and the United States, which many in China blame for pushing the case. So far, there has been only sporadic evidence of these calls being heeded.Asked if China would take retaliatory trade measures against the Philippines because of the ruling, China's vice minister of commerce Gao Yan told reporters that trade relations with Manila were developing smoothly."In recent years, the development of China's trade relations with the Philippines overall has been smooth and stable. China is willing to develop mutually beneficial and diverse trade relations with the Philippines," she said."I should say that though some internet users have called for boycotts on products from the Philippines, in actuality this situation has not occurred." Total two-way trade between China and the Philippines rose 5.7 percent in the first six months of the year to $22.3 billion, according to Chinese customs figures.Calls for boycotts of countries deemed to have offended China are not uncommon. Disputes with Japan over the country's painful shared history and contested ownership of uninhabited islands in the East China Sea have in recent years bubbled over into anti-Japanese violence, and destruction of Japanese goods and restaurants.There has been no evidence of such widespread anger in China this time, though some reports have surfaced of people in generally third tier cities holding up banners in front of U.S. fast food restaurants including Yum! Brands Inc-owned KFC asking people not to eat there.State media has called on people to oppose "irrational patriotism" over the case. "Other net users have levelled false accusations against public figures and have started to mislead people into blindly boycotting foreign products and brands such as Philippine bananas, iPhones and KFC," the influential tabloid the Global Times said on Tuesday.The government also appears to have no intention of allowing protests, as it has done in the past against Japan.On Monday, police in Siyang in the eastern province of Jiangsu said on their microblog it was aware of calls for protests against KFC but said protests needed approval, and suggested they would be a waste of time."Love your country, but please don't take out your anger on its territory," Siyang police said. (Reporting by Michael Martina and Ben Blanchard; Editing by Lincoln Feast)

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BRIEF-Wells fargo reports 16.40 pct passive stake in Herc Holdings

July 12 Herc Holdings Inc * Wells fargo reports 16.40 pct passive stake in Herc Holdings As of June 30 - SEC filing Source text for Eikon: Further company coverage:

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BRIEF-OneRoof Energy to sell solar project assets

July 4 Oneroof Energy Group Inc :* Says to sell 19.8 MW of its solar project assets * Says $42 million expected to be funded in tranches through September of 2016 * Says transactions are expected to generate gross proceeds up to $61 million * Says unit OneRoof Energy Inc entered into definitive agreements Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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China's CITIC Bank tries to seize real estate assets in Canada

VANCOUVER, June 27 China CITIC Bank Corp Ltd has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multi-million dollar loan in China then fled to Canada, the lender's Vancouver-based lawyer said on Monday.The bank is looking to seize numerous Vancouver-area homes, valued at some C$7.3 million ($5.58 million), along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on June 24.The defendant, Shibiao Yan, owns three multi-million dollar properties in a Vancouver suburb and resides in a C$3 million Vancouver home owned by his wife, according to court documents.China is in the midst of a massive corruption crackdown and has stepped up efforts to find fugitives it says are hiding stolen assets abroad. The lawsuit comes amid a debate about the role foreign money, particularly from China, has played in Vancouver's property boom. "The person involved left China with a large debt owed," said Christine Duhaime, a lawyer who represents China CITIC Bank in the case, adding that she is not aware of any criminal charges against the man.Yan could not immediately be reached for comment. He has not yet filed a response to the lawsuit and the claims have not been proven in court.China has been working with Canada for years to finalize a deal on the return of ill-gotten assets seized from those suspected of economic crimes. The agreement was originally announced in July 2013 and has not yet been ratified. But it is rare for Chinese banks to use Canadian courts to pursue those who have left the country.According to the lawsuit, China CITIC Bank is seeking repayment for a line of credit worth 50 million yuan, or roughly $7.5 million, taken out by a Chinese lumber company and personally guaranteed by Yan, who was the company's majority shareholder at the time. Vancouver residents have questioned the legitimacy of foreign funds invested in the city's real estate market and have urged authorities to do more to scrutinize their origin.Housing prices in the west coast city have jumped 30 percent in the last year.The case is China CITIC Bank Corporation Limited versus Yan, Shibiao filed in the Supreme Court of British Columbia in Vancouver.($1 = 1.3073 Canadian dollars) (Additional reporting by Elizabeth Dilts in New York; Editing by Andrew Hay)

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Global stocks, sterling skid as Brexit vote agonizingly close

SYDNEY Global share markets shed early gains and sterling tumbled in Asia on Friday as early results from the UK's vote on European Union membership proved unnervingly close, sparking a wave of profit-taking across risk assets.Sterling collapsed to $1.4475 GBP=, having earlier stretched to a high for the year at $1.5022 GBP=. The euro turned tail to hit $1.1324 EUR= and the yen recouped early losses to stand at 104.90 per dollar.Futures for Japan's Nikkei NIYU6 shed 1.1 percent from its U.S. close, and EMINI futures for the S&P 500 ESc1 were down 0.4 percent, having climbed 1.76 percent on Thursday. Financial markets have been racked for months by worries about what Brexit, or a British exit from the European Union, would mean for Europe's stability.Early opinion polls had favored the "Remain" camp. An Ipsos MORI poll put the lead at 8 points while a YouGov poll found 52 percent of respondents said they voted to remain in the EU while 48 percent voted to leave. Yet a trickle of official results showed the margins were nail-bitingly tight. Traders were particularly spooked by returns from Sunderland showing a large majority for the "Leave" camp and just a narrow win for "Remain" in Newcastle.Safe-haven bonds immediately came back into favor, with U.S. 10-year Treasury futures TYc1 jumping 19 ticks. Commodities likewise swung lower as a Brexit would be seen as a major threat to global growth. U.S. crude CLc1 eased 29 cents to $49.83 a barrel in erratic trade. (Editing by Lincoln Feast)

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