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Dispatches: Why it’s hard to get holidays in China

Liu Chao had been looking forward to traveling during the National Day holidays for a long time. Yet she had to turn down a friend’s request to go to Shanghai together because her company had arranged for her to meet customers in Beijing during the week-long holidays. Just like many other 30-year-olds, Liu stayed on the job during the holidays without getting extra pay. (Asia One)

AIG, the US insurer, plans to press ahead with the sale of at least half of its Asian businesses in spite of a valuation of $28.5bn-$30.5bn that is at the lower end of expectations. (Financial Times)

Fortress Investment Group is returning to Asia with a new office in Singapore. Adam Levinson, the New York-based alternative investment giant’s global macro co-chief investment officer, will move to the city-state next year to run the new office. Fortress plans to employ about 10 people in Singapore. (FIN Alternatives)

UBS, Switzerland’s largest bank, is putting more focus on its richest clients in Asia and bringing its investment bankers closer to asset managers to meet their demands. (Bloomberg)

Incoming HSBC chief executive Stuart Gulliver’s extended grip on investment banking is a mixed blessing for the global banking giant, according to analysts and investors. (The Standard)

US lawmakers have put China’s currency policy high up on America’s political agenda. Nouriel Roubini believes it ought to be even higher on China’s economic agenda. The economist says keeping the yuan artificially low will lead China’s own economy to hit a dangerous “growth wall” in the next two to three years. (Wall Street Journal)

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