Morning business round-up: China province's wage rise

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What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Sichuan province in southwest China has increased the minimum wage sharply to try to attract workers amid a rapidly rising cost of living.

Sichuan raised the minimum monthly wage by 23.4% starting on 1 January, state news agency Xinhua said on Thursday.

That is one of the biggest increases, with most other provinces raising wages in line with government advice of 13%.

Severe labour shortages in Chinese cities have prompted wage rises in many provinces this year and last.

Singapore's factory output fell in November after a drop in electronics manufacturing caused by slowing demand and supply chain issues.

Industrial production fell by 9.6% from a year earlier, with electronics production down 30.1%.

While floods in Thailand disrupted supplies of components, the debt crisis in the eurozone and a slowdown in the US hurt demand for electronic goods.

Analysts warned manufacturing activity may remain weak for some time.

Media caption,

Biz Heads

The largest shareholder in Australia's Gloucester Coal has agreed to a takeover by China's Yanzhou Coal Mining, clearing the way for the deal.

Singapore's Noble Group accepted the 2.2bn Australian dollar ($2.2bn; £1.4bn) offer.

Shares in Gloucester Coal initially jumped almost 30% on the news, before settling back to trade about 20% up.

The combined entity, run by state-owned Yanzhou, will be the largest coal miner on the Australian stock exchange.

The World Bank has said it will give $5.5bn (£3.5bn) in development aid to Pakistan to support poverty reduction and economic growth.

The funding will provide support to critical social services such as education and health.

It will also support infrastructure programmes aimed at creating jobs and restoring long-term growth.

Floods earlier this year left some 200,000 people homeless and slowed Pakistan's economy.

French economic output grew by 0.3% in the three months to the end of September, lower than the previous estimate of 0.4%.

Household disposable income, or the cash that consumers have to spend, "markedly decelerated", said France's Insee statistics body.

Last week, France saw its AAA credit rating placed on negative outlook by rating agency Fitch.

The latest edition of Business Daily looks at whether the latest wave of financial regulation on banks is making them safer for consumers.

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