Daily Dispatches: Foreign banks in China suffer falling deposits and loans in 2012

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New deposits and loans at foreign banks in Shanghai plunged in 2012 from a year earlier amid a slower growth in deposits and credit at all lenders, the Shanghai headquarters of the People's Bank of China said yesterday. (Shanghai Daily)

Fang Fang, J.P. Morgan's head of China investment banking, is confident that the country's new leadership will speed up the pace of economic reform. (Finance Asia)

Hong Kong tries to tackle its haze. (Financial Times)

American Express will cut roughly 5,400 jobs, mostly from its floundering travel division, as it seeks to cut costs and pay legal bills. (Reuters)

The European Union will move forward with its controversial plan to cap banker bonuses at twice their salary, despite pushback from the industry.(Bloomberg)