Waterford Wedgwood has finally succumbed to financial pressures and fallen into receivership.
The troubled china producer was relying on continuing support from its banks whilst refinancing negotiations continued, including a possible €600m (US$846m) investment by a US private equity fund. However, the banks have decided not to continue to offer their support.

Reuters - Factories in China and India joined much of Europe in slashing output and jobs at a record pace in December, another sign the biggest emerging markets were wilting under the recession gripping industrialized nations.

AP - Chinese shares drifted lower Monday, with little fresh news to distract investors from worries over a flood of newly tradable shares and bleak corporate earnings prospects.

AP - China's largest appliances retailer has suspended its founder and chairman, tycoon Wong Kwong-yu, citing his inability to perform his duties due to an investigation into alleged economic crimes.

SAN FRANCISCO----UCBH Holdings, Inc. , the holding company of United Commercial Bank , today announced that it has completed the issuance of approximately 6.2 million new shares of its common stock to China Minsheng Banking Corp., Ltd. at a price of $4.85, representing the 90-day average UCBH closing price as of August 30, 2008, which is the second phase baseline date, plus a 5% premium.