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Asia Breaking News: Is Struggling Shipbuilder China Rongsheng Too Big to Fail?

Wochit 0:59 mins

An appeal for government financial support from China's biggest private shipbuilder presents authorities with some stark choices between protecting a big employer and its jobs or letting the firm go under to ease pressure on a sector suffering from overcapacity and sharply falling new orders. China and Switzerland signed a free trade agreement in Beijing - a move that came amid escalating tensions between Asia's economic giant and the European Union. According to Iranian media, Iran's central bank has eliminated a subsidized, cheaper rate for foreign currency and reported a weaker official rate in its place.

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