China Telecom chief resigns amid investigation

The chairman and chief executive of one of China's largest mobile service providers, China Telecom, has stepped down days after authorities said he was under investigation. The firm said Chang Xiaobing had resigned in a filing to the Hong Kong Stock Exchange on Wednesday. Authorities had announced on Sunday that Mr Chang was being investigated for alleged disciplinary violations. Several Chinese executives have been embroiled in a crackdown on corruption. Mr Chang was the latest executive that was reported missing by local media before the country's anti-corruption watchdog - the Central Commission for Discipline Inspection - said he was under investigation. Top Chinese executives investigated Jiang Jiemin, former chairman of leading energy group China National Petroleum Corporation (CNPC) jailed for 16 years in October for graft Xu Jianyi, former chairman of top automaker China FAW Group expelled from the ruling Communist Party in August for embezzling funds and taking bribes Shen Hao, former president of financial media group 21st Century jailed for four years last week for extortion and blackmail Cheng Boming, president of China's largest brokerage, CITIC Securities, under investigation in September for alleged trading on insider information Meanwhile in the filing, China Telecom said president and chief operating officer Yang Jie would take over as chairman and chief executive until a new appointment is made. State-owned China Telecom is the country's third largest telecom service provider after China Unicom, where 58-year-old Mr Chang was the chairman before he joined China Telecom in August. There were reports earlier this year that the government was considering merging the two telecom giants. Many critics have also said that Beijing's anti-corruption drive has more to do with getting executives of leading firms to toe the Communist Party's line. The company's shares closed down 0.3% on Thursday after news of the management shake-up.

Asian shares higher on strong lead from Wall Street

Asian shares headed higher on Wednesday, getting a strong lead from Wall Street where rising oil prices led to a rebound in the market. The S&P 500 and the Dow Jones indexes both gained over 1% as oil prices rallied overnight to climb by around 3% after Monday's declines. Encouraging economic data such as housing and consumer confidence in the US also boosted investor sentiment. Japan's Nikkei was up 0.6% to 19,097.14 in the year's final trading day. Japanese markets will be closed on Thursday for a public holiday. Rest of Asia In Australia, the benchmark S&P/ASX 200 index was up 0.7% to 5,304.20, leading the gains in the region. But commodity shares still weighed on the market with shares of mining giants BHP Billiton and Rio Tinto down 0.9% and 0.4% respectively. Chinese shares were barely unchanged with the Shanghai Composite trading flat at 3,565.77, while Hong Kong's Hang Seng index was up 0.1% to 22,016.92. South Korea's Kospi index was higher by 0.1% to 1,967.60 points. Investors ignored data that showed industrial production saw its worst decline in 10 months in November on slumping global demand for exports. Factory output fell a seasonally adjusted 2.1% from a month earlier, according to Statistics Korea.

Conservatives call for Tony Abbott's return to frontbench

Supporters of former Australian Prime Minister Tony Abbott have made calls for him to return to a senior government position. It comes after two cabinet ministers stepped down on Tuesday over separate scandals, which means a political reshuffle is likely in 2016. Liberal senator Eric Abetz called for Mr Abbott to make a comeback saying he has "more to offer public life". Abbott was unseated by current Prime Minister Malcolm Turnbull in September. "I'm on the record as saying that I believe Tony Abbott has more to offer public life in Australia," Mr Abetz told the Australian Broadcasting Corp (ABC). "I hope that he stays in the Parliament and I hope that there will be a place for him, a prominent place for him, in any future ministry should he decide to stay. Another politician calling for Mr Abbott's return was Nationals Senator John Williams, who told the ABC the move would help "heal the wounds of the past". Cities minister Jamie Briggs resigned yesterday after a female public servant lodged an official complaint about his behaviour in a Hong Kong bar in September. Mr Briggs said that he had failed to live up to the high standards expected of a government minister. Special Minister for State Mal Brough also stepped aside pending the result of a federal police investigation into alleged his role in the illegal procurement of a rival politician's private diary. Deputy Prime Minister Warren Truss, who leads the Nationals, is widely predicted to retire from politics before the next federal election. An announcement on Mr Truss's future would provide the catalyst for Mr Turnbull to reshuffle his frontbench.

Japanese shares lead Asia's gains in early trade

It was a mixed picture for Asian shares at the start of a week shortened by holidays, amid quiet trade as Japanese shares lead the region's gains. The benchmark Nikkei 225 index was up 0.1% to 18,792.67 despite economic data painting a gloomier picture of the world's third largest economy. Data showed Japan's factory output fell 1% in November from the previous month, marking the first fall in three months. Retail sales also fell below forecasts and declined 1% from a year ago. Japan's economy narrowly avoided a recession in the third quarter and economists are expecting only modest growth in the current one. Advertisement Shares of Sharp, however, were up more than 7% on reports that the struggling consumer electronics firm has received a purchase offer from Taiwan's electronics supplier Hon Hai Precision. Chinese shares were mixed in early trade with the Shanghai Composite flat at 3,629.19, Hong Kong's Hang Seng index down 0.3% to 22,063.11. In South Korea, the Kospi index was down 0.4% at 1,983.42 points. The Australian market is closed for a public holiday.

Scotland name Brad Wheal in squad for Hong Kong tour in January

 Teenage Hampshire pace bowler Brad Wheal is in Scotland's 15-man squad for their upcoming tour of Hong Kong. The Scots open their tour with an Intercontinental Cup match from 21-24 January, before one-day internationals on 26 and 28 January. They then play two Twenty20 internationals on 30 and 31 January in the lead-up to the ICC World Twenty20 in India, which begins on 8 March. "Hong Kong are going to be tough opponents," said coach Grant Bradburn. "We know them well and respect them as a strong fellow associate nation. "As a squad this Scotland team are determined to continue showing a growing strength in our performances in all three formats of the game. "We have had some precious time together reflecting on 2015 and planning ahead for the first quarter of 2016. I am hugely impressed with the skills within this squad and the desire to continually improve. "The players have embraced the variety of skill development in the off season which has included boxing, pilates and hot yoga to compliment specific skill enhancement". South Africa-born Wheal, 19, who has a Scottish mother, took seven wickets as a Scotland XI beat Marylebone Cricket Club in August. Sussex batsman Matt Machan returns to the squad after missing Scotland's successful World T20 Qualifier campaign in July. Gavin Main misses the Hong Kong tour after electing to play in New Zealand early next year while Ruaidhri Smith has exams in January and also misses out, but both are available for selection for the World T20. Scotland squad for Hong Kong: Preston Mommsen (capt), Alasdair Evans, Bradley Wheal, Calum MacLeod, Con de Lange, George Munsey, Josh Davey, Kyle Coetzer, Mark Watt, Matt Machan, Matthew Cross, Michael Leask, Richie Berrington, Rob Taylor, Safyaan Sharif.