By Wayne Cole SYDNEY (Reuters) - Asian stocks edged higher on Thursday as U.S. tech earnings impressed and a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world's second-biggest economy. The HSBC flash PMI for China came in at 52.0 for July, well above forecasts of a small rise to 51 in July and the highest reading in 18 months. The news injected some life into a sluggish session and helped China's CSI300 index of leading Shanghai and Shenzhen A-share jump 1.9 percent. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent, and Australia notched another six-year peak.
By Ronald Grover , Jennifer Saba and Liana B. Baker LOS ANGELES/NEW YORK (Reuters) - Chase Carey, Twenty-First Century Fox's president and chief operating officer, may be feeling pressure to stay in his job for several more years both from his boss, Rupert Murdoch, and from the company Murdoch is trying to buy, Time Warner Inc. As Murdoch mulls his next step following Time Warner’s rejection of his $80 billion offer, some Time Warner investors say they are concerned about who might succeed the 83-year-old chairman and chief executive. In particular, they're not sure whether Murdoch's sons, James, 41, and Lachlan, 42, are ready to manage the integration challenge. The 60-year-old New Yorker, who's been working for Murdoch since 1988 and earned a reputation for a no-nonsense leadership style, signed a two-year contract with Fox in June that gives him the option to opt out after 18 months.
China's food regulator has visited close to 600 restaurants, businesses and food distributors as it investigates a fast-spreading food safety scare that has dragged in a number of global brands and hit food outlets as far away as Japan. Shanghai police detained five people on Wednesday, including the head and the quality chief of Shanghai Husi Food, a Chinese-based supplier to foreign fast-food brands including KFC, McDonald's Corp and coffee chain Starbucks Corp over allegations it supplied out-of-date meat. Shanghai Husi Food is owned by Illinois-based OSI Group.