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In China, Competition Is Heating Up
Never mind the domestic business climate. During the second quarter of 2010, China surpassed Japan as the world's second-largest economy behind the United States with nearly $1.34 trillion in gross domestic product, and firms with a beachhead in the People's Republic are profiting by that growth.Asia Practice Special Report: Competition Heats Up in China
During the second quarter of 2010, China surpassed Japan as the world's second-largest economy behind the U.S., with nearly $1.34 trillion in gross domestic product, and firms with a beachhead in the People's Republic are profiting by that growth. "The underlying trend of an increasing interaction between China and the rest of the world is good for international firms like us who specialize in doing things like cross-border transactions," said Rowland Cheng, managing partner of the Shanghai office of Latham & Watkins.Eight months ago the Second Circuit ordered Manhattan federal district court judge Lewis Kaplan to reconsider whether he was correct to claim jurisdiction over the suits, which he tossed out in 2009. On Wednesday the judge sided with Grant Thornton's lawyers at Winston & Strawn and Strook & Strook and refused to change his mind.
A Manhattan federal court judge ruled that Parmalat could not recover damages against auditor Grant Thornton because Parmalat's own officers were responsible for fraud at the company.
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