CPFL Energia SA, Brazil’s largest power distributor, said on Friday that the world’s largest utility, China’s State Grid International Development Ltd, will buy a controlling stake in the company for 5.85 billion reais ($1.8 billion), Reuters reports. Camargo Correa SA, a privately held Brazilian engineering, real estate, textile and shipbuilding company, is selling a 23% […]
Category: Business Practice
China is moving to de-politicize management of its lumbering state-owned enterprises by letting corporate boards, rather than the government, appoint senior executives. Overhauling SOEs, which account for about 20 per cent of economic output but are more indebted and less profitable than privately-owned counterparts, is a central component of the government’s efforts to revamp an […]
Some $1.3tn in Chinese corporate loans is “at risk” of turning bad, according to the IMF. But China’s top-10 Chinese credit rating agencies say everything is fine, the Financial Times reports. They have awarded an investment grade rating to 99.5% of all rated publicly-issued debt outstanding, according to data compiled by Wind Information, a data […]
Subsidiaries of China’s second-largest energy company Sinopec inflated their 2014 revenue and costs by 20.2 billion yuan ($3.04 billion), according to a report published by China’s auditing department. Reuters reports twelve subsidiaries of Sinopec Group, the parent of Sinopec Corp, have manipulated their financial reports by creating fake invoices of fuel sales, among other discrepancies, […]
Tencent Holdings Ltd. and its partners will pay $8.6 billion for the Finnish maker of “Clash of Clans,” a deal that will catapult the Chinese internet company to the top of the white-hot market for games played on smartphones and tablets, according to The Wall Street Journal. The deal for Supercell Oy, Tencent’s biggest-ever acquisition, […]