Chinese firm Shangdi Guanqun Investment signed a letter of intent to invest US$2 billion in North Korea’s Rason Special Economic Zone, the Wall Street Journal reported. The deal was signed just a few weeks after the North’s shelling of South Korea’s Yeonpyeong island, the report said. The investment plan, as described by a Shangdi staffmember, is […]
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China loosens corporate renminbi rules
China has allowed domestic companies to move renminbi offshore for use in launching overseas businesses and funding acquisitions, the Financial Times reported. It is the latest in a series of steps by which China has increased the currency’s global presence, and follows on from allowing companies since July 2009 to use renminbi for international trade […]
US insurance group Prudential Financial (PRU.NYSE) will invest US$500 million in a private equity fund run by Fosun Group (0656.HK), the Financial Times reported. Fosun will contribute US$100 million to the fund, which will focus on buying Western brands to bring to the Chinese market. Fosun is expected to target faded luxury clothing and shoe […]
Guosen Securities is planning to set up a US$300 million renminbi-denominated private equity fund in Hong Kong, Reuters reported, citing sources with direct knowledge of the situation. The fund is expected to tap into growing demand among investors for renminbi-denominated products in Hong Kong. Reuters cited unnamed sources as saying the fund would focus on […]
China National BlueStar will buy the silicon business of Norwegian conglomerate Orkla (ORK.OSL) for US$2 billion, the Financial Times reported. The deal will give BlueStar, controlled by state-owned chemicals group ChemChina, control over Orkla’s Elkem subsidiary, which owns production facilities for high-grade silicon used in solar panels. It is one of the largest acquisitions to […]